Bluebird Merchant Ventures Limited Kochang Joint Venture Update (8933Y)
August 28 2018 - 2:01AM
UK Regulatory
TIDMBMV
RNS Number : 8933Y
Bluebird Merchant Ventures Limited
28 August 2018
28 August 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Kochang Joint Venture Update
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group is pleased to announce that it has
completed its AUD 250,000 Placing into Southern Gold Ltd ("Southern
Gold") to meet the formal Joint Venture agreement on the Kochang
Gold and Silver Mine.
Summary
-- As announced on 13 June 2018, the Company has already
commenced its farm-in activities on Kochang to form the Joint
Venture partnership. To finalise this partnership agreement with
Southern Gold, Bluebird was required to place AUD250,000 into
Southern Gold and contribute a minimum of USD 250,000 to produce
the feasibility report of reopening the Kochang Mine. This
condition is close to being met and a further update will be
provided in due course.
-- Bluebird has since completed the Placing condition of this agreement.
-- The immediate focus for the Company will now be to finalise
the feasibility report in the coming weeks, which Bluebird expects
will complete the Company's capital expenditure requirements on the
project.
-- Following the submission of the feasibility report to
Southern Gold, capital expenditure costs will thereafter be shared
50:50 between the two partners, with Bluebird acting as the
Operator of the project. This is identical to the recently
announced incorporation of the Gubong Joint Venture.
Colin Patterson, CEO, commented:
"We are delighted to have almost completed our farm-in
requirements for both Kochang and Gubong. The Board strongly
believe that this JV partnership formed with Southern Gold greatly
benefits the Company to identify old mines in South Korea which
still hold significant value.
"The Bluebird team has worked tirelessly over the past few
months on progressing both these projects and as we approach the
completion of the feasibility report on Kochang, we are confident
that we remain on track to achieve our goal of first gold pour by
Q4 2019. We are very pleased with the formidable progress being
made at both Kochang and Gubong and look forward to updating the
market in due course."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd
Jonathan Morley-Kirk, Non-Executive +44 (0) 7797
Chairman 859986
SP Angel Corporate Finance LLP + 44 (0) 20 3470
Ewan Leggat 0470
Smaller Company Capital Ltd +44 (0) 20 3651
Rupert Williams / Jeremy Woodgate 2910
+44 (0) 20 7138
Blytheweigh 3204
Simon Woods / Julia Tilley
www.bluebirdmv.com
@BluebirdIR
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END
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