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c.US$9 million committed by JV partners to develop Bluebird's high grade gold projects following farm-out of Kochang Gold and Silver Mine
Bluebird Merchant Ventures Ltd, a gold project development company, is pleased to announce that Executive Director Aidan Bishop will provide a live presentation via Investor Meet on Thursday 26 Jul 2024 at 09:00 BST relating to the Company's recently announce Farm-out of its Kochang Gold and Silver Mine ('Kochang') in South Korea.
The Company recently announced a staged US$2 million investment with a local partner, which provides Bluebird with a free carry to bring the historic Kochang mine back into production and organically grow the production profile. Bluebird now has c.US$9 million committed to develop its three high grade gold mines in South Korea and the Philippines, which have an estimated cumulative 1.8m oz Au, against a current market cap of £10m.
Kochang is the smaller of the Company's high grade historic mines and has a high margin production target of 12-15,000 oz Au per annum. The Board believes that initial modular production can be started between 6-9 months following the receival of the relevant permitting, with the initial plan being to process via a toll treatment agreement. The JV partner, which has already committed US$5 million to develop the Gubong Mine, also in South Korea, will provide JV management and finance and as well as corporate and planning expertise at local, district and governmental levels, while Bluebird will provide technical assistance chargeable to the JV at market rates.
With the JV model implemented, the Company now has three exciting projects with local partners and funding in place, defined development paths to production, and a lean structure in a highly positive gold price environment. The strategy is to develop the multi project precious metal portfolio, with the aim of becoming a producing entity with a cumulative production target in excess of 100,000 oz Au per annum.
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.