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Well this is welcoming news. I think they probably contacted the guy after the presentation that gave the update on the current situation in the Philippines.
This might be a little optimistic but hopefully in a few months time we’ll own 100% of the two mines in South Korea, preferably without any dilution and also be in a position to get Batangas back on the balance sheet and be looking for a JV partner to push things on over there.
This company looked very interesting after the JV update on 14 September. Now looks even more interesting....
RNS 14 September already confirmed that permitted valuation methodologies do not take into account the market capitalization or the share price of a Company. Any (independent) expert must already be aware of the methodology that applies. Hopefully appointment of the independent expert will happen quickly. Most agreements set out the approach if the parties cannot agree to the nominated expert by either party.
I thought it was weird how they spoke about the project in the presentation
This is a very shrewd RNS as it displays to Southern Gold, as well as the independent expert, that the current market cap is made up of the South Korean assets AND the Philippine assets. Southern Gold can no longer argue that the current market cap equals, or is based solely on the 50% interest in Gubong and Kochang. It is simply a matter of opinion as to what percentage of the market cap relates to the SK asset and what percentage relates to Batangas. Therefore, the current market cap of BMV cannot be used is assessing the valuation of Southern Gold's 50% interest.
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold development group is pleased to announce a Business Update.
The acquisition process of 100% of the South Korean projects by Bluebird from Southern Gold (SAU), its joint venture partner, has progressed and it is expected that an Independent Expert will shortly be nominated under the terms of the Joint Venture Agreements with Southern Gold. The Independent Expert will make a value determination within 30 days of being appointed.
The Company is also pleased to provide an update with regards to its gold project in the Philippines that has remained dormant since mid 2016. The Company has received communication that there is local support to restart the project. The Batangas gold project has two Mineral Production Sharing Agreement permits that alongside two further permits will allow the mines to operate. When local support is formalized the prospects of being able to make progress on the ground would be materially enhanced.
In June 2016, the previous joint venture partner of the project, Red Mountain Mining, announced the results of its Pre-Feasibility on Batangas based on a total JORC compliant resource estimate of 440,000 ounces of gold including a maiden ore reserve of 128,000 ounces (including silver credits). The pre-feasibility was based on a gold price of US$1,250 per ounce.
Approximately USD 20 million has been spent over the life of the project to date. The Company has determined that when the recent local support is formalized then the Company would seek to release value for its shareholders via a sale or by partnering in a joint venture with a local partner.
Colin Patterson, CEO, commented:
"It is an exciting time for our company and the team is eager to start construction at the Korean projects. It is also a most welcome and unexpected surprise that our original project in the Philippines will now increase in value for our shareholders."
dose not does
Not the slickest of presentations - what is the breakeven on POG again? - but I am not judging them on that - too many slick salesmen out there all ready - what we want here are dyed in the wool miners with connections and years of experiences across various jurisdictions - I think we have that here. Add in a does of healthy realism into the challenges faces and my conclusion - I am delighted with have these chaps at the helm with their money where their mouths are. I think we have a very prosperous future here!
Good watch that was.
You can tell both Collin and Charles seem excited about the 2 mines we have in Korea. The other chap that came on discussing the Governments position in the Philippines sounded confident that Govt is taking a U-turn on it’s mining stance in order to boost their economy. Maybe this time next year something might be going on at Batangas.
I watching an interview yesterday from last month with Southern Gold. Sound like the reason they’re selling-up revolves around the programming and timing that BMV put forward, so rather than hold things up, they’re selling-up to focus on their other projects.
Provided we gain the funding to the amount that the independent advisor recommends, it’s sounds like it will almost definitely be coming our way.
First 16 mins is a lot of waffle, I'd skip if I was you.
-Funding offer in place in non dilutive.
-Other offers of funding in place should the preferred option fail
-They're using terminology such as "When" not "If" when it comes to acquiring SAU JV position.
- Kochang is the priority over Gubong due to the higher grades
- There is a hell of a lot more info in the presentation - it is a long watch, some of it the presenter is just waffling but stick with it.
- A lot of info about Batangas, which I didn't really know to much about as I've only really been here since Korea, but looks good if the Philipino govt ever sort themselves out.
Haha, just seen your post on OPG. Funny thing is I’d noticed your name pop-up quite a bit but hadn’t realised it was on different boards. Out of the three I think BMN and OPG are low risk but have good potential, although I think they’ll both be a fair few years until we see really high share prices. I only ever look on the OPG board now when I see us it in the risers list, incase something has happened.
BMV on the other hand, yes slightly higher risk, but if we can get SAU’s 50% and somehow avoid dilution, this share would be an absolute goldmine! No pun intended. The low costs and future potential revenues means we’re likely to receive some decent size dividends. We should hopefully know this side of xmas too.
I might have to look into what other shares you’re in lol
Indeed, which is why I'm not trading this one anymore.
Having no JORC is the one thing I’ve always been wary about here, but the Aidan is very heavily invested and the others seem adamant that both mins can produce over 100k oz, so that has put me at ease a fair bit.
I don’t tend to trade much myself. Only because there’s been a couple of times I’ve sold out when a share has risen off the back of nothing, then it’s continued rising for no reason whatsoever. Once you’ve sold, it’s difficult to bring yourself to buy back in at a higher price. BMV right now is a prime example. Past experience would tell you this will likely drop back to 4p before we hear anymore news. If it doesn’t drop though, you’re either buying back in at a higher price or missing out completely.
I've traded BMV a lot over the last two years. Some worked out some didn't. Exciting times ahead for us. Remember this mine has no Jorc, and SAU themselves are saying they see obsticales/delays before mining can commence so not entirely sure how much they expect the expert to value this on. We're more likely to get the better deal here than SAU.
Ticking along nicely. BW
Hoping they can make elsewhere before returning in time perhaps. I am useless at trading so just holding personally.
I know what you mean, this board is very quiet compared to every other share I’m in. The bright side is that it isn’t full of people ramping and/or de-ramping and only bringing to the table ‘this is going to plummet to 1p’ or ‘10p tomorrow, buy-in quick’.
The volumes picked-up but there’s been some big sells today. Don’t get me wrong, profit is profit in the end of the day, but I thought most holders would want to sit tight for a couples of months considering we’re on the cusp of gaining 100% of the assets.
and long overdue! And yet there are only a small number that chose to post - we few, we happy few!
I note they have increased their sell target from 6.5p to 7p before Christmas. I'll take that.....
Link to that write up?
Great write up on Hot Stock Rockets. Prepare for lift off!
Typo...want shares not what shares
Nice rise today. Overdue
Messrs Patterson & Bishop own one third of the company and I am sure they will find the best means to fund buying SAU's share to the benefit of all shareholders. Looks very promising. Hopefully the work on grants and other actions are progressing alongside achieving 100% ownership. Much depends on the amount and if a loan would suffice. Nothing is known about the amount but the RNS refers to buying other 50% on attractive terms.
only question in my mind is whether the investors in the background what shares (dilution) or whether it would be a commercial loan - maybe linked to royalties from production if not purely on interest terms?
The good thing is there’s timescales mentioned. Orignanlly, I was expecting us to put an offer in, it would get knocked back, SAU would then go out to the market for 6 months for other offers, then we’d have ‘x’ amount of time to match an offer. Now, it’s sounding like there’s a very max of 90 days and all we have to do is be able to fund 90% of the Independent Experts valuation. We could all be having a very merry Xmas if things go to plan.