Last checked at 19 May 2016 07:05
19 May 2016
Bluebird Merchant Ventures LTD
("Bluebird" or the "Company")
Batangas Gold Project Update
Bluebird Merchant Ventures (EPIC: BMV) a Philippine focused resource company engaged in the trading of copper concentrates and with an investment in a Philippine gold project, announces an update on the Batangas Gold Project.
Increase in Joint Venture ("JV") Holding
Bluebird has now completed the Stage 1 payments under the terms of the JV. As a result, Bluebird has now been issued shares representing in total a 25% interest in Red Mountain Mining Singapore Ltd ("RMMS").
The Stage 1 funding will allow the JV to complete a Definitive Feasibility Study on the project.
Development Update
The key milestones for the Batangas JV in the near to medium term are as follows:
· Complete a Pre-Feasibility Study ("PFS");
· Upgrade the PFS to a Definitive Feasibility Study, incorporating additional geotechnical and other information as well as any resource upgrade and new mining and processing schedules.
Approximately US$15m has already been spent on the Batangas Gold Project historically. The project has a JORC resource of 445,000oz. Under the terms of the JV, Bluebird has an Option to increase its interest in RMMS to 50.1%.
Enquiries:
Bluebird Merchant Ventures Ltd | Tel: +63 917 8615 604 |
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Charles Barclay, CEO |
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Optiva Securities | Tel: +44 (0)203 137 1902 |
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Jeremy King / Christian Dennis |
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Walbrook PR Limited | Tel: +44 (0)207 933 8783 |
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Gary Middleton / Nick Rome |
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