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.
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%.