Bluebird Merchant Ventures (EPIC: BMV), the Asian focused resource development group is pleased to announce that the execution of the formal Joint Venture Agreement with Southern Gold for the Gubong mine was signed on 28 March 2018.
- Completion of the USD 500,000 farm-in expenditure
- Joint Venture Agreement signed with Southern Gold
- Report on feasibility on Gubong expected to be completed in July 2018
- Bluebird to be the Joint Venture Manager
The signing of the Joint Venture Agreement was done in tandem to the completion of the required farm-in expenditure of USD 500,000 at the Gubong Mine. The final requirement for the commencement of the Joint Venture is the completion of a report on feasibility to reopen the mine. The report is expected to be finalized in July 2018. Thereafter the costs will be shared 50:50 with Southern Gold and Bluebird will be the Joint Venture Manager.
Colin Patterson, CEO, commented:
“The execution of this agreement represents the completion of a major milestone in the short history of Bluebird. We now look forward to completing the report on feasibility and to working together with our partners, Southern Gold, as we progress towards reopening the Gubong Mine.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)