Name change reflects focus as a gold mining project developer

Bluebird Merchant Ventures Ltd, is pleased to announce that it has changed its name to Bluebird Mining Ventures Ltd to better reflect its activities as a gold and silver project development company.

The Company currently has three high grade gold mining projects in South Korea and the Philippines which it is developing in joint venture (‘JV’) with local partners.  The JV partners provide management and finance, as well as corporate and planning expertise at local, district and governmental levels, while Bluebird provides technical assistance chargeable to the JV at market rate.

In South Korea, the Company’s JV partner, which consist of a consortium of local businessman, has committed US$5 million to develop the Gubong Gold Mine and US$2 million to advance the Kochang Gold and Silver Mine. This provides Bluebird with a free carry to bring the historic mine back into production and organically grow the production profile.  The Gubong production profile is estimated at c. 60,000 oz Au, while at the smaller Kochang mine it’s 12-15,000 oz Au equivalent per annum. The Board believes that at Kochang, 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.

In the Philippines, a local consortium with decades of mining experience has agreed to invest c.US$2 million to bring the Batangas Gold Project into production, primarily focussing on the high grade Lobo underground mining area.

In essence, Bluebird has c.US$9 million committed to develop its current projects, which have an estimated cumulative 1.8Moz Au. 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 and additional funded regional projects to increase the resource ounces in what the Board believe to be a long-term positive gold market.