Bluebird Mining Ventures Ltd., a gold project development company, is pleased to provide an update to shareholders regarding the Company and its high-grade gold and silver project portfolio in South Korea and the Philippines. The Company’s strategy remains focused on advancing its three high-grade gold projects through joint venture partnerships with local companies. The portfolio is estimated to contain c. 1.8 million ounces of gold.
In line with the above strategy, which provides Bluebird with a free carry across its portfolio, the Company’s Joint venture partner in the Philippines has paid the 2025 licence fee for the Batangas Gold Project as part of the key renewal process. The Company is actively exploring avenues for potential early monetisation. Given the value disconnect between the current market capitalisation and the Batangas gold project alone, particularly as gold approaches $3,000 per oz, it is the Board’s intention to address this as expediently as possible.
Batangas is a 1,160-hectare licence with two 25-year Mineral Production Sharing Agreements (‘MPSA’) granted. The Project has a current JORC compliant resource of 440,000 ounces, including a maiden ore reserve of 128,000 ounces (including silver credits) as well as multiple additional targets providing extensive resource upside. The local partner remains focussed on work required for the submission for the grant of a Declaration of Mining Project Feasibility and the Environmental Study for an operating gold mine at the Lobo high-grade gold mining target.
In South Korea, the decision regarding the Mountain Temporary Use Permit (‘MTUP’) for the Kochang Gold and Silver Mine (‘Kochang’) from the Board of Audit and Inspection (‘BAI’), has unfortunately been delayed and is now expected in Q2 2025. The delay is due to a slow bureaucracy and other high priority cases that have “jumped ahead” of this process, but the Company has been assured that a decision will be forthcoming. It is important to note that the lawyers continue to stress that legally there are no impediments to a positive outcome by the department. The team is due shortly in South Korea to meet with the JV partner and advisors.
Corporately, due to family reasons, Colin Patterson is stepping down from the Board with immediate effect. The Board would like to thank Colin for his stewardship and support over the years and wish him and his family well. Whilst departing from the Board, Colin remains positive about the projects, stating that: “I still firmly believe that the projects are excellent and at today’s gold price would be hugely profitable when given the opportunity to develop them.”
The Company is actively seeking a suitable replacement for Mr Patterson, someone who has the technical expertise to expedite a production plan in tandem with the Company’s local project partners.
Bluebird Executive Director and Interim CEO Aidan Bishop said, “The Board would like to express its gratitude to Colin for his commitment and support to the Company over the years and wishes him and his family all the best. He remains a supportive shareholder and, as with our partners, continues to believe in the significant inherent value of the portfolio. We are now actively seeking a suitable replacement with production experience to assist our JV partners in achieving the objectives of all stakeholders and advancing our portfolio toward production.
“With an estimated 1.8 million ounces of gold in the ground and a favourable gold price environment, our partners continue to recognise the immense value these projects hold. The timely satisfaction of the license payment in the Philippines underscores their commitment. Whilst it is frustrating to experience a further delay in South Korea, I am encouraged by the fact that the Board of Audit and Inspection have at least indicated that we are close to the ‘front of the queue’.”
“As we are now into our 10th year, I believe the time has now come to look to realise our extensive time and capital investment at Batangas and I will be focused on achieving this goal as soon as possible.”