Bluebird Merchant Ventures (EPIC: BMV), the Asian focused resource development group, is delighted to announce that it has located a steeply dipping shaft at the top of the old Gubong mine. Pursuant to the previous announcement on 18 July 2017, preparations were underway to allow the use of ground penetrating radar (GPR) to locate the exact position of the original main adit to the Gubong Mine. These preparations were completed last week and the GPR has now been put to work.

Whilst work was being undertaken on the ground led by COO, Charles Barclay, a number of locals visited, some of whom showed us old plans and photographs of the mine. Later in the week attention turned to the top of the old mine where we located the shaft. Management will be assessing what work needs to be undertaken in order to reopen this shaft as it will provide a main return airway for mining operations.

Charles Barclay noted “The adit at the top of the mine was probably one of the main exits for mineral ore and stale air. A mine needs at least two forms of entry and exit. These can be vertical shafts, incline shafts, adits and vehicle ramps. Furthermore, there are three things that need to go into a mine – people, equipment and fresh air. Four things need to come out – people, equipment, stale air and mineral ore. As we will initially be having very few people underground and little equipment, we can work in natural ventilation which is the same as would be found in caves. This is the reason we need to have an open airway. The added benefit is that it will also save us a lot of power costs.”

Bluebird will continue to update the market as it makes operational progress to enter the Gubong mine.

Colin Patterson, CEO, commented that “It is exciting to see the local community coming out to see the work that we are doing. When reopening an old mine, information gathering is vital and receiving old plans and photographs helps with our general assessment of the potential as well as help target our current work program. Having the support of the community is most pleasing to see. Our research has indicated that in the years when the mine was open, the economy of the Gubong area benefited greatly from the mining operations. It could be one reason there is a lot of interest in our endeavors at this time.”

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)