Business
Raises £1.215m To Fund South Korean Gold Projects
Raises £1.215m To Fund South Korean Gold Projects.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n \n \n Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining\n \n \n 6 March 2023\n \n \n \n Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')\n \n \n \n \n Raises £1.215 Million To Fund South Korean Gold Mine Projects\n \n \n \n \n \n \n \n \n Bluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, has raised £1,215,000 through SI Capital via a placing and subscription for 60,750,000 New Ordinary Shares ('the Placing Shares') at 2 pence per share ('the Placing') to fully fund proof-of-concept production at its Kochang Gold and Silver Mine in South Korea ('Kochang'), expand the in-country team to accelerate developments at both of its mines, and for general working capital. \n \n \n \n \n \n The Company is focussed on restoring Kochang and the Gubong Gold Mine ('Gubong') back into production. Ahead of restoring Gubong, the larger of the two mines, back into production with a medium-term target of c.60Koz Au pa, the Company aims to undertake relatively inexpensive proof-of-concept production at Kochang. This will provide confidence in the key parameters of the mining operation including grade, recovery, production and processing, and community and government support. Once complete, production will be ramped up to an initial 5Koz Au pa and 12-15Koz Au pa thereafter. The Company estimates that the two mines have a potential cumulative +1.5Moz gold resource.\n \n \n \n \n \n The next steps include the granting of a Temporary Mountain Use Permit ('TMUP'), expected imminently, ordering and securing critical machinery, and ongoing negotiations with streaming partners and debt financiers for full mine development. \n \n \n \n \n \n The funding follows the recent Scoping Study announcement (RNS 27.02.23) with headline figures of a post-tax NPV of US$181m, free cash of US$50m per annum and an IRR of 111%. This is based on a US$1,750 gold price for production from two operations with a cumulative c.400Ktpa VAT leach processing operation\n with a U\n S$630 per oz All in Sustaining Cost ('AISC').\n \n \n \n \n \n The Company is also pleased to announce that it has appointed SI Capital as its broker with immediate effect. The Company looks forward to an on-going relationship with the SI team ...