Bluebird Merchant Ventures Limited Joint Venture Update (8669Y)
September 14 2020 - 1:00AM
UK Regulatory
TIDMBMV
RNS Number : 8669Y
Bluebird Merchant Ventures Limited
14 September 2020
Bluebird Merchant Ventures Ltd
(the " Company" or " Bluebird")
Joint Venture Update
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold
development group is pleased to announce a Joint Venture Update
with regards to the South Korean Projects.
The Company announced on 3 August 2020 that Bluebird had 45 days
to present an offer to Southern Gold to acquire their 50% interest
in the Gubong and Kochang projects. In order to assist in making an
offer, the Company engaged a qualified expert who applied the
appropriate methodologies under the Valmin Code 2015. The Valmin
Code establishes the standard of best practice for the technical
assessment and valuation of mineral assets.
Southern Gold have informed the Company that they will not
accept the offer. Under the terms of the Joint Venture Agreement an
Independent Expert will now be appointed and a valuation must be
determined within 30 days from being appointed. The Company will
then be bound to acquire, save for manifest error, Southern Gold's
50% interest in the South Korean projects for 90% of the value of
Southern Gold's interest as determined by the Independent
Expert.
The Company would like to provide guidance to its shareholders
that the Valmin Code has specific methodologies that may be applied
when determining the valuation of mineral properties. The
methodologies permitted are determined by the stage of development
of the project and whether the project has JORC compliant resources
and reserves. The methodologies do not take into account the market
capitalization or the share price of a Company.
The Company is confident that it will acquire Southern Gold's
Joint Venture Interest on attractive terms and has been approached
by investors to fund the acquisition.
Colin Patterson, CEO, commented:
"Bluebird has been prepared for this eventuality and our team is
excited about owning and managing 100% of the projects."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
Enquiries:
Bluebird Merchant Ventures Ltd jmk@bluebirdmv.com
Jonathan Morley-Kirk, Non-Executive
Chairman
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END
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