Bluebird Merchant Ventures Limited Bluebird Kochang Mine Update (0958G)
November 02 2018 - 3:00AM
UK Regulatory
TIDMBMV
RNS Number : 0958G
Bluebird Merchant Ventures Limited
02 November 2018
2 November 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Bluebird Kochang Mine Update
Bluebird Merchant Ventures (LSE: BMV), the Asian focused
resource development group, is pleased to announce the completion
of its farm-in expenditure commitment into the Kochang mine. It
expects to present its report to the Joint Venture ("JV") partner,
Southern Gold (ASX:SAU) within the next five weeks.
Highlights:
-- Bluebird has completed required Kochang expenditure for JV
-- Company locates and finds accessible open mining areas at the
Kochang silver mine adjoining the gold workings which were in a
good condition. This is highly encouraging as it is similar to the
gold production areas that the company has successfully
re-established
Bluebird has completed its obligatory farm-in expenditure on the
Kochang Mine as part of the initial JV agreement (announced on 13
June 2018) with Southern Gold.
The report on the feasibility of reopening the Kochang mine, the
final requirement of the farm-in process, is expected to be
submitted to Southern Gold about 2 weeks after receiving the
metallurgical testwork results. The test work is expected to be
finalised in the next 3 weeks.
As reported in a prior RNS (on 23 May 2018), surface exploration
work confirmed the continuation of the mineral structures in the
600 metre gap between the historical gold and silver workings.
Bluebird is pleased to announce that it has located the lowest
level of the silver workings (which were abandoned 45 years ago)
and made an initial assessment of the silver mine. These workings
reportedly produced some 5 million oz of silver before its closure
in 1975. The level above the lowest access point to the mine was
found to be open, though the lowest access point to the mine will
require a couple of days work to clear the surface subsidence.
Importantly for future mining, two stopes (ore extraction areas)
were observed and found to be subvertical (very steep) in dip and
still standing open. This both demonstrates the highly competent
host rock, also observed in the gold mine and allows for mine
cleaning after blasting to be mostly by gravity, which is much
cheaper than using mechanical scrapers.
Colin Patterson, CEO, commented:
"The company is highly satisfied with the progress made at
Kochang It appears to us to be a mine with great potential and we
look forward to the formation of the Joint Venture and to
publishing some of the very encouraging results from our work in
the last year.
"Our latest observations at the Kochang silver workings give us
a good indication of conditions we can expect in bringing the mine
back into production.
"We will update the market with our further progress in due
course."
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 +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat
Smaller Company Capital Ltd + 44 (0) 20 3470 0470
Rupert Williams /Jeremy Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Julia Tilley
www.bluebirdmv.com
@BluebirdIR
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLBUBDBUSGBGIB
(END) Dow Jones Newswires
November 02, 2018 03:00 ET (07:00 GMT)
Bluebird Merchant Ventures (LSE:BMV)
Historical Stock Chart
From Apr 2024 to May 2024
Bluebird Merchant Ventures (LSE:BMV)
Historical Stock Chart
From May 2023 to May 2024