REG - Bluebird Merchant - TR1 Notification

Bluebird Mining VenturesAnnouncement

29/09/2022 07:00

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RNS Number : 0972B  Bluebird Merchant Ventures Limited  29 September 2022

Bluebird Merchant Ventures Ltd

('Bluebird' or 'the Company')

TR1 Notification

Bluebird Merchant Ventures Ltd, a South Korea-focused gold company focussed on
bringing historic mines back into production, announces that it has received
notice from ASX listed Southern Gold Ltd re the sale of 50,000,0000 New
Ordinary shares in the company.  Southern Gold Ltd maintains a 150,000,000
shareholding in Bluebird which are subject to a 12-month lock in clause which
ceases on 23 April 2023.

The 200,000,000 shares in Bluebird held by Southern Gold Ltd represented the
consideration received by the Company for the purchase of Southern Gold Ltd's
50% share in the Joint Venture between the two parties that was co-developing
the Kochang Gold and Silver Mine and the Gubong Gold Mine in South Korea.
These projects, which have an estimated 1.5m oz Au in resource are now being
developed by Bluebird and its team.

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

VGG118701058

Issuer Name

BLUEBIRD MERCHANT VENTURES LTD

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

Southern Gold Limited

City of registered office (if applicable)

STEPNEY

Country of registered office (if applicable)

Australia

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the
notification obligation, above

 

City of registered office (if applicable)

 

Country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reached

21-Sep-2022

6. Date on which Issuer notified

27-Sep-2022

7. Total positions of person(s) subject to the notification obligation

                                                                            % of voting rights attached to shares (total of 8.A)  % of voting rights through financial instruments (total of 8.B 1 + 8.B 2)  Total of both in % (8.A + 8.B)  Total number of voting rights held in issuer
 Resulting situation on the date on which threshold was crossed or reached  23.506735                                             0.000000                                                                   23.506735                       150000000
 Position of previous notification (if applicable)                          10.700000                                             0.000000                                                                   10.700000

8. Notified details of the resulting situation on the date on which the
threshold was crossed or reached

8A. Voting rights attached to shares

 Class/Type of shares ISIN code(if possible)  Number of direct voting rights (DTR5.1)  Number of indirect voting rights (DTR5.2.1)  % of direct voting rights (DTR5.1)  % of indirect voting rights (DTR5.2.1)
 VGG118701058                                 150000000                                                                             23.506735
 Sub Total 8.A                                150000000                                                                             23.506735%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

 Type of financial instrument  Expiration date  Exercise/conversion period  Number of voting rights that may be acquired if the instrument is  % of voting rights
                                                                            exercised/converted

 Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to
(DTR5.3.1R.(1) (b))

 Type of financial instrument  Expiration date  Exercise/conversion period  Physical or cash settlement  Number of voting rights  % of voting rights

 Sub Total 8.B2

9. Information in relation to the person subject to the notification
obligation

1. Person subject to the notification obligation is not controlled by any
natural person or legal entity and does not control any other undertaking(s)
holding directly or indirectly an interest in the (underlying) issuer.

 Ultimate controlling person  Name of controlled undertaking  % of voting rights if it equals or is higher than the notifiable threshold  % of voting rights through financial instruments if it equals or is higher  Total of both if it equals or is higher than the notifiable threshold
                                                                                                                                          than the notifiable threshold

10. In case of proxy voting

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

11. Additional Information

 

12. Date of Completion

27-Sep-2022

13. Place Of Completion

Adelaide, South Australia

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

**ENDS**

For further information please visit https://bluebirdmv.com
(https://bluebirdmv.com) or contact:

Jonathan Morley-Kirk - Non-Executive Chairman

email: jmk@bluebirdmv.com

About Bluebird:

Bluebird Merchant Ventures Plc (BMV.L) is a London listed South Korea-focused
resources company centred on bringing historically producing gold mines back
into production. The Company, led by a team of proven mine rehabilitation
experts, currently has two 100% owned licensed high grade narrow vein mining
projects, the Kochang Gold and Silver Project ('Kochang') and the Gubong Gold
Project ('Gubong'), which each have a defined route to low cost/ low capex
production with a cumulative target of producing 100,000 oz + Au per annum.
Additionally, the Company has the highly prospective Batangas Gold Exploration
Project in the Philippines, which has a current reserve of 128,000oz Au, a
resource of 440,000oz Au and has had c.US$20m invested in it to date.  The
management team has invested cUS$2 million personally into the Company and
believe, following analysis of historic production and exploration data, as
well as extensive sampling, geological, geophysical and engineering studies,
there is potential for in excess of 1.5 million oz of mineable gold in its
Korean projects alone.

Kochang is an epithermal vein deposit with parallel vertical ore bodies
covering 8.3 sq km that reportedly produced 110,000 oz of gold and 5.9 million
oz of silver between 1961 and 1975.  Consisting of a gold and silver mine,
there are currently four main veins and a number of parallel subsidiary veins
vein which have been identified, as well as a newly identified cross-cutting
vein. Historic drilling indicates the veins continue to depth below the
current 250m mine and mapping shows the veins on surface providing potential
above and below the old workings. The veins extend to the NE providing a
strike length of 2.5km with 600m between the two mines not exploited.  There
is potential to expand operations to the southwest/northeast and to depth, as
well as exploit the already mined areas. The total current non JORC estimate
is between 550,000 and 700,000 tonnes, with a range of grades between 5.2 g/t
to 6.6 g/t gold, and 27.3 g/t to 34.8 g/t silver.  Following the granting of
a Mountain Use permit, there is an estimated 6 to 9 month development time to
trial mining.

Gubong, which was historically the second largest gold mine in South Korea has
9 granted tenements covering c.25 sq km.  Gubong is flat dipping with 9 veins
extending 500m below surface and known to extend at least a further 250m.
However, the production opportunity for Bluebird prior to looking at deepening
the mine is the 25 levels already developed with all the remnants and unmined
areas left by the original miners.  The 25 levels extend over 120 km in total
length which indicates the size of the opportunity. The Korea Resources
Corporation ('KORES') estimated 2.34M tonnes at some 6 g/t Au garnered from 57
drill holes over 17,715.3 metres.  With additional sampling, mapping, pit
modelling and grade analysis, plus the fact that Gubong is an orogenic
deposit, which typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a potential resource of 1 million + oz Au
in-situ, plus an estimated additional 300,000 oz Au from satellite ore bodies.

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