REG - Bluebird Mining Vnt. - Flagship Philippines Permit Renewal

Bluebird Mining VenturesAnnouncement

06/05/2025 10:00

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RNS Number : 4414H  Bluebird Mining Ventures Limited  06 May 2025

Bluebird Mining Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining

6 May 2025

 

Bluebird Mining Ventures Ltd

('Bluebird' or 'the Company')

 

Flagship Philippines Permit Renewal

 

Bluebird Mining Ventures Ltd., a pan Asian gold project development company,
is very pleased to announce that its two Mineral Production Sharing
Agreement's (MPSA) in the Philippines, have both been given the all-important
renewal from the Mines and Geosciences Bureau of the Department of the
Environment and Natural Resources for a further two-year period effective from
2 June 2025.

 

This represents a major milestone for the Company that now allows the project
to progress meaningfully and unlock news flow over this next period.  The key
condition of the renewal is that a Declaration of Mining Project Feasibility
(DMPF) is filed within the period.  The DMPF is a key approval that allows
for production to commence.  Our local partner intends to accelerate this
process.

 

The Company reiterates that it is free carried for the entire renewal period
until the point of approval of the DMPF with 100% of the costs to be borne by
its local partner.  The work to be undertaken as part of the DMPF will enable
accurate forecasted production economics to be determined.  The last
Pre-Feasibility Study (PFS) was published by the previous project operators in
June 2016 that demonstrated attractive positive economics based upon a gold
price of circa US$ 1,275.  Based upon a current gold price environment that
is now over US$ 3,000 per ounce and coupled with the fact that the project is
now more targeted than was previously envisaged in 2016, with a focus on the
higher-grade ore zones, the Company expects the DMPF to demonstrate a vastly
improved production economics scenario. We are working with our local partners
preparing new project economics and will update the market in this regard in
the near term.

 

As a reminder, the Project has a current JORC compliant resource of 440,000
ounces, including a maiden ore reserve of 128,000 ounces (including silver
credits) as well as multiple additional targets providing extensive resource
upside.  The initial envisaged mining area has an initial footprint of 2.6
hectares that ensures both for a low-cost operation and, importantly, an
environmentally sustainable operation.

 

Bluebird Executive Director and Interim CEO Aidan Bishop said, "I am delighted
to bring this positive news to shareholders today which is a major milestone
for the Company and a step closer to a real value realisation event after many
years.  The Company looks forward to working closely with its local partner
as the project progresses.  As the development proceeds at pace now with the
DMPF, we can expect our current 75% interest in the project to substantially
increase in value over the ensuing period.  Furthermore, given that the
project had historically been written down to zero in the accounts we
anticipate next year a material write back of value to be reflected in the
Company's books.

 

I am to return to Asia within the next several days for discussions with our
local partners to move forward at pace with this exciting development whilst
we wait for news of the MTUP in Korea."

 

 

**ENDS**

 

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

Jonathan Morley-Kirk    Bluebird Mining Ventures Ltd     Email:
jmk@bluebirdmv.com (mailto:colin@bluebirdmv.com)

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