TIDMBMV
RNS Number : 5354K
Bluebird Merchant Ventures Limited
29 August 2023
Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE /
Sector: Mining
29 August 2023
Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')
TR-1 Notification
Bluebird Merchant Ventures Ltd, a gold company primarily focused
on bringing historic mines back into production, has received a
TR-1 Notification relating to a sale of shares that took place this
week. The TR-1 Notification is set out below.
The Company wishes to remind shareholders that it is a non-UK
issuer for the purposes of the Disclosure Guidance and Transparency
Rules. As such, a person must notify the issuer of the percentage
of its voting rights he holds as a shareholder if the percentage of
voting rights reaches, exceeds, or falls below 5%, 10%, 15%, 20%,
25%, 30%, 50% and 75%.
TR-1: S tandard form for notification of major holdings
1a. Identity of the issuer or the Bluebird Merchant Ventures PLC
underlying issuer of existing shares
to which voting rights are attached
(ii) :
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer
-----
2. Reason for the notification (please mark the appropriate box or
boxes with an "X")
An acquisition or disposal of voting rights
-----
An acquisition or disposal of financial instruments X
-----
An event changing the breakdown of voting rights
-----
Other (please specify)(iii) : Warrant exercise
-----
3. Details of person subject to the notification obligation (iv)
Name Catalyse Capital Ltd & related parties
RS & CA Jennings
City and country of registered office York, United Kingdom
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
----------------------------------------------------------------
City and country of registered office
(if applicable)
----------------------------------------------------------------
5. Date on which the threshold was 29 August 2022
crossed or reached (vi) :
----------------------------------------------------------------
6. Date on which issuer notified 29 August 2023
(DD/MM/YYYY):
----------------------------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting
to shares (total instruments 8.B) rights of
of 8. A) (total of 8.B issuer (vii)
1 + 8.B 2)
------------------- --------------------------------- --------------------------- ------------------------
Resulting
situation
on the date
on which
threshold
was crossed
or reached 7.10% 3.62% 10.72% 689,865,042
------------------- --------------------------------- --------------------------- ------------------------
Position of
previous
notification
(if
applicable)
------------------- --------------------------------- --------------------------- ------------------------
8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
Direct Indirect Direct Indirect
(Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10
2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) of Directive
(DTR5.1) (DTR5.2.1) 2004/109/EC)
(DTR5.2.1)
-------------------------------
48,915,000 N/A 7.10% N/A
--------------------------- ------------------------------- --------------------------- ---------------
SUBTOTAL 8. A 48,915,000 7.10%
------------------------------------------------------------ --------------------------------------------
B 1: Financial Instruments according to Art. 13(1)(a) of Directive
2004/109/EC (DTR5.3.1.1 (a))
Type of Expiration Exercise/ Number of voting % of voting
financial date Conversion Period rights that may rights
instrument (x) (xi) be acquired if
the instrument
is
exercised/converted.
----------- -------------------------------------- ------------------------------------ ---------------
Spreadbet N/A 25,000,000 3.62%
----------- -------------------------------------- ------------------------------------ ---------------
SUBTOTAL 8. B
1
-------------------------------------- ------------------------------------ ---------------
B 2: Financial Instruments with similar economic effect according to
Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of Expiration Exercise/ Physical Number of % of voting
financial date (x) Conversion or cash voting rights rights
instrument Period (xi) settlement
(xii)
------------- --------------------------- -------------------------- -------------------
SUBTOTAL
8.B.2
-------------------------- -------------------
9. Information in relation to the person subject to the notification
obligation (please mark the
applicable box with an "X")
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 (xiii)
Full chain of controlled undertakings through which the voting rights
and/or the
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity (xiv) (please add additional
rows as necessary)
Name (xv) % of voting rights % of voting rights Total of both
if it equals or through financial if it equals or
is higher than the instruments if it is higher than
notifiable threshold equals or is higher the notifiable
than the notifiable threshold
threshold
----------------------------------------- ------------------------------------- -------------------------
N/A
----------------------------------------- ------------------------------------- -------------------------
10. In case of proxy voting, please identify:
Name of the proxy holder n/a
----------------------------------------------------------------
The number and % of voting rights n/a
held
----------------------------------------------------------------
The date until which the voting rights n/a
will be held
----------------------------------------------------------------
11. Additional information (xvi)
n/a
Place of N/A
completion
------------------------------------------------------------------------------------------------------------
Date of N/A
completion
------------------------------------------------------------------------------------------------------------
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 or
contact:
Colin Patterson Bluebird Merchant Ventures Ltd Email: colin@bluebirdmv.com
Nick Emmerson SI Capital Tel: 01483413500
About Bluebird
Bluebird Merchant Ventures Ltd (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.
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 150m 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 resource potential 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
moderately 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 120km
in total length which indicates the size of the opportunity. The
Korea Resources Corporation ('KORES') estimated 2.34M tonnes at
some 7.3g/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 geological potential of 1 million
+ oz Au in-situ, plus an estimated additional 300,000 oz Au from
satellite ore bodies.
Additionally, the Company has the highly prospective Batangas
Gold Exploration Project in the Philippines, where it has an
agreement with a Philippine company, whose owners have decades of
experience in mining, to develop the Project. The JV covers the
entire Batangas Project area, which has a current JORC compliant
resource of 440,000 ounces, including a maiden ore reserve of
128,000 ounces (including silver credits). Exploration expenditure
to the tune of c.$20m has already been invested. Work is focused on
completing Exploration and Environmental Work Programmes initially
targeting the high-grade Lobo area, although there is excellent
exploration potential across the licence with high-grade targets
already identified and 14km of identified mineralised structures.
The staged agreement is based on the JV partner achieving defined
development goals and provides Bluebird with a free carry on the
development of Batangas with a view to advancing to
construction.
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END
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