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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August 29, 2023 02:00 ET (06:00 GMT)

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