Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold development group is pleased to announce a Business Update with regards to the South Korean Projects.
Further to previous announcements, the Company is in the process of increasing its stake in the South Korean projects to 100%. The Company is pleased to announce that an Independent Expert ("the Expert") has now been appointed and a value will be determined within the next 30 days. Bluebird will be able to acquire Southern Gold's 50% Joint Venture Interest for 90% of the value of that interest as determined by the Expert. The Expert is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). The Company remains confident that it will be able to fund the acquisition.
What is it worth? $5-8m USD? Best case scenario IMHO. We can only hope the funds are put to good use but long term holders could be forgiven for thinking it will be pissed up against the wall again chasing rainbows and drilling dusters. I live in hope our fortunes may change with our recent arrivals to the register keeping a close check on their investment and demanding performance from the BOD. It is certainly a good investment case at this level.
Good luck to all of us
SAU Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
