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LONDON - Bluebird Mining Ventures Ltd. (FTSE:BMV.L), a gold project development company operating in Asia, has announced the renewal of its two Mineral Production Sharing Agreements (MPSAs) in the Philippines. Effective from June 2, 2025, the renewal by the Mines and Geosciences Bureau of the Department of Environment and Natural Resources allows the company to advance its projects over the next two years.
A critical requirement for the renewal is the submission of a Declaration of Mining Project Feasibility (DMPF) within the renewal period, which is a necessary step before production can begin. Bluebird’s local partner is set to expedite this process.
The company highlighted that it is free carried for the renewal period until the DMPF is approved, with all associated costs covered by its local partner. This arrangement will facilitate the determination of accurate forecasted production economics. A Pre-Feasibility Study (PFS) conducted by previous project operators in June 2016 showed positive economics based on a gold price of approximately $1,275 per ounce. With current gold prices exceeding $3,000 per ounce and a refined project focus on higher-grade ore zones, Bluebird anticipates that the new DMPF will reveal significantly improved production economics.
The project, which has a JORC compliant resource of 440,000 ounces, including a maiden ore reserve of 128,000 ounces (including silver credits), is expected to benefit from the targeted mining of a 2.6-hectare area, leading to a low-cost and environmentally sustainable operation.
Aidan Bishop, Executive Director and Interim CEO of Bluebird, expressed his satisfaction with this development, calling it a major milestone for the company and a step towards substantial value realization after many years. He also indicated that the project’s value, previously written down to zero, is anticipated to be materially written back into the company’s books next year.
This announcement, based on a press release statement, comes as Bluebird prepares to engage with its local partners for the rapid development of the project and awaits news on the MTUP in Korea.
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