Mark Fairbairn from StockBox Media spoke with Aidan Bishop, Interim CEO of Bluebird Mining Ventures (LON: BMV).
Due to family reasons, Colin Patterson is immediately stepping down from the Board. Whilst departing from the Board, Colin remains positive about the projects, stating that: “I still firmly believe that the projects are excellent and at today’s gold price would be hugely profitable when given the opportunity to develop them.”
The Company is actively seeking a suitable replacement for Mr Patterson, someone who has the technical expertise to expedite a production plan in tandem with the Company’s local project partners.
Bluebird Mining Ventures Ltd., a gold project development company, updated shareholders on its high-grade gold and silver portfolio in South Korea and the Philippines. The company remains committed to advancing its three high-grade gold projects through joint venture partnerships with local firms, with an estimated total resource of approximately 1.8 million ounces of gold.
As part of this strategy, which allows Bluebird to maintain a free carry across its portfolio, its joint venture partner in the Philippines has completed the 2025 licence fee payment for the Batangas Gold Project, a key step in the renewal process. The company is actively exploring opportunities for early monetisation, particularly given the significant gap between its current market capitalisation and the potential value of the Batangas project—especially as gold nears the $3,000 per ounce mark. The Board is focused on addressing this valuation disconnect as swiftly as possible.
Batangas covers 1,160 hectares and includes two granted 25-year Mineral Production Sharing Agreements (MPSAs). The project holds a JORC-compliant resource of 440,000 ounces, including a maiden ore reserve of 128,000 ounces (including silver credits), with multiple additional targets offering substantial resource expansion potential. The local joint venture partner continues to advance work required for the submission of a Declaration of Mining Project Feasibility and an Environmental Study for an operating gold mine at the high-grade Lobo target.
Update on Kochang Gold and Silver Mine Permit
In South Korea, the decision on the Mountain Temporary Use Permit (MTUP) for the Kochang Gold and Silver Mine (Kochang) from the Board of Audit and Inspection (BAI) has been delayed and is now expected in Q2 2025. The delay is attributed to bureaucratic inefficiencies and higher-priority cases that have taken precedence. However, the company has been assured that a decision will be forthcoming. Legal counsel continues to emphasize that there are no legal barriers to a positive outcome. A team is scheduled to visit South Korea soon to meet with the joint venture partner and advisors.
Bluebird Executive Director and Interim CEO Aidan Bishop said, “The Board would like to express its gratitude to Colin for his commitment and support to the Company over the years and wishes him and his family all the best. He remains a supportive shareholder and, as with our partners, continues to believe in the significant inherent value of the portfolio. We are now actively seeking a suitable replacement with production experience to assist our JV partners in achieving the objectives of all stakeholders and advancing our portfolio toward production.
“With an estimated 1.8 million ounces of gold in the ground and a favourable gold price environment, our partners continue to recognise the immense value these projects hold. The timely satisfaction of the license payment in the Philippines underscores their commitment. Whilst it is frustrating to experience a further delay in South Korea, I am encouraged by the fact that the Board of Audit and Inspection have at least indicated that we are close to the ‘front of the queue’.”
“As we are now into our 10th year, I believe the time has now come to look to realise our extensive time and capital investment at Batangas and I will be focused on achieving this goal as soon as possible.”
