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By HotStockRockets | Friday 12 January 2018
Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Bluebird Merchant Ventures (BMV) has announced results of 'grab samples' after engineers gained entry into the old workings at Adit 4 and from spillage in Decline Shaft 2 at the Gubong gold mine - the results “indicating that a significant amount of gold remains unmined at Gubong”...
This is with “10 of 15 samples returned gold grades of over 1 g/t with 3 returning grades of 10 g/t and over” and “12 of the 15 samples returned silver grades of 10 g/t and over” – with CEO Colin Patterson emphasising “that such good results have been seen from the first few hundred metres of the mine is very encouraging” and it added “the gold price was around USD 40/oz when the mine closed”.
Together with the mine having “over 120 kilometres of underground tunnels and was South Korea's second largest gold mine”, Patterson is “confident that the Gubong project will deliver significant value to shareholders”.
This all reinforces our view on re-recommending the shares at a 2.5p offer price in July. They are yet to really perform (they are now 2.1p-2.6p) – but we continue to consider a circa £5 million market cap a much too pessimistic view. With further progress – including a feasibility report expected to follow, at up to 2.75p, targeting 3.5p+ to sell, our stance remains buy.
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