Ann: Kochang Project, South Korea - Bluebird RNS Released, page-17

Further access achieved by BMV at Kochang and some results released today.

Further encouraging results were obtained from surface sampling at the Gubong Mine. Two augured scout holes were drilled on the tailings dam area and returned significant value; all the more significant given they were so shallow (less than 1 metre). A full study of the tailings will be carried out later this year to determine the economic feasibility.

The surface area covered by the Gubong Mine hill has vast quantities of broken rock strewn over it, mostly assumed to be waste. Bluebird took six samples from various positions on the hill and five returned values in excess of 1g/t (see table below). Based on these results, Bluebird intends to document the occurrences of these rock piles in an attempt to quantify this inexpensive resource.

Sample No. Sample Type Sample Position Au (ppm)
KRS350001 Tailings Tailings Dam #1 1.15
KRS350002 Tailings Tailings Dam #2 0.80
KRS350003 Grab Old Coarse Ore Bin 2.09
KRS350004 Grab Nursery Area 2.07
KRS350005 Grab Near Incline Shaft 10.50
KRS350008 Grab Waste Stockpile #2 1.24

Charles Barclay, COO, commented:

“I am pleased with the progress at Kochang which is aided by the excellent ground conditions. When reopening old mines, the initial targets are broken ore and remnant pillars within old production areas. We are seeing this at Kochang. The mine closed when the gold price was USD 140/oz so we would expect that what was unpayable ore then is now economic. The results at Gubong of the tailings are most exciting and they certainly warrant a full program to determine the viability of reworking them. The results obtained from rock piles at Gubong announced today indicate that they could be a very cheap resource and we will be working on this over the coming weeks.”

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)