Metal Tiger PLC (LON:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, has noted that Southern Gold Ltd (ASX:SAU), in which Metal Tiger owns an approximate 17.1% equity interest, has published an update with regard to its Gubong and Kochang joint venture projects.
Southern Gold said it is seeking to realise value from its 50% equity interests in the Gubong and Kochang projects in the Republic of Korea by offering them to joint venture partner Bluebird Merchant Ventures Ltd (LON:BMV).
This follows a decision by BMV to formally submit a program and budget for FY21 along with a Proposal to Redevelop which would result in Southern Gold having to fund its share of ongoing expenditures.
In a statement, Southern Gold managing director Simon Mitchell said: “While the core of Southern Gold’s business is our 100%-owned exploration portfolio and our exploration drilling activities in the Republic of Korea, nevertheless the joint venture interests in the Gubong and Kochang projects represent an opportunity to potentially release value for the company.
“We can now initiate a process whereby we can test the BMV or other investor appetite for an interest in the two gold projects while continuing to focus on our discovery initiative through our intensive drill program.”
Published at Mon, 03 Aug 2020 07:36:00 +0000-Metal Tiger notes update from Southern Gold