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Southern Gold hunting for Australian projects

9th February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Southern Gold on Wednesday told shareholders that while the company’s primary focus would remain on advancing its South Korean operations, the company would also look for gold and copper opportunities in Australia.

The company told shareholders that following successful discovery and production at the Cannon gold project, in Western Australia, Southern Gold is now searching for investment, acquisition and joint venture (JV) opportunities in gold, silver or copper tenements in Australia.

The board expects the identification of these opportunities to take between two and three months.

“The Southern Gold board believes we have significant cash and assets that can be converted to cash in the short to medium term, to enable evaluation and investment in Australian projects. The company is of course open to receiving approaches from vendors or potential partners with projects outside of Australia but this will not be a key focus of the exercise in Australia,” the company told shareholders.

Meanwhile, Southern Gold is also exploring options for its 200-million shares in LSE-listed Bluebird Merchant Ventures (BMV), which represents a 32.1% interest in the company, worth an estimated A$7.6-million.

“With our cash reserves of A$6.5-million and the ability to reduce our holding in BMV as appropriate, we are well positioned to not only increase our exploration focus on South Korea but also search for and evaluate strategic investments/project interests in gold and copper exploration/development assets in Australia,” said Southern Gold chairperson Greg Boulton.

“Our directors have significant skills in exploration, investment evaluation and deal structuring and these skills will be used to develop a shortlist of gold, silver and copper exploration projects for the board to consider.”

Edited by Creamer Media Reporter

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