Red Mountain opts out of the Philippines

ASX-listed Red Mountain Mining has struck a deal with its joint venture partner Bluebird Merchant Ventures over its 75% interest in the Batangas gold project, in the Philippines. Under the terms of the agreement, Bluebird will acquire Red Mountain’s share in the project in exchange for 1.25-million fully paid ordinary shares and a perpetual 1% net smelter production royalty.