Red Mountain’s Batangas JV with Bluebird up and running

ASX-listed junior gold developer Red Mountain Mining’s strategic joint venture (JV) partner Bluebird Merchant Ventures has completed the Stage 1 payments totalling $1.7-million required to cement the JV that will fast-track the initial development of the Batangas gold project, on Luzon Island in the Phillipines. Red Mountain stated on Thursday that receipt of the Stage 1 funding would enable the JV to complete a definitive feasibility study (DFS) on the project, with initial updated scoping study results confirming low capital and operating costs, and the recovery of over 100 000 oz of gold during the initial five to six years of the company’s ten-year production plan.