Bluebird, Raptor to acquire 100% of Santa Teresa gold project in Mexico

Santa Terasa has a mineral resource estimate of 230000 t grading 8.7 g/t gold, for 64000 contained ounces, with extensive historic and modern exploration supporting Bluebird's rationale for evaluating the potential for a materially larger mineralised system.

This option agreement is the first significant project to emerge from a collaboration between gold streaming and treasury company Raptor Capital International and Bluebird, and follows the appointment of Raptor CEO Paul Allen Ray to the Bluebird board's advisory committee.

Ray will act as principal project lead, working alongside Bluebird management and independent technical advisers for the Santa Teresa project.

Bluebird intends to seek out and consolidate adjoining concessions and undertake targeted work to determine the potential to expand the existing Santa Teresa resource.

The option agreement carries an initial cash commitment of £75000, with £250000 in Bluebird shares due to be issued to the seller on completion of the option.

Further considerations will be payable upon verified resource milestones. The aggregate acquisition consideration can reach £3-million if an independently verified resource of one-million ounces is established. The seller will also retain a 1% net smelter return royalty on the project.