Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR), a natural resources investor, said it noted Southern Gold Ltd’s update about its strategic direction into 2022 and beyond.
Metal Tiger holds a 19.1% stake in Southern Gold.
Southern Gold said that while South Korea continues to be its primary focus it is also looking to expand its project and country focus to Australia where it is seeking a new strategic investment/project prospects for gold and copper.
Southern Gold is also exploring options relating to the 200mln shares received from Bluebird Merchant Ventures Ltd (LSE:BMV) (BMV) for the acquisition of Southern Gold’s joint venture interest in the Kochang and Gubong mines in South Korea. At the closing price on Feb 7, the BMV shares were valued at about A$7.6mln.
“With our cash reserves of $6.5m 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 chairman Greg Boulton.
Southern Gold also said it was continuing its search for a new chief executive.