Strategic Direction Update

09 February 2022

Strategic Direction Update

The Board of Southern Gold Ltd (“Southern Gold”, “SAU” or “the Company”), is pleased to provide shareholders with an update on the strategic direction for the Company into 2022 and beyond. 

Key Points

  • South Korea continues as Southern Gold’s primary focus with the Exploration Manager having been based in-country since October 2021. Additional senior geological staff and contractor resources have been engaged for ongoing exploration campaigns.
  • Company to leverage its management and exploration expertise to seek to expand project and country focus extended to Australia by seeking a new strategic investment / project prospects for Gold and Copper.
  • Company is exploring options relating to the two hundred million shares received from BMV for purchase of SAU’s JV interest in the Kochang and Gubong mines in South Korea. At the closing price on 7th February 2022 the BMV shares are marked to market at A$7.6 million.
  • CEO recruitment continues seeking an experienced leader to drive the Company’s strategic direction.

Southern Gold Chairman, Greg Boulton commented:

“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.

Our directors have significant skills in exploration, investment evaluation and deal structuring and these skills will be used to develop a short list of Gold, Silver and Copper exploration projects for the Board to consider.”

To download the full announcement please open the pdf below: 

Strategic Direction Update