Bluebird Merchant Ventures Limited Gubong Permit Received (7213S)
08 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMBMV
RNS Number : 7213S
Bluebird Merchant Ventures Limited
08 November 2019
8 November 2019
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Gubong Permit Received
Bluebird Merchant Ventures (EPIC: BMV), the South Korean focused
gold development group, is pleased to announce that it has now
received the 'Permit to Develop' the Gubong mine. This means that
the Company is now free to engage in a full scale operation to
reopen the mine and bring it back into production.
Given this positive step for Bluebird, the Company is now very
confident that the application for the 'Permit to Develop' the
Kochang mine will soon be granted. All the necessary information
has been submitted to the authorities and no negative issues have
been raised.
The company will be reviewing its options for proceeding to
production and will update the market in due course. The Company
has also changed its accounting reference date to 31 December in
order to align its year end and accounting process with the South
Korean companies holding the permits.
Colin Patterson, CEO, commented:
"This is an exciting milestone for Bluebird and enables us to
progress towards becoming a gold producer which will create
significant value for our shareholders."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat + 44 (0) 20 3470 0470
www.bluebirdmv.com
@BluebirdIR
Notes to Editors
The Gubong mine was once the second largest producing gold mine
in South Korea until its closure in 1971 when gold prices were
US$40 per ounce. The mine consists of nine shallow dipping stacked
veins. Although production was mainly from vein number six, five
other veins were mined from 1928 until its closure. Over 17,000
metres of drilling was carried out over the years and there are
over 120 kilometres of existing underground development.
The Kochang mine is a gold-silver mine that operated between
1928 and 1975 and produced over five million ounces of silver at
over 1000 g/t and 110,000 ounces of gold at 19.6 g/t. This gold
production was mainly derived from the three main veins at the
North East end of the "Gold Mine" part of Kochang, with the
majority of the silver production from the "Silver Mine" some 2.5
kilometres to the south west. The mine closed in 1975 when the gold
price was USD 140 per ounce. Today the mine consists of three
steeply dipping veins. Bluebird has opened up three kilometres of
original development, taken over 400 samples and has confirmed
process viability by carrying out initial metallurgical test
work.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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