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Bluebird Merchant Ventures granted permit to develop at Gubong

Bluebird is looking to reactivate formerly-producing gold mines in South Korea

Bluebird Merchant Ventures Ltd -
An update to the market on production expectations is expected soon

Bluebird Merchant Ventures Ltd (LON:BMV), the Korean-focused gold development group, has received formal communication from the Ministry of Trade, Industry and Energy in South Korea, confirming that the application for a 'Permit to Develop' the Gubong mine is to be granted to the Gubong Project Company, a joint venture company owned by Bluebird and Southern Gold (ASX:SAU).

The ministry committee found that the application by the company was in compliance with all relevant laws and covered all aspects of the intended project.

Formal communication has also been sent to the Provincial Authority, Chungcheongnam-do, which is responsible for the issuance of the 'Permit to Develop'. 

The company expects to receive the actual 'Permit to Develop' very soon.

Meanwhile, the application at Kochang is also progressing well, as the company has been verbally advised that two key government agencies will be submitting written opinions to clarify technical issues.

"We are delighted to have received this news and now look forward to the day that we bring operations back to life at Gubong," said chief executive Colin Patterson.

 

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Price: 2.1 GBX

LSE:BMV
Market: LSE
Market Cap: £7.75 m
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