Bluebird Merchant Ventures Limited Interim Report and Kochang Mine Update (3402R)
28 February 2019 - 6:00PM
UK Regulatory
TIDMBMV
RNS Number : 3402R
Bluebird Merchant Ventures Limited
28 February 2019
28 February 2019
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Interim Report and Accounts for the Half Year Ended 31 December
2018 and Kochang Mine Update
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group, is pleased to announce its Interim
Report and Accounts for the half year ended 31 December 2018 which
shall be available on the Company website and to provide an
operational update on the Kochang Mine.
Kochang Mine Update
Bluebird are pleased to provide the following updates in
relation to the Kochang mine. The Kochang application for a 'permit
to develop' will be submitted the week beginning 4 March 2019.
Bluebird has also held two meetings with personnel from Korean
Resources Corporation (KORES), a South Korean government owned
company over the past 10 days, which included a site visit, with
respect to the planned underground drill programme. The feedback
the Company received was optimistic and expectations are high for a
positive approval in March. KORES expressed hope that the potential
presented in the outcomes of their November 2018 report as
previously announced on 11 February 2019 will be confirmed by the
drill results.
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
Smaller Company Capital Ltd + 44 (0) 20 3470 0470
Rupert Williams/Jeremy Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Julia Tilley
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. BMV 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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