Bluebird Merchant Ventures Limited Permitting Update (0087X)
25 April 2019 - 4:00PM
UK Regulatory
TIDMBMV
RNS Number : 0087X
Bluebird Merchant Ventures Limited
25 April 2019
25 April 2019
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Permitting Update
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold
development group, is pleased to announce an update on the
permitting process for reopening the Gubong and Kochang gold
mines.
Further to the previous announcement on 9 April 2019, the Joint
Venture Company has now submitted a reply to the Provincial
Government who had requested clarification and additional
information, mostly of a technical nature, to support the Gubong
application. One of the requests was regarding our relationships
with the community going forward. The Company provided its
anticipated Community Development Programme and also a letter,
signed by a number of the local residents, supporting the reopening
of the mine. The Company expects that the response will enable the
application to reopen the mine to progress and reach a successful
conclusion.
The Company announced on 12 March 2019 the application for the
permit to develop the Kochang Mine was made on 8 March 2019. The
Kochang application has progressed faster than expected and the
request for additional information was minimal. The Joint Venture
Company has now submitted the response and expects the application
to reach a successful conclusion. In addition to the response, the
Company is pleased to note that the County authorities, whose
opinion is sought by the relevant Province, wished the Company well
in its endeavours to bring the industry back to the county.
Colin Patterson, CEO, commented:
"As previously stated, in four decades of working in the mining
industry, I have never seen such efficiency with regard to permit
application processing as we are experiencing with the South Korean
authorities. This bodes very well for Bluebird as we advance
towards gold production."
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
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. 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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