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LONDON (Alliance News) - Bluebird Merchant Ventures Ltd on Wednesday outlined plans to have its historic mines in South Korea producing gold again by the end of 2019.
Bluebird hopes to have development permits for both its Kochang and Gubong mines during the first quarter of the year, which would allow it to start mining work.
The company will finish the feasibility report for Kochang this week.
Once permits are received, work will start straight away. At Gubong, Bluebird will carry out a "small" de-watering programme and then further sampling and ore delineation.
Similar work will be carried out at Kochang, and there will also be an extra drilling programme to find out the positions of extensions of previously mined veins.
Bluebird is looking at using a single processing facility for the two, which would reduce costs. It is in talks with financiers for building the plant.
Chief Executive Colin Patterson said: "It is hugely exciting the company is progressing towards gold production at Kochang and Gubong. We expect to have received the 'permits to develop' by the end of the first quarter, which will allow us to carry out all mining operations at both mines.
"Being able to move both projects forward simultaneously is beneficial as it has opened up the possibility of using a single processing facility, reducing the cost of labour, security and capital expenditure."
Gubong used to be the second biggest gold mine in South Korea, operating between 1928 and 1971. Kochang was mined between 1928 and 1975.
Shares in Bluebird were up 5.6% on Wednesday at a price of 2.11 pence each.