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(Alliance News) - Bluebird Merchant Ventures Ltd said Tuesday it has received formal communication from South Korea's Ministry of Trade, Industry and Energy saying the application for a permit to develop the Gubong has been granted.
The permit will be granted to the Gubong Project Co, a joint venture between the Korea-focused gold explorer, and Australian explorer Southern Gold Ltd.
The ministry's committee found that the application by Bluebird was in compliance with all relevant laws and covered all the project's aspects.
Formal communication has also been sent to the provincial authority of Chungcheongnam-do, who are responsible for issuing the permits.
Meanwhile, Bluebird said the application for the Kochang gold mine is progressing well, with two government agencies submitting written opinions to clarify technical issues for the South Gyeongsang province.
"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 Officer Colin Patterson.
Shares in Bluebird Merchant Ventures were up 2.2% at 2.30 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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