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LONDON (Alliance News) - Bluebird Merchant Ventures Ltd on Tuesday said it has received a positive response to its application for a permit to develop the Gubong mine in South Korea.
Shares in Bluebird were up 4.7% at 2.36 pence in afternoon trade.
The provincial government, which will grant the permit, has asked for clarification and more information to support this application, most of of which is technical. Bluebird has until April 17 to reply.
Bluebird, a Korea-focused gold developer, has expressed confidence in its ability to submit formal a formal response ahead of the deadline.
The company has also enquired about its other South Korean application for a permit to develop the Kochang mine. This application, Bluebird said, is "progressing well" and a response is expected in May.
Bluebird Chief Executive Colin Patterson said: "In my four decades working in the mining industry, reopening and operating mines in various parts of the world, I have never seen such a quick response by a government department to an application to develop a mine. This bodes very well for Bluebird.
"It is important that shareholders keep in mind that the progress made so far at Gubong and Kochang has been achieved with an expenditure of less than GBP1.5 million and this has brought us very close to the point of constructing a producing goldmine. Such rapid progress would be difficult to achieve with an exploration project, both in terms of expenditure and the time required to achieve production."
