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(Alliance News) - Bluebird Merchant Ventures Ltd said Tuesday it has now officially received a 'Permit to Develop' the Kochang gold and silver mine in South Korea.
Bluebird shares were up 17% in London at 2.05 pence each on Tuesday.
Bluebird is focused on reopening shuttered gold mines in South Korea. The Kochang mine had operated between 1928 and 1975. The permit grants Bluebird the right to develop and operate the mine for a period of 13 years, and may be extended by a further 20 year period.
Bluebird said the only constraint of the permit is the requirement to have production within three years.
Together with the Gubong mine permit, received early last month, the Kochang permit "provides a solid base for the company to advance into production and then grow in a substantially organic manner," Bluebird said.
From February, the Kochang and Gubong projects will progress to production with initial mining commencing in six months and gold production some three months later.
The company said over the three-year period gold production will grow organically from 10,000 to 30,000 ounces per annum.
"Despite getting our two permits faster than any other country I know of it has been a lengthier process than we first anticipated. This is now over, and we are excited by the prospect of achieving gold production in the coming year," Chief Executive Officer Colin Patterson said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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