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Bluebird Merchant Ventures Ltd - South Korea-focused gold company - Receives approval from the Mines & Geosciences Bureau for its two-year community development plan at its Batangas gold project in the Philippines. Says this is a "significant step forward". The approval allows for groundwork including supplementary drilling to commence at the Lobo project area. The Lobo area has ore reserves of 171,000 tonnes at 6.6 grams per tonne for 36,000 ounces of gold.
Chief Executive Colin Patterson says: "The joint venture partner recognised the potential of the project, with this news highlighting the key role it has in advancing the permitting process and building community relations. The JV will now execute its plan to advance Lobo towards a production decision, where the potential for a high-grade underground mine is clear."
Current stock price: 1.05 pence, down 4.6% in London on Thursday afternoon
12-month change: down 58%
By Heather Rydings, Alliance News senior economics reporter
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