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Bluebird Merchant Ventures Ltd - British Virgin Islands-based gold development company focused on Korea - Says Tuesday it had received USD500,000 first tranche of loan funding, with cash to be used for test gold production at Kochang mine in South Korea.
Chief Executive Officer Colin Patterson says: "The scheduled reactivation of the Korean gold projects and moving forward to production is a major inflection point for Bluebird shareholders. We are the first foreign company since Ivanhoe in the 1990's to be granted permits that allow for mining operations. Given the current price of gold and the supply/demand metrics for the precious metal we remain confident of becoming a low-cost producer and thus putting South Korea on the wider radar of other gold producers."
Current stock price: 1.83 pence
12-month change: down 58%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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