(Alliance News) - Bluebird Merchant Ventures Ltd said Friday it has received the "permit to develop" Gubong Mine from South Korean authorities.
The South-Korean focused gold development group said this permit means that the company is now free to engage in a full scale operation to reopen the gold mine and bring it back into production.
After "this positive step", the company is now "very confident" that the application for "permit to develop" the Kochang mine will soon be granted. "All the necessary information has been submitted to the authorities and no negative issues have been raised, " the company noted.
Collin Patterson, chief executive officer, said: "This is an exciting milestone for Bluebird and enables us to progress towards becoming a gold producer which will create significant value for our shareholders.
Bluebird shares were down 0.3% in London at 2.04 pence each.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Bluebird Merchant Venture (BMV)