Bluebird Merchant Ventures Limited Key Permission at Gubong Mine Granted (6909I)
June 21 2017 - 2:06AM
UK Regulatory
TIDMBMV
RNS Number : 6909I
Bluebird Merchant Ventures Limited
21 June 2017
21 June 2017
Bluebird Merchant Ventures LTD
(the "Company" or "Bluebird")
Key Permission at the Gubong Mine granted
Bluebird is pleased to announce that the formal procedure
granting land access to the Gubong mine in South Korea has been
granted today, some 3 weeks earlier than projected. The permit
allows for ingress to the Gubong mine. In addition, agreement has
also been granted by the Government Safety Department on the
activity to be undertaken.
The Gubong mine closed in 1967 when the gold price was USD 35.50
per pounce and was nominally the second largest gold mine in South
Korea. The mine is known to have 9 different veins with production
coming from 6 of them over 60 years until its closure. There are
over 50km of level development accessed by 2 vertical shafts and 6
incline shafts. Bluebird considers that the Gubong mine is its
flagship project.
With the permission granted today, Bluebird now has the
clearance to work at site and commence an evaluation of the
viability to bring the mine back into production. The evaluation
itself will take 6-9 months and will encompass Resource Estimation,
Mining methodology, Metallurgical Process, costing and potential
returns.
CEO, Colin Patterson said: "We are delighted to receive this
approval for our project and we look forward to updating the market
at regular intervals over the next 6 to 9 months."
Our partners, Southern Gold, have commenced the community
relations program at the county level and have established an
excellent relationship with the Mayor's Office of Cheongyang. At
the request of the Mayor a request for co-operation has been
submitted by Southern Gold and has since been officially ratified
by the Cheongyang County Government.
Our second potential project at Taechang has progressed with all
available data being digitized and a computer model created. Access
to the site was at an advanced stage when additional information
was found which indicated that what we thought was the complete
mine area was, in fact, merely a part of a far larger gold bearing
area. More investigative work will need to be undertaken to assess
the size of the potential project.
Philippine news
There have been recent developments in the Philippines which
could provide a brighter outlook for the mining sector. The
President recently appointed Roy Cimatu to be the new Secretary for
the Department of the Environment and Natural Resources. It is
believed that the new Secretary will take a more moderate tone than
his predecessor and has stated that he believes responsible mining
is possible in the Philippines. Bluebird is aligned with this view
and continues to monitor developments towards a more positive
future for Philippine miners.
Enquiries:
Bluebird Merchant Ventures
Ltd +44 (0)7797 859986
Jonathan Morley-Kirk,
Non-Executive Chairman
SP Angel Corporate Finance
LLP
Ewan Leggat + 44 (0)203 470 0470
Walbrook PR Limited +44 (0)207 933 8783
Gary Middleton / Nick
Rome
This information is provided by RNS
The company news service from the London Stock Exchange
END
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