Bluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, is pleased to announce that it has entered into a land lease agreement at the Kochang Gold & Silver Mine in South Korea to enable the Company to store extraction and processing equipment as well as stockpile ore in advance of targeted test gold production. This agreement is a major milestone towards securing the Temporary Mountain Use Permit (‘TMUP’) which is currently being processed.
The renewable lease, with a local landowner, is a strong indication of community support for the project and its intended production goals and environmental standards of operation. The Company hopes to hear further news on the granting of the TMUP, the final legislative step in the path to test production. The Kochang project has a 24-year mining licence in place.
Bluebird Merchant Ventures CEO Colin Patterson said, “This is a positive step forward in the process of gaining a Temporary Mountain Use Permit at Kochang which will give us a clear development path to test production. The plan remains achieving proof-of-concept gold production at Kochang, followed by full production commencement targeting c.10,000oz Au per annum. Cash proceeds will contribute to ramping up gold production at Kochang and commencing production at Gubong with a medium-term target of 50,000oz Au rising to a targeted 100,000oz per annum. Both Charles Barclay (COO) and I are looking forward to our upcoming visit to both Kochang and Gubong next week, where we will be meeting with various key governmental and local people and inspecting the sites.”
This announcement contains inside information for the purposes of article 7 of the market abuse regulation EU 596/2014 (“MAR”).