Bluebird Merchant Ventures receives positive response for Gubong
, the Korean focused gold development group, told investors received a positive response regarding its permit to develop the Gubong Mine in South Korea today.
The Provincial Government granting the permit requested clarification and additional information mostly technical in nature. The company said it is confident it will be in a position to submit the formal responses before the deadline of 17 April 2019.
The permit was submitted on 23 January 2019. In most developed countries a permit can take two years to attain and requires a number of ancillary permits for blasting, water treatment and environmental impact, but in South Korea one permit is all that is required.
Shares in Bluebird Merchant Ventures ticked up 2.22% to 2.3p a share following the news
Colin Patterson, CEO, commented: "The South Korean authorities continue to impress us in their efficiency with regards to permit application processing, which are faster than industry norms. In my four decades working in the mining industry, reopening and operating mines in various parts of the world, I have never seen such a quick response by a government department to an application to develop a mine. This bodes very well for Bluebird.”
"It is important that shareholders keep in mind that the progress made so far at Gubong and Kochang has been achieved with an expenditure of less than £1.5 million and this has brought us very close to the point of constructing a producing goldmine. Such rapid progress would be difficult to achieve with an exploration project, both in terms of expenditure and the time required to achieve production.”
“When we produce gold in South Korea it will be of national significance as we will be reopening the first gold mine in South Korea in two decades."
The company is awaiting a response for its Kochang application for the permit to develop that it submitted on 8 March 2019.
Bluebird told investors that it is confident both applications will be successful.
Follow News & Updates from Bluebird Merchant Ventures here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.