Bluebird Merchant - Bluebird Progress Update
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Bluebird Progress Update
· Kochang project joint venture company applies for grant for assisted drilling programme
· Application made at the invitation of government-owned company
· Expect to hear by end of February if application is successful
· Report on feasibility of reopening Kochang submitted
- Application for permit to develop Gubong made
Kochang grant application made to KORES
The application for the grant was submitted on
The proposed resource definition diamond drilling programme at Kochang focuses on the adjacent to the initial planned production area. It will further delineate the three main veins (and any subsidiary veins) above and below the recently accessed workings. It will help confirm the modelled vein structures and grades derived from surface and underground work previously undertaken, with the objective of building a resource model for future planning, development and mining.
Should the application be successful, KORES will fund 70 per cent of the costs of Bluebird's agreed drilling programme. The purpose of the assisted drilling programme is to support mining activity. The success criteria of the scheme is that the supported programmes result in operating mines.
KORES partially funded two drill programmes in the area around Kochang during 2016 and last year carried out a technical survey. It is understood that the findings of the report led KORES to upgrade their expectations of the Kochang mine. KPC has received a copy of this report and is currently translating and reviewing its content.
Gubong 'permit to develop' application made to government
Meanwhile, the application for a 'permit to develop' the Gubong mine was made on 23 January to the government. The forty-day process is now in the public domain, after which the Company expects to receive feedback on the application.
Feasibility of Reopening Report Submitted
In addition, the report on the feasibility of reopening the Kochang mine was submitted to our partner, Southern Gold, which completes the farm in requirements. The Kochang tenements will shortly be transferred to the joint venture company.
"We are now entering the exciting stage of our Company's short journey to commercial production. It is encouraging that the South Korean government are seemingly keen to help us move forward through their invitation for us to apply for a grant. While there is no guarantee that it will eventuate, we believe that this is a very positive signal for the future of government support for the local mining industry and Kochang. We are very fortunate to be operating in a jurisdiction where the government is proactive in stimulating its mining industry."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
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Notes to Editors
The Kochang mine operated between the period 1928 and 1975. This gold production was mainly derived from the three main veins at the North
This information is provided by RNS, the news service of the
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