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Bluebird ticks off another Kochang JV requirement

Asia-focused resource development group Bluebird Merchant Ventures (AIM:BMV) has met another requirement of its farm-in agreement to establish an equal joint venture agreement on the Kochang gold-silver mine in South Korea.
Bluebird ticks off another Kochang JV requirement Bluebird ticks off another Kochang JV requirement Bluebird ticks off another Kochang JV requirement Bluebird ticks off another Kochang JV requirement Bluebird ticks off another Kochang JV requirement

Bluebird and Southern Gold plan to reopen the historical Kochang gold mine in South Korea

Staff reporter

The company previously agreed to earn into 50/50 JVs with Southern Gold at the Gubong and Kochang brownfield gold mines.

Its most recent step was to complete an A$250,000 (US$183,965) placing into Southern Gold.

It started farm-in activities on Kochang in mid-June to form the JV and still has to contribute US$250,000 to the feasibility study of reopening the mine.

It said it was close to meeting the final condition, with immediate focus on finalising and then submitting the study, after which capital expenditure on the mine will be shared equally with Southern Gold, with Bluebird acting as operator.

Bluebird CEO Colin Patterson said the company had now almost completed the farm-in requirements for both Kochang and Gubong.

It previously completed the feasibility study on the Gubong gold mine at the end of July, which allowed for all redevelopment costs since to be shared equally.

He said the company was confident that it was still on track to pour first gold at Gubong by the December 2019 quarter.

Bluebird is aiming to produce 100,000 ounces per annum of gold within five years from first gold production.