LONDON - Bluebird Mining Ventures Ltd (FTSE:BMV.L), a gold project development company, is awaiting a decision from the Board of Audit and Inspection (BAI) on the Mountain Temporary Use Permit (MTUP) for its Kochang Gold and Silver Mine in South Korea. The company's legal counsel anticipates a decision within this month.
The MTUP is a critical step for Bluebird as it seeks to advance the development of the Kochang mine. The company's submission for the permit was reported to be in full compliance with South Korean law. Bluebird's management plans to return to South Korea soon to progress its projects and engage with legal advisors and partners.
Aidan Bishop, Bluebird's Executive Director and Interim CEO, expressed cautious optimism about the BAI's upcoming decision, noting that while there are no guarantees, the company's lawyers are confident about the timing and the legal grounds for a positive outcome. Bishop also acknowledged the frustration of shareholders and expressed hope for providing positive updates from South Korea and the Philippines in the first quarter of the year.
Bluebird Mining Ventures is focused on developing high-grade, low capital expenditure gold projects. The company is leveraging a Joint Venture model to develop its assets in South Korea and the Philippines, collaborating with local partners who provide in-country operational knowledge and investment capital. This strategy has led to three joint ventures with a cumulative investment of approximately US$9 million, allowing Bluebird to progress towards production without overly relying on international capital markets.
The company has significant assets, including the historic Gubong Gold Mine and the Kochang Gold and Silver Mine in South Korea, as well as a development project in the Philippines. The Gubong mine, once the second-largest in South Korea, has substantial untapped potential with an estimated geological potential of over 1 million ounces of gold in-situ. The Kochang mine, known for its historical production of gold and silver, also presents an opportunity for resource expansion.
The information reported here is based on a press release statement from Bluebird Mining Ventures Ltd.
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