Bluebird Merchant Ventures Limited announced an update on South Korea with regards to advancing the Gubong Gold Mine ('Gubong') and the Kochang Gold and Silver Mine ('Kochang'). The company and its new local JV partner, which is investing USD 5 million into Gubong. The two parties discussed the optimal path to advancing the project, the relevant community programmes that need to be initiated and discussed land area for mine access as well as meeting with the relevant local landowner.

With regards to Kochang, discussions regarding a potential JV with the same consortium that invested in Gubong are at an advanced stage, and the team is confident of a positive conclusion in the near future with legal drafting underway. Kochang is recognised as the easier of Bluebird's two projects in South Korea to bring into production. It is an 8.3 sq km epithermal high grade vein deposit with a c.2.5km strike of which 600m between the two mines has not been exploited.

It produced c.110,000 oz Au (19.6g/t) and 5.9Moz Ag (1,000g/t) from 1961-1975 and has a Non JORC estimate 550-700Kt, grading between 5.2-6.6 g/t Au and 27.3-34.8 g/t Ag. The team has an estimated production target of c.10-15koz pa and believes there is significant potential to expand operations laterally and at depth as well as exploit already mined areas.