New report points to first gold pour in 2019 at Gubong mine in South Korea
- Southern Gold development partner, Bluebird Merchant Ventures (BMV) has completed the report on the feasibility of re-opening the Gubong gold mine, South Korea.
- The delivery of the report indicates the commencement of the pre-construction phase.
- The report bolsters expectations of first gold production in late 2019 with low upfront capital costs being confirmed.
Australian gold producer, Southern Gold Ltd (“Southern Gold”) advises that its development partner in South Korea, London Stock Exchange-listed Bluebird Merchant Ventures Ltd (“BMV”), has completed its initial report on the feasibility of re-opening the historic Gubong Gold Mine.
This report is the required catalyst for the formation of a formal 50:50 joint venture between Southern Gold and BMV over the Gubong Gold Project.Over the coming months, Southern Gold will establish a Korean-based operating entity. BMV will be the Operator of the joint venture.
BMV is confident that the mooted re-opening of the old gold mine will facilitate substantial immediate mining development with access to initial low-cost ore that can be cost effectively and quickly processed after a small scalable trial plant has been established. BMV has indicated that the project could advance to production late in 2019 and look to then progressively expand production over the next 5 years.
To read the complete announcement please download the pdf: