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Bluebird Merchant targeting profits of US$100/tonne from South Korean gold mines

Bluebird Merchant Ventures Ltd. CEO Colin Patterson said the company is targeting a net profit of US$100 per tonne of gold from a project to reopen shuttered South Korean gold mines, Reuters wrote Feb. 19.

The company earlier announced that it signed a second agreement with Southern Gold Ltd., adding the Kochang gold-silver mine to the list of South Korean gold mines that the companies plan to reopen and develop.

In an interview, Patterson said his focus are the Gubong and Kochang mines over exploration projects and that the company looks to report on the feasibility of reopening the mines by the end of the second quarter.

Bluebird Merchant envisions a 200-tonne-per-day plant that would scale up to 1,000 t/d, and to 50,000 ounces per year four years from now.