Bluebird Merchant Ventures (BMV) received a ‘Permit to Develop’ the Gubong mine from South Korean authorities on Friday.
The permit allows Bluebird to engage in a full scale operation to reopen the mine and bring it back into production.
The Gubong mine was the second largest producing gold mine in South Korea until it closed in 1971.
Bluebird said it has submitted all necessary information to authorities and is reviewing its options for production.
Shares in Bluebird Merchant Ventures ticked up 2.44% to 2.1p on Friday
Colin Patterson, CEO, said: "This is an exciting milestone for Bluebird and enables us to progress towards becoming a gold producer which will create significant value for our shareholders."
The company also changed its year end accounting date to 31 December to align with South Korean companies holding permits.
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