SAU – SOUTHERN GOLD GETS GO AHEAD FOR GUBONG GOLD MINE

Southern Gold Ltd advises that it has received “Permit to Develop” its Gubong Gold Mine from the Ministry of Trade, Industry and Energy of South Korea. The Project is a Joint Venture between Southern and London Listed Bluebird Merchant Ventures Ltd. Formal documentation is expected to be completed over the next few weeks the company advises.

The Project is a JV between Southern and Bluebird on a 50/50 basis with Bluebird being the operator of the project. The company also advises that a second project “Kochang” is currently awaiting a Permit to Develop. An update on the permit will be updated when advised by the regulator.

Managing Director of Southern Gold Ltd, Mr Simon Mitchell, advises that this permit is a milestone for the Company and he congratulates Bluebird as operators in securing the Permit to Develop Gubong, which is a first for many years for a foreign operator in South Korea.

Mr Mitchell also advises, ” that the regulatory approval to permit the development was rapid compared to approvals in Australia. ”

Permits to develop can take up to 7 years in Australia for Mining Lease approvals, particularly in Queensland which is the most backward state in Australia for handing out permits for mining and the slowest for approving of mining projects. Queensland is hampered by inexperienced mining ministers that have plagued the current labour government and the EPA in Queensland which is a law unto itself. Royalties from mining in Queensland do not appear to be a priority, even though the Queensland Government is riddled with debt.

Goldman

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