Innovation Group Auric Network Announces Commencement of On site Works for Korean Gold Mine Project Valued at $1.5bil
March 28 2021 - 10:00PM
Business Wire
A blockchain technology group as part of a
partnership with an LSE-listed mining company announces production
for Korean mine project with over $1.5 billion USD of ready-to-mine
gold
Auric Network Limited (“Auric”), the Hong Kong based blockchain
innovation group, is pleased to announce the commencement of on
site safety works ahead of construction in Geochang (Kochang)
county, South Korea, in partnership with Bluebird Merchant Ventures
Ltd ("LSE: BMV"), the Korea-focused gold development group, and
Mine Foundation, a commodities investment platform focused on
financial inclusion.
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Geochang Mine is a ready-to-mine project,
with approximately $6 million USD in development costs saved.
(Photo: Business Wire)
This news comes after the third tranche of funding delivered on
the week of 15 March 2021.
Aidan Bishop, Founding Director at BMV, states, “Bluebird is
standing at the door of a unique opportunity that connects Korea’s
heritage in gold mining with Korea’s prominent global standing as a
leading adopter of cryptocurrency. Gold will be produced from
Geochang for the first time since the 1970s and this will be
connected with Mine Foundation’s innovative blockchain
platform.”
BMV has operating rights for two gold mines (Gubong and
Geochang) in South Korea. According to the Korean government, the
mines contain nearly 800,000 ounces (or over $1.5 billion USD) of
ready-to-mine gold, with a geological upside defined in the
millions of ounces.
Auric operates a blockchain protocol with its native token,
AUSCM, which was conceived in partnership with BMV and Mine
Foundation. Mine Foundation aims to aid in this conversion or
mining process by providing a commodities investment marketplace
focused on financial inclusion. The tokens issued on the platform
will be directly linked to the delivery of gold from the South
Korean mines.
Currently, Auric Network is listed on Uniswap.org, a
blockchain-based exchange and Flybit, a South Korean exchange. To
learn more, follow Auric Network on Twitter at @auric_network.
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David Gong Auric Network Limited pr@auric.network
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