Geochang gold mine in Korea set to bring together cryptocurrency & physical mining
Posted by Paul Moore on 29th March 2021
Auric Network Ltd, the Hong Kong based blockchain innovation group, has announced the commencement of on site safety works ahead of gold mine construction in Geochang (Kochang) county, Korea, in partnership with Bluebird Merchant Ventures Ltd (BMV), the Korea-focused gold development group, and Mine Foundation, a commodities investment platform focused on financial inclusion. 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 oz (or over $1.5 billion) 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 Korean mines.