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Press release content from Business Wire. The AP news staff was not involved in its creation.

Innovation Group Auric Network Announces Commencement of On site Works for Korean Gold Mine Project Valued at $1.5bil

March 29, 2021 GMT

SEOUL, South Korea--(BUSINESS WIRE)--Mar 28, 2021--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210328005010/en/

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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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View source version on businesswire.com:https://www.businesswire.com/news/home/20210328005010/en/

CONTACT: David Gong

Auric Network Limited

pr@auric.network

KEYWORD: UNITED STATES AFRICA HONG KONG AUSTRALIA/OCEANIA AUSTRALIA NORTH AMERICA SOUTH KOREA ASIA PACIFIC CANADA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES MINING/MINERALS TECHNOLOGY NATURAL RESOURCES SOFTWARE FINANCE INTERNET

SOURCE: Auric Network Limited

Copyright Business Wire 2021.

PUB: 03/28/2021 10:00 PM/DISC: 03/28/2021 10:00 PM

http://www.businesswire.com/news/home/20210328005010/en