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

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.

Geochang Mine is a ready-to-mine project, with approximately $6 million USD in development costs saved. Image Credit: 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, a blockchain-based exchange and Flybit, a South Korean exchange. To learn more, follow Auric Network on Twitter at @auric_network.


Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Azthena logo powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.