Bluebird Merchant Ventures (LON:BMV) will submit its permit to develop the Kochang mine in Korea next week.
Two meetings have taken place recently with the state-owned Korean Resources Corporation (KORES) including a site visit.
The feedback was optimistic and expectations are high for a positive approval in March, said Bluebird.
Kochang produced over five million ounces of silver and 110,000 ounces of gold when it was in operation between 1928 and 1975.
The mine is one of two Bluebird hopes to re-open in Korea by the end of this year.
The other, Gubong, was the second largest producing gold mine in South Korea until its closure in 1971.
Bluebird posted a loss of US$876,000 in the half year to December.