The government says it will use some 280 million won of the inter-Korean economic cooperation fund for excavating Manwoldae, an ancient royal palace site in the North Korean city of Gaeseong.

The Unification Ministry in Seoul told reporters Monday that the money will be used by the two Koreas to carry out excavation work on an area measuring 33-hundred square meters in Gaeseong.

The ministry said the Koreas will also jointly work on preserving unearthed artifacts and keeping record of the progress made in excavations at the site of the royal palace of Korea’s ancient Goryeo Dynasty.

The two Koreas launched the excavation project in 2007, with the South’s National Research Institute of Cultural Heritage overseeing the work.

Since the project began, some 29 structures and around 45-hundred relics have been unearthed.

The Goryeo royal palace was built in 919 A.D. and was burned down by Chinese rebels in 1361.