http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 19 Feb 2018 13:34:35 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Scotgold receives recommendation for approval of Cononish mine plan ]]> http://www.proactiveinvestors.co.uk/companies/news/191760/scotgold-receives-recommendation-for-approval-of-cononish-mine-plan-191760.html Scotgold Resources Limited (LON:SGZ) has received a boost to its plans to open an underground gold mine at Cononish.

The Director of Rural Planning and Development at the Loch Lomond and the Trossachs National Park Authority has issued a report recommending approval of the company's application, subject to an S75 planning agreement.

READ: Scotgold completes £450,000 placing in support of development at Cononish

The report was published ahead of the Special Board Meeting of the authority on February 27 , which will follow a site visit.

Scotgold wants to construct an underground mine producing 12,000 ounces of gold per year initially, which will rise eventually to 24,000oz.

Once approval is granted, Scotgold will proceed with the financing for the development, though the approval of the Park Authority is seen as the key hurdle to cross. 

A full version of the Committee Report Final, including appendices detailing the proposed conditions and proposed heads of terms for the S75 planning obligation document is available at http://eplanning.lochlomond-trossachs.org/OnlinePlanning/?agree=0

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Fri, 16 Feb 2018 08:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191760/scotgold-receives-recommendation-for-approval-of-cononish-mine-plan-191760.html
<![CDATA[RNS press release - Planning Application ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180215154031_13535146/ Thu, 15 Feb 2018 15:40:31 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180215154031_13535146/ <![CDATA[RNS press release - Planning Application ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180212120715_13529897/ Mon, 12 Feb 2018 12:07:15 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180212120715_13529897/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180111135037_13493488/ Thu, 11 Jan 2018 13:50:37 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180111135037_13493488/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180105114135_13487025/ Fri, 05 Jan 2018 11:41:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180105114135_13487025/ <![CDATA[News - Scotgold completes £450,000 placing in support of development at Cononish ]]> http://www.proactiveinvestors.co.uk/companies/news/189530/scotgold-completes-450000-placing-in-support-of-development-at-cononish-189530.html Scotgold Resources Ltd (LON:SGZ) has completed a £450,000 placing, part of the previously announced financing package which also comprises a shareholder rights issue.

The placing shares were priced on the same terms as the shares being offered under the rights issue, at 2.5p with one 4p warrant attached to every five shares.

READ: Scotgold's rights issue is crucial step towards full production at Cononish

The money raised will be used to commence part of the development of the Cononish gold and silver project in Scotland, to undertake wider exploration, to comprise part of a potential repayment of an existing £1mln loan, which is payable by 30 March 2018, and for working capital.

Scotgold is still waiting for a planning determination for Cononish from the Loch Lomond and Trossachs National Parks Planning Authority, which is still expected early this year.

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Thu, 04 Jan 2018 13:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189530/scotgold-completes-450000-placing-in-support-of-development-at-cononish-189530.html
<![CDATA[RNS press release - Completion of Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104120143_13485510/ Thu, 04 Jan 2018 12:01:43 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104120143_13485510/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104110540_13485329/ Thu, 04 Jan 2018 11:05:40 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104110540_13485329/ <![CDATA[RNS press release - Results of Rights Issue ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171221070004_13473484/ Thu, 21 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171221070004_13473484/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219164058_13471548/ Tue, 19 Dec 2017 16:40:58 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219164058_13471548/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219163535_13471541/ Tue, 19 Dec 2017 16:35:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219163535_13471541/ <![CDATA[RNS press release - Rights Issue - Extension of Acceptance Period ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171206150001_13456365/ Wed, 06 Dec 2017 15:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171206150001_13456365/ <![CDATA[News - Scotgold says planning decision on Cononish gold project delayed until next year ]]> http://www.proactiveinvestors.co.uk/companies/news/188051/scotgold-says-planning-decision-on-cononish-gold-project-delayed-until-next-year-188051.html Scotgold Resources Limited (LON:SGZ) has been advised that the Loch Lomond and Trossachs National Parks Planning Authority has indicated that a decision on the company’s planning application is likely to occur later than the original target date of 14 December 2017. 

The AIM-listed miner said this means a decision on planning permission for the Cononish gold project in Scotland will now be "targeted as early as possible in 2018".

WATCH: Scotgold Resources keen to crack on with construction after £2.65mln raise

The group said it is working with the planning authority “to supply additional clarifications relating to issues raised by various consultees and, subject to the Authority's assessment of these clarifications, a new determination date will be targeted as early as possible in 2018.”

Scotgold said the delay does not impact on the company's strategy and plans, and the reasons for it are related only to requests for further information.

In afternoon trading, Scotgold shares were changing hands at 25p each, down 9.1% or 2.5p on last night; closing price.

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Thu, 30 Nov 2017 12:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188051/scotgold-says-planning-decision-on-cononish-gold-project-delayed-until-next-year-188051.html
<![CDATA[RNS press release - PLANNING APPLICATION ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171130115629_13449495/ Thu, 30 Nov 2017 11:56:29 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171130115629_13449495/ <![CDATA[RNS press release - Conversion of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128111953_13446387/ Tue, 28 Nov 2017 11:19:53 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128111953_13446387/ <![CDATA[RNS press release - Results of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128102206_13446208/ Tue, 28 Nov 2017 10:22:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128102206_13446208/ <![CDATA[News - Scotgold's rights issue is crucial step towards full production at Cononish ]]> http://www.proactiveinvestors.co.uk/companies/news/187644/scotgold-s-rights-issue-is-crucial-step-towards-full-production-at-cononish-187644.html Longer-term, the plan is to ramp up the Cononish gold mine in Scotland to a production rate of 24,000 ounces per year, according Richard Gray, chief executive of project owner Scotgold Resources PLC (LON:SGZ).

The more immediate target, though, of 12,000 ounces, takes the company half way there.

WATCH: Scotgold Resources keen to crack on with construction after £2.65 mln raise

And the building blocks that will make that happen are now being put in place.

First off, there’s the recently-announced £2.65 mln two-for-three rights issue. This is being fully-underwritten by the company’s chairman and major shareholder Nat Le Roux, and represents a tangible expression of faith from him in the future of the project.

If shareholders choose not to take up their rights in this fundraise, Le Roux is more than happy to invite third parties in, but failing that, his own money will provide the equity component of the funding that Cononish requires to get built.

It’s a major tick in the box and allows Scotgold to go out to other sources of finance with its cornerstone investment already in place. Any shareholder who wants to avoid dilution can do, simply by following his or her rights, and given that the funding itself represents a major milestone in de-risking the project, there is a feeling that this could be a good entry point.

What’s more, in the event of a shortfall in the uptake, other existing investors will be able to apply for an additional allocation and actually increase their percentage holding.

READ: Scotgold plans £2.65 mln fundraising via fully underwritten rights issue

“With this rights issue we’ve raised about a third of the funds we need to build the project,” says Gray.

“We knew we needed a chunk of equity in the pie. And this way represents an opportunity for our existing shareholders to get in now while the price is still reasonable and as we de-risk.”

He concedes that many of Scotgold’s shareholders have small-scale holdings and may not be in a position to follow their rights. But he insists that everyone ought to be given the opportunity.

He also accepts that although the rights issue represents a key step on the road to financing Cononish, the journey is not yet finished.

“The key message is that we accept that it’s not the full monty and we can’t say we’re definitely going ahead,” he says. “But by doing this now we have significantly de-risked the second tranche.”

There remains the technical and bureaucratic approval of planning permission to be surmounted, and going to banks for finance wouldn’t be viable before that hurdle had been cleared anyhow.

READ: Scotgold Resources submits revised Cononish application; eyeing decision by end of year

But it won’t be long. The planning decision is likely in December, and Scotgold wants to be ready to respond whichever way it goes.

There’s actually not much nervousness that the decision will go against the company, but even so, the feeling is that now is a good time to bring in money so that if any appeal is required work on site can continue without being overshadowed by any funding uncertainty.

On a more optimistic note, if and when the permission is granted and with the cornerstone equity finance already in place, talks with banks ought to be fairly brief and to the point.

It’s a small operation, but there’s lots of margin on offer. The company knows that in part because it’s already been operating on site at a low level with the processing of an old stockpile through a pilot-scale plant.

But it’s also been at work refining the project design.

“The biggest issue has been demonstrating that there are alternatives to the previous tailings facility,” says Gray.

“The new design of the tailings dam is a drystack system which will be used to build forms which mimic the local topography. The original system would have cost £5 mln up front. But with the new system the cost is spread out over the life of the mine.”

Which means that the overall price tag the company is putting on getting phase 1 up and running is a mere £7.4 mln. The underwritten rights issue takes the company a long way there. Attractive economics should do the rest.

 

 

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Wed, 22 Nov 2017 10:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187644/scotgold-s-rights-issue-is-crucial-step-towards-full-production-at-cononish-187644.html
<![CDATA[Media files - Scotgold Resources keen to crack on with construction after £2.65 mln raise ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8360/scotgold-resources-keen-to-crack-on-with-construction-after-265-mln-raise-8360.html Mon, 13 Nov 2017 15:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8360/scotgold-resources-keen-to-crack-on-with-construction-after-265-mln-raise-8360.html <![CDATA[News - Scotgold plans £2.65 mln fundraising via fully underwritten rights issue ]]> http://www.proactiveinvestors.co.uk/companies/news/187134/scotgold-plans-265-mln-fundraising-via-fully-underwritten-rights-issue-187134.html Scotgold Resources Limited (LON:SGZ) is to raise £2.65 mln via a rights issue offering two new shares for every three already held.

The offer price is 25p, although for each five existing shares shareholders also get one new option priced at 40p.

READ: Scotgold narrows losses as it remains ‘hopeful’ of sorting Cononish financing soon

The price before the offer was announced was 27p.

The money raised will be used to commence the next stage of work at Scotgold’s Cononish gold mine in Scotland, where the existing stockpile will shortly be depleted.

The current fundraising represents around 30 per cent of the total that will be needed to complete what’s known as Phase 1 of the development.

READ: Scotgold Resources submits revised Cononish application; eyeing decision by end of year

The outcome of Scotgold’s planning application is expected in mid-December 2017, although the company still has the option to commence development of the Cononish project under its full-scale development programme, for which planning permission has previously been granted.

Under current plans, development work would commence early in 2018.

The offer is fully underwritten by Scotgold’s largest shareholder, Nat Le Roux, who currently holds slightly less than 40%.

 

 

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Mon, 13 Nov 2017 07:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187134/scotgold-plans-265-mln-fundraising-via-fully-underwritten-rights-issue-187134.html
<![CDATA[RNS press release - Rights Issue ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171113070004_13428527/ Mon, 13 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171113070004_13428527/ <![CDATA[RNS press release - Conversion of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171108151520_13425080/ Wed, 08 Nov 2017 15:15:20 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171108151520_13425080/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171107121710_13423237/ Tue, 07 Nov 2017 12:17:10 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171107121710_13423237/ <![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171009070003_13389490/ Mon, 09 Oct 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171009070003_13389490/ <![CDATA[RNS press release - Presentation ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171004070007_13385082/ Wed, 04 Oct 2017 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171004070007_13385082/ <![CDATA[RNS press release - Exercise of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171002161815_13383101/ Mon, 02 Oct 2017 16:18:15 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171002161815_13383101/ <![CDATA[News - Scotgold narrows losses as it remains ‘hopeful’ of sorting Cononish financing soon ]]> http://www.proactiveinvestors.co.uk/companies/news/184840/scotgold-narrows-losses-as-it-remains-hopeful-of-sorting-cononish-financing-soon-184840.html Scottish gold miner Scotgold Resources PLC (LON:SGZ) has said it is “hopeful” of securing the required funding for its Cononish mine.

The firm said it is working with its advisors on sourcing the financing for the project from debt and private equity providers.

READ: Updated BFS...

Scotgold recently announced that the peak funding required for the project had been reduced from £18.5mln to just £7.4mln.

A recently updated bankable feasibility study suggests Cononish has a pre-tax net present value of £43mln, while the life of mine EBITDA (underlying earnings) is forecast to be £100mln.

May have to look at near-term funding options

During the 12 months to 30 June, Scotgold narrowed its losses to A$1.35mln compared to just over A$1.5mln in 2016.

That was due to a combination of lower mineral and exploration expenditure and the first sales of gold from the bulk processing trial at Cononish.

At the end of the period, Scotgold had cash reserves of A$572,300 (2016: A$738,900).

It said it was “mindful” of the short and medium term working capital needs and said it may need to consider addressing these issues separately from the project financing.

Shares were down 9.4% to 29.4p in early afternoon trading.

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Fri, 29 Sep 2017 12:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184840/scotgold-narrows-losses-as-it-remains-hopeful-of-sorting-cononish-financing-soon-184840.html
<![CDATA[RNS press release - Annual Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170929070001_13379542/ Fri, 29 Sep 2017 07:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170929070001_13379542/ <![CDATA[RNS press release - Change of Registered Office ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170831094002_13347070/ Thu, 31 Aug 2017 09:40:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170831094002_13347070/ <![CDATA[RNS press release - Completion of Share Consolidation ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170825103001_13342125/ Fri, 25 Aug 2017 10:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170825103001_13342125/ <![CDATA[RNS press release - Result of Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170821125641_13336679/ Mon, 21 Aug 2017 12:56:41 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170821125641_13336679/ <![CDATA[News - Scotgold Resources submits revised Cononish application; eyeing decision by end of year ]]> http://www.proactiveinvestors.co.uk/companies/news/182668/scotgold-resources-submits-revised-cononish-application-eyeing-decision-by-end-of-year-182668.html Scotgold Resources Ltd (LON:SGZ) hopes to get a decision on its revised plans for  the Cononish Gold and Silver project by the end of the year.

The application for the operation has now been received and validated by the Loch Lomond and Trossachs National Park Planning Authority, firing the starting gun on the statutory determination period.

There are several elements but at its core is a development of an underground gold mine with processing facilities.

READ: Scotgold shares jump as it agrees first sales to jewellery industry Exploring financing options

The firm is also applying for permission for a site drainage system including discharge to the River Cononish and a new bridge over the Crom Allt at the Dalrigh ford.

Two key differences between this application and the previously permitted operation are a redesigned Tailings Storage Facility.

Also, a phasing of the project, allowing for a lower capital first production phase followed by a subsequent expansion to currently permitted production levels.

READ:Scotgold to push ahead with projects in France and Portugal

Scotgold chief executive Richard Gray said "The revisions made to the project in this application offer significant advantages, both in terms of environmental impacts and economics with the peak funding requirement reduced from £18.5M to £7.4M.

"In parallel to the permitting process we are continuing to examine the financing options now available."

Shares eased 0.49% to 0.410p.

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Fri, 18 Aug 2017 12:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182668/scotgold-resources-submits-revised-cononish-application-eyeing-decision-by-end-of-year-182668.html
<![CDATA[RNS press release - Planning Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170818112048_13335004/ Fri, 18 Aug 2017 11:20:48 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170818112048_13335004/ <![CDATA[RNS press release - Share Consolidation and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170721091752_13303280/ Fri, 21 Jul 2017 09:17:52 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170721091752_13303280/ <![CDATA[RNS press release - Director dealing ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170719070004_13299749/ Wed, 19 Jul 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170719070004_13299749/ <![CDATA[RNS press release - Issue of equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704164110_13283914/ Tue, 04 Jul 2017 16:41:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704164110_13283914/ <![CDATA[RNS press release - Director dealing ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704102245_13283178/ Tue, 04 Jul 2017 10:22:45 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704102245_13283178/ <![CDATA[RNS press release - Notifications of transactions by Directors ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170619070003_13264258/ Mon, 19 Jun 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170619070003_13264258/ <![CDATA[News - Scotgold shares jump as it agrees first sales to jewellery industry ]]> http://www.proactiveinvestors.co.uk/companies/news/178886/scotgold-shares-jump-as-it-agrees-first-sales-to-jewellery-industry-178886.html Scotgold Resources Ltd (LON:SGZ) saw its shares jump today on news it has signed a sales agreement with two of Scotland's pre-eminent manufacturing jewellers.

The agreement covers the first refining batch of around 16 ounces of branded Scottish gold made available for jewellery and only the second refining batch produced to date from Scotgold's bulk processing trial at the Cononish gold and silver mine.

The AIM-listed firm said the deal involves significant input from both Baird & Co, as the appointed refiner, and the Edinburgh Assay Office who will verify the gold’s provenance through a closely monitored chain of custody.

READ: Scotgold to push ahead with projects in France and Portugal

Whilst all the parties have agreed to keep the precise terms of the sale confidential, the premium received was in excess of the 30% reserve stipulated for the Scottish Gold Rounds, which were auctioned in November 2016.

Upon delivery of the Scottish Gold and the production of the first unique pieces, the two authorised jewellers will make further announcements as to where and how these pieces can be obtained.

In addition to the production of Scottish Gold, the bulk processing trial continues to produce gold in the form of pyrite concentrate, of which approximately 53 wet metric tonnes have been shipped and sold under the November agreement with Ocean Partners.

In early morning trading, Scotgold shares were 10.5%, or 0.05p at 0.52p.

 -- Adds share price --

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Wed, 07 Jun 2017 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178886/scotgold-shares-jump-as-it-agrees-first-sales-to-jewellery-industry-178886.html
<![CDATA[RNS press release - First Scottish Gold Sale ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170607070002_13251522/ Wed, 07 Jun 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170607070002_13251522/ <![CDATA[RNS press release - Company Secretary Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170519123102_13232082/ Fri, 19 May 2017 12:31:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170519123102_13232082/ <![CDATA[News - Scotgold to push ahead with projects in France and Portugal ]]> http://www.proactiveinvestors.co.uk/companies/news/177704/scotgold-to-push-ahead-with-projects-in-france-and-portugal-177704.html Scotgold Resources PLC (LON:SGZ), the owner of the Cononish gold mine in Scotland,  is to push ahead with further exploration at projects in Portugal and France as it looks to broaden its portfolio.

Rock chip samples at Pomar in Portugal indicated high grades of goal and antimony, while at Vendrennes in France, Scotgold has been awarded an exploration permit and will now start to review the data from the historic antimony workings.

"Our efforts in France and Portugal have now resulted in us having prospective assets in both countries,” said Richard Gray, Scotgold’s chief executive. 

“In the first year's work at Pomar we have been able to cost effectively add to our knowledge of the area and demonstrate its potential.

“In France we will now have full access to the historical data relating to Vendrennes and our first step will be to analyse this. 

“These assets could form an important part of Scotgold's future project pipeline and growth path beyond Cononish". 

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Fri, 12 May 2017 08:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177704/scotgold-to-push-ahead-with-projects-in-france-and-portugal-177704.html
<![CDATA[RNS press release - Update on Exploration Assets ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170511175323_13223068/ Thu, 11 May 2017 17:53:23 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170511175323_13223068/ <![CDATA[RNS press release - Conversion of Options ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170508091513_13217403/ Mon, 08 May 2017 09:15:13 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170508091513_13217403/ <![CDATA[News - Scotgold Resources says trial mining is going well ]]> http://www.proactiveinvestors.co.uk/companies/news/175660/scotgold-resources-says-trial-mining-is-going-well-175660.html Scotgold Resources Limited (LON:SGZ) has told investors that its trial mining operation is going well, measuring ahead of its design throughput.

The company said that the bulk processing trial at the Cononish mine, in Scotland, was handling in excess of the anticipated 1.5 tonnes per hour rate, and average monthly production has amounted to 424 wet metric tonnes since September.

That said, it also noted that the average grade of material treated so far was 6.3 grams per tonne, rather than the global estimate of 7.9 grams per tonne for the whole ore stockpile.

In terms of metallurgy, the company noted that recoveries to date measured 64%, though analysis suggests a recovery rate of 93% could be possible with the planned production plant.

It also had positives to report from its testing and analysis of possible leaching arrangements.

The company also noted that it has now drawn £1mln under an existing secured loan facility, meanwhile, several longer-term funding proposals are presently underway.

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Thu, 30 Mar 2017 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175660/scotgold-resources-says-trial-mining-is-going-well-175660.html
<![CDATA[News - Scotgold Resources narrows losses as it looks to press on at Cononish ]]> http://www.proactiveinvestors.co.uk/companies/news/174997/scotgold-resources-narrows-losses-as-it-looks-to-press-on-at-cononish-174997.html Scotgold Resources Ltd (LON:SGZ) told investors on Friday that it narrowed its losses in the first half of its year, as its focus remains firmly on its Cononish gold project in Scotland.

The company lowered its losses for the six months to 31 December 2016 to US$789,000, compared to the US$875,000 loss it posted last year.

The reduction was mainly down to lower overall costs as well as the small amount of income generated last year from the sale of the first gold produced at Cononish.

At the end of the period, Scotgold had US$329,400 in cash, compared to US$861,646 it had at the end of 2015.

The focus is still very much on Cononish, which got a boost earlier this week after an updated bankable feasibility study added “significant value” to the project.

The original BFS, completed back in August 2015, suggested a pre-tax net present value of £23mln although that has now been significantly increased to £43mln.

The updated study has also upped the life of mine EBITDA (underlying earnings) to £100mln from £67mln, while the peak funding requirement has gone the other way, from £18.5mln to £7.4mln.

As well as boosting the economic side of the project, the BFS also indicated that the ‘phased project’ development option would be the “most favourable”.

The first phase – which is set to be up and running by early 2019 – will see Scotgold process 3,000 tonnes per month (tpm) of ore, before ramping up to 6,000tpm by the third quarter of 2021.

Of course that’s all subject to obtaining the necessary permits and financing, but Scotgold seems confident and expects final permission for underground development work to be awarded by the first quarter of 2018, with work starting the following quarter.

As for the financing, the miner has agreed a £1mln loan facility with its chairman, Nat le Roux, although £0.3mln of this will be used to pay back an existing loan to le Roux.

The loan, which is for one year and carries interest of 10% per annum, is expected to provide enough working capital to fund Scotgold through the planning application process.

Shares in Scotgold were down 5% on Friday to 0.5p.

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Fri, 17 Mar 2017 13:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174997/scotgold-resources-narrows-losses-as-it-looks-to-press-on-at-cononish-174997.html
<![CDATA[Media files - 'This is the start of a Scottish gold mining industry', says Scotgold's Richard Gray ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7123/-this-is-the-start-of-a-scottish-gold-mining-industry-says-scotgold-s-richard-gray-7123.html Fri, 17 Mar 2017 08:10:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7123/-this-is-the-start-of-a-scottish-gold-mining-industry-says-scotgold-s-richard-gray-7123.html <![CDATA[News - Updated BFS adds “significant value” to Scotgold’s Cononish mine ]]> http://www.proactiveinvestors.co.uk/companies/news/174816/updated-bfs-adds-significant-value-to-scotgolds-cononish-mine-174816.html Scotgold Resources Limited (LON:SGZ) has told investors that an update to the bankable feasibility study at its Cononish gold mine has added “significant value” to the project.

The original BFS, completed back in August 2015, suggested a pre-tax net present value of £23mln although that has now been significantly increased to £43mln.

The updated study has also upped the life of mine EBITDA (underlying earnings) to £100mln from £67mln, while the peak funding requirement has gone the other way, from £18.5mln to £7.4mln.

As well as boosting the economic side of the project, the BFS also indicated that the ‘phased project’ development option would be the “most favourable”.

The first phase – which is set to be up and running by early 2019 – will see Scotgold process 3,000 tonnes per month (tpm) of ore, before ramping up to 6,000tpm by the third quarter of 2021.

Of course that’s all subject to obtaining the necessary permits and financing, but Scotgold seems confident and expects final permission for underground development work to be awarded by the first quarter of 2018, with work starting the following quarter.

As for the financing, the miner has agreed a £1mln loan facility with its chairman, Nat le Roux, although £0.3mln of this will be used to pay back an existing loan to le Roux.

The loan, which is for one year and carries interest of 10% per annum, is expected to provide enough working capital to fund Scotgold through the planning application process.

The bulk processing trial (BPT) at Cononish – which was recently granted an extension through to March 2018 – has helped Scotgold optimise the final production process and plant design.

The revenues generated from the BPT will also contribute to the company’s working capital requirements for this year.

“It is extremely gratifying that we have managed to use the experience of the BPT to re-engineer aspects of Cononish and add significant value,” said chief executive Richard Gray.

“With our improved economic returns and short term funding secured which avoids undue dilution for the existing shareholders, we now look forward to securing an attractive full financing package and subject to permitting, putting our mine into production at the earliest opportunity.”

Scotgold said the original resource and reserve estimates remain the same as does the overall recovery rate of 93%.

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Wed, 15 Mar 2017 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174816/updated-bfs-adds-significant-value-to-scotgolds-cononish-mine-174816.html
<![CDATA[News - Scotgold round presented to Hunterian museum ]]> http://www.proactiveinvestors.co.uk/companies/news/173552/scotgold-round-presented-to-hunterian-museum-173552.html A round of gold produced from Scotgold PLC’s (LON:SGZ) Cononish mine near Tyndrum, Stirlingshire is to be given pride of place in Glasgow University’s Hunterian museum.

Professor David Gaimster, director of The Hunterian, will be presented with the round tomorrow by Graham Donaldson, a major shareholder in Scotgold.

Donaldson and his wife sponsored the purchase of Scottish Gold Round Number 11 after the first 10 rounds were sold at an auction in November.

Richard Gray, Scotgold’s chief executive, said: "We are delighted that Graham and Christine [Donaldson] have generously decided to mark the occasion of Scotland's first commercially mined gold by sponsoring this contribution to The Hunterian's impressive collection. 

“We believe that gold mining has the potential to be a significant industrial sector and generator of employment in Scotland and this unique piece marks a significant milestone on this journey."

Professor David Gaimster added said the gold round would be added to its collection of Scottish gold coins and medals.

Each of the 12 gold rounds is stamped with the Scottish Gold Mark of the stag's head and bears a unique serial number corresponding to a chain of custody system certified by the Edinburgh Assay Office.

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Wed, 22 Feb 2017 15:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173552/scotgold-round-presented-to-hunterian-museum-173552.html
<![CDATA[News - Scotgold soars as it gets permission to extend bulk processing trial ]]> http://www.proactiveinvestors.co.uk/companies/news/172875/scotgold-soars-as-it-gets-permission-to-extend-bulk-processing-trial Scotgold Resources Limited (LON:SGZ) had some good news for investors on Wednesday afternoon after revealing it has been granted permission to extend the bulk processing trial at its Cononish mine.

The Loch Lomond and Trossachs National Park Planning Authority accepted the Scottish gold miner’s application to extend operations to March 2018.

The original permission ran for nine months and was due to finish in a few weeks' time at the end of February.

The additional time will allow Scotgold to fully explore the best ways to utilise the pilot plant and optimise the production process.

“We continue to learn more about the metallurgy and the economics of the project as we process our stockpile under the BPT,” said chief executive Richard Gray.

“This extension to the trial period not only affords us the opportunity to conclude our revisions to the economic assessment  but it also throws off a small cash contribution to our costs from the resultant gold production.”

Scotgold will process 2,400 tonnes of stockpiled ore during the initial period and a further 4,800 tonnes over the course of the extension.

Shares were up 9% to 0.68p.

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Wed, 08 Feb 2017 15:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172875/scotgold-soars-as-it-gets-permission-to-extend-bulk-processing-trial
<![CDATA[Media files - Processing trial extension 'the logical next step' says Scotgold boss ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6602/processing-trial-extension-the-logical-next-step-says-scotgold-boss-6602.html Tue, 13 Dec 2016 12:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6602/processing-trial-extension-the-logical-next-step-says-scotgold-boss-6602.html