07:00 Fri 26 Feb 2021
Scotgold Resources - Board Changes and Production Update
Scotgold Resources Limited ("Scotgold" or the "Company)
Retirement of CEO, Board Changes, Production Update and Delay to the Notification of Interim Results
Scotgold Resources Limited (AIM: SGZ), the gold exploration and production company focused on
Mr
Mr
Production Update
During February the works earlier identified to prevent crusher circuit chokes have been successfully completed and the undersized pumps within the flotation circuit have been replaced with appropriate vertical spindle pumps. Some issues remain with the filter press operations and the Company is working with the manufacturer and its agents to resolve these.
Despite the progress made above, the slower than anticipated labour build-up and training, due in part to the current COVID-19 restrictions, is expected to impact production at Cononish in March. As a result, the full planned 24/6 operations are now not expected before the end of March. The Company intends to utilise the delay in the ramp-up in production to complete and implement the results of an ongoing design review of the primary crusher support structure.
As a result of the reduced operating hours and primary crusher remediation work, the processing plant is now expected to treat 1,000t of ore in March, reaching design capacity of 3,000tpm from April onwards. Accordingly the Company is lowering its production guidance from between 31,500t and 28,400t to between 28,500t and 25,700t of ore processed, and from between 8,700oz Au and 7,800oz Au to between 7,900oz Au and 7,000oz Au of gold produced.
COVID-19 has had a significant impact on the
Delay to the notification of Interim Results for the six months ended
The Board wishes to notify shareholders that pursuant to the guidance published by the London Stock Exchange in respect of the temporary measures for the publication of half-yearly reports for AIM companies pursuant to AIM Rule 18 of the AIM Rules for Companies, Scotgold intends to utilise the additional one month period to prepare and notify shareholders of the Company's interim results for the six months ended
"We also want to give thanks to Chris for his longstanding service to the Company and in particular his constructive input through the Company's recapitalisation in 2014. Chris' long history with Cononish has been a cornerstone in our development.
"We are however thrilled to welcome Phil to the Scotgold team. Phil's experience developing and optimising the wide range of operations he has been involved with around the world will prove invaluable as Scotgold not only executes a phased expansion strategy at Cononish, but also advances our highly prospective Grampian Project with a view to developing further new mines."
The following information regarding the appointment of Mr
Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years): |
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Goondincum Resources Pty. Ltd Melior Resources Inc Nevada Copper Corp Sierra Rutile Limited
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Upon appointment,
Other than as provided in this announcement, no other disclosures in relation to
**ENDS**
For further information please contact:
Scotgold Resources Limited
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Tel: +44 (0)1838 400 306 |
SP Angel Corporate Finance LLP Nomad and Broker
St Brides Partners Financial PR Susie Geliher /
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Tel +44 (0) 20 3470 0470
Tel +44 (0) 20 7236 1177 |
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