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Scotgold Resources jumps after receiving planning approval for first commercial gold mine in Scotland's history

Tthe AIM-listed group said the Loch Lomond and the Trossachs National Park Authority has unanimously approved the company's application for the development of the Cononish Gold mine at a Special Board Meeting
Loch Lomond
Richard Gray, CEO of Scotgold, commented: "We are delighted with this decision which paves the way for the development of the mine"

Scotgold Resources Limited (LON:AIM:SGZ) topped the market gainers on Wednesday, with its shares jumping nearly 25% higher following news after-hours on Tuesday that it has received planning approval for the first commercial gold mine in Scotland's history.

In a statement, the AIM-listed group said the Loch Lomond and the Trossachs National Park Authority has unanimously approved the company's application for the development of the Cononish Goldmine at a Special Board Meeting held on Tuesday, subject to the conclusion of legal agreements.

WATCH: Scotgold Resources jumps after receiving planning approval for first commercial gold mine in Scotland's history

Richard Gray, CEO of Scotgold, commented: "We are delighted with this decision which paves the way for the development of the mine which will result in full production of the Cononish Deposit." 

He added: "The process has been aided by professionalism of the Park's executives. I am convinced that our project will  meet both  the highest environmental standards and provide a significant boost to the local economy around Tyndrum."

Scotgold wants to construct an underground mine producing 12,000 ounces of gold per year initially.

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.

In early trading, Scotgold shares were up 24.5% at 35.5p.

 -- Updates with Wednesday's share price --

 
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