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Scotgold Resources sees “significant advancement” for Cononish mine permitting

"Although this final stage of the permitting process is taking longer than anticipated, we continue to make what preparations we can for the final development phase,” said Richard Gray, Scotgold chief executive
Gold
The Scottish gold project is nearing a breakthrough

Scotgold Resources Limited (LON:SGZ) told investors that “significant advancement” had been made towards the conclusion of the permitting process for the Cononish gold and silver mine, near Loch Lomond.

All substantive matters relating to permitting and associated conditions have been progressed with the National Park Authority, it added.

Additional agreements are also required from third parties. The process is ongoing and the company said it hopes to have agreements in place and a decision notice by the end of September.

WATCH: ScotGold Resources acquires final tranche of funding for Cononish mine

"Although this final stage of the permitting process is taking longer than anticipated, we continue to make what preparations we can for the final development phase,” said Richard Gray, Scotgold chief executive.

“Once the Decision Notice is received we will assess the impact of these early preparations on the project schedule and provide further guidance on the expected date for first gold production. 

“It is important to note that although frustrating, this delay will not have a material effect on the Company's funding position and we continue to look forward to anticipated gold production and cash flow in 2019."

Scotgold highlighted that it continues to advance project procurement and recruitment activities in anticipation of the decision notice.

It has also hired Fairport Engineering as a contractor to advance the tendering process related to the project’s processing plant and it is in talks with suppliers of mining equipment.

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