Proactive Investors - Run By Investors For Investors

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.

View full SGZ profile View Profile

Scotgold Resources Timeline

Related Articles

Mt Marion project aerial view
October 31 2018
Infill drilling increases the size of a pegmatite lens from 100,000 to 600,000 tonnes grading 1.31% lithium oxide.
gold and dollars
December 17 2018
A first interim dividend was announced in September, since when there has been more good news
gold mine
September 07 2018
The company says it is on track to hit production targets for 2018 of 27,000 ounces of gold and 1.7mln ounces of silver

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use