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Scotgold Resources presses button on Cononish mine in the Trossachs

Published: 09:10 19 Dec 2018 GMT

gold coins
Cononish is small but high grade

Gold miner Scotgold Resources Ltd (LON:SGZ) is to break ground on the Cononish mine in the Trossachs National Park following completion of all permitting conditions.

First gold production is planned for the end of 2019.

WATCH: Scotgold Resources presses button on Cononish goldmine

Richard Gray, chief executive, said: "We are delighted to have reached this point and are looking forward to a very exciting 2019, bringing the Cononish Project into production."

Scotgold expects to process around 3,000 tonnes of ore per month in the first phase, which will double in phase two.

A feasibility study last year estimated Cononish can generate between £67mln and £100mln in earnings over the life of the mine.

The pre-tax net present value was put at £43mln, using a 10% discount rate.

In early morning trading, Scotgold shares were 4.4% higher at 35.50p.

 -- Adds share price --

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