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Scotgold Resources extends Grampian permits for another six years

Subsidiary SGZ Grampian has applied for and been granted 13 new option areas

Scotgold Resources Limited -
The new agreements have been dated retrospectively to 5 November 2018.

Scotgold Resources Limited (LON:SGZ) has restructured its mining permits in the Grampian region of Scotland.

Subsidiary SGZ Grampian has applied for and been granted 13 new option areas by Crown Estate Scotland with the original agreements over the acreage now surrendered.

Watch: Full interview: Scotgold Resources restructures its Grampian mining permits

The amount of land covered by the permits reduces to about 2,900sq km from 4,000sq km but Scotgold said this arrangement has the benefit of new 6-year terms for the permits with synchronised reporting so exploration programs can be optimised on a regional basis,

All the new agreements have been dated retrospectively to 5 November 2018.

The Cononish gold mine is situated on one of the permits - Glen Orchy Central.

Scotgold has scheduled production to start at Cononish in 2020 at an initial rate of 12,000 ounces of gold per year.

Stage two of the mine's development will see this rise to 24,000 ounces on a fairly minimal capital outlay.

Quick facts: Scotgold Resources Limited

Price: 115.5 GBX

AIM:SGZ
Market: AIM
Market Cap: £59.31 m
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