News blog

Scotgold Resources Ltd

• BY: Andrew Hore |
• POSTED: 14/11/2012 |

Scotgold Resources Ltd has increased the measured and indicated resource at Canonish gold and silver project in Scotland from 55,000 ounces to 82,600 ounces.

Thanks to the infill drilling the total resource has edged upwards to 169,200 ounces of gold and 631,300 ounces of silver.

The Canonish project development study should be completed at the beginning of 2013 and a project go-ahead decision by April. The higher resource will make it easier to raise debt for the project. First gold production could be in early 2014.

Scotgold has a £1.18m convertible loan facility provided by RMB Resources. RMB can take up shares at 4.5p each. Scotgold had just over A$1m in cash at the end of September 2012.

At 4.5p a share, Scotgold is valued at £8.83m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf