SGZ.L Share News (SGZ)

(Alliance News) - Scotgold Resources Ltd on Thursday said Chief Executive Officer Phil Day has resigned to spend more time with his family.

The Stirlingshire, Scotland-based gold and silver exploration company, primarily focused on developing the Cononish gold and silver mine in the Scottish highlands, said it has "reluctantly" accepted Day's resignation, saying it will begin the process to replace Day immediately.

Chair Peter Hetheringdon said: "Under his calm and steady leadership, since April 2021, Phil has guided the Cononish mine to safe and environmentally compliant commercial production, redesigned the mine schedule, implemented cut and fill stoping for faster access to higher grade zones, commenced long hole stope mining and ramped up the process plant for optimal continuous operation.

"We remain committed to all stakeholders and the ongoing development and production from Cononish, Scotland's first commercial gold mine and will update the market in due course on the new CEO appointment."

In the same announcement, Scotgold said drilling of stope block 2 at Cononish has commenced, with blasting expected for around week's time.

Scotgold shares were up 1.4% to 14.70 pence each in London on Thursday afternoon, recovering after falling to 14.07p in the morning. The stock is down 79% over the past 12 months.

By Harvey Dorset, Alliance News reporter

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