(Alliance News) - Scotgold Resources Ltd said Friday its Cononish gold and silver project in Scotland has "progressed well" over the summer.
Shares in the gold exploration and production company focused on Scotland were 8.0% higher in London on Friday at 98.80 pence each.
Scotgold expects first gold from Cononish by November 30.
"Following the update provided on July 8, both underground development activities and the critical path plant construction activities at Cononish have progressed well, whilst at the same time the Covid-19 safety protocols have been fully implemented. The underground development has benefited from the arrival on site of the previously announced standby ST2G scooptram and the first of the two new T1D drill rigs is currently in transit," Scotgold said.
The miner said its focus is now on building structure at the project.
Chief Executive Richard Gray said: "The depth of our geological understanding of both Cononish and the Dalradian belt is obviously key to our long-term success and with the appointments made today, we are building a world class geoscience team to unlock the fantastic potential of this whole area and our significant land holdings in particular.
"Our objective is to use the cash flow generative platform which Cononish is expected to provide to build a highly profitable, low risk gold mining company operating in stable jurisdictions. With this in mind, I am confident both Simon and David will prove invaluable to Scotgold and I look forward to providing further updates on our progress."
Scotgold has appointed Simon Dominy as group manager of Resources & Reserves and appointed David Catterall as exploration consultant.
By Paul McGowan; paulmcgowan@alliancenews.com
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