LONDON (Alliance News) - Scotgold Resources Ltd Thursday said that exploration work has recommenced on its Grampian gold project, and it has appointed Australian Mining Consultants UK Ltd to investigate whether it can move its Cononish gold and silver project to a smaller starter project.
The gold exploration and development company with operations in Scotland announced in February that it was evaluating plans for its Cononish project, with the possibility of moving to a smaller project to cut capital and operating costs.
Scotgold said Thursday that the initial mine designs, schedules and estimates for a 'high grade' option have been completed, based on a substantially lower processing rate.
It said it is still in discussions with vendors regarding asset financing of major items of capital expenditure, including mining equipment and processing facilities, to assist in reducing initial capital requirements.
Meanwhile, Scotgold has restarted work on its regional stream sediment and rock chip sampling programme on its Grampian gold project. It said a programme of 487 infill stream sediment samples will be taken over the six high priority target areas identified.
Shares in Scotgold Resources were down 3.9% at 0.553 pence Thursday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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