Scotgold Resources says administrators have assumed control of company

(Alliance News) - Scotgold Resources Ltd on Friday said administrators have assumed control of the company, as it previously indicated would happen on Wednesday.

The Stirlingshire, Scotland-based gold and silver explorer said the board appointed Daniel Bredenkamp and Christopher Pattinson of Pitcher Partners Accountants & Advisors (WA) Pty Ltd as joint and several administrators of the company.

This relates to SGZ Cononish Ltd, the only substantive asset of Scotgold. It is expected that SGZ Cononish will enter administration in the coming days, as announced on Wednesday.

Both administrators have assumed control of the company and will work with the Scotgold board during the administration process to maximise the outcome for all stakeholders of the company.

Scotgold said the administrators will provide updates throughout the administration period and has asked shareholders to refrain from contacting the administrators' office at this time.

Scotgold shares have been suspended from trading on AIM since September 11.

By Greg Rosenvinge, Alliance News senior reporter

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