24 Oct 2019 07:00
Scotgold Resources Limited
24 October 2019
Scotgold Resources Limited
Grampian Project Exploration Rights
Scotgold Resources Limited (AIM: SGZ) ("Scotgold" or the "Company") announces that its wholly owned subsidiary SGZ Grampian Ltd ("SGZ Grampian") has entered into thirteen new "Option Agreements" with Crown Estate Scotland which replace the five existing Option Agreements entered into on 5th November 2015.
On 5th November 2015, SGZ Grampian entered into five Option Agreements with Crown Estate Scotland covering an area of approximately 800km2 each and for a term of 6 years. These agreements provide SGZ Grampian with the right to a Mining Lease, should a development project be identified as a result of exploration undertaken by the Company within the Option Area and the relevant Planning Authority being minded to grant planning permission.
Under these agreements SGZ Grampian was required to reduce the area of each agreement to a maximum area of 250km2 by the 3rd anniversary of each agreement but had the right to apply for new agreements to cover "shed" areas. The Company conducted a review of the geological prospectivity, current land use/ownership and general practicality of undertaking future development within the original option areas and concluded that it wished to retain 13 new blocks of 250km2 or less.
Further to discussions with Crown Estate Scotland, it was agreed that rather than retain the 5 original, albeit reduced, option areas and apply for 8 new option areas, the SGZ Grampian would apply for 13 new option areas and surrender the original agreements. This would not only have the benefit to the Company of a new 6 year term for all 13 areas, but also that the required biannual reporting required for all areas was synchronised, enabling the Company to conduct and optimise its exploration programs on a regional basis.
The Company is now pleased to announce that the 13 new Option agreements have been concluded retrospectively to 5th November 2018. Details of the new agreement areas are tabulated below and are illustrated on the attached map which can be viewed via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9227Q_1-2019-10-23.pdf
No. | Name | Area |
1 | Knapdale South | 250 km2 |
2 | Knapdale North | 250 km2 |
3 | Inverliever West | 250 km2 |
4 | Inverliever East | 233 km2 |
5 | Glen Orchy West | 103 km2 |
6 | Glen Orchy Central | 242 km2 |
7 | Glen Orchy East | 241 km2 |
8 | Glen Lyon West | 246 km2 |
9 | Glen Lyon North | 244 km2 |
10 | Glen Lyon South | 243 km2 |
11 | Glen Lyon East | 247 km2 |
12 | Ochills West | 189 km2 |
13 | Ochills East | 150 km2 |
For further information please contact:
For further information -
Scotgold Resources Limited Richard Gray
| Tel: +44 (0)1838 400 306 |
SP Angel Corporate Finance LLP Nomad and Joint Broker Ewan Leggat / Charlie Bouverat
| Tel +44 (0) 20 3470 0470 |
Capital Markets Consultants Financial PR Simon Rothschild | Tel: +44(0)7703 167 065 |