10 Aug 2010 14:30
Scotgold Resources Limited
("Scotgold" or the "Company")
RE: PLANNING APPLICATION AT CONONISH
The Directors of Scotgold Resources Limited (ASX:SGZ) (AIM:SGZ) announce that they have received from the Executive Director of Planning and Rural Development of the Loch Lomond and Trossachs National Park (the "Executive Director") a copy of a report in respect of the Company's planning application for the building of an underground mine to develop its Cononish gold project (the "Report").
The Report is addressed to members of the National Park Authority Board (the "Board"), (an independent board of 23 individuals comprising of ministerial appointees, Local Authority nominees and locally elected Members) and recommends to members of the Board that they should refuse the Company's application for an underground mine at Cononish.
The Board will consider the application and make its decision at a special meeting on 18 August 2010 at the Tyndrum Village Hall and should planning permission not be granted, the Company will have the right to appeal the Board's decision to the Scottish Government.
Scotgold's Chief Executive Officer, Chris Sangster commented: "Whilst we are disappointed with the recommendations in the Report, we are confident that in considering its decision the Board will consider the best interests of all stakeholders, in particular the local community which has shown its support for a development that promises both increased employment locally and improved infrastructure, and will approve Scotgold's application.
"The Company has been working closely with the Loch Lomond and Trossachs National Park for the last 3 years and, having addressed a number of its specific concerns, is disappointed with the recommendation. Scotgold will be assessing the Report in detail over the next few days."
The Company is aware that the full content of the Report is available on the website of the Loch Lomond and Trossachs National Park: www.lochlomond-trossachs.org.
For further information:
United Kingdom:
| Scotgold Resources Limited | Westhouse Securities Limited | Bankside Consultants |
| Chris Sangster (CEO) | Richard Baty / Petre Norton | Simon Rothschild |
| Tel: +44 (0)1838 400 306 | Tel: +44 (0)20 7601 6100 | Tel +44 (0)20 7367 8888 |
Australia:
| Scotgold Resources Limited | Professional Public Relations |
| Shane Sadleir (Non-Executive Director) | Karen Oswald |
| Tel: +61 (8) 9428 2950 Mobile: +61 (0) 411 704 498 | Tel: +61 (8) 9388 0944 Mobile: +61 (0) 423 602 353 |
Note for Editors
Scotgold is an Australian company which listed on the ASX in January 2008 and subsequently on AIM in February 2010. Its operations are exclusively focused on the Dalradian sequence of mineralisation in the central highlands of Scotland which is highly prospective for both precious and base metal deposits. The Company owns a 100% interest in the Cononish project and its 3,200 sq km licence area (the majority of which is outside the Loch Lomond and Trossachs National Park) over which it is carrying out an extensive exploration program where both high grade narrow vein quartz mineralisation and lower grade breccia hosted mineralisation have been identified. The Cononish project is at an advanced stage with over 15km of resource drilling and an adit developed over 1km along strike.