Scotgold Resources Ltd Cononish Development Activities Update (3143S)
July 08 2020 - 2:00AM
UK Regulatory
TIDMSGZ
RNS Number : 3143S
Scotgold Resources Ltd
08 July 2020
Scotgold Resources Limited
8 July, 2020
Scotgold Resources Limited
("Scotgold" or the "Company)
Cononish Development Activities Update - Underground Development
Recommenced and Mining Fleet Expanded
Scotgold Resources Limited (AIM:SGZ) is pleased to announce that
following the update provided on 12 June 2020, as scheduled the
full underground development team has now returned to work and
blasting activities are being conducted at the high grade Cononish
Gold and Silver Mine ("Cononish"). These activities are being
conducted in full compliance with the Covid-19 Safe Operating
Procedures developed.
In a separate development, the Company is also pleased to
announce it has reached an agreement with Epiroc UK & Ireland
Ltd to supply a second new T1D drill rig and a second hand ST2G
scooptram, which has become available within the UK. Having a
second unit of each machine reduces the mechanical availability
risk associated with having single units required for Phase 1
production levels (36,000 tpa ore), and also means only an
additional truck is required for any future ramp up to Phase 2
(72,000 tpa ore). A further advantage is that the additional
machinery will provide an opportunity to increase our training
activities. Both machines are being supplied on a rental with
option to purchase basis.
The mine's former Care and Maintenance Team, which includes
approximately half of the current mining team, is now engaged with
the remaining earthworks activities. These include the Run of Mine
(Rom) pad where gold bearing ore will be stockpiled, and the site
and tailings stacks drainage system complete with a new settlement
pond.
The overall critical path activities remain: the process plant
building, equipment installation and commissioning. Current
activities are focussed on the building column pads, floor slabs
and the preassembly of equipment support infrastructure. These are
progressing well and the Company will provide further updates to
the market, including a revised development schedule, in due
course.
Richard Gray, CEO commented: "Our key focus is obviously the
processing plant, but at the same time we are putting the pieces in
place to ensure the long term success of the mining operation and a
reliable supply of ore to treat."
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please contact:
Scotgold Resources Limited Tel: +44 (0)1838 400
Richard Gray 306
SP Angel Corporate Finance Tel +44 (0) 20 3470
LLP 0470
Nomad and Broker
Ewan Leggat / Charlie
Bouverat
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBRGDRUGGDGGR
(END) Dow Jones Newswires
July 08, 2020 02:00 ET (06:00 GMT)
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Apr 2023 to Apr 2024