Scotgold Resources (LSE:SGZ)
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RNS Number : 4186O

Scotgold Resources Ltd

18 August 2017

Friday 18 August 2017

SCOTGOLD RESOURCES LIMITED

(The "Company" or "Scotgold")

Submission and Validation of Cononish Gold and Silver Project Planning Application for Revised Operations

The Company is pleased to advise it has received confirmation from the Loch Lomond and Trossachs National Park Planning Authority that its application for a revision of the currently permitted operation has been received and validated. A copy of the Non Technical Summary and the Planning and Environmental Statement will be available on the Company's website www.scotgoldresources.com. These and other relevant documentation are also available from e eplanning portal www.lochlomond-trossachs.org/planning/.

Based on today's validation which defines the start of the statutory determination period, the Company hopes that a determination can be made by the end December 2017 as previously announced.

This application is for the development of an underground gold mine with process plant building and tailings stacks, a settlement pond, flow gauging point, a site drainage system including discharge to the River Cononish as well as a recirculation pipe returning water from the pond to the processing plant, a new bridge over the Crom Allt at the Dalrigh ford, construction of a small car parking area adjacent to the existing public car park at Dalrigh and related track accesses.

The two key differences between this application and the previously permitted operation are; the redesign of the Tailings Storage Facility using a "dry stack" system" and the phasing of the project, allowing for a lower capital first production phase followed by a subsequent expansion to the currently permitted production levels.

Scotgold CEO, Richard Gray said "The revisions made to the Project in this application offer significant advantages, both in terms of environmental impacts and economics with the peak funding requirement reduced from GBP18.5M to GBP7.4M. In parallel to the permitting process we are continuing to examine the financing options now available."

For further information please contact:

 
 Scotgold Resources   Stockdale Securities   Capital Markets    Smaller Company 
  Limited              Limited                Consultants        Capital 
                                                                 Ltd 
-------------------  ---------------------  -----------------  ---------------- 
 Richard Gray         Robert Finlay/         Simon Rothschild   Rupert Williams 
  - CEO                Ed Thomas 
-------------------  ---------------------  -----------------  ---------------- 
 Tel: +44 (0)1838     Tel: +44 (0)20         Tel +44 (0)7703    Tel: +44 
  400 306              7601 6100              167 065            (0)20 3651 
                                                                 2911 
-------------------  ---------------------  -----------------  ---------------- 
 

Forward Looking Statement

Statements regarding plans with respect to the Company's mineral properties are forward-looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 18, 2017 06:20 ET (10:20 GMT)