Scotgold Resources Ltd Results of First Scottish Gold Sales (4541Q)

TIDMSGZ

RNS Number : 4541Q

Scotgold Resources Ltd

29 November 2016

SCOTGOLD RESOURCES

RESULTS OF FIRST SCOTTISH GOLD SALES

29(th) November 2016, Edinburgh

Scotgold Resources Ltd today held a successful auction in Edinburgh of Scottish Gold; gold mined and processed at its Cononish Gold and Silver Mine near Tyndrum. This Scottish gold is the first gold ever mined commercially in Scotland. The gold was sold in the form of "Rounds", each stamped with the Scottish Gold Mark of the stag's head and bearing a unique serial number corresponding to a chain of custody system certified by the Edinburgh Assay Office.

The Gold Rounds have been minted by Baird & Co Bullion Merchants and the sealed bid auction was supervised by the accountancy and business advisory firm Scott-Moncrieff, with consultancy firm The Dragonfly Initiative managing the marketing of the gold pieces.

The successful bids were as follows:

 
 ROUND NUMBER      PURCHASER        PRICE PAID 
-------------  -----------------  ------------- 
      1         Graham Donaldson   GBP21,003.03 
-------------  -----------------  ------------- 
      2            Anonymous       GBP3,754.00 
-------------  -----------------  ------------- 
      3           Andrew Riley     GBP3,000.00 
-------------  -----------------  ------------- 
      4          Jennifer Riley    GBP3,000.00 
-------------  -----------------  ------------- 
      5            Pat Willis      GBP2,650.00 
-------------  -----------------  ------------- 
      6           Sheila Fleet     GBP2,517.00 
-------------  -----------------  ------------- 
      7            Anonymous       GBP2,500.00 
-------------  -----------------  ------------- 
      8            Brian Bell      GBP2,500.00 
-------------  -----------------  ------------- 
      9            Anonymous       GBP2,355.00 
-------------  -----------------  ------------- 
      10        Ingrid Anderson    GBP2,300.00 
-------------  -----------------  ------------- 
 

The average price accepted was GBP4,557.9 per ounce, a premium of 378% over the current spot price of GBP953.

Richard Gray, CEO of Scotgold, commented:

"This unique and historic event is the first demonstration of our ability to attract a premium for Scottish Gold. The next opportunity to show the continued support for this precious metal from the Highlands will be the conclusion of agreements with members of the Scottish jewelry trade, who appreciate the value that can be added to their products by the proven provenance of the stag's head Scottish Gold Mark. We expect to release news of these sales in the New Year."

 
 Scotgold Resources   Stockdale Securities   Capital Markets    Vicarage 
  Limited              Limited                Consultants        Capital Limited 
-------------------  ---------------------  -----------------  ----------------- 
 
 Richard Gray         Robert Finlay/         Simon Rothschild   Rupert Williams 
  - CEO                Edward Thomas 
-------------------  ---------------------  -----------------  ----------------- 
 Tel: [phone]     Tel: +44 (0)20         Tel [phone]    Tel: +44 
  400 306              7601 6100              167 065            (0)20 3651 
                                                                 2911 
-------------------  ---------------------  -----------------  ----------------- 
 

This information is provided by RNS

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November 29, 2016 09:10 ET (14:10 GMT)