Scotgold moves one step closer to developing Cononish Gold and Silver Project

Plans to construct an underground gold mine in Scotland have moved on step closer, following a recommendation for approval from local authorities.

Scotgold is currently in the planning phase of its Cononish Project, which will see the company look to build an underground gold mine in the Loch Lomond and Trossachs National Park in Scotland.

Upon completion, the mine would capable of producing up to 12,000 ounces of gold per year.

Following a successful first year, the mine will look to increase that capacity to 24,000 oz.

The Director of Rural Planning and Development at the Loch Lomond and the Trossachs National Park Authority has released a report which recommends approval of the mine, subject to a s75 planning agreement.

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Cononish has a resource (estimate in accordance with the JORC Code 2012) in the Measured, Indicated and Inferred categories of 541,000 tonnes at 14.3 g/t Au and 59.7 g/t Ag and Proven and Probable Reserves (JORC 2012) (included in the Resource figure quoted) of 555,000 t at 11.1g/t Au and 47.7g/t Ag for 198,000 ozs of gold and 851,000 ozs of silver.

Should the project receive approval, Scotgold will begin a financing project in order to begin development but the company currently views the approval from the Park Authority as the first major hurdle that it needs to clear.