13th Aug 2018 14:54
LONDON (Alliance News) - Scotgold Resources Ltd said Monday it has made "significant advancement" in the permitting process for its Cononish gold and silver mine, central Scotland.
The company said "all substantive matters" relating to the permits have been progressed with the UK National Park Authority.
Agreement is also required from various third parties, and Scotgold said that process is ongoing. The mining company hopes to have the agreements in place with the decision notice being issued by the end of September.
Any physical activity related to the development of the project cannot being until the issuance of the decision notice.
Scotgold has appointed Fairpoint Engineering as its client engineer to advance the tendering process for the processing plant.
Chief Executive Officer Richard Gray said: "Although this final stage of the permitting process is taking longer than anticipated, we continue to make what preparations we can for the final development phase. Once the decision notice is received we will assess the impact of these early preparations on the project schedule and provide further guidance on the expected date for first gold production.
"It is important to note that although frustrating, this delay will not have a material effect on the company's funding position and we continue to look forward to anticipated gold production and cashflow in 2019."
Shares in Scotgold Resources were down 2.0% Monday at 25.00 pence each.
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