14th Jan 2022 10:42
(Alliance News) - Scotgold Resources Ltd announced on Friday that December had seen its highest gold concentrate output since first gold pour and upped its production guidance for the first quarter of 2022.
Shares in Scotgold were up 15% at 77.50 pence on Friday in London.
The Scotland-based gold producer said its fourth quarter gold production totalled 1,508 ounces at its Cononish Gold and Silver Mine.
Fourth quarter gold concentrate gold and shipments totalled 231.5 tonnes with a sales value of over GBP2.6 million, Scotgold added.
The Cononish mine first poured gold on November 30, 2020.
The company said November production had been negatively impacted by Covid-related supply of explosives for the mine. It added that this had since been resolved and ore extraction now continued in line with its mine plan.
In December, Scotgold said it saw its highest gold concentrate production since first gold pour, with 101 tonnes of concentrate produced. Scotgold said this equated to 700 ounces of contained gold and represented a 60% increase on the company's previous best monthly concentrate production.
Looking forward, Scotgold said it expects its gold production for the first quarter of 2022 to be between 1,400 to 2,200 ounces.
It added that phase two expansion of the mine is targeted for the first quarter of 2023.
By Heather Rydings; [email protected]
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