19th Jun 2014 09:07
LONDON (Alliance News) - Stellar Resources PLC Thursday said the gold processing plant bought for the Clogau St David's Gold Mine in North Wales has now arrived in Amsterdam and will be trucked to the mine once customs formalities are completed.
In a statement, Stellar said that the plant will need to be assembled and commissioned once it arrives at Clogau, a famous mine which once provided gold for the British Royal Family. However, bulk samples from the underground operations are being stockpiled at the mine in preparation for the arrival of the new treatment plant, it said.
The plant's arrival has been delayed somewhat. At the start of May, Stellar, which has a 49% stake in the company that has an option on the Dolgellau Gold Belt licence that contains Clogau, had said it expected the plant to be delivered on or around May 23.
The underground workings of the mine have been rehabilitated over the past few years and the owners are hoping tests will show that gold can again be mined profitably at the site using new technology.
"This treatment plant will enable the company's joint venture partners, GMOW (Operations) Ltd, to commence small scale pilot processing of gold ore previously exposed from the recently rehabilitated underground workings and to more accurately assess and correlate the past year's underground sampling programmes with actual gold recoveries," Stellar Resources said .
Stellar Resources shares were down 6.5% at 0.631 pence Thursday morning, one of the biggest declines on the AIM All-Share index.
By Steve McGrath; [email protected]; @SteveMcGrath1
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