TIDMSGZ
Scotgold Resources Ltd
07 November 2016
SCOTGOLD RESOURCES TO AUCTION FIRST SCOTTISH GOLD ROUNDS
AN EXCITING OPPORTUNITY TO OWN THE FIRST POUR OF SCOTTISH
GOLD
On November 29(th) 2016, Scotgold Resources Ltd will release 10
limited edition 1oz fine Scottish Gold Rounds. The Gold Rounds are
made of the first pure Scottish gold mined from the Cononish Gold
Mine in Tyndrum, Scotland and refined to 999.9 purity.
Scottish Gold Rounds can be bought in a sealed-bids auction with
the deadline of 4pm 28th November 2016.
Each Gold Round is stamped with a unique serial number
corresponding to the Chain of Custody system and accompanied by a
certificate of authenticity from the Edinburgh Assay Office.
The Gold Rounds have been minted by Baird & Co Bullion
Merchants. Each Gold Round features the official registered
Scottish Gold Mark of the stag's head and is presented in a
luxurious presentation box.
How to buy Scottish Gold Rounds
Sealed bids can be submitted ahead of the closing date of 4pm on
the 28th of November, 2016. Please visit www.scotgoldresources.com
to download a Bidding Form and for terms and conditions.
The sealed bid auction will be overseen by Scott-Moncrieff, the
established and well-known Scottish accountants.
Background
The Cononish mine is first and foremost a Scottish affair - a
Scottish adventure. The commitment to establish the first
commercial Scottish gold mine began three decades ago and is now in
reach thanks to the vision and support of local people, the
Scottish government and our investors.
Scotgold Resources Ltd is acutely aware of the responsibility
that comes with operating in one of the wildest and most
dramatically beautiful places in Scotland. Although the mine is
remote, we are in the heart of a mountainous landscape valued
highly by people the world-over and recognised as sufficiently
important to be included in the Loch Lomond and Trossachs National
Park.
Our Cononish mine uses clean, modern methods to recover gold:
there will be no mercury or cyanide at the project. Instead, a
'gravity and flotation' method separates the gold from the host
quartz. It is vital that the clear streams and rivers of the
Highlands remain uncontaminated.
The preservation of the natural surroundings, vegetation and
wildlife are core values of Scotgold's operation in this truly
golden glen.
The mined gold is tested for purity by Edinburgh Assay Office,
which records each batch poured. The Assay Office assures a Chain
of Custody that guarantees any gold product stamped with the
Scottish Gold Mark of the stag's head contains authentic Scottish
gold mined from Cononish by Scotgold Resources Ltd.
High-resolution images of the mine and the Gold Rounds can be
downloaded from the Scotgold Resources website:
www.scotgoldresources.com
Contact
Enquiries regarding future sales and marketing of Scottish
Gold:
Contact: Vivien Johnston
Tel.: +44 (0)7789 224705
Email: vjohnston@thedragonflyinitiative.com
or
Contact: Assheton Carter
Tel: +44 (0)784 298816
Email: acarter@thedragonflyinitiative.com
For information on Scotgold Resources, please contact:
Scotgold Resources Stockdale Securities Capital Markets Vicarage
Limited Limited Consultants Capital
Limited
------------------- --------------------- ----------------- -----------
Richard Gray Robert Finlay/ Simon Rothschild Rupert
- CEO Edward Thomas Williams
------------------- --------------------- ----------------- -----------
Tel: +44 (0)1838 Tel: +44 (0)20 Tel +44 (0)7703 Tel:
400 306 7601 6100 167 065 +44 (0)20
3651
2911
------------------- --------------------- ----------------- -----------
Editors Notes:
Gold Production: In full operation, the mine will recover
approximately 28,000oz of gold at its peak in year 2 and average
approximately 23,000 year over the planned 8 year mine life. During
the current processing trial, we expect to recover 75 to 100oz of
Scottish Gold
Uses of Gold: Cononish mine is producing gold in two forms;
firstly as gravity "free gold" and secondly as a pyrite gold rich
concentrate. It is the limited Freegold, whose provenance and chain
of custody is certified by the Edinburgh Assay Office, that will be
marketed in Scotland to Scottish jewellers, investors and used for
commemorative rounds. The majority of the gold produced as a pyrite
gold rich concentrate will be further processed and ultimately sold
into the world gold bullion market
Gold Jewellery Manufacture: We are currently exploring options
with a number of Scottish businesses and aim to make an
announcement in due course on who will be the company's first
business partners for manufacture and crafting gold jewellery and
other consumer items.
Gold Mining Jobs: When fully operating, the mine will employ 60
employees, 20 of which will work underground and the remainder in
the gold processing plants and support facilities. All employees
will live locally and thus contribute to the local economy, and 90%
of these jobs will be staffed by current residents of the
surrounding villages . This employment will have a particularly
significant local impact in a community of 400 (Tyndrum,
Crianlarich) for which the current main employment opportunity is
seasonal tourism activity.
History of Cononish Mine: The mine has been in development since
the late 80s and has seen several different companies invest in its
progress. Scotgold Resources is proud to be the company to bring it
to operation.
Mine Management: The board and executive management of Scotgold
have extensive mining industry experience. Richard Gray (Chief
Executive Officer) and Chris Sangster (Technical Director) in
particular have spent their entire careers in the mining sector.
More about the people at Scotgold can be found on the website:
http://www.scotgoldresources.com.au/about-us/board-of-directors/
Gold Price and Project Feasibilty: The recent rise in prices to
over GBP1000 / oz has helped the project's prospects, but even at
lower prices the mine is a viable commercial operation. Our
feasibility study showed that even at GBP327 / oz the mine would
make an operating profit. The combination of the change in exchange
rates against the dollar (the pricing currency for gold) and the
rise in gold prices means that Scotgold has benefitted. But the
design of the mine ensures that the operation is economically
sustainable and will benefit the local communities even through
price variations
Post Mining: The planned 8 year mine life is based on the
current estimates of Mineral Resource and Ore Reserve, which are in
turn based on the current drilling information. Scotgold has
identified the potential to expand the Resources/Reserves at
Cononish through future further exploration drilling. Subject to
successful drilling and the necessary permitting, Cononish could be
producing for much longer. In addition to Cononish, Scotgold is
advancing its Grampian exploration project which building on the
success of Cononish, could lead to further new gold mines in
Scotland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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