Scotgold in record production at gold, silver mine

Scotgold Resources Limited, the Australia-based gold exploration firm focused on Scotland, on Thursday reported record production for April and May 2022 totalling 1,984 ounces of gold and 10,810 ounces of silver at its Cononish Gold and Silver Mine near Tyndrum.

In an update on production and operational progress at Cononish, ScotGold said it achieved sales of £2.424 million for 226.6 dry metric tonnes of gold concentrate for April and May 2022.

Scotgold shares trade in London, where they rose as much as 9% to 76.5p to give the firm a current stock market value of about £46 million.

Scotgold Resources CEO Phil Day said: “We are pleased to report that April and May have delivered record profitable gold production, a trend we expect to continue in June and the rest of 2022, in line with our mine schedule.

“Crucially, as we continue to develop the mine and access areas to stope mine – cut and fill, our mining visibility, mining efficiencies, gold grade definition and control further improve which places us in an ideal position to implement the processing plant and mine optimisation plans to yield further growth.

“With £1.915 million now received and drawn from our Fern Wealth Debt Facility, I am looking-forward to H2 2022 as we commission the tailings thickener and deliver step changes in performance, gold grade, stability of production and reduced costs per tonne of ore mining.”