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.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.