Scotgold Resources Limited, which owns the Cononish Gold and Silver Mine near Tyndrum, said it expects “to proceed with an administration process for SGZ Cononish Limited soon.”
In a stock exchange statement Scotgold said: “On 7 November, the company announced that it was considering the appointment of administrators over the coming days.
“The board are continuing to work with advisors and expect to proceed with an administration process for SGZ Cononish Limited soon.
“In addition, Bridge Barn, who are the secured creditor over the assets of SGZ Cononish Limited have notified the company that they enforced their rights under the loan agreement signed on 17 May 2018.
“These include rights over the shares held by the company in SGZ Grampian Limited.
“SGZ Cononish Limited and SGZ Grampian Limited represent the only substantive assets of the company and as such the board are also exploring the appointment of administrators in Australia over Scotgold Resources Limited.
“Further announcements will be made in due course.”