Scotgold Resources Ltd Director Change and Cononish Gold Mine Update (9793Q)
November 02 2021 - 3:00AM
UK Regulatory
TIDMSGZ
RNS Number : 9793Q
Scotgold Resources Ltd
02 November 2021
2nd November 2021
Scotgold Resources Limited
("Scotgold" or the "Company")
Director Change
Cononish Gold Mine Update
Scotgold Resources Limited (AIM: SGZ), announces that Nathaniel
('Nat') Le Roux is stepping down from his position as non-executive
chairman of the Company, a position he has held since March 2015.
Mr Le Roux will remain on the Board as non-executive director and
major shareholder of the Company, as he continues to support
Scotgold's progress as the first commercial gold miner in
Scotland.
Mr Peter Hetherington, a non-executive director of the Company,
has now been appointed as non-executive chairman with immediate
effect. Peter Hetherington is an experienced director, having held
the positions of COO and CEO of FTSE 250 trading platform IG Group,
and the role of CEO at Schroders Personal Wealth.
Nat Le Roux, non-executive director, said, " Seven years ago, I
recapitalised Scotgold and joined the board as Chair. My aim from
the beginning was to see Scotland's first commercial gold mine in
production. That objective has now been achieved, thanks to the
dedication and hard work of our executive team. Therefore, I
believe this is the right moment for me to stand down as Chair.
Peter Hetherington and I have worked together for many years, and
as Scotgold's major shareholder, I am wholly confident that he will
prove an effective successor. "
Peter Hetherington, non-executive Chairman, said, " I have been
a non-executive director of Scotgold for over three years. During
that period the Company has transitioned from being almost dormant
into the exciting, bustling enterprise it is today. This is a
testament to the vision and finances that Nat brought to the
Company as well as the hard work of all the employees past and
present.
"The next phase for Scotgold is the continued
professionalisation and commitment to sustainability of every
aspect of the Company's operations. I look forward to working with
our CEO Phil Day, and the board to facilitate this change and on
our overarching growth strategy for 2022 and beyond. There is still
much to be done but the task, now that we are repeatedly cash flow
positive on a monthly basis, is much simpler than it was when Nat
became Chair. Our priorities remain: the safe, environmentally
friendly, and profitable operation of the Cononish gold mine and
process plant near Tyndrum, whilst we prospect and develop further
mines within our extensive licenced area. We fully intend to become
a multi-asset gold producer, significant employer and contributor
to the local economy. "
Company activities - Cononish Gold Mine
Highlights
-- Process plant Ball Mill reline completed - well positioned to
continue gold production ramp up
-- Third consecutive month where production revenues exceeded operational costs
The Cononish gold mine in Tyndrum, Scotland is continuing in its
ramp up stage following its first gold pour and production in
November 2020. With a new leadership team appointed in April 2021,
Q2/Q3 2021 has been focussed on de-bottlenecking and the continuous
improvement in the availability of the process plant through
maintenance practises and planning; including holding the
additional spares and applying more optimal prediction of materials
handling wear rates.
During October, the first Ball Mill reline was planned and
completed. This took one week to complete. Around 64 tonnes of
concentrate were produced during October. The concentrate grade is
similar to September production, equating to around 600oz of
contained gold and >2,450oz of contained silver total production
for the month.
With the Mill reline now completed, Scotgold is very well
positioned to continue ramping up its gold production output
towards design throughput for phase one, being 973oz per month
until the end of 2021. The Company therefore expects production for
the remainder of the calendar year to be within the guidance range
of between 1,300oz and 1,950oz of gold production for November and
December combined. In addition, gravity gold production is
continuing on track for delivery to the refiners in December.
Scotgold's board and leadership team are preparing the
operational, financial budget and strategic plan for 2022 which
will incorporate initiatives to continue to increase the production
rate of the Cononish mine and process facility gold output. Such
initiatives will include mapping a new area to commence cut and
fill stope mining, similar to the successful implementation in
2021, installation of a tailing's thickener prior to the tailings
filter to achieve higher throughputs and continuing with work for
the feasibility of installing an ore sorter between the crushing
and milling stages.
The board and management of Scotgold look forward to updating
the market on the 2022 strategic plans early in the new year before
the AGM and then quarterly thereafter.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please contact:
Scotgold Resources SP Angel Corporate Finance Celicourt Communications
Limited LLP
Financial PR
Chief Executive Officer Nomad and Broker
Felicity Winkles/ Ollie
Philip Day Ewan Leggat / Charlie Mills
Bouverat
Tel +44 (0) 20 3470 0470 Tel +44 (0) 208 434
2643
Tel +44 (0) 774 8843
871
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