CEO Chris Sangster at Cononish. Scotgold is considering all options to secure £22.3m funding, and believes the project still demonstrates strong economics.
Scotgold Resources has said a softening in capital markets had made fund-raising for its development at Tyndrum “more difficult”.
The company, which owns the Cononish gold and silver prospect, said its board was “actively exploring” and “considering all options” to secure the £22.3 million necessary for pre-production development of the mine and to preserve shareholder value.
In an update, Scotgold said the project which it expects to produce gold and silver worth almost £17m per annum at today’s prices over an anticipated seven-year lifespan still demonstrated “strong economics”.
It said 60% of planning conditions had now been satisfied, with the discharge of the remaining restrictions expected to follow.
