Ann: Letter to Shareholders , page-2

Scotgold sends contrite letter to shareholders
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Published Date: 18 January 2011
By Nathalie Thomas
SCOTGOLD Resources, the firm seeking to open Scotland's only commercial gold mine, hopes to submit a second, revised planning application by the end of March after yesterday sending an unusually contrite letter to shareholders, acknowledging that "their patience has been tested".
The Aim-listed firm, whose plans to open a mine at Cononish, near Tyndrum, came crashing down in the summer when consent was refused, has already started the "pre-application process" for its revised proposals which seek to appease environmental conc
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erns.

Chairman John Bentley told The Scotsman that the firm hopes to hold a public meeting on the improved plans in February before submitting a second formal application a month later.

The company, which is also listed on the Australian stock market, has taken the unusual step of issuing a lengthy letter to shareholders, updating them on the events of the past year.

In it the firm acknowledged: "We realise that your patience has been tested with the delay in progressing Cononish but believe that we are now poised to add considerable value to the company through a successful reapplication and that further patience will be amply rewarded."

Bentley said the letter was principally for the benefit of shareholders in Australia who don't always have access to articles in the UK press but he admitted that some shareholders have been asking questions about when the company's flagship project is likely to come to fruition.