SCOTGOLD Resources has raised £450,000 following the appointment of Vicarage Capital as the company’s joint broker. New shares were placed at 0.005p with new shareholders, unnamed clients of Vicarage, which banked brokerage fees of six per cent or £27,000.
The company said the funds would be used to complete its ongoing technical studies.
Chief executive Richard Gray said: “The level of support demonstrated by this fundraising from new shareholders is extremely encouraging.” He expected to update on the impact of the revised mining schedule by the end of May.
Five weeks to news on high grade low cost production
72,000 TPA
24/6 processing permission granted
Premium on Scottish Gold
40 % of company marketing Scottish Gold
M&I grade of 14.3g/t Au & 59.9 g/t Ag or App 2 tonnes per ounce Au Eq
Possible 30,000 ounces PA
Production costs significantly reduced due to increased grades and 24/6 processing
Previously an average operating cash cost (including smelter, transport and royalty charges) (£436 / oz) Au equivalent was reported which included a 16.6% contingency allowance ( 30/04/13 ) and was before the recent SIGNIFICANT RESOURCE UPGRADE on 21/01/15
· Gold metal content of the Measured and Indicated Resource increased by 201% to 248 K oz;
· Average gold grade of the Measured and Indicated Resource increased by 9% to 14.3 g/t;
· Measured and Indicated Resource tonnes increased by 176% to 541 K tonnes;
Tick Tock
SGZ Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
