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Scotgold bid to boost its mine return

SCOTGOLD Resources has said a change to planning conditions for its proposed Cononish gold and silver mine in the Trossachs could improve the project's viability.

Chief executive Chris Sangster said the permission for six-day 24-hour production, rather than 16-hour days, would allow a smaller design configuration which would reduce start-up capital expenditure by 10 to 15 per cent, improving "significantly" the project's returns.

It expects to submit a revised plan to the planning authorities during the current quarter. Meanwhile discussions with suppliers over mining equipment finance are continuing. Scotgold's quarterly cash flow statement shows cash at the end of the quarter to June 30 fell from £1.1million to £640,857, with expected cash outflow of £400,000 in the current quarter.

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