Scotgold hopes to produce its first gold from the Trossachs in two years' time, and is meanwhile looking for small-scale mining opportunities in Europe.

Richard Gray, who took over as chief executive of the AIM-listed miner five months ago, says the company will resolve its latest cash crisis with an interim placement of shares, complete a revised mine development plan by mid-year, then "go back to the banks". He said that with an 18-month construction phase "we will be pouring gold at the end of the first quarter 2017".

Scotgold originally hoped to start production in the national park in 2011 but was hit by a slump in the gold price which impacted its financing. It was rescued last year by IG Metals tycoon Nat Le Roux who now holds a 44per cent stake following a rights issue, and it has repaid a £1.2m survival loan. But a £300,000 shortfall emerged in December when Glasgow businessman Sandy Littlejohn, who had been appointed chairman and had underwritten some of the rights issue, was unable to do and stepped down.

"With the shortfall there is not enough cash in the bank," Mr Gray said on a visit to Edinburgh yesterday. "But Nat is our safety blanket at the moment and that's why we are not panicking."

Scotgold shares briefly doubled in January when the company unveiled a resource upgrade showing substantially more mineable gold and silver at the Cononish mine near Tyndrum.

On whether there was "another Cononish" in its other land holdings in the Grampians where it is doing preliminary sampling, Mr Gray said: "We think there is." He said the company also hoped to exploit "a renaissance of interest in mining throughout Europe" by looking at similar opportunities for low cost projects in low-risk jurisdictions.