WOULD-be thieves targeted Scotland's only goldmine in search of riches but only made off with worthless stream sediment.

The thieves struck at the Cononish gold mine near Tyndrum in Stirlingshire sometime between Thursday and Monday.

Scotgold Resources which owns the gold mine, announced plans earlier this year to develop the site and open it as Scotland's first goldmine in 500 years.

Police say the thieves, who hiked a three-mile path to reach the remote hillside mine, cut padlocks in order to enter the site. None of the materials stolen contained gold.

It was confirmed the materials stolen did not contain any gold.

Work to create the gold mine began in the 1980s but ground to a halt before it became fully operational due to the declining value of gold.

Scotgold confirmed it is finally planning to finish the work and open the mine after tests on the site suggested the quality and quantity of gold there was higher than previously thought.

Samples taken from the mine indicate that the gold is 9 per cent purer than initially estimated.

Police have asked anyone who may have information about the gold mine theft or who saw anything suspicious in the area to contact them.