TIDMSGZ

RNS Number : 9227Q

Scotgold Resources Ltd

24 October 2019

Scotgold Resources Limited

24 October 2019

Scotgold Resources Limited

Grampian Project Exploration Rights

Scotgold Resources Limited (AIM: SGZ) ("Scotgold" or the "Company") announces that its wholly owned subsidiary SGZ Grampian Ltd ("SGZ Grampian") has entered into thirteen new "Option Agreements" with Crown Estate Scotland which replace the five existing Option Agreements entered into on 5(th) November 2015.

On 5(th) November 2015, SGZ Grampian entered into five Option Agreements with Crown Estate Scotland covering an area of approximately 800km(2) each and for a term of 6 years. These agreements provide SGZ Grampian with the right to a Mining Lease, should a development project be identified as a result of exploration undertaken by the Company within the Option Area and the relevant Planning Authority being minded to grant planning permission.

Under these agreements SGZ Grampian was required to reduce the area of each agreement to a maximum area of 250km(2) by the 3(rd) anniversary of each agreement but had the right to apply for new agreements to cover "shed" areas. The Company conducted a review of the geological prospectivity, current land use/ownership and general practicality of undertaking future development within the original option areas and concluded that it wished to retain 13 new blocks of 250km(2) or less.

Further to discussions with Crown Estate Scotland, it was agreed that rather than retain the 5 original, albeit reduced, option areas and apply for 8 new option areas, the SGZ Grampian would apply for 13 new option areas and surrender the original agreements. This would not only have the benefit to the Company of a new 6 year term for all 13 areas, but also that the required biannual reporting required for all areas was synchronised, enabling the Company to conduct and optimise its exploration programs on a regional basis.

The Company is now pleased to announce that the 13 new Option agreements have been concluded retrospectively to 5(th) November 2018. Details of the new agreement areas are tabulated below and are illustrated on the attached map which can be viewed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/9227Q_1-2019-10-23.pdf

 
              No.                Name                              Area 
              1                  Knapdale South                    250 km(2) 
                   --------------------------------  ----------------------- 
              2                  Knapdale North                    250 km(2) 
                   --------------------------------  ----------------------- 
                                 Inverliever 
              3                   West                             250 km(2) 
                   --------------------------------  ----------------------- 
                                 Inverliever 
              4                   East                             233 km(2) 
                   --------------------------------  ----------------------- 
              5                  Glen Orchy West                   103 km(2) 
                   --------------------------------  ----------------------- 
              6                  Glen Orchy Central                242 km(2) 
                   --------------------------------  ----------------------- 
              7                  Glen Orchy East                   241 km(2) 
                   --------------------------------  ----------------------- 
              8                  Glen Lyon West                    246 km(2) 
                   --------------------------------  ----------------------- 
              9                  Glen Lyon North                   244 km(2) 
                   --------------------------------  ----------------------- 
              10                 Glen Lyon South                   243 km(2) 
                   --------------------------------  ----------------------- 
              11                 Glen Lyon East                    247 km(2) 
                   --------------------------------  ----------------------- 
              12                 Ochills West                      189 km(2) 
                   --------------------------------  ----------------------- 
              13                 Ochills East                      150 km(2) 
                   --------------------------------  -----------------------

For further information please contact:

For further information -

 
              Scotgold Resources Limited                 Tel: +44 (0)1838 400 
               Richard Gray                               306 
              SP Angel Corporate Finance                 Tel +44 (0) 20 3470 
               LLP                                        0470 
               Nomad and Joint Broker 
               Ewan Leggat / Charlie 
               Bouverat 
              Capital Markets Consultants                  Tel: +44(0)7703 167 065 
               Financial PR 
               Simon Rothschild

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCFESFIDFUSELS

(END) Dow Jones Newswires

October 24, 2019 02:00 ET (06:00 GMT)

Grafico Azioni Scotgold Resources (LSE:SGZ)
Storico
Da Mar 2024 a Apr 2024 Clicca qui per i Grafici di Scotgold Resources
Grafico Azioni Scotgold Resources (LSE:SGZ)
Storico
Da Apr 2023 a Apr 2024 Clicca qui per i Grafici di Scotgold Resources