Monday, 17th December 2007 (1833 views)

A Scottish gold mine looks set to receive a significant funding boost thanks to an in initial public offer by the Australian company that owns the rights to its resources, according to reports.

It is anticipated that the Scotgold Resources company will raise around £2.6 million ahead of its floatation on the Australian Securities Exchange that will boost its Scottish gold exploration efforts.

The Australian firm's Coronish mining project is located around 50 miles north of Glasgow and the company has revealed its intention to become the leading gold mining operator north of the border, reports the Scotsman.

"Scotgold is in a great position with Cononish," said the company's non-executive chairman Shane Sadlier.

"Much of the hard work has already been done for us, with the previous owners carrying out exploration on the project over 15 years."

In related news, the Conroy Gold & Diamonds company has revealed that its gold resources in Ireland have undergone a "substantial upgrading" following the results of recent geological tests.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.