Scotgold Resources Limited receives £1m loan to help boost production at Cononish

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Scotgold Resources Limited (AIM:SGZ) has drawn the first tranche of £3m in new loans it secured from a syndicate of wealthy investors last month.

The company received a total of £1.2m on May 20, 2022.

The remaining £1.8m is expected to be received by June 30, 2022.

Scotgold intends to use the proceeds to accelerate production optimization initiatives at the Cononish gold mine in Scotland.

The goal is to achieve a gold production rate of approximately 23,500 ounces per year by the end of the first quarter of 2023.

Optimization initiatives include improving mining efficiency, constructing a tailings thickener and constructing an ore grader.

The loans bear interest at the rate of 7%, together with warrants.

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