Results of First Scottish Gold Sales
29th November 2016, Edinburgh
Scotgold Resources Ltd today held a successful auction in Edinburgh of Scottish Gold; gold mined and processed at its Cononish Gold and Silver Mine near Tyndrum. This Scottish gold is the first gold ever mined commercially in Scotland.
The gold was sold in the form of ”Rounds”, each stamped with the Scottish Gold Mark of the stag’s head and bearing a unique serial number corresponding to a chain of custody system certified by the Edinburgh Assay Office.
The Gold Rounds have been minted by Baird & Co Bullion Merchants and the sealed bid auction was supervised by the accountancy and business advisory firm Scott–Moncrieff, with consultancy firm The Dragonfly Initiative managing the marketing of the gold pieces.
The successful bids were as follows:
|ROUND NUMBER||PURCHASER||PRICE PAID|
The average price accepted was £4,557.9 per ounce, a premium of 378% over the current spot price of £953.
Richard Gray, CEO of Scotgold, commented:
This unique and historic event is the first demonstration of our ability to attract a premium for Scottish Gold. The next opportunity to show the continued support for this precious metal from the Highlands will be the conclusion of agreements with members of the Scottish jewelry trade, who appreciate the value that can be added to their products by the proven provenance of the stag’s head Scottish Gold Mark. We expect to release news of these sales in the New Year.
Scottish Gold – a Unique Heritage
Gold nuggets have been recovered by hand from the rivers of Scotland for hundreds of years, but never has there been a commercial gold-mining operation in the Highlands until now. For the very first time, Scotgold Resources is able to offer Scottish Gold Rounds to commemorate the first pure Scottish gold available on the open market. This is a unique event that will interest lovers of Scotland, its entrepreneurial spirit, and its ability to combine natural beauty with industrial innovation. This is a limited edition of twelve rounds, only the first ten of which are being made available to the public. To mark the importance of this unique event for Scotland, Scotgold Resources will be making one Scottish gold round available to the Hunterian Museum, Glasgow. This round will bear the serial number 12.
The gold in the first Scottish gold rounds is tested for purity by the Edinburgh Assay Office, which has meticulously recorded each batch of poured gold and completed a rigorous chain of custody to assure the provenance of the precious material. The Assay Office guarantees any gold product stamped with the Scottish Gold ‘Stag’s Head’ mark is made with authentic Scottish gold mined from Cononish mine by Scotgold Resources Ltd.
The Cononish Gold Mine
The Cononish mine is first and foremost a Scottish affair – a Scottish adventure. The commitment to establish the first commercial Scottish gold mine began three decades ago and is now in reach thanks to the vision and support of local people, the Scottish government and our investors.
Scotgold Resources Ltd is acutely aware of the responsibility that comes with operating in one of the wildest and most dramatically beautiful places in Scotland. Although the mine is remote, we are in the heart of a mountainous landscape valued highly by people the world-over and recognized as sufficiently important to be included in the Loch Lomond and Trossachs National Park.
Our Cononish mine uses clean, modern methods to recover gold: there will be no mercury or cyanide at the project. Instead, a ‘gravity and flotation’ method separates the gold from the host quartz. It is vital that the clear streams and rivers of the Highlands remain uncontaminated.
The preservation of the natural surroundings, vegetation and wildlife are core values of Scotgold’s operation in this truly golden glen.