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Scotgold Resources shares almost double in value in just 10 days as flagship project shapes up

Last updated: 22:26 27 Jan 2015 AEDT, First published: 23:26 27 Jan 2015 AEDT

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Shares in ScotGold (LON:SGZ), the company developing a gold mine in Argyll, Scotland, succumbed to a little profit-taking on Tuesday, but have almost doubled in value in the past 10 days.

The stock hit a 12-month high last week of 1.4p in the wake of the publication of its updated JORC resource statement for the Cononish Project.

This revealed a 200% rise in the measured and indicated figure to 248,000 ounces of gold at an average grade of just over 14 grams per tonne.

On Monday ScotGold received another boost as it was granted permission to operate 24 hours a day on the site.

Loch Lomond and Trossachs National Park voted unanimously to give Scotgold the right to mine round the clock six days a week at the mine.

Speaking to the local press, chief executive Richard Gray said: "It's all bit by bit coming together. We are getting there so we are very pleased. It is a relatively minor amendment, but it goes to show we still have got the support of the park's board and that the process works to get these amendments made."

The shares, down 9% in afternoon trade, are currently changing hands for 0.771p, for a rise of 92%.

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