StockMarketWire.com - Mining group Scotgold Resources posted a deeper annual loss as it completed construction of the delayed Cononish gold and silver mine in Scotland.

Pre-tax losses for the year through June amounted to £5.0 million, compared to year-on-year losses of £2.5 million.

Revenue amounted to £0.3 million, compared to zero in previous year, as Cononish started producing.

The company was targeting production of about 23,500 ounces per annum run rate of gold by the first quarter of 2023.

A new management team was appointed in April to spearhead Cononish's expansion and optimisation.


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