Gold Made Simple

Gold Made Simple

February 18, 2010 03:00 ET

Scottish Gold Mine Richer Than Thought

MANCHESTER, UNITED KINGDOM--(Marketwire - Feb. 18, 2010) - Scotland's only commercial gold mine contains up to three times as much of the precious metal as was previously thought. This revelation is particularly positive for the industry as investors continue to rush to buy gold amidst concerns about unstable global currencies.

The mine in question, Coronish, is located in the Loch Lomond and Trossachs National Park. Scotgold Resources, the company who have owned the mine since purchasing it from Swiss company, Oak Consortium back in 2007 are currently seeking planning permission to put the mine, which has been closed since 1995, back into production.

But even if planning permission is successful, the company would still need to raise around Pounds Sterling 12 million in order to put the mine back into production, creating an estimated 50 jobs.

The area was found to contain gold back in 1984, however, the price of gold was so low at the time that the owners found it was no viable to exploit the mine. They sold to Scotgold without ever mining from it. Given the soaring price of gold today, however, putting the mine into production is a profitable opportunity.

Gold investment is becoming increasingly popular in light of inconsistently performing global currencies. Where global currencies are seen unreliable, the precious metal is seen a stable investment by many. And with the increasing popularity of online gold exchanges such as Gold Made Simple, investing is becoming more accessible to a wider demographic.

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    Jason Cozens
    Managing Director
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