£200 million of gold discovered in Scottish hills
Duncan Richardson, News Editor
26 Jan 2015, 12:14 p.m.
The small Scottish village of Tyndrum is bracing itself for a gold rush after £200 million of gold was discovered in the nearby hills. The village which is more famous for its tourist tea shops, is believed to have more gold than previously thought.
Gold was first discovered in the area in 1990 but due to the lower gold price was never developed. The mine is owned by Australian firm Scotgold Resources and if put into operation would be the first commercial mine in Scotland.
With gold now trading over £850 per ounce, the firm is now evaluating how best to mine the gold. The latest study has indicated that the site contains just under 250,000 ounces, a 200% increase on the company’s 2012 estimate. Scotgold has also indicated that they believe the quality of the gold to be purer that originally thought.
If put into operation the mine would create 52 full time jobs.