Scottish Gold Rush?


"Prospectors revealed they have found a new deposit in the Highlands."

Hopes of a Scottish "gold rush" rose yesterday after prospectors revealed they have found a new deposit in the Highlands. Mining firm Scotgold said signs of "high-grade gold" had been discovered in the River Vein north of Tyndrum.

Scottish gold is prized around the world because of its scarcity and deep yellow color, and gold prices have soared since the credit crunch as investors look for save havens for their money.

Shares in Scotgold surged because of the new find, but Sangster warned it would be at least a year before he knew if there was enough gold at the River Vein to make money from it.

And even if councilors give the go-ahead, it could be a decade before mining begins.

Councillors said the last set of plans would "devastate" the precious scenery in the area. Sangster said: "We're addressing those issues."

If a new mine does open, it will be the only commercial gold mine in the UK.

Analyst Bryan Johnston, of stockbrokers Brewin Dolphin in Edinburgh, said the discovery at the River Vein was "excellent news."

But he warned: "The issue is whether they can make the find commercially viable—or open up the mine at Cononish.

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