UK goldmine to reopen

Date: 30th June 2008

After years of being left unused, one of Britain's only remaining viable goldmines is set to reopen.

On the back of rising gold prices, the new mine is set to once again become operational and exploratory work to determine the true value and quantity of deposits is expected to begin shortly, reports the Guardian.

"As soon as a drill rig we have been waiting for arrives we'll be under way. We need to expand the resource a bit more to see exactly what we've got and then there are the requisite planning and other hurdles to go through," said Chris Sangster, chief executive of Scotgold Resources, the firm behind the venture.

Known as Cononish mine, the facility is situated in Scotland, year the village of Tyndrum.

Over the coming six months, the price of gold is expected to move beyond a per ounce rate of £500.

However, during trading today, the price of gold has fallen slightly.