Scottish village could reap £200 million reward after gold mining plans go ahead

Although gold was found in 1980s, project was abandoned after running into financial difficulties

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The Independent Online

A Scottish village could experience an unexpected gold rush after an estimated £200 million worth of the metal was discovered in the nearby hills.

Tyndrum, a gaelic name translated roughly as ‘the house on the ridge’, is nearby scenic Loch Lomond and the Cononish mine.

First excavated in the 1990s, the search was later abandoned after the company – Scotgold Resources – fell into financial difficulties.

A recent 3D geological model appears to have raised the hopes of miners, villagers and the company’s shareholders alike. It found that there may be as much as 280,000 ounces of gold buried in the hills, the Daily Record reports.

This amount of the previous metal, which is presently trading at around £850 per ounce, means that the find could be worth a staggering £200 million.

Further good news indicates that the gold may also be nine per cent purer quality than previously thought – increasing its value.

Plans for reopening the mine were announced back in 2011 but were delayed once again in 2013 after rapidly falling gold prices.

It is hoped that once the mine is opened it should provide 52 jobs to the local area, which previously has survived on tourism.