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The Gold Mines of Wales Project comprises the Clogau St David’s Gold Mine and includes a large number of highly prospective gold targets and former gold workings within a total area of 106.94 km² under an option agreement with Her Majesty The Queen and The Crown Estate Commissioners, granting GMOW (Operations) Limited, a wholly owned subsidiary of  Gold Mines of Wales Limited, the right to prospect and mine the Project area.

From the early 1800s to the late 1990s the Dolgellau Gold Belt produced about 131,000 oz of gold, by far the most of any region within the United Kingdom. In turn, most of this gold (81,000 oz) has been exploited from the historic Clogau-St David’s mine that lies within the Project area.

The British Royal Family has been using Welsh gold to create it’s wedding rings since 1923 and, since 1992, jewellery containing Welsh gold has also been produced commercially.   Welsh gold bullion is potentially worth between three and five times the spot gold price.

On 4 December 2017 it was announced that Alba Mineral Resources plc (LON: ALBA), a mineral exploration company whose shares are traded on the AIM market of the London Stock Exchange, had acquired a 49% holding in Gold Mines of Wales Limited.