Katoro Gold PLC (LON: KAT) has reported continuing significant progress being made on the Imweru resource development program in Tanzania, which is ahead of schedule and within budget.
In a statement, Katoro’s executive chairman Louis Coetzee, also noted that the group has been “one of the first, if not the very first company “ to successfully export geological /metallurgical samples under Tanzania’s new mining legislation.
He said: “We believe the successful export of this sample batch to South Africa demonstrates a willingness by the government to cooperate with industry to implement new regulations and to adjust where justified and necessary.
“This came as the result of excellent cooperation between the Ministry of Energy and Minerals and Katoro's technical and operational staff. “
He added: “The work programme and development strategy for Imweru, as announced previously, remains ahead of schedule and within budget, with significant savings as the result of ongoing optimization which has allowed the Company to include a significant amount of additional technical work, to further enhance the Imweru feasibility study"
Pre-feasibility study is already in advanced stage of execution
The AIM-listed gold exploration and development company said that resource drilling sample preparation is complete and currently undergoing laboratory analyses and the resource restatement and upgrade is in an advanced stage of development.
Katoro added that the pre-feasibility study for Imweru is already in advanced stage of execution and the Mining Right Application is in an advanced state of preparation.
The group noted that, based on the considerable amount of information that already previously existed and the continuous stream of new data that has become available as part of the Imweru resource development programme, it is still ahead of schedule, preparation and submission of the MRA could occur much sooner than originally scheduled.
Coetzee concluded: "We are extremely pleased with progress on the Imweru resource development programme.”