Metals Exploration (LON:MTL) is making visible signs of progress with the construction of its Runruno mine in the Philippines, its chairman said.
Work began on 1 July, with the first gold pour predicted for the last quarter of 2014. Early works are nearly finished, with the project now in full construction mode. The work completed to date has been completed within budget.
Ian Holzberger, Metals Exploration’s executive chairman, said: "The visible signs of progress made on-site are moving apace.
“The arrival of our new mining fleet together with the near completion of the early infrastructure and site works shows just how close we are to realising our objective of gold production.”
Metals Exploration raised US$60mln from a strongly supported equity issue earlier this year and is now is discussions with banks over a US$70mln debt package to take the mine into commercial production.
Holzberger said a key milestone for the company is to get that debt package agreed before the end of 2013.
Shares rose by 4% to 6.25p today.