Caracal Gold PLC (LSE:GCAT) told investors it is encouraged and excited to move the flagship Kilimapesa gold mining and processing operations, in Kenya, very quickly to the next phase of development.
Once completed this project will see gold production rise to around 24,000 ounces per year, chief executive Robbie McCrae highlighted.
The work programme is expected to be completed over the next six months. It will involve the expansion of the run-of-mine plus the expansion or upgrade of processing facilities including milling, heap leach and tailings.
"The decision to move to this next phase of development has been made significantly ahead of schedule and within the first 6-months of our stock exchange listing in London,” McCrae said.
"The board has supported and approved the accelerated development plan for our Kilimapesa gold mining and processing mine after having seen the successful implementation of the first two phases, which have already delivered a significant increase in production from the open pit and underground mining operations and record levels of throughput through the processing plant.”
McCrae added: “We want to thank shareholders for their ongoing support and look forward to hitting the next milestones in our bid to become a major gold producer and new mine developer in East Africa."