Chief Executive of Caracal Gold (LON:GCAT) Robbie McCrae, Updates on Expansion at Kilimapesa Mine

The company updated the market on the Board’s decision to now accelerate the implementation of the final phase of its’ initial three-phase operational plan to further increase gold production and improve efficiencies at its flagship Kilimapesa Gold Mining and Processing Operations in Kenya.

The decision to accelerate the third phase development activities at the Kilimapesa Gold Mining and Processing Operations and increase production to approx. 24,000oz p.a. follows the successful completion of the first two phases of operational improvements and developments since listing in August 2021, and the Board’s decision to implement further operational improvements to the mining, processing and administrative aspects of its gold producing operations.

 

 

Chief executive of Caracal Gold Plc, Robbie McCrae, said :

“We are both encouraged and excited to move very quickly to the next phase of development and operational activities at our flagship project, which once completed, will see gold production achieve the targeted levels of approx 24,000oz pa.

“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.

“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.

“The next phase of development will be completed over approx. 6-months and will be completed by an experienced and competent engineering company overseen by our recently appointed new General Manger.

“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.”

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SUMMARY

The Company is now accelerating the implementation of the final phase of its’ initial three phase operational plan at its Kilimapesa Gold Mining and Processing Operations in Kenya.

The development and operational actvities are forecast to increase annual gold production to approx. 24,000oz and also improve operational efficiencies throughout the gold mining operation. The Company has strengthened its executive management team to support the increased level of activities and now looks forward to delivering on key production, costs and earnings milestones in 2022.

**ENDS**

For further information visit www.caracalgold.com or contact the following:

Caracal Gold plc

Gerard Kisbey-Green

Jason Brewer

info@caracalgold.com


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