Goldplat hails Kenya success

Goldplat said it was on track to significantly increase profits due to the success of its Kilimapesa mine in Kenya.

The firm said it had now quantified 649,804 oz of gold at the mine, exceeding its 500,000 resource base target for 2012.

Chief Executive Demetri Manolis said the figures underpinned Goldplat's belief that the project area had the ability to contain in excess of one million ounces of gold.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"Our continued efforts towards increasing the resource ounces and production at the mine, which include underground development, additional drill programmes and expanding plant capacity, are progressing well and we look forward to achieving our targeted initial 10,000 oz of gold per annum production rate," he said.

"We are on track to achieve our growth objectives and significantly increase our production and operating profit, which in the year ending 30 June 2011 was £3.054m," he added.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.