Dacian Gold is setting a cracking pace with the development of its $200 million Mt Morgans gold project 25km south-west of Laverton, Western Australia.

The company’s new processing plant is almost complete and underground mining is ahead of schedule.

The Rohan Williams-led company said yesterday mining had begun at its Jupiter open pit and first gold was on schedule for June. Its 2.5Mtpa carbon-in-leach processing plant is 90 per cent complete and all 37 roles at the plant have been filled.

Underground mining at the Beresford and Allanson declines at the base of the Westralia pit is 873m ahead of the schedule proposed in Mt Morgans’ feasibility study.

Mr Williams said developing and building Mt Morgans was going to plan.

“We remain on time and on budget, which means the project is being de-risked by the day and we are getting closer to production and cashflow by the day,” he said.

News of Dacian’s rapid progress at Mt Morgans comes after Macquarie Wealth Management this week named the aspiring gold miner as its top pick of the junior gold developers, ahead of Gold Road Resources and West African Resources. The investment bank said it saw value in Dacian, describing existing mid-tier producers as fully valued given recent share price gains.

The 3.3Moz Mt Morgans project is expected to produce 200,000oz a year for an initial eight-year mine life.

Image: Dacian Gold CEO Rohan Williams, The West Australian