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Spread the batter evenly into the prepared cake pans. Bake in preheated oven for 22 to 25 minutes or until a toothpick inserted in the center comes out clean. Let the cakes cool completely in the molds before unmolding them.
Make the caramel sauce:
Melt the butter: In a large saucepan, gently heat the butter until it becomes liquid.
Add the following ingredients: whisk together the evaporated milk, sugar and salt. Cook the mixture over low to medium heat, stirring continuously so it does not stick or burn.
To make the caramel: Continue heating the caramel for about 1 to 1 1/2 hours, until it reaches a temperature of 235 to 240 degrees Fahrenheit (113 to 116 degrees Celsius) on a special candy thermometer. The caramel should be thick enough to coat the back of a spoon and have an intense golden brown color.
Add the vanilla: remove the saucepan from the heat and stir in the vanilla extract. Let the caramel cool for about 15 to 20 minutes before using it to top the cake.
Prepare the cake:
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