Caledonia Mining Corporation Plc (“Caledonia” or the
“Company”) (NYSE AMERICAN:CMCL) (AIM:CMCL) (TSX:CAL) announces
record quarterly gold production from the Blanket Mine (“Blanket”)
in Zimbabwe for the quarter ended December 31, 2017 (“Q4 2017” or
the “Quarter”). All production numbers are expressed on a 100 per
cent basis and are based on mine production data and are therefore
subject to adjustment following final assay at the refiners.
Approximately 16,425 ounces of gold were
produced during the Quarter, a new quarterly production record for
the mine. Production in the Quarter was 14 per cent higher than the
previous quarter (Q3 2017) which was itself a record production
quarter, and 21 per cent higher than the corresponding quarter of
2016 (Q4 2016).
Total 2017 gold production was approximately
56,135 ounces, marginally ahead of 2017 production guidance of
54,000 – 56,000 ounces. 2017 production represents a new annual
production record for the Blanket Mine, an increase of 11.4 per
cent over the annual gold production in 2016.
Steve Curtis, Chief Executive Officer,
said:
“We are very pleased to have achieved our full
year production guidance for 2017 and to have delivered a second
consecutive quarterly production record at Blanket for the fourth
quarter of 2017, surpassing the previous production record set in
the third quarter. Full year production of 56,135 ounces for 2017
is a significant achievement especially when considering the
relatively slow production we experienced in the first half of the
year. To finish the second half of the year with two quarterly
production records and the production of almost 31,000 ounces of
gold in the six month period is an achievement of which all of our
technical and production staff should be justifiably proud and
bodes well for the delivery of our expansion plans at Blanket as we
continue to invest for the production of 80,000 ounces by
2021.”
“As a business we remain steadfast in our
commitment to the production of safe profitable gold and I am
pleased that the initiatives introduced during 2017 to focus on the
safe production of gold have been adopted and fully supported by
the Blanket work force.”
“2017 was a pivotal year for Caledonia as we
announced our plans to extend the current central shaft project
deeper with the resulting extension in mine life at Blanket
following the encouraging exploration results that were achieved
during the year. This production achievement will set the business
up well for 2018 as we target production of between 55,000 and
59,000 ounces of gold. I look forward to updating the market in due
course.”
About Caledonia Mining
Following the implementation of indigenisation
in Zimbabwe, Caledonia’s primary asset is a 49 per cent interest in
an operating gold mine in Zimbabwe (“Blanket”). Caledonia’s shares
are listed on the NYSE American as “CMCL” and on the Toronto Stock
Exchange as “CAL”; and depository interests representing the
Company’s shares are admitted for trading on AIM of the London
Stock Exchange plc as “CMCL”.
At 30 September 2017, Caledonia had net cash of
US $11.8 million. Blanket plans to increase production from 56,135
ounces in 2017 to approximately 80,000 ounces in 2021; Blanket’s
target production for 2018 is between 55,000 and 59,000 ounces.
Caledonia expects to publish its results for the year ended
December 31, 2017 on or about March 20, 2018.
|
|
Caledonia Mining Corporation PlcMark
LearmonthMaurice Mason |
Tel: +44 1534
679 802 Tel: +44 759 078 1139 |
WH IrelandAdrian Hadden/Ed Allsopp |
Tel: +44 20 7220
1751 |
BlytheweighTim Blythe/Camilla Horsfall/Megan
Ray |
Tel: +44 207 138
3204 |
Note: This announcement contains inside information
which is disclosed in accordance with the Market Abuse
Regulation.
Cautionary Note Concerning
Forward-Looking Information
Information and statements contained in this
news release that are not historical facts are “forward-looking
information” within the meaning of applicable securities
legislation that involve risks and uncertainties relating, but not
limited to Caledonia’s current expectations, intentions, plans, and
beliefs. Forward-looking information can often be identified
by forward-looking words such as “anticipate”, “believe”, “expect”,
“goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”,
“may” and “will” or the negative of these terms or similar words
suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. Examples of forward-looking information in
this news release include: production guidance, estimates of
future/targeted production rates, and our plans and timing
regarding further exploration and drilling and development.
This forward-looking information is based, in part, on assumptions
and factors that may change or prove to be incorrect, thus causing
actual results, performance or achievements to be materially
different from those expressed or implied by forward-looking
information. Such factors and assumptions include, but are
not limited to: failure to establish estimated resources and
reserves, the grade and recovery of ore which is mined varying from
estimates, success of future exploration and drilling programs,
reliability of drilling, sampling and assay data, assumptions
regarding the representativeness of mineralization being
inaccurate, success of planned metallurgical test-work, capital and
operating costs varying significantly from estimates, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects and other factors.
Security holders, potential security holders and
other prospective investors should be aware that these statements
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. Such
factors include, but are not limited to: risks relating to
estimates of mineral reserves and mineral resources proving to be
inaccurate, fluctuations in gold price, risks and hazards
associated with the business of mineral exploration, development
and mining, risks relating to the credit worthiness or financial
condition of suppliers, refiners and other parties with whom the
Company does business, inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards, employee relations,
relationships with and claims by local communities and indigenous
populations, political risk, availability and increasing costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development, including the risks of
obtaining or maintaining necessary licenses and permits,
diminishing quantities or grades of mineral reserves as mining
occur; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic
evaluations, and changes in project parameters to deal with
unanticipated economic or other factors, risks of increased capital
and operating costs, environmental, safety or regulatory risks,
expropriation, the Company’s title to properties including
ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks
relating to the uncertainty of timing of events including targeted
production rate increase and currency fluctuations. Security
holders, potential security holders and other prospective investors
are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and various future events
will not occur. Caledonia undertakes no obligation to update
publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
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