TIDMCMCL
RNS Number : 1821K
Caledonia Mining Corporation PLC
09 April 2018
Caledonia Mining Corporation Plc
Quarterly Production Update
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, April 9, 2018: Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces quarterly gold production
from the Blanket Mine ("Blanket") in Zimbabwe for the quarter ended
March 31, 2018 ("Q1 2018" 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 12,924 ounces of gold were produced during the
Quarter, in line with production expectations for 2018. Caledonia
maintains its 2018 full year production guidance of 55,000 ounces
to 59,000 ounces and remains on track with progress towards its
long-term target of 80,000 ounces by 2021.
Commenting on the production for Q1 2018, Steve Curtis, Chief
Executive Officer, said:
"Production in the first quarter of 2018 is consistent with the
level achieved in the corresponding quarter of 2017 as Blanket
remains on track to deliver its full year guidance of 55,000 to
59,000 ounces. Whilst production is in line with expectations our
safety performance during the quarter was very disappointing as we
announced during the quarter a fatal accident at Blanket. Caledonia
remains fully committed to the safety of all our employees and I
join with my colleagues and management in reaffirming our
commitment to safe gold production.
"The sinking of the central shaft continues to progress
according to plan and within budget, with the shaft currently at a
depth of 990 metres. We look forward to commencing production from
the central shaft in 2020 which is expected to deliver the
Company's growth plan to achieve 80,000 ounces by 2021."
About Caledonia Mining
Caledonia's primary asset is a 49% interest in an operating gold
mine in Zimbabwe ("Blanket Mine"). Caledonia's shares are listed on
NYSE American (symbol: CMCL) and on the Toronto Stock Exchange
(symbol: CAL) and depositary interests representing the shares are
traded on London's AIM (symbol: CMCL).
As at December 31, 2017, Caledonia had cash of approximately
US$12.8m. Blanket Mine plans to increase production from 56,136
ounces of gold in 2017 to approximately 80,000 ounces by 2021;
Blanket Mine's target production for 2018 is 55,000 to 59,000
ounces. Caledonia expects to publish its results for the quarter to
March 31, 2018 on or about May 14, 2018.
Caledonia Mining Corporation
Plc Tel: +44 1534 679 802
Mark Learmonth Tel: +44 759 078 1139
Maurice Mason
WH Ireland
Adrian Hadden/Ed Allsopp Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Tel: +44 207 138 3204
Ray
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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