TIDMCMCL
RNS Number : 8080B
Caledonia Mining Corporation PLC
15 January 2018
Caledonia Mining Corporation Plc
Record quarterly and annual gold production at Blanket Mine
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, January 15, 2018: Caledonia Mining Corporation Plc
("Caledonia" or the "Company") 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
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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