TIDMCMCL
RNS Number : 6881L
Caledonia Mining Corporation PLC
17 May 2022
Caledonia Mining Corporation Plc
Publication of Annual Report on Form 20-F exhibiting Technical
Report Summaries
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
St Helier, May 17, 2022 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces that it is today filing
with the U.S. Securities and Exchange Commission (the "SEC") on
EDGAR the Company's Annual Report on Form 20-F for the fiscal year
ended December 31, 2021 (the "Annual Report"). The Annual Report
was prepared in compliance with the SEC's technical disclosure
requirements for mining companies under new subpart 1300 of
Regulation S-K ("1300 S-K").
In accordance with 1300 S-K, the Annual Report now includes
estimates of mineral resources in addition to the mineral reserves
for each of the Company's mineral projects as at the end of the
reporting period (i.e. December 31, 2021), on an attributable basis
(i.e. on the basis of ownership), with mineral resources presented
exclusive of mineral reserves. This method of presentation differs
from the Company's previous method of presentation under Canada's
National Instrument 43-101 ("NI 43-101").
The Annual Report also includes a technical report summary
("TRS") for each of the Blanket Gold Mine and the Maligreen Gold
Project, prepared in accordance with new S-K 1300. Caledonia's
current technical reports under NI 43-101 are unchanged, and remain
as follows:
1. Technical report entitled "Caledonia Mining Corporation Plc
NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe"
dated May 17, 2021 prepared by Uwe Engelmann and Daan van Heerden,
and filed by the Company on SEDAR (www.sedar.com) on May 26, 2021
("Blanket NI 43-101 Report"); and
2. Technical report entitled "Caledonia Mining Corporation Plc
NI 43-101 Mineral Resource Report on the Maligreen Gold Project,
Zimbabwe" by Uwe Engelmann dated November 2, 2021 and filed on
SEDAR on November 3, 2021 ("Maligreen NI 43-101 Report").
Shareholders are advised to take note that, as stated above, the
mineral resources and mineral reserves estimates in the Annual
Report are reported on an attributable basis, as at December 31,
2021 and, in the case of the Blanket Gold Mine which has mineral
reserves, the mineral resources estimate is exclusive of mineral
reserves. Therefore, while the mineral resources estimate stated in
the Annual Report in respect of the Maligreen Gold Project is
unchanged from that which is stated in the Maligreen NI 43-101
Report (given that Caledonia owns 100% of the Maligreen Gold
Project, the project has no mineral reserves and there has been no
mining depletion in the period since the effective date of that
report because it is an exploration project), the mineral resources
and mineral reserves estimates in the Annual Report in respect of
the Blanket Gold Mine do differ from that which is stated in the
Blanket NI 43-101 Report. The reasons for this difference is due to
mineral resources and mineral reserves estimates declared on the
basis of Caledonia's 64% attributable ownership of Blanket Gold
Mine (versus the Blanket NI 43-101 Report prepared on a 100%
consolidated basis), mining depletion during the two year period
from the effective date of the Blanket NI 43-101 Report of January
1, 2020 to the effective date of the Annual Report of December 31,
2021, and that the Annual Report presents mineral resources
exclusive of mineral reserves. Caledonia is in the process of
generating an updated NI 43-101 technical report for Blanket Gold
Mine, expected in the third or fourth quarter of 2022, with a
revised mineral resources and mineral reserves statement to take
account of depletions as well as generation and conversion due to
geological data collated since January 1, 2020.
In terms of the difference in the mineral resources and reserves
estimate between the Blanket NI 43-101 Report and the Annual
Report/Blanket TRS, these are extracted from the reports as
follows:
Blanket NI 43-101 Report (100% basis, mineral resources inclusive of mineral
reserves and with an effective date of January 1, 2020)
Mineral Resources (including Mineral Reserves)
Mineral Resources Category Tonnes (Mt) Grade (g/t) Contained Gold (koz)
------------- ------------- ----------------------
Measured (M) 2.73 3.32 292
Indicated (I) 5.79 3.27 610
Total M&I 8.53 3.29 902
Inferred 8.49 3.17 866
------------------------------- ------------- ------------- ----------------------
Mineral Reserves
Mineral Reserves Category Tonnes (Mt) Grade (g/t) Contained Gold (koz)
------------- ------------- ----------------------
Proven 1.7 3.34 183
Probable 3.16 3.39 345
Total Proven & Probable 4.86 3.38 528
------------------------------- ------------- -------------
Annual Report/Blanket TRS (64% attributable basis, mineral resources exclusive
of mineral reserves and with an effective date of December 31, 2021)
Mineral Resources (excluding Mineral Reserves)
Mineral Resources Category Tonnes (Mt) Grade (g/t) Contained Gold (koz)
------------- ------------- ----------------------
Measured (M) 0.55 2.80 48
Indicated (I) 1.59 2.78 142
Total M&I 2.14 2.77 190
Inferred 5.42 3.17 552
------------------------------- ------------- ------------- ----------------------
Mineral Reserves
Mineral Reserves Category Tonnes (Mt) Grade (g/t) Contained Gold (koz)
------------- ------------- ----------------------
Proven 0.66 3.11 66
Probable 1.75 3.30 186
Total Proven & Probable 2.41 3.25 251
------------------------------- ------------- -------------
Enquiries:
Caledonia Mining Corporation Plc Tel: +44 1534 679 800
Mark Learmonth Tel: +44 7817 841 793
Camilla Horsfall
Cenkos Securities plc (Nomad and
Joint Broker)
Neil McDonald Tel: +44 131 220 9771
Pearl Kelie Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB (Financial PR, North America)
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
IH Securities (Private) Limited (VFEX
Sponsor - Zimbabwe)
Dzika Danha Tel: +263 (242) 745 119/33/39
Note: The information contained within this announcement is
deemed by the Company to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the Company's obligations
under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Statements
Information and statements contained in this news release that
are not historical facts are "forward-looking statements" or
"forward-looking information" (collectively, "forward-looking
statements") 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 statements 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 statements in
this news release include statements regarding the planned updated
NI 43-101 report on the Blanket Gold Mine. Estimates of mineral
resources and mineral reserves are also forward-looking statements
because they incorporate estimates of mineralization and economic
factors that will be encountered in the future. The forward-looking
statements contained in this news release are 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 statements. Such factors and assumptions include,
but are not limited to, those stated in the Annual Report and the
applicable technical reports and TRSs.
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 (including
environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, power outages,
explosions, landslides, cave-ins and flooding) , 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; risks
related to international conflicts and other geopolitical tensions
and events (including the extent and duration of the current
Russia-Ukraine conflict and related international action); risks
related to natural disasters, terrorism, civil unrest, public
health concerns (including health epidemics or outbreaks of
communicable diseases such as the coronavirus (COVID-19));
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 occurs; 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 statements. By their nature,
forward-looking statements involve 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 statements whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
NI 43-101 is a rule of the Canadian Securities Administrators
which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral
projects. Unless otherwise indicated, all reserves and resources
estimates contained in this press release have been prepared in
accordance with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum Classification System. These standards
differ from the requirements of the SEC under S-K 1300, and mineral
reserves and resources information presented in this press release
under NI 43-101 standards may not be comparable to similar
information disclosed by U.S. companies.
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END
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