Caledonia Mining Corporation
January 09 2014 - 2:00AM
Marketwired
Caledonia Mining Corporation
TORONTO, ONTARIO--(Marketwired - Jan 9, 2014) - Caledonia Mining
Corporation (TSX:CAL) (OTCQX:CALVF) (AIM:CMCL) ("Caledonia")
announces gold production from its 49 per cent owned subsidiary,
the Blanket Mine ("Blanket") in Zimbabwe, for the quarter and year
ended December 31, 2013. All production numbers are expressed on a
100 per cent basis and are based on mine production data and are
therefore subject to change following final assay at the refiners.
Production includes work-in-progress as at December 31, 2013.
- 11,417 ounces of gold were produced during Q4 2013,
representing a 3.4 per cent decrease on the gold produced in Q4
2012 (11,821 ounces). Gold production in the fourth quarter of 2013
was adversely affected by a three-day shut down of the milling
plant for essential maintenance and also by a lower realised head
grade which, as previously advised, is returning towards the long
term mine average grade of 3.84 grams per tonne.
- Total 2013 gold production was 45,517 ounces, a 0.1 per cent
increase over the annual gold production in 2012 of 45,463 ounces
and 3.4 per cent higher than the production guidance of 44,000
ounces for 2013.
- Targeted gold production for 2014 is 48,000 ounces.
Commenting on the production for Q4 and the whole of 2013,
Stefan Hayden, Caledonia's President and Chief Executive Officer
said:
"I would like to congratulate the entire management and
workforce at Blanket for another creditable performance in 2013.
Production for 2013 was little changed from 2012 notwithstanding
the fact that during 2013 the achieved head grade returned towards
the normal life of mine average of 3.84 grams per tonne, as
previously advised. Production for 2013 was 3.4 per cent ahead of
the targeted production level of 44,000 ounces.
"The underground development that is required to achieve the
projected increase in gold production to 48,000 ounces in 2014 has
been completed and I look forward to Blanket delivering this
increased level of production in 2014".
Caledonia expects that its financial results for the quarter and
year to December 31, 2013 will be released on March 31, 2014
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.
Potential shareholders and 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
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. Shareholders
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.
Caledonia Mining CorporationMark Learmonth+27 11 447
2499marklearmonth@caledoniamining.comNumisJohn Prior/Jamie
Loughborough/ James Black+44 20 7260 1000Blythe WeighTim
Blythe/Halimah Hussain/Camilla Horsfall+44 20 7138 3200WH
IrelandAdrian Hadden/Nick Field+44 20 7220 1751
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