Caledonia Mining Corporation: Q1 2014 Production Update
April 07 2014 - 2:00AM
Marketwired
Caledonia Mining Corporation: Q1 2014 Production Update
TORONTO, ONTARIO--(Marketwired - Apr 7, 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 ended
March 31, 2014. 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 refiner.
- 10,607 ounces of gold were produced during Q1 2014 (10,472
ounces in Q1 2013), representing a 7.2 per cent decrease on the
gold produced in Q4 2013 (11,429 ounces).
- As advised in the 2013 results which were released on March 31,
2014 gold production in the first quarter of 2014 was affected by
the achieved grade being lower than the targeted grade of 3.83 g/t
Au. This was due to a sub-horizontal fault which was encountered at
the AR South ore body between 680 and 695 meters below surface and
which had displaced the ore zone to the west and south. Production
on these panels was stopped and re-development was required to
establish other panels at the required grade. Management believes
that the above measures have been successful and that an average
head grade of between 3.60 to 3.83 g/t Au is expected to be
maintained, and closer attention will be paid to grade control in
future. Production in February 2014 was also adversely affected by
an unstable mains power supply and by the unscheduled requirement
to replace the winding rope on No. 4 Shaft.
- Targeted gold production for 2014 is maintained at 48,000
ounces
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 1000BlytheweighTim
Blythe/Halimah Hussain/Camilla Horsfall+44 20 7138 3204WH
IrelandAdrian Hadden/Nick Field+44 20 7220 1751
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