Caledonia Declares Second Quarterly Dividend
TORONTO, ONTARIO--(Marketwired - Apr 8, 2014) - Caledonia Mining
Corporation (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) -
Further to the November 25, 2013 announcement in respect of
Caledonia Mining Corporation's ("Caledonia" or the "Company")
quarterly dividend policy, Caledonia is pleased to announce that
the Board of Directors has declared a dividend of one and one half
Canadian cents ($0.015) on each of the Corporation's common shares
issued and outstanding as of 5:00 p.m. Toronto local time on the
Record Date, being April 22, 2014. Dividend cheques will be mailed
on April 30, 2014.
Shareholders who are registered in the United States of America
and the United Kingdom will be paid in US Dollar and Sterling
respectively. The US Dollar and Sterling dividend payments will be
calculated using the relevant Bank of Canada exchange rates at noon
on the Record Date and will be after deduction of Canadian
withholding tax and any other taxes that may apply.
This dividend is an eligible dividend for the purposes of the
Income Tax Act (Canada).
Caledonia's Dividend Policy
Caledonia's long term strategy to maximize shareholder value
includes a quarterly dividend policy. In 2014, the Company intends
to pay an annual aggregate dividend of 6 Canadian cents per common
share, payable on a quarterly basis.
About Caledonia Mining
Caledonia is a mining, exploration and development company
focused on Southern Africa. Following the implementation of
indigenisation in Zimbabwe, Caledonia's primary asset is a 49%
interest in an operating gold mine in Zimbabwe ("Blanket").
Caledonia's shares are listed in Canada on the Toronto Stock
Exchange as "CAL", on London's AIM as "CMCL" and are also traded on
the American OTCQX as "CALVF".
Caledonia is debt-free and at December 31, 2013 had gross cash
of over $25m held in Canadian, UK and South African banks. Blanket
mine is a low-cost producer: in the year ended December 31, 2013,
Blanket's on-mine costs were US$613 per ounce of gold produced, its
all-in sustaining cost was US$978 per ounce of gold and its all-in
cost (which includes the investment in expansion projects) was
US$1,109 per ounce. Investment continues at Blanket with the
objective of increasing production to 48,000 ounces of gold in 2014
and 52,000 ounces of gold in 2015. Blanket also continues to make
substantial investments in its exploration and development projects
as a result of which gold production may, in due course, increase
above 52,000 ounces per annum.
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: future dividend payments, 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: amendments to or termination of the
Dividend Policy, 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. There is
no guarantee that Caledonia will maintain the Dividend
Policy.
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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