Caledonia Mining Corporation Plc ("Caledonia" or the
"Company")
(NYSE AMERICAN & AIM: CMCL)
announces quarterly gold production from the Blanket Mine
("Blanket") in Zimbabwe for the quarter ended June 30, 2020 ("Q2
2020" or the "Quarter").
- Approximately 13,499 ounces of gold
were produced during the Quarter, an increase of approximately 6.2%
on the 12,712 ounces produced in the corresponding quarter of
2019.
- Gold produced for the first half of
2020 was 27,732 ounces approximately 12.5% above the 24,660 ounces
produced in the first half of 2019.
- Caledonia maintains its 2020 full
year production guidance of 53,000 to 56,000 ounces and remains on
track with progress towards its target of 80,000 ounces by
20221.
Commenting on the announcement, Steve
Curtis, Chief Executive Officer, said:
“The production of 13,499 ounces in the second
quarter is an outstanding achievement given the challenges faced
during the quarter as a result of the COVID-19 Pandemic. To have
achieved a 6.2% increase on the comparable quarter of 2019 during a
period where our workforce and supply chains were disrupted is a
performance of which every employee should be justifiably proud.
Thankfully the virus has not affected our operations or the broader
Zimbabwean gold mining sector too seriously although we remain
vigilant.”
“For production to be 12.5% ahead of the
corresponding 2019 level at the half year stage leaves us well
placed for the full year and on track to meet our full year
guidance of 53,000 – 56,000 ounces. This strong performance and
high gold prices have ensured that the business remains on a very
solid foundation as we prepare for the next phase of our growth
with the completion of the central shaft in 2020 and increased
production to 80,000 ounces by 2022.”
_______________1 The projected gold
production figures in this news release are explained in the
management discussion and analysis (“MD&A”) dated March 17,
2020. Refer to technical report dated 13 February 2018 entitled
"National Instrument 43-101 Technical Report on the Blanket Mine,
Gwanda Area, Zimbabwe (Updated February 2018), a copy of which was
filed by the Company on SEDAR on March 2, 2018 for the key
assumptions, parameters, and methods used to estimate the mineral
resources and mineral reserves from which planned gold production,
as set out in this news release, is to be derived and risks that
could materially affect the potential development of the mineral
resources or mineral reserves. Mr Paul Matthews, the
Company's qualified person and Group Mineral Resource Manager,
supervised the preparation of the technical information in the
technical report and supervised the preparation of the technical
information contained in this news release.
For further information please contact:
Caledonia Mining Corporation PlcMark
LearmonthMaurice Mason |
Tel: +44 1534 679 800Tel: +44 759
078 1139 |
|
|
WH Ireland (Nomad &
Broker)Adrian Hadden/James Sinclair-Ford |
Tel: +44 20 7220 1751 |
|
|
BlytheweighTim
Blythe/Camilla Horsfall/Megan Ray |
Tel: +44 207 138 3204 |
|
|
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
|
|
The information contained within this
announcement is deemed by the Company to constitute inside
information under the Market Abuse Regulation (EU) No.
596/2014.
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”, “envisage”,
“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.
Securityholders, potential securityholders 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; 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.
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.
This news release is not an offer of the common
shares of Caledonia for sale in the United States. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the common
shares of Caledonia, in any province, state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
province, state or jurisdiction.
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