Caledonia Mining Corporation Plc (NYSE AMERICAN & AIM:
CMCL) ("Caledonia" or the "Company") announces quarterly gold
production from the Blanket Mine in Zimbabwe ("Blanket") for the
quarter ended 30 September, 2020 ("Q3 2020" or the "Quarter"). All
production numbers are expressed on a 100 per cent basis and are
based on mine production data and are, therefore, subject to
adjustment following final assay at the refiners.
Highlights
- Approximately
15,164 ounces of gold were produced during the Quarter, an increase
of 11.1 per cent on the 13,646 ounces produced in the
corresponding quarter of 2019.
- Production
guidance for the year to December 31, 2020 increased to between
55,000 and 58,000 ounces.
- Gold produced in
the nine months to September 30, 2020 was 42,896 ounces, 12 per
cent more than the 38,306 ounces produced in the nine months to
September 30, 2019.
- Caledonia
remains on track to achieve its production target of 80,000 ounces
by 2022.
Commenting on the announcement, Steve
Curtis, Chief Executive Officer,
said:
"The production of 15,164 ounces in the third
quarter is a record result and is an increase of more than 11 per
cent compared to the corresponding quarter in 2019.
“Notwithstanding the negative effect of the
coronavirus pandemic on supply chains and operating arrangements,
Blanket has delivered robust production results for the first nine
months of 2020. Due to the strong production, I am delighted that
we are now able to increase our production guidance from 53,000 to
56,000 ounces to 55,000 to 58,000 ounces. Along with the increased
dividend, this really demonstrates the strength of our business and
I would like to thank the team for this result.”
___________Mr Dana Roets (B Eng (Min.), MBA,
Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company’s
qualified person as defined by Canada’s National Instrument 43-101
and has approved any scientific or technical information contained
in this news release.
For further information please contact:
Caledonia Mining Corporation Plc |
|
Mark Learmonth |
Tel: +44 1534 679 800 |
Camilla Horsfall |
Tel: +44 7817 841 793 |
|
|
WH Ireland (Nomad &
Broker) |
|
Adrian Hadden/ James
Sinclair-Ford |
Tel: +44 20 7220 1751 |
|
|
Blytheweigh |
|
Tim Blythe/Megan Ray |
Tel: +44 207 138 3204 |
|
|
3PPB |
|
Patrick Chidley |
Tel: +1 917 991 7701 |
Paul Durham |
Tel: +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”, “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.
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, 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. Security holders,
potential security holders and other prospective investors 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.
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