TIDMCMCL
RNS Number : 7839C
Caledonia Mining Corporation PLC
20 April 2017
Caledonia Mining Corporation Plc
Q1 2017 Production Update
(TSX: CAL, OTCQX: CALVF, AIM: CMCL)
20 April 2017: Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") announces gold production from the Blanket Mine
("Blanket") in Zimbabwe, for the quarter ended 31 March 2017 ("Q1
2017" 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.
Approximately 12,794 ounces of gold were produced during the
Quarter, representing an 18 per cent year on year increase on the
gold produced in Q1 2016 (10,822 ounces). Caledonia maintains its'
2017 full year production guidance of approximately 60,000 ounces
and remains on track with progress towards its long-term target of
80,000 ounces by 2021.
Commenting on the production for Q1 of 2017, Steve Curtis,
Caledonia's Chief Executive Officer, said:
"Production in the first quarter of 2017 showed a pleasing year
on year improvement of 18 per cent, a trend which we anticipate
maintaining, in line with our guidance for 2017. Production
continues to be supported by access to resources below the 750m
level through the development of a second decline into the AR Main
ore body as well as through the current decline at AR South and
through the 6 Winze shaft. Production in Q1 was six per cent lower
than the previous record quarter, but remains within planned
production for the full year. This trend is in line with the
historical quarterly production profile at Blanket which typically
experiences slightly lower production rates in the first quarter of
each year due to holidays and mine scheduling.
"We continue to be pleased with the production increases from
Blanket following the implementation of the ongoing Investment
Plan, and I look forward to updating the market in due course."
About Caledonia Mining
Following the implementation of indigenisation in Zimbabwe,
Caledonia's primary asset is a 49 per cent 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".
At 31 December 2016, Caledonia had cash of US$14.3m. Blanket
plans to increase production from 50,351 ounces in 2016 to
approximately 80,000 ounces in 2021; Blanket's target production
for 2017 is approximately 60,000 ounces. Caledonia expects to
publish its results for the quarter to 31 March 2017 on 15 May
2017.
For further information please contact:
Caledonia Mining Corporation WH Ireland
Plc Adrian Hadden/Nick Prowting
Mark Learmonth Tel: +44 20 7220 1751
Tel: +44 1534 679800
marklearmonth@caledoniamining.com
Maurice Mason Blytheweigh
Tel: +44 759 078 1139 Tim Blythe/Camilla Horsfall/Megan
mauricemason@caledoniamining.com Ray
Tel: +44 20 7138 3204
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.
Shareholders, potential shareholders 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;
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 information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQKLFFDZFFBBB
(END) Dow Jones Newswires
April 20, 2017 02:00 ET (06:00 GMT)
Caledonia Mining (LSE:CMCL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Caledonia Mining (LSE:CMCL)
Historical Stock Chart
From Apr 2023 to Apr 2024