TIDMCMCL
RNS Number : 8498N
Caledonia Mining Corporation PLC
14 August 2017
Caledonia Mining Corporation Plc
(NYSE American: CMCL; AIM: CMCL; TSX: CAL)
Retirement of non-executive director
St Helier, August 14, 2017: Caledonia Mining Corporation Plc
(the "Company" or "Caledonia") announces that Jim Johnstone, a
non-executive director of the Company, has retired from the board
with effect from today.
A mining engineer with over 40 years' experience in underground
and open pit mine operations in North America, Africa, Europe and
Asia, Mr. Johnstone joined Caledonia in 1997 as Vice President
Operations and was responsible for Caledonia's operations in
Zambia, Canada and South Africa. He is a Life Member of the
Canadian Institute of Mining and Metallurgy. He was elected an
executive director of Caledonia in June 1997. He retired as an
executive in 2006, but continued as a non-executive director.
The board and management of Caledonia would like to express
their sincere appreciation to Mr. Johnstone for his diligent and
valued service to the Company during the last two decades and more
recently his astute and helpful contributions on the board as a
non-executive director.
Mr. Johnstone has agreed that following his retirement from the
board he will continue to make himself available to provide his
advice to the Company in a consultancy capacity for the next two
years, particularly in order for the Company to be able to benefit
from his considerable expertise during the completion of the
current significant investment and development projects at Blanket
Mine.
Following Jim's retirement, the board comprises two executive
and four non-executive directors.
Leigh Wilson, Caledonia's chairman, made the following comment
on Mr. Johnstone's retirement:
"Over the course of Jim's involvement, Caledonia has been
transformed from a collection of assets, widely spread in terms of
geography and commodity, into a company which is focused on a
high-quality gold operation in Zimbabwe - the Blanket Mine.
"Jim was instrumental in the acquisition of Blanket Mine in
2006. Thereafter he oversaw, as a non-executive director, the
various investments at Blanket which increased production from
13,000 ounces of gold in 2007 to over 50,000 ounces of gold in
2016. On his most recent visit to Blanket, Jim inspected the
progress on the ongoing Central Shaft project which, when complete,
is expected to result in further increases in production to 80,000
ounces of gold.
"On behalf of the Caledonia's board and management, I would like
to thank Jim for his two decades of service to the company and we
wish him, his wife and his family a happy retirement."
About Caledonia
Following the implementation of indigenisation in Zimbabwe in
September 2012, Caledonia's primary asset is a 49% interest in an
operating gold mine in Zimbabwe ("Blanket Mine"). Blanket Mine
plans to increase production from 50,351 ounces in 2016 to
approximately 80,000 ounces in 2021. Blanket Mine's target
production for 2017 is 52,000 to 57,000 ounces. Caledonia's current
dividend policy is to pay a quarterly dividend which is currently
6.875 cents per share, or 27.5 cents per share on an annualised
basis.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139
WH Ireland
Adrian Hadden/Ed Allsopp Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Tel: +44 207 138 3204
Ray
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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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