TIDMCMCL
RNS Number : 7810S
Caledonia Mining Corporation PLC
05 October 2017
Caledonia Mining Corporation Plc
Record Gold Production in Q3 2017
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, October 5, 2017: Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces record quarterly gold
production from the Blanket Mine ("Blanket") in Zimbabwe for the
quarter ended September 30, 2017 ("Q3 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 14,389 ounces of gold were produced during the
Quarter, a new quarterly production record for the mine. Production
in the Quarter was 15 per cent higher than the previous quarter (Q2
2017) and 7 per cent higher than the corresponding quarter of 2016
(Q3 2016). The improvement in production in the third quarter is
expected to continue into the fourth quarter. The Directors of
Caledonia are pleased to be able to narrow the range of the 2017
production guidance from 52,000 to 57,000 ounces to a range of
between 54,000 and 56,000 ounces. Caledonia remains on track to
achieve its production target of 80,000 ounces in 2021.
Commenting on the production for Q3 2017, Steve Curtis, Chief
Executive Officer, said:
"We are very pleased to have achieved yet another production
record at Blanket, which surpasses the previous production record
of 13,591 ounces set in the fourth quarter of 2016. The Q3 2017
production of 14,389 ounces is a commendable achievement for which
I would like to acknowledge the hard work and dedication of our
technical and production staff.
The first half of 2017 presented Caledonia with some significant
operating challenges which adversely affected production. In May
2017 it was announced that our technical team was implementing
various remedial measures aimed at alleviating the operating
challenges and improving the reliability of our underground
infrastructure. I am pleased to confirm that these measures
implemented in the last three months have had the desired effect
and have resulted in an improvement in both tonnage and grade at
Blanket with associated higher production for the Quarter.
We are also pleased that the initiatives introduced to focus on
the safe effective production of gold have been adopted fully by
the Blanket work force.
We expect these improvements to continue into the fourth quarter
and as a result we have tightened our production guidance for the
full year to 54,000 ounces to 56,000 ounces. We remain confident of
achieving our long-term production target of 80,000 ounces in 2021
as the Central Shaft project continues to progress well."
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 on
the NYSE American as "CMCL" and on the Toronto Stock Exchange as
"CAL"; and depository interests representing the Company's shares
are admitted for trading on AIM of the London Stock Exchange plc as
"CMCL".
At 30 June 2017, Caledonia had net cash of US $10.8 million.
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 between 54,000 and 56,000 ounces. Caledonia expects to
publish its results for the quarter to September 30, 2017 on or
about November 15, 2017.
Caledonia Mining Corporation
Plc Tel: +44 1534 679 802
Mark Learmonth Tel: +44 759 078 1139
Maurice Mason
WH Ireland
Adrian Hadden/Ed Allsopp Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Tel: +44 207 138 3204
Ray
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
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, 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 occur, ; 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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