TIDMCMCL
RNS Number : 6886P
Caledonia Mining Corporation PLC
11 October 2023
Caledonia Mining Corporation Plc
Record Quarterly Production at Blanket Mine
(NYSE AMERICAN, AIM and VFEX: CMCL)
St Helier, October 11, 2023 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces gold production from the
Blanket Mine in Zimbabwe ("Blanket") for the quarter ended
September 30, 2023 ("Q3 2023" or the "Quarter"). All production
numbers are expressed on a 100 per cent basis and are based on the
final assay at the refiners.
Highlights
-- Quarterly gold production of 21,772 ounces, a new quarterly record for Blanket mine
-- An increase of three per cent on the 21,120 ounces produced
in the corresponding quarter of 2022.
-- Gold produced in the nine months to the end of September was 55,244 ounces.
-- Caledonia reiterates its gold production guidance for 2023 of
between 75,000 and 80,000 ounces [1] .
Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:
"I am pleased that Blanket is performing well and we have set a
new quarterly production record. I look forward to achieving our
guidance of between 75,000 and 80,000 ounces of gold for 2023.
"We have invested heavily in Blanket over the last seven years,
including investment this year to construct a new tailings storage
facility which is expected to have a life of at least 15 years,
based on the current production profile, and will support
production well into the future.
"The recent encouraging drill results at Blanket indicate that
there is additional mineralisation that may, in due course, be
accessed using the current infrastructure and which should further
extend the life of Blanket.
"Blanket continues to provide a solid foundation for the
Company, providing us with a platform for our other growth projects
in Zimbabwe."
Craig James Harvey, MGSSA, MAIG, Caledonia Vice President,
Technical Services, has reviewed and approved the scientific and
technical information contained in this news release. Craig James
Harvey is a "Qualified Person" as defined by each of (i) the
Canadian Securities Administrators' National Instrument 43-101 -
Standards of Disclosure for Mineral Projects and (ii) sub-part 1300
of Regulation S-K of the U.S. Securities Act.
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cavendish Securities plc (Nomad and Joint
Broker) Tel: +44 (0)20 7220
Adrian Hadden 0500
Neil McDonald
Pearl Kellie
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB (Financial PR, North America)
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor Tel: +263 (242) 745
- Zimbabwe) 119/33/39
Lloyd Mlotshwa
________
[1] Refer to the technical report entitled "NI 43-101 Technical
Report on the Blanket Gold Mine, Zimbabwe" with effective date
September 1, 2022 prepared by Minxcon (Pty) Ltd filed by the
Company on SEDAR (www.sedar.com) on March 13, 2023
Note: The information contained within this announcement is
deemed by the Company to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the Company's obligations
under Article 17 of MAR.
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. The forward-looking information contained in this news
release 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: the successful
implementation of mine plans, the establishment of estimated
resources and reserves, the grade and recovery of minerals which
are mined varying from estimates, success of future exploration and
drilling programs, reliability of drilling, sampling and assay
data, the representativeness of mineralization being accurate,
success of planned metallurgical test-work, capital availability
and accuracy of estimated operating costs, obtaining required
governmental, environmental or other project approvals, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and Caledonia's experience of
project development in Zimbabwe and other factors.
To the extent any forward-looking information herein constitutes
a financial outlook or future oriented financial information, any
such statement is made as of the date hereof and included herein to
provide prospective investors with an understanding of the
Company's plans and assumptions. 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.
This news release is not an offer of the shares of Caledonia for
sale in the United States or elsewhere. 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 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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END
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