Monday, April 07, 2014 11:32:57 AM
quarter numbers - UPDATE -
April 07 2014, 1:53pm
Caledonia Mining Corporation -
(TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) -
maintained its production guidance of
48,000 ounces of gold for 2014 -
Updating on the first three months, the firm said
10,607 ounces of gold were produced - that's a an increase on the
10,472 ounces seen in the first quarter of 2013.
Final results statement, production in the first quarter
was affected by the achieved grade being lower grade of
3.83 grammes per tonne (g/t) due to a fault encountered
on the ore body.
"Production on these panels was stopped and re-development
was required to establish other panels at the required grade,"
Caledonia said.
Management believes these measures have been successful and
that an average head grade of between 3.60 to 3.83 g/t Au
will be maintained, while closer attention will be paid to
grade control in future.
It also noted that production in February was adversely affected
by unstable power supply and having to replace a winding rope on
the No 4 shaft.
In full year results last week, Caledonia said it will continue
to invest in the mine to boost production, which, for
2014, it has forecast as 48,000 ounces, and for
2015, 52,000 ounces.
In the 12 months to December 31 last year, gold production came in
45,527 ounces, compared to 45,465 in 2012, while the average
realised gold price for the year was US$1,402 per ounce compared
to US$1,666 in 2012.
All in sustaining costs for the year were US$973 per ounce (2012:
US$852 per ounce).
Research house Edison said in a note today:
"The Blanket gold mine continues to prove itself as
a consistent gold producing mine, with
eight of the last nine quarters achieving
above the budgeted 10koz.
"Further, during our recent site visit we were impressed by
the level of contingency engineered into
Blanket’s infrastructure -
(notably generators and a well-stocked spares store) and
the capital investment being made to
achieve 76kozpa production by 2016."
It forecasts the company will sell 49,150oz of gold in 2014 at
an all-in total cost of production of US$1,063 per ounce.
http://www.caledoniamining.com/pdfs/CALPres-03312014.pdf
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CAL Chart TA TI P&F Alert Bullish Price Objective $3.63 / oz -
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James Rickards-Dollar Going to Collapse 80% or 90% or More -
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God Bless
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