Caledonia Mining Corporation (CMCL)

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Caledonia Mining sees "substantial improvement" in gold production from Blanket mine
14th Aug 2012, 7:01 am by Giles Gwinnett



Caledonia Mining Corporation
(LON:CMCL, TSE: CAL) has seen a "substantial improvement" in
gold production from its Blanket mine in Zimbabwe, it said today.

The firm produced 11,560 ounces of the yellow metal in the second
quarter to June 30 - 26 per cent higher
than in Q1 and 41 per cent higher
than in the second quarter of 2011, it revealed.

The increase was put down to completed maintenance work on of
scheduled maintenance work at the no.4 shaft which was completed
in early May.

The average gold recovery during the quarter increased to
93.9 per cent, compared to 93.2 per cent in the preceeding
quarter.

Meanwhile, the company's cash operating costs in the quarter
decreased to US$547 per ounce compared to
US$648 per ounce in Q1.

The firm also told investors that in last month alone (July),
the company produced 4,708 ounces.

The average selling price was US$1,599 compared to
US$1,688 in the preceeding quarter, it added.

Stefan Hayden, the company's president and chief executive, said:
"Increased gold production, further improvements in gold
recoveries and continued close attention to costs contributed
to a reduction in average operating costs..."

He added: "The strong operating performance is a testament to the
hard work of the management and employees at Blanket and shows
the benefits of Caledonia's recent investments in
the Blanket mine."

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