Caledonia Mining Corporation (CMCL)

[NYBob]

Caledonia Mining announced its operating and financial results for Q3 2013.

Caledonia Mining Corporation (TSX: CAL, OTCQX: CALVF, AIM: CMCL)

Gold production stood at 12,042 ounces (oz) versus 11,588 oz in Q2 2013.
The increase in production was mainly attributable to improvement
in the realised grade to 4.03 grams/tonne (g/t) from 3.82 g/t and
an improved gold recovery rate of 93.6% compared to 93.2% in Q2
2013.

The management indicated confidence that the Blanket mine is on
track to achieve its targeted production of 44,000 oz for 2013.

Gold sales stood at 12,042 oz at an average sales price of
CAD$1,330 per oz, leading to total revenues of CAD$16.6m.

Gross profit was CAD$7.7m compared to CAD$8.6m in Q2 2013.

Net profit improved to CAD$3.7m from CAD$3m during the same period,
thereby improving EPS to 7.2 cents from 5.8 cents in the previous
quarter.

This improvement was owing to a drop in Blanket mine’s cash
operating cost per oz of gold to US$554 from US$584 in
the previous quarter.

Also, the ongoing exploration drilling at the Blanket mine below
750m level and at Blanket’s satellite projects continued to
deliver encouraging results.

The development and exploration work at GG and Mascot continued to
identify mineralisation.

The production target for 2014 and 2015 was maintained at
48,000 oz and 52,000 oz, respectively.

Au view: Caledonia Mining delivered a
robust production performance in Q3 2013.

The company witnessed a rise in the production for the period,
largely due to higher realised gold grades and better recovery
rates.

Besides, the company’s focus on reducing its cash operating cost,
in a bid to improve its financial performance, seems to have paid
off well during the quarter.

However, a continuing decline in gold prices capped the revenues.
Going forward, Caledonia is likely to avail a production upside
from the surplus capacity of Blanket’s metallurgical plant.

With record operational results and a strong cash position to fund
future exploration activities, Caledonia seems well positioned to
develop the Blanket mine further.

We keep a Strategic Buy rating for the stock.

Caledonia Mining Corporation - Q3 2013 Results -
(TSX: CAL, OTCQX: CALVF, AIM: CMCL)

http://www.caledoniamining.com/pdfs/11132013.pdf

http://web.tmxmoney.com/article.php?newsid=63925060&qm_symbol=CAL

http://web.tmxmoney.com/article.php?newsid=63925060&qm_symbol=CALVF:US




Caledonia Mining sees earnings rise as cost-cutting drive
accelerates
By Jamie Nimmo November 13 2013, 7:12am

The ‘all-in’ cost fell to US$999 an ounce in the third quarter
from US$1,211 in the previous quarterThe ‘all-in’ cost fell
to US$999 an ounce in the third quarter from US$1,211 in the
previous quarter

Caledonia Mining Corporation
(LON:CMCL, TSE:CAL) welcomed a rise in quarterly earnings as the
total cost of producing gold at its 49%-owned Blanket mine in Zimbabwe
dropped below US$1,000 an ounce.

The ‘all-in’ cost fell to US$999 an ounce in the third quarter
from US$1,211 in the previous quarter, which, combined with
gold sales of 12,042 ounces, up from 11,588 ounces in the second
quarter, helped earnings climb from 5.8 cents a share
to 7.2 cents.

The lower average gold price achieved in the period of
US$1,330 an ounce, from US$1,368 in the prior three months,
resulted in a reduction in the royalty component of
the all-in cost per ounce.

The company produced more gold in the quarter thanks to a higher
realised grade of 4.03 grams per tonne (g/t) compared with 3.82
g/t in the second quarter and a slightly better gold recovery of
93.6%.

Revenues were lower than last year at C$16.6mln, but a tighter
operation meant a
net profit of C$4.6mln against a loss of C$9.2mln the year before.

Caledonia insisted it is on track to
produce around 44,000 ounces of gold in 2013.

The company ended September with C$23.9mln in cash, having finished
the same period last year with C$22.8mln.

Stefan Hayden, Caledonia’s president and chief executive, said:
“The third quarter of 2013 presented continued challenges due to
the prevailing lower gold price.
“In response to the lower gold price, Caledonia, working with
Blanket management, has introduced measures to increase mine
production from approximately 1,030 tonnes per day (tpd) in Q1
2013, to approximately 1,075 tpd in the second quarter and to
1,110 tpd in the third quarter.”
He added: “As a low-cost producer with a robust balance sheet,
Caledonia is well-positioned to continue to implement its growth
strategy, notwithstanding the current volatility in the gold
price.”

http://www.caledoniamining.com/pdfs/11132013.pdf

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