Caledonia Mining Corporation Plc Q2 2018 Production Update
(NYSE AMERICAN:CMCL) (AIM:CMCL) (TSX:CAL)
ST HELIER, Jersey, July 12, 2018 (GLOBE NEWSWIRE) --
Caledonia Mining Corporation Plc (“Caledonia” or the “Company”)
announces quarterly gold production from the Blanket Mine (“Blanket”)
in Zimbabwe for the quarter ended June 30, 2018 (“Q2 2018” 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. https://web.tmxmoney.com/article.php?newsid=7618018323290374&qm_symbol=CMCL:US
Approximately 12,657 ounces of gold were produced during the Quarter,
2% below production in the first quarter of 2018 and
1% above production in the second quarter of 2017.
Gold produced for the first half of 2018 was 25,582 ounces, marginally
ahead of the 25,316 ounces produced in the first half of 2017.
Production remains in line with expectations for 2018 and Caledonia
maintains its 2018 production guidance of 55,000 ounces to 59,000
ounces for the full year.
Blanket remains on track with progress towards its long-term target of
80,000 ounces by 2021.
Commenting on the production for Q2 2018, Steve Curtis, Chief Executive
“Production of 12,657 ounces in the second quarter of 2018 is consistent
with the level achieved in the corresponding quarter of 2017 and the
first quarter of 2018. Grade during the quarter was below our
expectation although grade has reverted to budgeted levels in the
The lower grade was partly a result of normal variations in the ore
body and partly a one-off consequence of some modified mining practices
which were adopted to improve safety.
Blanket remains on track to deliver its full year guidance of 55,000 to
59,000 ounces in 2018.
“The sinking of the central shaft remains according to plan and within
budget, with the shaft currently at a depth of 1,073 meters;
sinking is currently paused due to the process of cutting stations for
horizontal development on 30 level.
The project continues to progress well and we look forward to
commencing production from the central shaft in 2020 which is expected
to deliver the Company’s growth plan to achieve 80,000 ounces by 2021.”
About Caledonia Mining
Caledonia’s primary asset is a 49% interest in an operating gold mine in
Zimbabwe (“Blanket Mine”).
Caledonia’s shares are listed on NYSE American (symbol:
CMCL) and on the Toronto Stock Exchange (symbol: CAL) and depositary
interests representing the shares are traded on
London’s AIM (symbol: CMCL).
As at March 31, 2018, Caledonia had cash of approximately US$13.4m.
Blanket Mine plans to increase production from 56,136 ounces of gold in
2017 to approximately 80,000 ounces by 2021;
Blanket Mine’s target production for 2018 is 55,000 to 59,000 ounces.
Caledonia expects to publish its results for the quarter to June 30,
2018 on or about August 13, 2018.
Caledonia Mining Corporation Plc
Tel: +44 1534 679 802
Tel: +44 759 078 1139
Adrian Hadden/Ed Allsopp
Tel: +44 20 7220 1751
Tim Blythe/Camilla Horsfall/Megan Ray
Tel: +44 207 138 3204
Note: This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
Cautionary Note Concerning Forward-Looking Information https://web.tmxmoney.com/article.php?newsid=7618018323290374&qm_symbol=CMCL:US http://www.caledoniamining.com