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Caledonia reports record yearly gold output at Zim operations



14th January 2013
Updated 5 hours ago
By: Natasha Odendaal
JOHANNESBURG (miningweekly.com) –

TSX- and Aim-listed gold producer Caledonia Mining on Monday
reported that, despite an expected fall in its fourth-quarter gold
production, its Zimbabwe-based
Blanket mine achieved record output for the 2012 full-year.

The mine, which achieved its highest quarterly production in its
106-year history during the third quarter, produced in
excess of 45 600 oz during 2012 –
a 27% increase compared with the 35 826 oz produced in 2011.

Caledonia also exceeded its 10 000 oz quarterly target during the
fourth quarter of the year, reaching 11 980 oz – 7% lower than the
third quarter’s output of 12 919 oz, but 14% higher than
the 10 533 oz produced in the corresponding quarter in 2011.

“As anticipated and as previously advised,
gold production in the fourth quarter was lower than in
the third quarter as the achieved grade returned to ...
an average of 3.84 g/t,” commented Caledonia president and
CEO Stefan Hayden.

The gold miner aimed to increase output at
the Blanket operation to 76 000 oz/y of gold
by 2016, up from the current 40 000 oz targeted for 2013.

The group’s fourth-quarter and 2012 financial year-end results
were expected to be published on March 31.

Edited by: Chanel de Bruyn
http://www.miningweekly.com/article/caledonia-reports-record-yearly-gold-output-at-zim-operations-2013-01-14

http://www.caledoniamining.com/
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