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Monday, 07/22/2013 12:32:58 PM

Monday, July 22, 2013 12:32:58 PM

Post# of 5869
Blanket mine ups Q2 production by 10% -

By: Natalie Greve
2nd July 2013

Caledonia Mining Corporation
on Tuesday announced that its Blanket mine, in Zimbabwe,
produced 11 592 oz of gold in the second quarter,
ended June 30.

This reflected a 10.7% increase on the first quarter production
of 10 472 oz, and a 0.3% increase on
the 11 560 oz of gold produced in the second quarter of 2013.

Similarly, the mine increased its first-half production
by 6.5% to 22 064 oz of gold in the first six months
of the year.

SP Angel said in a note to clients that
Caledonia’s production figures were in line with expectations
that real growth in expansion plans was expected
to come through next year.

“Cash costs at the mine are running
at around $500/oz,
which positions the company well to keep
generating cash to self-fund expansion and
pay dividends to shareholders.

This is one of the better run companies in the sector
with cash in hand and a programme of indigenisation,
which should give them some protection
against political risk,” it added.

Edited by: Chanel de Bruyn

Caledonia have over 50 cents per share cash parked in Western banks above $25 million cash -


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