Caledonia reveals exciting new aspect at Nama project - 12 March 2012 | 10:00am StockMarketWire.com -
Caledonia Mining has revealed a new and very exciting aspect to the Nama copper/cobalt project in Zambia.
It said the latest drilling results differed markedly in mineralisation style to other properties in the region in that the zone.
It says this zone of mineralisation occurs at relatively shallow depth relative to the depth of the ore shale in the area and possibly extends to surface.
Chief executive and president Stefan Hayden said: "A sufficiently large, near-surface resource depth may therefore provide the basis for a future open-pit mining operation.
"The 2012 exploration programme will commence as soon as the rains and ground condition allow during the second quarter.
"The results should allow us to confirm and further refine our model of Nama's geology and copper resources potential."
Caledonia has sufficient cash to complete the 2012 exploration programme and intends to manage its cash resources so that it can undertake further work at Nama without raising new equity.
At 10:00am: (LON:CMCL) share price was +0.25p at 7.75p
Caledonia Mining's Blanket Gold Mine producing Gold 40,000oz/year - target Au 100,000 ounces - low production cost Gold @ Au $583/oz - NO DEBT - owns more than 268 old gold mines workings to expand to and re-commission - dd....CALVF Gold Mine producer bargain play - with many massive Gold fields to reactivate -
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