Caledonia Mining Corporation Plc COM SHS NPV (DI) (LON:CMCL) announced today record quarterly gold production from the Blanket Mine (“Blanket”) in Zimbabwe for the quarter ended December 31, 2017 (“Q4 2017” 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.
Approximately 16,425 ounces of gold were produced during the Quarter, a new quarterly production record for the mine. Production in the Quarter was 14 per cent higher than the previous quarter (Q3 2017) which was itself a record production quarter, and 21 per cent higher than the corresponding quarter of 2016 (Q4 2016).
Total 2017 gold production was approximately 56,135 ounces, marginally ahead of 2017 production guidance of 54,000 – 56,000 ounces. 2017 production represents a new annual production record for the Blanket Mine, an increase of 11.4 per cent over the annual gold production in 2016.
Steve Curtis, Chief Executive Officer, said: “We are very pleased to have achieved our full year production guidance for 2017 and to have delivered a second consecutive quarterly production record at Blanket for the fourth quarter of 2017, surpassing the previous production record set in the third quarter. Full year production of 56,135 ounces for 2017 is a significant achievement especially when considering the relatively slow production we experienced in the first half of the year. To finish the second half of the year with two quarterly production records and the production of almost 31,000 ounces of gold in the six month period is an achievement of which all of our technical and production staff should be justifiably proud and bodes well for the delivery of our expansion plans at Blanket as we continue to invest for the production of 80,000 ounces by 2021.”
“As a business we remain steadfast in our commitment to the production of safe profitable gold and I am pleased that the initiatives introduced during 2017 to focus on the safe production of gold have been adopted and fully supported by the Blanket work force.”
“2017 was a pivotal year for Caledonia as we announced our plans to extend the current central shaft project deeper with the resulting extension in mine life at Blanket following the encouraging exploration results that were achieved during the year. This production achievement will set the business up well for 2018 as we target production of between 55,000 and 59,000 ounces of gold. I look forward to updating the market in due course.”
Caledonia Mining Corporation Plc COM SHS NPV (DI)
Following the implementation of indigenisation in Zimbabwe, Caledonia’s primary asset is a 49 per cent interest in an operating gold mine in Zimbabwe (“Blanket”). Caledonia’s shares are listed on the NYSE American as “CMCL” and on the Toronto Stock Exchange as “CAL”; and depository interests representing the Company’s shares are admitted for trading on AIM of the London Stock Exchange plc as “CMCL”.
At 30 September 2017, Caledonia had net cash of US $11.8 million. Blanket plans to increase production from 56,135 ounces in 2017 to approximately 80,000 ounces in 2021; Blanket’s target production for 2018 is between 55,000 and 59,000 ounces. Caledonia expects to publish its results for the year ended December 31, 2017 on or about March 20, 2018.
