7 April 2016: Caledonia Mining Corporation Plc (“Caledonia” or the “Company” - http://www.commodity-tv.net/c/search_adv/?v=295579 ) announces gold production from its 49 per cent owned subsidiary, the Blanket Mine (“Blanket”) in Zimbabwe, for the quarter ended 31 March 2016 (“Q1 2016” 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 10,822 ounces of gold were produced during the Quarter, representing an 8.7 per cent increase on the gold produced in Q1 2015 (9,960 ounces) and a 6.0 per cent decrease on the gold produced in Q4 2015 (11,518 ounces).
Targeted gold production for 2016 is approximately 50,000 ounces, unchanged from previous guidance. Quarterly production for the remainder of 2016 is expected to increase progressively to approximately 14,000 ounces by the fourth quarter of 2016 as production from below 750 meters increases over the course of 2016.
Sales for Q1 2016 will include production from the Quarter plus the work in progress brought forward from 2015 of 671 ounces.
Commenting on the production for Q1 of 2016, Steve Curtis, Caledonia’s Chief Executive Officer said:
“Production in the first quarter was slightly higher than planned, although lower than the previous quarter due to the combined effects of the New Year and Easter holiday periods.
“Towards the end of the first quarter, production commenced from below 750 meters via the No. 6 Winze and an additional decline development into the AR South Ore body. We remain on target to achieve our full year production target of 50,000 ounces.”
For further information please contact:
Caledonia Mining Corporation
Tel: +27 11 447 2499
Adrian Hadden/Nick Prowting
Tel: +44 20 7220 1751
Tim Blythe/Camilla Horsfall/Megan Ray
Tel: +44 20 7138 3204
Swiss Resource Capital AG