Caledonia Mining Corporation Plc ("Caledonia" or the "Company")
(NYSE AMERICAN & AIM: CMCL) announces gold production from the
Blanket Mine in Zimbabwe ("Blanket") for the quarter ended
September 30, 2021 ("Q3 2021" or the "Quarter"). Caledonia also
narrows the production guidance range for 2021. 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.
Highlights
- Record quarterly production of 18,965 ounces of gold during the
Quarter
- An increase of 25 per cent on the 15,155 ounces
produced in the corresponding quarter of 2020.
- Production guidance for the year to December 31, 2021 has been
narrowed at the top end of previous guidance at 65,000 and 67,000
ounces.
- Gold produced in the nine months to
September 30, 2021 was 48,872 ounces, 14 per cent more than the
42,887 ounces produced in the nine months to September 30,
2020.
- Caledonia remains on track to achieve its production target of
80,000 ounces in 2022.
Commenting on the announcement, Steve
Curtis, Chief Executive Officer, said:
"I am delighted that this quarter we have once
again set a new production record as Blanket begins to reap the
rewards of the substantially increased production capacity
following the commissioning of the Central Shaft in March 2021.
“The ramp-up in production towards our quarterly
target of 20,000 ounces has met our best estimate and,
consequently, we have been able to narrow our annual production
guidance from 61-67,000 ounces to 65-67,000 ounces.
“When we acquired Blanket from Kinross in 2006
our production in the third quarter of 2006 was 6,475 ounces - the
Company has come a long way since then. Central Shaft provides the
infrastructure required to access the deeper resources at Blanket
for many years before any new vertical shaft deepening needs to be
considered. The extra hoisting capacity provided by the shaft is
the foundation to the production build-up to 80,000 ounces from
next year onwards.
“The completion of Central Shaft and the
resultant increase in production also means that we are able to
execute other areas of our growth strategy such as the agreement to
acquire Maligreen that we announced last month. This is an exciting
time for the Company and I look forward to continuing to update
shareholders of our progress.”
For further information please contact:
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 802Tel: +44 7817 841793 |
WH IrelandAdrian
Hadden/ Andrew De Andrade |
Tel: +44 20 7220 1751 |
Blytheweigh Financial
PRTim Blythe/Megan Ray |
Tel: +44 207 138 3204 |
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
Public Relations
Debra Tatenda |
Tel: +263 77802131 |
___________ 1 Refer to
the technical report entitled “Caledonia Mining Corporation Plc NI
43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” dated
May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company
on SEDAR on May 26, 2021. Mr Dana Roets (B Eng (Min.), MBA,
Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company's
qualified person as defined by Canada's National Instrument 43-101
and has approved any scientific or technical information contained
in this news release.
Note: This announcement contains inside
information which is disclosed in accordance with the Market Abuse
Regulation (EU) No. 596/2014
(“MAR”)
as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 and is disclosed in accordance
with the Company's obligations under Article 17 of
MAR.
Cautionary Note Concerning
Forward-Looking InformationInformation and statements
contained in this news release that are not historical facts are
“forward-looking information” within the meaning of applicable
securities legislation that involve risks and uncertainties
relating, but not limited, to Caledonia’s current expectations,
intentions, plans, and beliefs. Forward-looking information can
often be identified by forward-looking words such as “anticipate”,
“believe”, “expect”, “goal”, “plan”, “target”, “intend”,
“estimate”, “could”, “should”, “may” and “will” or the negative of
these terms or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Examples of
forward-looking information in this news release include:
production guidance, estimates of future/targeted production rates,
and our plans and timing regarding further exploration and drilling
and development. This forward-looking information is based, in
part, on assumptions and factors that may change or prove to be
incorrect, thus causing actual results, performance or achievements
to be materially different from those expressed or implied by
forward-looking information. Such factors and assumptions include,
but are not limited to: failure to establish estimated resources
and reserves, the grade and recovery of ore which is mined varying
from estimates, success of future exploration and drilling
programs, reliability of drilling, sampling and assay data,
assumptions regarding the representativeness of mineralization
being inaccurate, success of planned metallurgical test-work,
capital and operating costs varying significantly from estimates,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects and other factors.
Security holders, potential security holders and
other prospective investors should be aware that these statements
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. Such factors
include, but are not limited to: risks relating to estimates of
mineral reserves and mineral resources proving to be inaccurate,
fluctuations in gold price, risks and hazards associated with the
business of mineral exploration, development and mining, risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships
with and claims by local communities and indigenous populations;
political risk; risks related to natural disasters, terrorism,
civil unrest, public health concerns (including health epidemics or
outbreaks of communicable diseases such as the coronavirus
(COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining or
maintaining necessary licenses and permits, diminishing quantities
or grades of mineral reserves as mining occurs; global financial
condition, the actual results of current exploration activities,
changes to conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs,
environmental, safety or regulatory risks, expropriation, the
Company’s title to properties including ownership thereof,
increased competition in the mining industry for properties,
equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production
rate increase and currency fluctuations. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.This news
release is not an offer of the shares of Caledonia for sale in the
United States or elsewhere. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the shares of Caledonia, in any province,
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such province, state or jurisdiction.
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