TIDMCMCL
RNS Number : 2153F
Caledonia Mining Corporation PLC
26 July 2016
Caledonia Mining Corporation Plc
Board and Management Appointments
(TSX: CAL, OTCQX: CALVF, AIM: CMCL)
26 July 2016: Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") announces that John McGloin has joined the Board as
an independent non-executive director, with immediate effect.
Caledonia has also appointed Maurice Mason as Vice President,
Investor Relations and Corporate Development.
Mr McGloin (aged 51) holds an MSc in Mining and Exploration
Geology from the Camborne School of Mines and a BSc in Geology from
the National University of Ireland, Galway. After he graduated, Mr
McGloin worked as a geologist and a consultant geologist where he
gained experience of a range of projects and multiple
jurisdictions. Following this, he spent 10 years working in the
City of London, initially as a mining analyst and latterly as head
of the mining teams at various London-based stockbrokers.
From April 2012 to April 2016, Mr McGloin was Executive Chairman
and Chief Executive Officer of Amara Mining PLC ("Amara"), which
was focused on the Yaoure gold project in Cote d'Ivoire in West
Africa. In April 2016, Amara was subject to a recommended
combination with Perseus Mining Limited ("Perseus"), an Australian
mining group which is listed on the Toronto and Australian stock
exchanges and operates gold mines in West Africa. Following the
combination between Perseus and Amara, Mr McGloin joined the board
of Perseus as a non-executive director, a role which he intends to
combine with his role at Caledonia.
Mr Maurice Mason is a South African, resident in London, who
holds a BSc in Engineering from the University of Natal, South
Africa and an MBA from Henley Management College. Mr Mason's career
includes positions at Unilever, SABMiller and Anglo American. Most
recently, Mr Mason was director, Equity Research, for Stifel
Nicolaus Europe Ltd covering mining companies listed in the UK.
Commenting on the appointments, Mr Leigh Wilson, Caledonia's
Chairman, said:
"I welcome Mr McGloin to Caledonia's board. John's technical
background as a geologist and his practical experience in managing
a gold exploration and development company adds further strength
and a broader perspective to Caledonia's board. John's experience
will help to ensure that the robust mine development plan, which is
currently under way at the Blanket Mine in Zimbabwe, will be
successfully implemented.
"Blanket is approximately 20 months into a four year development
programme, as a result of which we expect Blanket to increase
production to approximately 80,000 ounces of gold per annum and
re-inforce its position as a low-cost operator with excellent
long-term exploration and development potential.
"I also welcome Mr Mason to Caledonia's management team. His
appointment increases Caledonia's capacity to evaluate new
strategic developments as our cash generation begins to improve as
we continue to implement the development plan at Blanket."
Commenting on his appointment as an independent non-executive
director to Caledonia, John McGloin said:
"I am delighted to join Caledonia at what is an exciting time in
the Company's development.
"The Company has an experienced management team and a strong,
producing asset, which, through the robust investment plan, has
exceptional expansion potential and I look forward to assisting
Caledonia on the implementation of this plan.
"I am also excited at the further strategic opportunities that
will arise for Caledonia as the investment programme at Blanket
begins to bear fruit."
About Caledonia Mining
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 in
Canada on the Toronto Stock Exchange as "CAL", on London's AIM as
"CMCL" and are also traded on the American OTCQX as "CALVF".
At 31 March 2016, Caledonia had net cash of US $8.8 million.
Blanket plans to increase production from 42,800 ounces in 2015 to
approximately 80,000 ounces in 2021; Blanket's target production
for 2016 is approximately 50,000 ounces. Caledonia expects to
publish its results for the quarter to 30 June 2016 on 11 August
2016.
For further information please contact:
Caledonia Mining Corporation
Plc Tel: +44 1534 702 998 or
Mark Learmonth +27 11 447 2499
Maurice Mason Tel: +44 759 078 1139
WH Ireland Tel: +44 20 7220 1751
Adrian Hadden/Nick Prowting
Blytheweigh Tel: +44 207 138 3204
Tim Blythe/Camilla Horsfall/Megan
Ray
Appendix 1 - Current and Previous Directorships of Mr.
McGloin
The names of all companies of which Mr. McGloin, has been a
director at any time in the previous five years are set out
below.
On 9 December 2014 Seguenega Mining SA, a Burkina Faso
incorporated subsidiary of Amara Mining plc of which John McGloin
was a director, was placed into liquidation. The liquidation was
completed in Q1 2016 and the company was formally dissolved.
Company Status
----------------------------- ---------
Perseus Mining Limited Current
----------------------------- ---------
Cluff Gold Sega SARL Current
----------------------------- ---------
Cluff Mining Burkina SARL Current
----------------------------- ---------
Kalsaka Mining SA Current
----------------------------- ---------
Baomahun Gold Limited Current
----------------------------- ---------
Yaoure Mining SA Current
----------------------------- ---------
Amara Mining Plc Previous
----------------------------- ---------
Amara Mining (Sierra Leone) Previous
Limited
----------------------------- ---------
Amara Mining (Burkina) Previous
Limited
----------------------------- ---------
Amara Mining (Cote d'Ivoire) Previous
Limited
----------------------------- ---------
Cluff Gold (SL) Limited Previous
----------------------------- ---------
Amara Mining Cote d'Ivoire Previous
SARL
----------------------------- ---------
Seguenega Mining SA Previous
----------------------------- ---------
Amara Mining (Mali) Limited Previous
----------------------------- ---------
Amara Mining Services Previous
Limited
----------------------------- ---------
Winston Mining Limited Previous
----------------------------- ---------
Mr. McGloin holds no shares or share options in the Company.
There are no other matters which are required to be announced
pursuant to paragraph (g) of Schedule 2 to the AIM Rules.
Cautionary Note Concerning Forward-Looking Information
Information 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.
Potential shareholders and 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; 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. Shareholders
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 information is provided by RNS
The company news service from the London Stock Exchange
END
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