TIDMCMCL
RNS Number : 1853N
Caledonia Mining Corporation PLC
23 September 2019
Caledonia Mining Corporation Plc
Appointment of Nick Clarke as a non-executive director
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, September 23, 2019: Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces that Nick Clarke has
joined the board of directors of the Company as an independent
non-executive director with immediate effect.
Mr Clarke, who is Chairman of Central Asia Metals PLC
(AIM:CAML), is a highly experienced Chartered Engineer (CEng) with
45 years in the mining industry. He has held senior positions in
several resource companies and is well known as a successful
executive in the sector having been involved in the construction of
major mining projects and conducted several fund raisings on AIM
and TSX.
He has an extensive background in managing AIM and TSX listed
minerals companies including his current position as Chairman of
Central Asia Metals PLC, where he was CEO from 2009 until 2016.
Between 2004 and 2008 he was Managing Director of Oriel Resources
plc (AIM: ORI) and from 2006 to 2008 he was President and CEO of
Lero Gold Corporation (TSX: LER).
Mr Clarke has significant experience as a non-executive director
of a number of AIM and TSX listed resource companies having
previously held non-executive directorships on the boards of Afcan
Mining Corp. (TSX: AFK), Caledon Resources plc (AIM: CDN), Obtala
Resources plc (AIM: OBT), Columbus Copper Corp (TSX: CCU) and
Sunkar Resources plc (AIM: SKR).
Nick is an Associate of Camborne School of Mines (ACSM). He is a
trustee of the Camborne School of Mines Trust and is a member of
the Institution of Materials Minerals & Mining (MIMMM).
Commenting on Mr Clarke's appointment, Mr Leigh Wilson,
Caledonia's Chairman, said:
"I am delighted to welcome Nick Clarke to Caledonia's Board.
Nick's technical background, extensive corporate experience and
successful track record in the mining industry will undoubtedly
make a significant contribution to the Board.
"As we enter the equipping phase of the Central Shaft project at
Blanket Mine, having completed shaft sinking in July, Caledonia's
management team and Board continue also to focus on new
opportunities as Blanket Mine begins to ramp up to its target of
80,000 ounces of gold per year from 2022 onwards.
"Mr Clarke's experience will provide further support in
evaluating and implementing these opportunities, with Blanket
Mine's ongoing mining operations acting as the catalyst in
furtherance of the Company's growth and development."
Commenting on his appointment as an independent non-executive
director of Caledonia, Mr Clarke said:
"I am delighted to join Caledonia's Board at this exciting time
in the Company's development.
"It is testament to the strength of Caledonia's management team
that, in what has been a turbulent period in Zimbabwe, the Blanket
Mine has operated successfully, Caledonia has continued to pay a
regular quarterly dividend and the Central Shaft project is nearing
completion.
"I look forward to being part of Caledonia's Board and working
with my fellow directors and Caledonia's management team to support
Caledonia's profitable growth."
About Caledonia Mining
Caledonia's primary asset is a 49% interest in an operating gold
mine in Zimbabwe ("Blanket Mine"). In November 2018, Caledonia
announced that it had signed a legally binding sale agreement to
increase its holding in Blanket Mine to 64%, subject to receipt of,
amongst other things, regulatory approvals. Caledonia's shares are
listed on the NYSE American (symbol: CMCL) and on the Toronto Stock
Exchange (symbol: CAL) and depositary interests representing the
shares are traded on London's AIM (symbol: CMCL).
As at June 30, 2019, Caledonia had cash of approximately
US$7.9m. Blanket Mine plans to increase production from 54,511
ounces of gold in 2018 to approximately 75,000 ounces in 2021 and
approximately 80,000 ounces in 2022; Blanket Mine's target
production for 2019 is between 50,000 and 53,000 ounces. Caledonia
expects to publish its results for the quarter to September 30,
2019 on or around November 14, 2019.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139
WH Ireland
Adrian Hadden/Jessica Cave/James Sinclair-Ford Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray Tel: +44 207 138 3204
Appendix 1 - Current and Previous Directorships of Mr Clarke and
other matters required to be notified in accordance with paragraph
(g) of Schedule 2 to the AIM Rules
The names of all companies of which Mr Clarke has been a
director at any time in the previous five years are set out
below.
Company Status
Central Asia Metals PLC Current
-------------
NTK Developments Ltd Current
-------------
Toro Gold Ltd Previous
-------------
Wolf Minerals Limited Previous
-------------
Wolf Minerals (UK) Limited Previous
-------------
Columbus Copper Corp. Previous
-------------
On 17 October 2018 Wolf Minerals (UK) Limited, a UK registered
company and wholly owned subsidiary of Wolf Minerals Limited, an
Australian registered company (AIM: WLFE), of which Mr Clarke was a
non-executive director was placed into liquidation.
Mr Clarke's full name is Nicholas Royston Clarke. He is 67 years
old.
Mr Clarke 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.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (EU) No.
596/2014.
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, 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 and delays in the development of
projects.
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; 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 and risks relating
to the uncertainty of timing of events including targeted
production rate increase. 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 information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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