REG - Caledonia Mining Crp - Production Update and Record Q1 Production

Caledonia MiningAnnouncement

12/04/2022 07:01

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RNS Number : 0170I  Caledonia Mining Corporation PLC  12 April 2022

Caledonia Mining Corporation Plc

Production Update and Record Q1 Production at Blanket Mine

(NYSE AMERICAN, AIM and VFEX: CMCL)

 

St Helier, April 12, 2022 - Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") announces gold production from the Blanket Mine in Zimbabwe
("Blanket") for the quarter ended 31 March 2022 ("Q1 2022" or the "Quarter").
All production numbers are expressed on a 100 per cent basis and are based on
the final assay at the refiners.

Highlights

·    Quarterly gold production of 18,515 ounces, a record for any first
quarter

·    40 per cent increase in quarterly production on the 13,197 ounces
produced in Q1 2021

·    Reiterated gold production for 2022 is expected to be between 73,000
to 80,000 ounces 1 

 

 

 Commenting on the announcement, Steve Curtis, Chief Executive
Officer, said:

"I am delighted that during this quarter we have set a new first quarter
production record. 18,515 ounces is ahead of our expectations and reflects the
increased capacity at Central Shaft.

"The ramp-up in production towards our quarterly target of 20,000 ounces means
that we are on track to meet our annual production target.

"As previously announced, very sadly during the quarter a fatal accident
resulted in the death of a Blanket employee.  We always take the safety of
our employees very seriously and I join my colleagues in expressing our
sincere condolences to the family, friends and colleagues of the deceased."

 

 

 

 

Enquiries:

 

 Caledonia Mining Corporation Plc

 Mark Learmonth                                   Tel: +44 1534 679 802

 Camilla Horsfall                                 Tel: +44 7817 841793
 WH Ireland

 Adrian Hadden/ Jessica Cave/ Andrew De Andrade   Tel: +44 20 7220 1751

 Liberum Capital Limited

 Scott Mathieson/Kane Collings                    Tel: +44 20 3100 2000
 BlytheRay Financial PR

 Tim Blythe/Megan Ray                             Tel: +44 207 138 3204
 3PPB

 Patrick Chidley                                  Tel: +1 917 991 7701

 Paul Durham                                      Tel: +1 203 940 2538

 Curate Public Relations (Zimbabwe)               Tel: +263 77280 2131

 Debra Tatenda

 

___________

 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 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.

 

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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