REG - Caledonia Mining Crp - Record Quarterly Production at Blanket Mine

Caledonia MiningAnnouncement

12/10/2022 07:01

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RNS Number : 5415C  Caledonia Mining Corporation PLC  12 October 2022

Caledonia Mining Corporation Plc

Record Quarterly Production at Blanket Mine

(NYSE AMERICAN, AIM and VFEX: CMCL)

St Helier, October 12, 2022 - Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") announces gold production from the Blanket Mine in Zimbabwe
("Blanket") for the quarter ended September 30, 2022 ("Q3 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 21,120 ounces, a record for any quarter.

·    An increase of 11 per cent on the 18,965 ounces produced in the
corresponding quarter of 2021.

·    Gold produced in the nine months to September 30, 2022 was 59,726
ounces, 22 per cent more than the 48,872 ounces produced in the nine months to
September 30, 2021.

·    Reiterated gold production for 2022 is expected to be at the top of
guidance of between 73,000 - 80,000 ounces 1 .

 

 Commenting on the announcement, Dana Roets, Chief Operating Officer, said:

"We are delighted that this quarter we have once again set a new production
record at Blanket and for the last three quarters we have achieved our
quarterly target ounces.

"This has been an excellent year, the ramp-up in production towards our yearly
target of 80,000 ounces has met our best estimate and, as a consequence, we
are on track to hit the top end of our production guidance of between
73,000-80,000 ounces.

"We continue to work hard on completing the transaction for Bilboes and in the
meantime will restart the oxide operations with the expectation that it will
return to profit during the second quarter of 2023.

 

"Caledonia is optimistic on the geological prospectivity in Zimbabwe and
continues to evaluate other investment opportunities in the country with our
long-term vision to become a multi asset gold producer.

"This is an exciting time for the Company, and we look forward to continuing
to update shareholders of our progress."

 

 

Enquiries:

 Caledonia Mining Corporation Plc

 Mark Learmonth                                             Tel: +44 1534 679 800

 Camilla Horsfall                                           Tel: +44 7817 841 793
 Cenkos Securities plc (Nomad and Joint Broker)

 Adrian Hadden                                              Tel: +44 207 397 1965

 Neil McDonald                                              Tel: +44 131 220 9771

 Pearl Kellie                                               Tel: +44 131 220 9775
 Liberum Capital Limited (Joint Broker)

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

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

 3PPB (Financial PR, North America)

 Patrick Chidley                                            Tel: +1 917 991 7701

 Paul Durham                                                Tel: +1 203 940 2538
 Curate Public Relations (Zimbabwe)

 Debra Tatenda                                              Tel: +263 77802131
 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)

 Lloyd Mlotshwa                                             Tel: +263 (242) 745 119/33/39

 

 

 

 

 

 

 

________
 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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