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

Caledonia MiningAnnouncement

11/10/2023 07:00

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RNS Number : 6886P  Caledonia Mining Corporation PLC  11 October 2023

Caledonia Mining Corporation Plc

Record Quarterly Production at Blanket Mine

(NYSE AMERICAN, AIM and VFEX: CMCL)

 

St Helier, October 11, 2023 - Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") announces gold production from the Blanket Mine in Zimbabwe
("Blanket") for the quarter ended September 30, 2023 ("Q3 2023" 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 21,772 ounces, a new quarterly record for
Blanket mine

·  An increase of three per cent on the 21,120 ounces produced in the
corresponding quarter of 2022.

·   Gold produced in the nine months to the end of September was 55,244
ounces.

·  Caledonia reiterates its gold production guidance for 2023 of between
75,000 and 80,000 ounces 1 .

 

 Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:

"I am pleased that Blanket is performing well and we have set a new quarterly
production record. I look forward to achieving our guidance of between 75,000
and 80,000 ounces of gold for 2023.

 

"We have invested heavily in Blanket over the last seven years, including
investment this year to construct a new tailings storage facility which is
expected to have a life of at least 15 years, based on the current production
profile, and will support production well into the future.

 

"The recent encouraging drill results at Blanket indicate that there is
additional mineralisation that may, in due course, be accessed using the
current infrastructure and which should further extend the life of Blanket.

 

"Blanket continues to provide a solid foundation for the Company, providing us
with a platform for our other growth projects in Zimbabwe."
 

 

 

Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services,
has reviewed and approved the scientific and technical information contained
in this news release. Craig James Harvey is a "Qualified Person" as defined by
each of (i) the Canadian Securities Administrators' National Instrument 43-101
- Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of
Regulation S-K of the U.S. Securities Act.

 

Enquiries:

 Caledonia Mining Corporation Plc

 Mark Learmonth                                              Tel: +44 1534 679 800

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

 Adrian Hadden                                               Tel: +44 (0)20 7220 0500

 Neil McDonald

 Pearl Kellie
 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)   Tel: +263 (242) 745 119/33/39

 Lloyd Mlotshwa

 

 

 

 

________
 1  Refer to the technical report entitled "NI 43-101 Technical Report on the
Blanket Gold Mine, Zimbabwe" with effective date September 1, 2022 prepared by
Minxcon (Pty) Ltd filed by the Company on SEDAR (www.sedar.com) on March 13,
2023

 

 

Note: The information contained within this announcement is deemed by the
Company to constitute inside information under 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. The forward-looking information
contained in this news release 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: the successful implementation of mine plans,
the establishment of estimated resources and reserves, the grade and recovery
of minerals which are mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling, sampling and assay
data, the representativeness of mineralization being accurate, success of
planned metallurgical test-work, capital availability and accuracy of
estimated operating costs, obtaining required governmental, environmental or
other project approvals, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and Caledonia's
experience of project development in Zimbabwe and other factors.

 

To the extent any forward-looking information herein constitutes a financial
outlook or future oriented financial information, any such statement is made
as of the date hereof and included herein to provide prospective investors
with an understanding of the Company's plans and assumptions. 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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