Caledonia Mining achieves record quarterly production of 18,965 ounces of gold

Caledonia Mining Corporation Plc (LON:CMCL) has announced gold production from the Blanket Mine in Zimbabwe for the quarter ended September 30, 2021.  Caledonia also narrows the production guidance range for 2021.  All production numbers are expressed on a 100 per cent basis and are based on mine production data and are, therefore, subject to adjustment following final assay at the refiners.

Highlights

·    Record quarterly production of 18,965 ounces of gold during the Quarter

·    An increase of 25 per cent on the 15,155 ounces produced in the corresponding quarter of 2020.

·    Production guidance for the year to December 31, 2021 has been narrowed at the top end of previous guidance at 65,000 and 67,000 ounces.

·    Gold produced in the nine months to September 30, 2021 was 48,872 ounces, 14 per cent more than the 42,887 ounces produced in the nine months to September 30, 2020.

·    Caledonia remains on track to achieve its production target of 80,000 ounces in 2022. [1]

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

“I am delighted that this quarter we have once again set a new production record as Blanket begins to reap the rewards of the substantially increased production capacity following the commissioning of the Central Shaft in March 2021.

“The ramp-up in production towards our quarterly target of 20,000 ounces has met our best estimate and, consequently, we have been able to narrow our annual production guidance from 61-67,000 ounces to 65-67,000 ounces.

“When we acquired Blanket from Kinross in 2006 our production in the third quarter of 2006 was 6,475 ounces – the Company has come a long way since then. Central Shaft provides the infrastructure required to access the deeper resources at Blanket for many years before any new vertical shaft deepening needs to be considered. The extra hoisting capacity provided by the shaft is the foundation to the production build-up to 80,000 ounces from next year onwards.

“The completion of Central Shaft and the resultant increase in production also means that we are able to execute other areas of our growth strategy such as the agreement to acquire Maligreen that we announced last month. This is an exciting time for Caledonia Mining and I look forward to continuing to update shareholders of our progress.”

[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.

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