Caledonia Mining Corporation Plc. Q2 2019 Production Update

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11/07/2019 08:48
St Helier, July 11, 2019: Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces quarterly gold production from the Blanket Mine ("Blanket") in Zimbabwe for the quarter ended June 30, 2019 ("Q2 2019" or the "Quarter"). 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.

Approximately 12,712 ounces of gold were produced during the Quarter, 6.4% above the 11,948 ounces produced in the first quarter of 2019. Gold produced for the first half of 2019 was 24,660 ounces, approximately 3.4% below the 25,582 ounces produced in the first half of 2018. Caledonia maintains its 2019 full year production guidance of 53,000 to 56,000 ounces and remains on track with progress towards its target of 80,000 ounces by 2022.

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

"Production in the second quarter of 2019 was slightly below our target but ahead of the comparable quarter in 2018 (Q2 2018: 12,657), and still at a level at which we remain comfortable with our 2019 production guidance of 53,000 to 56,000 ounces for the full year. I am pleased to report that our efforts to improve grade control have delivered results in the quarter although this remains a significant area of focus."

"We expect to complete the shaft sinking phase of the central shaft project later this month, which will be a significant milestone for our business. We look forward to commencing production from the central shaft during H2 2020 which is expected to deliver the Company's growth plan to achieve 75,000 ounces in 2021 and 80,000 ounces by 2022."

About Caledonia Mining
Caledonia's primary asset is a 49 per cent interest in the Blanket gold mine in Zimbabwe. In November 2018, Caledonia announced that it had signed a legally binding agreement to increase its shareholding in Blanket to 64% subject to the 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 March 31, 2019, Caledonia had cash of approximately US$9.7 million. The Company plans for Blanket to increase gold production from 54,511 ounces in 2018 to approximately 75,000 ounces in 2021 and approximately 80,000 ounces by 2022; Blanket's target production for 2019 is 53,000 to 56,000 ounces. Caledonia expects to publish its results for the quarter to June 30, 2019 on or around August 13, 2019.

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