Caledonia Mining Corporation Plc Q2 2018 Production Update

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ST HELIER, Jersey, July 12, 2018 (GLOBE NEWSWIRE) -- 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, 2018 (“Q2 2018” 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 12,657 ounces of gold were produced during the Quarter, 2% below production in the first quarter of 2018 and 1% above production in the second quarter of 2017. Gold produced for the first half of 2018 was 25,582 ounces, marginally ahead of the 25,316 ounces produced in the first half of 2017. Production remains in line with expectations for 2018 and Caledonia maintains its 2018 production guidance of 55,000 ounces to 59,000 ounces for the full year. Blanket remains on track with progress towards its long-term target of 80,000 ounces by 2021.

Commenting on the production for Q2 2018, Steve Curtis, Chief Executive Officer, said:

Caledonia’s primary asset is a 49% interest in an operating gold mine in Zimbabwe (“Blanket Mine”). Caledonia’s shares are listed on 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, 2018, Caledonia had cash of approximately US$13.4m. Blanket Mine plans to increase production from 56,136 ounces of gold in 2017 to approximately 80,000 ounces by 2021; Blanket Mine’s target production for 2018 is 55,000 to 59,000 ounces. Caledonia expects to publish its results for the quarter to June 30, 2018 on or about August 13, 2018.

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Globe Newswire: 07:00 GMT Thursday 12th July 2018

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