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Caledonia Mining confirms record annual production at Blanket

Caledonia Mining confirms record annual production at Blanket

Caledonia Mining’s (LON:CMCL TSE:CAL) Blanket Mine in Zimbabwe notched up a new annual production record in 2012, despite output easing slightly in the last three months of the year.

Total gold production for 2012 was 45,600 ounces (oz), a 27% increase over 2011’s 35,800 oz.

Blanket’s quarterly production to December of 11,980 oz was lower than the record 12,919 oz achieved in the previous three months, but was a 14% increase on the previous year’s fourth quarter.

Stefan Hayden, Caledonia's president and chief executive said: "As anticipated and as previously advised, gold production in Q4 was lower than in Q3 as the achieved grade returned towards the long term average of 3.84 g/t [grams per tonne].

“The production of 11,980 oz achieved in Q4 is an excellent performance by Blanket and is 16.5% higher than the targeted production of 10,000 oz/quarter. “

Caledonia recently unveiled plans to increase production at Blanket by 90% to 76,000 ounces annually over the next three years.


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