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Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa. Caledonia is listed on the TSX (CAL), and on AIM (CMCL) and its shares are traded on the NASDAQ-OTCQX (CALVF).
Caledonia Mining sees "substantial improvement" in gold production from Blanket mineAugust 14 2012, 7:01am
The firm produced 11,560 ounces of the yellow metal in the second quarter to June 30 - 26 per cent higher than in Q1 and 41 per cent higher than in the second quarter of 2011, it revealed.
The increase was put down to completed maintenance work on of scheduled maintenance work at the no.4 shaft which was completed in early May.
The average gold recovery during the quarter increased to 93.9 per cent, compared to 93.2 per cent in the preceeding quarter.
Meanwhile, the company's cash operating costs in the quarter decreased to US$547 per ounce compared to US$648 per ounce in Q1.
The firm also told investors that in last month alone (July), the company produced 4,708 ounces.
The average selling price was US$1,599 compared to US$1,688 in the preceeding quarter, it added.
Stefan Hayden, the company's president and chief executive, said: "Increased gold production, further improvements in gold recoveries and continued close attention to costs contributed to a reduction in average operating costs..."
He added: "The strong operating performance is a testament to the hard work of the management and employees at Blanket and shows the benefits of Caledonia's recent investments in the Blanket mine."
He noted the firm had made good progress in implementing indigenisation at the mine and that all of the transaction documents have been signed.
"We await only the final approval from the Reserve Bank of Zimbabwe so that all of the transactions can become unconditional."
Last week the firm released some cautiously optimistic drill results from its Nama base metal project in Zambia. A total of 13 of the 18 holes drilled so far have hit copper at an average weighted grade of 0.52 per cent over 1,300 metres.
The mineralisation extends from surface to 580 metres and is open at depth and to the west and is between 10 and 27 metres thick.
Caledonia has already begun the next phase of drilling, expected to entail a further 10 holes for a total of 2,100 metres, with the aim to identify a possible westerly extension to the mineralised zone and improve the confidence level of the resource data.