Caledonia Mining notes share price decline

Caledonia Mining (LON:CMCL TSX:CMCL) remains on track to achieve target output for 2015 of 42,000 ounces of gold and operating costs as planned, it said, as it noted the share price fall on Monday in Toronto. The combined trading volume on the TSX and OTCQX on that date, allthough higher than in recent months, represents less than 0.5% of the share capital. the firm noted. Shares dropped in Toronto that day from C$0.83 to C$0.66 but gained ground to close on Tuesday up almost 9% at C$0.74. Implementing the revised investment plan at the Blanket mine in Zimbabwe, is expected to result in production increasing from 42,000 ounces in 2015 to approximately 80,000 ounces in 2021 remains on target, it added. The firm retains a stong baance sheet and plans to maintain its existing dividend policy of paying 1.5 Canadian cents per quarter. The firm also said the reporting currency for all future reporting will be the United States dollar instead of the Canadian dollar, taking effect form the quarter and 12 months to December 31, which will be released in late March, 2016. All revenues and operating costs at Blanket are denominated in US dollars. The recent devaluation of the Canadian dollar against the United States dollar means that the continued reporting of Caledonia's financial results in Canadian dollars no longer accurately reflects Caledonia's true performance