Caledonia gold production up 18pct in Q1

Caledonia gold production up 18pct in Q1

HARARE, April 20 (The Source) – Caledonia Mining says gold production at its 49 percent- owned Blanket Mine in southern Zimbabwe rose by 18 percent to 12,794 ounces in the three months to March 31.

The junior miner says it expects to meet its annual target of  60,000oz for the year and is on track to reach 80,000oz by 2021.

“Production in Q1 was six percent lower than the previous record quarter, but remains within planned production for the full year,” said chief executive, Steve Curtis.

“This trend is in line with the historical quarterly production profile at Blanket which typically experiences slightly lower production rates in the first quarter of each year due to holidays and mine scheduling.”

As at December 31, 2016, Caledonia had cash holdings of $14,3 million.