Caledonia to meet targets

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Caledonia Mining Corporation says it is on course to meet its revised output target of 45 000 ounces for the year after identifying additional gold deposits at its Blanket Mine in Gwanda.

HARARE — Caledonia Mining Corporation says it is on course to meet its revised output target of 45 000 ounces for the year after identifying additional gold deposits at its Blanket Mine in Gwanda. caledonia-mine In May, Caledonia lowered its production target for the current year from 48 000 ounces after grades in the ore mined from its Blanket Mine turned out lower than anticipated.

Average mined grade for the rest of the year has since been projected to be between 3,6g per tonne and 3,7g per tonne, compared with initial expectations of 3,83g per tonne.

In a statement issued on Tuesday, Caledonia Mining Corporation president and chief executive Stefan Hayden, said new production areas had been developed to replace those areas where production had been suspended due to the lower grade.

“I am confident that the 2014 production target of 45 000 ounces will be achieved,” Hayden said.

“Exploration at Blanket has identified additional gold mineralisation at the 750 metre level and at the Mascot and GG satellite properties, while recent drilling had added 500 000 tonnes at 3,9g per tonne to inferred resources.”

In a separate statement also issued on Tuesday, the London and Toronto-listed gold miner announced it had paid its sixth quarterly dividend of one and one half Canadian cents ($0,015).

Caledonia added it expects its current dividend policy of six cents per annum, paid in equal quarterly installments will be maintained in 2015.

Caledonia has a 49% interest in Blanket Mine, with the rest of the shareholding in indigenous hands.

— The Source

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