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Caledonia Mining Corp
Symbol C : CAL
Shares Issued 508,461,780
Close 2013-01-11 C$ 0.10
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Caledonia Mining produces 45,623 oz Au in 2012

2013-01-14 07:27 ET - News Release

Mr. Stefan Hayden reports

BLANKET MINE FOURTH QUARTER 2012 PRODUCTION UPDATE

Caledonia Mining Corp. has provided an update about gold production from the Blanket mine in Zimbabwe during the fourth quarter ended Dec. 31, 2012, and for the 2012 calendar year:

  • 11,980 ounces of gold were produced during the quarter, a 14-per-cent increase on gold production in the fourth quarter of 2011 (10,533 ounces) and a 7-per-cent decrease on Blanket's record quarterly gold production in the third quarter of 2012 (12,919 ounces);
  • Total gold production for the 12 months to Dec. 31, 2012, was 45,623 ounces, a 27-per-cent increase over the gold production in the 12 months to Dec. 31, 2011 (35,826 ounces).

Commenting on the fourth-quarter 2012 production, Caledonia's president and chief executive officer, Stefan Hayden, 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. The production of 11,980 ounces achieved in Q4 is an excellent performance by Blanket and is 16.5 per cent higher than the targeted production of 10,000 ounces per quarter. Production for the whole of 2012 of over 45,600 ounces is a new annual production record for Blanket and reflects the outstanding performance of Blanket's management and staff during the year with its multitude of challenges."

Caledonia expects to release its fourth-quarter and 2012 full-year results on or before March 31, 2013.

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