Caledonia Mining Corporation says gold output at its 49 percent owned Blanket Mine rose 20 percent to 12 509 ounces in the second quarter to June, a trend likely to continue for the remainder of the year.
The output was also 16 percent higher on the 10 822oz produced in the first quarter.
Caledonia said quarterly production for the remainder of the year is expected to increase progressively to approximately 14 000 ounces by the fourth quarter due to higher ore volumes from below 750 metres.
“Production in the second quarter was slightly higher than planned demonstrating that Caledonia and the Blanket Mine remain on track to deliver our target performance of 50 000 ounces for 2016,” said chief executive Steve Curtis.
“Production in the Quarter includes production from higher grade material below 750 metres which is accessed via the No. 6 Winze and decline development. Both of these capital projects commenced production in late March 2016.”
At 31 March 2016, Caledonia had net cash of $8.8 million.- The Source
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