12th Oct 2015 09:28
LONDON (Alliance News) - Caledonia Mining Corp on Monday said that third-quarter gold production from the Blanket Mine in Zimbabwe, in which it owns a 49% stake, amounted to 10,927 ounces.
The gold produced in the quarter is equivalent to a 5% increase on that produced in the previous quarter, and a 10.5% increase on the corresponding quarter the prior year, the company said.
Production in the quarter is based partly on mine assays and is subject to adjustment following third party assays, Caledonia Mining said.
"The continued increase in production reflects the improved management control over grade and tonnage. The completion of the tramming loop in June 2015 has increased the underground haulage capacity and allows for an increase in development activity, which is expected to result in further increases in future production," Chief Executive Steve Curtis said in a statement.
Shares in Caledonia were up 2.2% at 41.90 pence on Monday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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