|By Marketwired .||
|November 14, 2012 03:09 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/14/12 -- Caledonia Mining Corporation (the "Company") (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) is pleased to announce its operating and financial results for the third quarter 2012 ("Q3" or the "Quarter") ended September 30, 2012, which are reported below in Canadian dollars.
-- Gold produced at the Blanket Mine in Zimbabwe in Q3 reached a new all- time high of 12,918 ounces, 12% higher than the 11,560 ounces produced in the quarter ended June 30, 2012 (the "preceding quarter") and 33% higher than the 9,743 ounces produced in Q3 of 2011 (the "comparable quarter"). -- Gold production from underground mining in the Quarter was the highest ever produced by Blanket since its first recorded production in 1906. -- Blanket's cash operating costs in the Quarter decreased to US$508 per ounce of gold produced from US$547 in the preceding quarter and US$583 in the comparable quarter.
-- Gold Sales during the Quarter were at an average sales price of US$1,673 per ounce compared, to an average sales price of US$1,599 in the preceding quarter and an average sales price of US$1,737 in the comparable quarter. -- Gross Profit for the Quarter (i.e. after depreciation and amortization but before administrative expenses and the Indigenisation related expenses referred to below) was $12,602,000, a new record high, which was 25% higher than the $10,067,000 achieved in the preceding quarter and 35% higher than the $9,364,000 achieved in the comparable quarter. -- Cash flow from continuing operations in the Quarter, before capital investment, was $12,364,000 compared to $8,653,000 in the preceding quarter and $9,206,000 in the comparable quarter. -- Net cash and cash equivalents generated per share in the Quarter was 1.2 cents compared to 0.36 cents in the preceding quarter and 2.9 cents for the nine months to September 30, 2012 compared to 1.14 cents for the nine months to September 30, 2011. -- At September 30, 2012 Caledonia had cash and cash equivalents of $24,615,000 compared to $18,323,000 at June 30, 2012 and $6,847,000 at September 30, 2011. -- Caledonia's annualised return on shareholders' funds (before the non- cash based expenses arising from the implementation of indigenisation and non-cash adjustments arising from exchange rate movements on inter- company balances) was 61%. -- During the Quarter Blanket made payments in respect of direct and indirect taxes, royalties, licence fees, levies and other payments to the Government of Zimbabwe totalling US$8.4 million compared to US$7.9 million in the preceding quarter and US$3.8 million in the comparable quarter.
Nama Base Metals Project, Zambia
-- The 2012 drilling programme continued with the objectives of further identifying and defining extensions of the mineralised zone identified in 2011 and increasing the confidence level of the information on this mineralised zone. As at October 25, 2012, 30 holes and 8,400 metres of drilling had been completed and three rigs are currently working on the site. -- To date, an area of copper mineralization has been defined as follows: -- current identified strike length of 1.3 km and a dip extent of 900 metres; -- mineralisation intersected at depths from 98 to 579 metres; -- thickness of mineralized zone varies from 10 to 27 metres; -- average copper grade of 0.52%; and -- possible extensions of the mineralized zone to the west and to depths below 580 metres will be drill tested in future. -- The 2012 drilling programme is expected to be completed shortly following which the drill results will be analysed and interpreted. Caledonia expects to issue an NI 43-101 compliant copper resource and reserve statement by June 30, 2013. -- Caledonia will continue to manage its cash resources so that it retains the financial capacity to progress this project as fast and as far as possible without requiring third party involvement or equity funding.
-- On October 11, 2012 Caledonia announced the completion of the Indigenisation of Blanket following which Caledonia now owns 49% of Blanket. -- Caledonia has received the Certificate of Compliance from the Government of Zimbabwe which confirms that Blanket is fully compliant with the Indigenisation and Economic Empowerment Act. -- Caledonia's strong operating performance was converted into an attributable net loss after tax for the Quarter of $7,240,000 after a non-cash, non-recurring charge of $14,161,000 due to the implementation of the Indigenisation of Blanket. -- As an indigenised entity, Blanket can now develop and implement its long term growth strategy. The newly constituted Blanket Board, which includes representatives of the Indigenous Zimbabwean shareholders, has approved a capital investment programme for 2013 and a 4 year growth strategy for 2014 to 2017. Work has commenced on a new development project at Blanket (the No. 6 Winze Project) which is expected to result in a 70% increase in ore production from 2015. This programme will be funded from Blanket's internally generated cash and is expected to result in progressive increases in gold production over the next five years.
Commenting on Caledonia's performance, Stefan Hayden, President and CEO, said: "The third quarter of 2012 showed a substantial improvement in gold production at the Blanket Mine in Zimbabwe. Gold production in the quarter was 12,918 ounces - 12% higher than the preceding quarter and 33% higher than the third quarter of 2011. This was the highest quarterly gold production ever achieved by Blanket Mine since its first recorded production in 1906, and whose previous owners include Falconbridge and Kinross Gold.
Increased gold production, further improvements in gold recoveries and continued close attention to costs contributed to a reduction in average operating costs from US$547 per ounce of gold produced in the preceding quarter to US$508 per ounce of gold produced. Blanket is now one of the lowest cost gold producers in both Africa and the world.
The strong operating performance is a testament to the hard work of the management and employees at Blanket and shows the benefits of Caledonia's investments in the Blanket Mine.
Following the implementation of indigenisation, Blanket, as a highly profitable and cash-generative gold producer and with Caledonia's financial, technical and administrative support, is well-positioned to implement its growth strategy. Work continues at Blanket's satellite development properties and on the deeper level development and exploration at the Blanket Mine. In addition, work has also commenced on a new development project at Blanket Mine, the No. 6 Winze, which is expected to give rise to an approximate 70% progressive increase in production, commencing in three to four years.
As expected, the implementation of indigenisation at Blanket resulted in a large non-cash accounting charge which adversely affected our reported profit. This charge, which is a non-recurring item, had no impact on Caledonia's strong cash generation. Details of the highly complex accounting for indigenisation is set out in the unaudited consolidated financial statements for the Quarter, which are available on Caledonia's website.
Work continues at the Nama base metals project in Zambia. I expect that Caledonia will be in a position to issue a resource and reserve statement by the end of June, 2013, as previously advised.
Caledonia's financial position continues to improve. With almost $25 million of cash on hand Caledonia has sufficient cash resources to invest in its existing projects and also in potential new opportunities."
Caution Regarding Forward Looking Statements:
Information included in this release constitutes forward-looking statements. There can be no assurance that future exploration will identify mineralisation that will prove to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits that may be identified or that required regulatory approvals will be obtained.
Dr. Trevor Pearton, BSc Eng. (Mining Geology), PhD (Geology) FGSSA, VP Exploration, is the Company's Qualified Person as defined by NI 43-101. Dr. Pearton is responsible for the technical information provided in this Release.
Further information regarding Caledonia's exploration activities and operations along with its latest financials and Management Discussion and Analysis may be found at www.caledoniamining.com.
Lori MacVittie is responsible for education and evangelism of application services available across F5's entire product suite. Her role includes authorship of technical materials and participation in a number of community-based forums and industry standards organizations, among other efforts. MacVittie has extensive programming experience as an application architect, as well as network and systems development and administration expertise. Prior to joining F5, MacVittie was an award-winning Senio...
Dec. 24, 2014 09:00 PM EST Reads: 1,187
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Dec. 24, 2014 06:30 PM EST Reads: 1,892
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
Dec. 24, 2014 05:00 PM EST Reads: 1,295
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 24, 2014 04:00 PM EST Reads: 1,696
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Dec. 24, 2014 04:00 PM EST Reads: 2,315
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 24, 2014 02:00 PM EST Reads: 2,591
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 24, 2014 02:00 PM EST Reads: 2,805
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 24, 2014 01:45 PM EST Reads: 1,929
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Dec. 24, 2014 01:00 PM EST Reads: 1,901
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 24, 2014 12:30 PM EST Reads: 1,910
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 24, 2014 12:30 PM EST Reads: 1,750
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 24, 2014 12:00 PM EST Reads: 1,688
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 24, 2014 12:00 PM EST Reads: 2,106
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 24, 2014 12:00 PM EST Reads: 2,057
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Dec. 24, 2014 11:45 AM EST Reads: 2,185