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Caledonia able to execute other areas of growth strategy

Caledonia able to execute other areas of growth strategy

Steve Curtis

Caledonia Mining Chief Executive Officer (CEO) Steve Curtis said the company is now able to execute
other areas of growth due to the gold production increase record this third quarter.

Shantel Chisango

Curtis stated that the increase in production, as well as the completion of the Central Shaft, has paved
the way for obtaining Maligreen.
Maligreen is located in the Gweru, Midlands. The dormant mine was purchased from Pan African Mining
with a substantial brownfield exploration opportunity with significant historical exploration and
evaluation work having been conducted on the property over the last 30 years.

As at 31 August 2021, Maligreen is estimated to host a NI 43-101 compliant inferred mineral resource of
approximately 940,000 ounces of gold in 15.6 million tonnes at a grade of 1.88g/t. 76% of the inferred
mineral resource (approximately 712,000 ounces) is shallower than 220m indicating the potential for an
open-pit mining operation.

"The completion of Central Shaft and the resultant increase in production also means that we are able
to execute other areas of our growth strategy such as the agreement to acquire Maligreen that we
announced last month," said Curtis.
Curtis was delighted over the positive results produced by the company and is joyful to share future
results with shareholders.

See Also

In the third quarter, Caledonia had a production of 18,965 ounces of gold, 25 per cent up, compared to
the 15,155 ounces produced in the prior quarter of 2020.
Gold produced in the nine months to September 30, 2021, was 48,872 ounces, 14 per cent more than
the 42,887 ounces produced in the nine months to September 30, 2020.
Caledonia remains on track to achieve its production target of 80,000 ounces in 2022.
Caledonia Mining Chief Executive Officer (CEO) Steve Curtis said the company is now able to execute
other areas of growth due to the gold production increase record this third quarter.

 

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