StockMarketWire.com - Caledonia Mining maintained its annual output guidance despite production in the second quarter falling short of expectations

For the quarter ended June 30, approximately 12,712 ounces of gold were produced, 6.4% above the 11,948 ounces produced in the first quarter of 2019.

Gold produced for the first half of 2019 was 24,660 ounces, approximately 3.4% below the 25,582 ounces produced in the first half of 2018.

Caledonia, however, said it maintains its 2019 full year production guidance of 53,000 to 56,000 ounces and remains on track with progress towards its target of 80,000 ounces by 2022.

'Production in the second quarter of 2019 was slightly below our target but ahead of the comparable quarter in 2018 (Q2 2018: 12,657), and still at a level at which we remain comfortable with our 2019 production guidance,' the company said.

'We expect to complete the shaft sinking phase of the central shaft project later this month, which will be a significant milestone for our business.'

'We look forward to commencing production from the central shaft during H2 2020 which is expected to deliver the Company's growth plan to achieve 75,000 ounces in 2021 and 80,000 ounces by 2022."


At 9:31am: [LON:CMCL] Caledonia Mining Corp share price was -10p at 455p



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