TORONTO, ONTARIO–(Marketwired – Aug. 11, 2014) – Caledonia Mining Corporation (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) –
Caledonia has identified an error in the Q1 Financial Statements which resulted in the Q1 profit after tax being overstated by $1,054,000 and basic earnings attributable to Caledonia shareholders per share being overstated by $0.02 per share. The amended profit after tax is $3,091,000 instead of $4,145,000 and basic eps is $0.046 instead of $0.067.
The error arose due to a misallocation of non-cash foreign exchange gain on the translation of certain bank accounts being allocated to profit and loss instead of equity.
About Caledonia Mining
Caledonia is a mining, exploration and development company focused on Southern Africa. Following the implementation of indigenisation in Zimbabwe, Caledonia’s primary asset is a 49% interest in an operating gold mine in Zimbabwe (“Blanket”). Caledonia’s shares are listed in Canada on the Toronto Stock Exchange as “CAL”, on London’s AIM as “CMCL” and are also traded on the American OTCQX as “CALVF”.
Caledonia is debt-free and at March 31, 2014 had cash of $26.7m held with its bankers in the UK, Canada and South Africa. Blanket mine is a low-cost producer: in the year ended December 31, 2013, Blanket’s on-mine costs were US$613 per ounce of gold produced, its all-in sustaining cost was US$978 per ounce of gold and its all-in cost (which includes the investment in expansion projects) was US$1,109 per ounce.