Caledonia Mining Corporation Plc announced production results for the fourth quarter and year ended December 31, 2016 for its 49% owned subsidiary, the Blanket Gold Mine in Zimbabwe. Approximately 13,591 ounces of gold were produced during fourth quarter of 2016, representing an 18% increase on the gold produced in fourth quarter of 2015 (11,515 ounces) and a 1.2% increase on the gold produced in third quarter of 2016 (13,428 ounces).

Total 2016 gold production was approximately 50,351 ounces, representing a 17.6% increase over the annual gold production in 2015 of 42,804 ounces. The increase in production in 2016 was largely due to the start of production from below 750 meters, improvements in underground infrastructure and the commissioning of the new ball mill, in line with the Investment Plan at Blanket.

Target gold production for 2017 is approximately 60,000 ounces at an estimated on-mine cost in the range of $600 to $630 per ounce and an All-in Sustaining Cost in the range of $810 to $850 per ounce. Blanket remains on-track to increase annual production to approximately 80,000 ounces of gold by 2021.