2015 for Caledonia featured stable gold production at Blanket, albeit at slightly higher costs due mainly to a reduced average gold grade and additional sustaining capex. Investment accelerated with the implementation of the revised investment plan (RIP), significantly yielding ore production for the first time from below the 750m reduced level (RL) via the completed No. 6 Winze. This level is a key ‘watermark’ in that the company’s longer-term growth hinges on gold production below this depth. Such an important milestone mirrors a management team that is delivering on its 2014 initiated RIP and one that has taken precautionary measures to ensure its successful completion (inter alia, a small gold hedge).

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