SM:Caledonia Mining pre-tax profits up as gold prices rise
StockMarketWire.com - Caledonia Mining unveils very strong first half results with a substantial improvement in its profitability and cash generation.
Revenues rose to C$23.2m - up from C$8.6m - while pre-tax profits rose to C$6.9m from C$520,000 last time.
The company had cash and cash equivalents of C$5.0m - up from C$1.6m a year ago.
Second quarter gold production at the Blanket Mine in Zimbabwe rose to 8,226 ounces - 141% higher than a year ago - while the average price per ounce was US$1,512 compared with US$1,192 in the second quarter of 2010.
The drilling programme at the Nama base metals project in Zambia began in March to identify typical copper-belt type mineralisation.
This programme continues and the results are expected in the fourth quarter.
