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Caledonia Mining: Insight on Bilboes Gold Project Acquisition which Could Triple Gold Production

21:01 MIN 3.712

Interview with CEO Mark Learmonth. Caledonia Mining announced that it has signed an agreement to purchase Bilboes Gold Limited, which owns the Bilboes gold project in Zimbabwe for 5,123,044 Caledonia shares which are valued at current price around $53 million. The Project has NI43-101 compliant proven and probable mineral reserves of 1.96 million ounces of gold at a grade of 2.29 g/t and a feasibility study prepared by the vendors indicates the potential for an open-pit gold mine producing an average of 168,000 ounces per year over a 10-year life of mine. The CFO explains the details of the transaction and how Caledonia approaches Financing for this project.