Caledonia Mining Corporation: 2002 Financial Results and General Update.Business Editors TORONTO--(BUSINESS WIRE)--May 16, 2003 Caledonia Mining Corporation ("Caledonia") of Toronto (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CALVF)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CAL) is pleased to announce its financial results for the fiscal year ended December 31, 2002 with the comparative performance highlights. The results are reported in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Caledonia also provides a general update and reports on the winter exploration program on the Kikerk Lake joint venture with Ashton Mining of Canada Inc. ("Ashton"). Performance Highlights: Caledonia continues to remain largely debt free and continues to focus its efforts on advancing its assets and adding shareholder value. Caledonia intends to extend this focus to include the addition of income producing assets in order to fund its activities and further acquisitions.
2002 2001 2000
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Financial - $ Thousands
Net Income (Loss) before write-downs (1,754) (1,195) 7,412
Net Income (Loss) after write-downs (4,331) (1,195) 7,412
Assets 24,767 24,973 25,063
Current Liabilities 1,336 2,701 2,556
Long Term Liabilities 1,280 1,813 1,813
Shareholders' Equity 22,151 20,459 20,694
Share Information
Shares Outstanding (Thousands) 221,795 165,202 148,202
Earnings (Loss) per Share (0.02) (0.01) 0.08
The 2002 Annual Report has been filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review and will be mailed to Shareholders on May 20th, and has been posted today on our website at: http://www.caledoniamining.com . The Annual Meeting of Shareholders will be held at 09:30 in Toronto on June 24, 2003. Kikerk Lake The Kikerk Lake property is located in the Coronation Gulf Coronation Gulf () lies between Victoria Island and mainland Nunavut in Canada. To the northwest it connects with Dolphin and Union Strait and thence the Arctic Ocean; to the northeast it connects with Dease Strait and thence Queen Maud region of Nunavut and hosts the diamondiferous Potentilla and Stellaria kimberlites, identified on the property in 2001 and 2002 respectively. The winter portion of the 2003 program announced by Ashton and Caledonia on March 7, 2003 has been completed and three electromagnetic anomalies associated with indicator mineral dispersions and underlying lakes approximately one km west of Potentilla were tested by drilling. At one anomaly, two angle holes drilled at inclinations of 46 degrees and 65 degrees from horizontal intersected approximately 0.6 m and 0.3 m of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. respectively. This anomaly is located about 1.2 km west of the Stellaria kimberlite associated with a two km long linear structure. No kimberlite was intersected at the other two anomalies. Exploration on the Kikerk Lake property will continue during the summer and field activities will include follow-up on a number of unexplained indicator mineral and geophysical anomalies through heavy mineral sampling, ground geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. and prospecting. Exploration on the Kikerk Lake property is governed by an option and joint venture agreement among Ashton, Caledonia and Northern Empire Minerals Ltd. Ashton has a 52.5 percent interest in the property and has exercised its option with Caledonia to increase its interest to 59.5 percent. Northern Empire has a 30 percent joint participating interest and is funding the current program. Ashton as operator of the programs is responsible for the design, conduct, verification and quality assurance of the analytical results. General Update The Barbrook Gold mine in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. has been returned to commercial production and mined tonnage continues to increase. Both Barbrook and the 96% owned Eersteling Gold Mine have received their permanent mining authorizations from the South African Department of Minerals and Energy ("DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment "), who have also issued Eersteling with a Prospecting Permit for the Rooipoort Platinum Project. At Eersteling, prior to commencing the dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. of the first three shafts, water levels and samples have been taken from the surrounding farm boreholes and discussions are being held with the DME and the Department of Water Affairs regarding the storage and subsequent use of this pumped water by the mine. A comprehensive desk study on Rooipoort, based on airborne geophysics and the down dip drilling on the adjacent farm undertaken by Anglo Platinum Anglo Platinum ltd is the world's largest primary producer of platinum, accounting for about 38% of the world's annual production. The company, based in South Africa, was previously called "Anglo American Platinum Corporation Limited". has been completed. This study has confirmed the likely presence of both the Merensky and the UG-2 platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. metals on the property. A ground geophysics program will commence in early June and subject to these results will likely be followed immediately by a drilling program. Further information regarding Caledonia's exploration activities and operations along with its latest financials may be found on our website http://www.caledoniamining.com |
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