Blanket Gold Mine is now one of the Lowest Cost 
Gold Producers in both Africa and the World,
it highlighted.

From the mine in Zimbabwe, 12,918 ounces of the yellow metal 
were produced
 - 12 per cent higher than the 11,560 ounces 
generated in the second quarter -

Meanwhile, its financial position continued to improve with almost 
$25 million of cash on hand.

Analyst Kalachev noted that the firm's cash operating results 
were an "outstanding" result compared to the firm's peers. 

"We calculate total cash costs including royalties were US$620 per 
ounce, which is substantially below the US$750 per ounce 
average for London-listed producers,"
 he said in a note.

"This underpins operating cash flow of US$7 million in Q3/12," he noted. 

The analyst said that now the indigenisation process is now 
complete, the new board has refocused on growth and 
approving a capital investment programme that includes 
the No.6 Winze development project at 
the Blanket mine.

This has the potential to increase production by 70 per cent to 
around 70,000 ounces per annum
 from 2015, he noted. 

"As well as the expansion at Blanket, the company is progressing 
with its base metal 
Nama project (Zambia) 
with a view to releasing a copper resource estimate
by June 2013," he added. 

"We think this year’s production target of 40,000 ounces looks 
conservative, given nine months production of 
33,600 ounces,"
 he concluded.

Shares rose today 12.5 per cent, to trade at 7.88p @ CMCL, AIM, London - 
God Bless