-- Gold sales during the Quarter were 11,588 ounces at an average sales price of US$1,368 per ounce of gold.-- Gross Profit for the Quarter (i.e. after depreciation and amortization but before administrative expenses) was $8.6 million (Q1 2013, $9.0 million; Q2 2012, $10.1 million).-- Net profit after tax for the Quarter attributable to Caledonia shareholders was $3.0 million (Q1 2013, $4.6 million; Q2 2012, $5.5 million).-- Basic earnings per share attributable to Caledonia shareholders for the Quarter were 5.8 cents per share, (Q1 2013, 9.0 cents; Q2 2012, 11.0 cents). The earnings per share numbers for the Quarter and all preceding quarters reflect the one-for-ten share consolidation which took place during the Quarter.-- At June 30, 2013 Caledonia had cash and cash equivalents of $22.5 million (March 31, $25.2 million; 2013 December 31, 2012 $27.9 million). -- The reduction in net cash in the Quarter was due to the payment by Caledonia of it's a second dividend of $2.5 million in respect of the profit for 2012 and capital investment of $3.8 million, of which $2.4 million was at the Blanket Mine and $1.4 million was at Nama.
-- The deep level exploration drilling at the Blanket Mine below 750 metre (m) level has continued. The first exploration hole into the Blanket No. 4 ore body below the 750 m level made an intersection with a grade of 3.57 grams per tonne ("g/t") over 4.70 m true width. A second hole made an intersection of 5.96 g/t over 6.00 m true width. Development work continues as planned on the capital projects with the objective of increasing production in future years.-- Exploration at Blanket's satellite projects has continued. -- At the GG project, the shaft sinking has reached the target depth of 120 m below surface and further exploration continues to allow for a better understanding of the geometry of the identified mineralisation. -- At the Mascot project, underground development towards the North Parallel Zone has commenced on a second level and has identified mineralisation. Development towards the South Zone exploration has commenced. If the gold grades of the exposed mineralized zones prove to be economic, material from Mascot could be delivered to the main Blanket plant as early as late 2013. Mineral resources that are not mineral reserves have no demonstrated economic viability.-- In early July 2013, Caledonia Nama submitted, as required, a report on preliminary exploration results from the Nama Copper Project to the Zambian Government.
-- On April 12, 2013, the one-for-ten share consolidation was implemented pursuant to the special resolution passed at the special meeting of Caledonia shareholders held on January 24, 2013.-- On April 3, 2013, Caledonia announced a dividend in respect of the year ended December 31, 2012 of $0.005 per pre-consolidated ordinary share or $0.05 on a post-consolidated basis, which was paid on April 30, 2013. This dividend, in conjunction with the dividend paid in February 2013 means that the total dividend payment year to date in 2013 is $0.1 per share on a post-consolidation basis.
Commenting on the Q2 and H1 2013 results, Stefan Hayden, Caledonia President and Chief Executive Officer said: "The second quarter of 2013 presented significant challenges as the gold price suffered an unprecedented fall in April 2013.