Caledon Resources (CDN) – Interim Results

Caledon Resources (CDN) – Interim Results

Interim Results for the six months ended 30 June 2008

Caledon Resources plc announces its interim results for the six months ended 30 June 2008. These results demonstrate substantial revenue growth supported by an improvement in the unit cost of production which has resulted in positive cash flow for the month of July.

Highlights
• Magatar mining system implemented at the Cook Mine
• Transition to positive cash flow mid-year
• Minyango resource upgraded to 292.1 million tonnes
• Successful listing on the Australian Securities Exchange
• Loss per share for the six months ended 30 June 2008 was 5.3 Australian cents (2007: loss per share 9.5 Australian cents)
• Strong market outlook with 2008 coal prices increasing substantially over 2007 levels

Robert Alford, Chairman, commented:
“Our new Magatar mining system is now running smoothly and coal production volumes are rising steadily. As a result the Cook mine has had its first month of operational profitability in June 2008.
“This achievement was despite significant operational challenges and an unprecedented period of tight labour and equipment availability in the industry, and wouldn’t have been possible without the dedication of all our staff.
“Caledon continues to target a production rate of 100,000 tonnes per month.”

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