Caledonia Mining

Profit doubles and gold production increases by 17% during Caledonia Mining's Q1

Caledonia Mining increased gold production by 17% and nearly doubled its profit to $5,248,000 compared to $2,815,000 in the fourth quarter 2010.

Announcing its Q1 results on Wednesday, the company also said that its average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010.

As of March 31, 2011 the company had net cash and cash equivalents of $1,406,000.