-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IPgKDmop2P4y2/nfB0nPuNnC94FCM9fp9mLsyR4kWfN8Qd5IL0WSd0VHGUy/93PY
 EVC8RgHoZx7iUFZKTRQQMw==

<SEC-DOCUMENT>0001137171-04-001476.txt : 20041116
<SEC-HEADER>0001137171-04-001476.hdr.sgml : 20041116
<ACCEPTANCE-DATETIME>20041116113510
ACCESSION NUMBER:		0001137171-04-001476
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20041116
FILED AS OF DATE:		20041116
DATE AS OF CHANGE:		20041116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALEDONIA MINING CORP
		CENTRAL INDEX KEY:			0000766011
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13345
		FILM NUMBER:		041148406

	BUSINESS ADDRESS:	
		STREET 1:		9-2145 DUNWIN DRIVE
		CITY:			MISSISSAUGA
		STATE:			A6
		ZIP:			L5L 4L9
		BUSINESS PHONE:		9056077543

	MAIL ADDRESS:	
		STREET 1:		9-2145 DUNWIN DRIVE
		CITY:			MISSISSAUGA
		STATE:			A6
		ZIP:			L5L 4L9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>cover.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="rszczype">
<META NAME="date" CONTENT="11/15/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<BR>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman" align=center><B>FORM 6-K<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman" align=center><B>Report of Foreign Private Issuer </B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman" align=center><B>Pursuant to Rule 13a-16 or 15d-16 <BR>
of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">For the month of &nbsp;November 2004<U> </U></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Commission File Number: <FONT COLOR=#3F3F3F>_000-13345</FONT></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Caledonia Mining Corporation<BR>
</B>(Translation of registrant's name into English)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Unit #9, 2145 Dunwin Drive</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Mississauga</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Ontario L5L 4L9</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Canada<BR>
</B>(Address of principal executive offices)<BR>
</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Form 20-F __X___ Form 40-F_____</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <U>____</U> </P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <U>____</U> </P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Yes <U>____</U> No <U>___X__</U></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- <U>_______</U> </P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman" align=center><B>Signatures</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:360pt; font-family:Times New Roman"><B>Caledonia Mining Corporation</B>_<BR>
(Registrant)</P>
<P style="margin:0pt; padding-left:360pt; text-indent:252pt; font-family:Times New Roman">&nbsp;<BR>
</P>
<P style="margin:0pt; padding-left:324pt; text-indent:36pt; font-family:Times New Roman">By:_/s/ &nbsp;Jim Johnstone_</P>
<P style="margin:0pt; padding-left:360pt; font-family:Times New Roman">Name: &nbsp;&nbsp;Jim Johnstone</P>
<P style="margin:0pt; padding-left:360pt; font-family:Times New Roman">Title: &nbsp;V.P. Operations</P>
<P style="margin:0pt; padding-left:360pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Dated: &nbsp;&nbsp;November 15, 2004<BR>
</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=center><B>Exhibit Index</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>Exhibit</U></P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman"><U>Description</U></P>
<BR>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">31</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman"><a href="cfocert.htm">Form 52-109F2 Certification of Interim Filings CEO</a></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">32</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman"><a href="cfocert.htm">Form 52-109F2 Certification of Interim Filings CFO</a></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:216pt; text-indent:-216pt; font-family:Times New Roman">99.1</P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman"><a href="financials.htm">Third Quarter Report 2004</a></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:216pt; text-indent:-216pt; font-family:Times New Roman">99.2</P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman"><a href="pr.htm">Press Release dated November 15, 2004</a></P>
<BR>
<BR>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>financials.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Stevep">
<META NAME="date" CONTENT="11/16/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; line-height:52pt; font-family:Times New Roman; font-size:50pt" align=center><B><font size="5">2004</font></B></P>
<P style="margin:0pt; line-height:52pt; font-family:Times New Roman; font-size:50pt" align=center><B><font size="5">Third Quarter Report</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:30pt" align=center><img border="0" src="logo.gif" width="108" height="107"></P>
<P style="margin:0pt; line-height:50pt; font-family:Times New Roman; font-size:48pt" align=center><B><font size="5">CALEDONIA</font></B></P>
<P style="margin:0pt; line-height:50pt; font-family:Times New Roman; font-size:48pt" align=center><B><font size="5">Mining Corporation</font></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2004 Objectives &nbsp;(as expressed in 2003 Annual Report)</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Return the Barbrook Gold Mine in South Africa to economic gold production;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Develop additional reserves/resources at the Barbrook mine;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Complete a feasibility study of installing a Biox&#174; bacterial leach circuit at
    Barbrook;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Acquire the 3.78% minority interests in Eersteling and delist Eersteling from the JSE Securities Exchange, South Africa;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Explore potential for low grade gold open-pit at Eersteling&#146;s Roodepoort Exploration Project in South Africa;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Identify platinum resource at Eersteling&#146;s Rooipoort Exploration Project in South Africa;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Test the feasibility of producing an economic cobalt concentrate from Nama property in Zambia;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Seek joint-venture partner to commence an exploration program at the Kadola copper/cobalt property in Zambia;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Encourage and support our joint venture partners in their exploration for diamonds at the Kikerk Lake property, Canada and on the Mulonga Plain joint venture in Zambia;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Conduct a bulk sampling program on the Goedgevonden diamond property in South Africa and conduct a limited washing program on the oxidized cap to collect a 100ct parcel of stones which can be assessed to establish the coloured stone potential of the property;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Recruit additional senior staff for the South African operations as they develop;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Strengthen the Board of Directors of Caledonia to address recent changes in Corporate Governance Regulations;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Adopt a Code of Ethics and the relevant charters to Caledonia;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Evaluate listing Caledonia on American (AMEX) and London (LSE) Stock Exchanges;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Arrange necessary financing to support the activities required to meet these objectives.</FONT></li>
</ul>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Third Quarter 2004 Highlights &nbsp;&nbsp;</B></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Completed the major modifications to metallurgical plant at Barbrook which were initiated in second quarter. &nbsp;Continued to fine tune the circuit modifications &nbsp;and successfully improved gold recoveries in resin-in-leach (RIL) circuit. &nbsp;Progressed with metallurgical testwork on a number of different process alternatives;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Continued underground development at Barbrook in the Taylors and Daylight/Victory zones. Purchased a &nbsp;hoist to service the &nbsp;decline shaft and access Taylors ore zone below 10 level;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Completed three hole drilling program at the Roodepoort Gold Exploration Project at Eersteling, and concluded that a low-grade gold open-pit will not be viable for this area. However, new intersections of narrower, good grade, vein mineralisation were discovered;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Drilled an additional 904 meters on the Rooipoort Platinum Exploration Project to commence &nbsp;Phase 2 of this exploration &nbsp;program. &nbsp;This phase 2 program is intended to fill in gaps in the results from Phase 1 prior to commencement of work to delineate an initial resource at
    Rooipoort;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Appointed Roland Fasel of Geneva, Switzerland to the Caledonia board of directors. The addition of Mr Fasel brings the number of independent directors on the Caledonia board to three;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Appointed Mr Fasel to the Audit Committee of the Board of Directors at which point Mr Hayden &nbsp;relinquished his appointment to the Audit Committee. &nbsp;As a result of these changes the Audit Committee of the board of directors is now comprised only of independent directors;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Excavated a 20m long x 2.5m wide x 7m deep trench at the Nama cobalt project in Zambia and collected a 10 ton sample from three sites on the floor of the trench;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Caledonia&#146;s partner and JV operator, Ashton Mining of Canada, completed the 2004 heavy mineral sampling program at the Kikerk Lake Joint Venture property by collecting 361 samples during the quarter.</FONT></li>
</ul>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman" align=justify><BR>
<BR>
<BR>
</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">2</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; padding-left:-27pt; padding-right:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>President&#146;s Message</B></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>Additional circuit changes were made in the metallurgical operations at Barbrook during the quarter &nbsp;to address a carbon contamination problem. &nbsp;These changes showed improvements in gold production and recovery in &nbsp;August and September and this improved gold recovery and production &nbsp;appears to be continuing. &nbsp;Concurrent with the operational adjustments, metallurgical testing is continuing on a number of fronts including the initial engineering studies for a full Biox&#174; plant at Barbrook and ultra fine milling of its flotation concentrate.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>Underground development continued at the Barbrook Gold Mine during the quarter with encouraging results in the Daylight/Victory &nbsp;zone. &nbsp;&nbsp;Underground services have been re-installed in &nbsp;all development areas. A hoist has been purchased for the Taylors zone decline shaft which will access levels below 10 level.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>Phase 2 of the exploration drilling at the Rooipoort Platinum Exploration Project near Mokopane, South Africa commenced during the quarter and an additional 43 hectares of exploration property was either purchased or optioned at Grasvally adjacent to the Rooipoort Platinum Exploration Project.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>Exploration activities were conducted on the Roodepoort (gold), Kikerk Lake (diamonds) and Nama (cobalt) properties during the quarter.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>Roland Fasel of Geneva Switzerland was appointed to the Caledonia Board of Directors in August. &nbsp;Mr Fasel is a qualified accountant and is a director of several public companies in Switzerland. &nbsp;The addition of Mr Fasel strengthens the board, particularly in the area of Corporate Governance and results in three members of the six member Board being unrelated and independent directors. &nbsp;Mr Fasel has been appointed to Caledonia&#146;s Audit Committee which is now comprised entirely of independent directors, as recommended by the Toronto Stock Exchange.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-9pt; font-family:Times New Roman" align=justify>The net loss of $2.25 million during the quarter is comprised mainly of operating losses, interest paid and administration costs.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify>(&#147;Signed&#148;)</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><B>S. E. Hayden</B></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify>Chairman of the Board,</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify>President and</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Executive Officer</P>
<P style="margin:0pt; padding-left:-27pt; text-indent:171pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; font-family:Bookman Old Style; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:-27pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Management&#146;s Responsibility for Financial Reporting </B></P>
<I><P style="margin:0pt; padding-left:-27pt; text-indent:387pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></I></P>
<P style="margin:0pt; padding-left:-27pt; font-family:Times New Roman" align=justify><B><I>To the Shareholders of Caledonia Mining Corporation:</I></B></P>
<P style="margin:0pt; padding-left:-27pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>The accompanying unaudited consolidated financial statements of Caledonia were prepared by management in accordance with accounting principles generally accepted in Canada, consistently applied and within the framework of the summary of significant accounting policies in these consolidated financial statements. &nbsp;Management is responsible for all information in the quarterly report. &nbsp;All financial and operating data in the quarterly report is consistent, where appropriate, with that contained in the consolidated financial statements.</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Times New Roman" align=justify>The Board of Directors discharges its responsibilities for the consolidated financial statements primarily through the activities of its Audit Committee composed of three directors, none of whom are &nbsp;members of management. &nbsp;This Committee meets with management to assure that it is performing its responsibility to maintain financial controls and systems and to approve the quarterly consolidated financial statements of Caledonia. &nbsp;</P>
<P style="margin:0pt; padding-right:-18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:-27pt; font-family:Times New Roman" align=justify>The consolidated financial statements have not been reviewed by Caledonia&#146;s auditors.</P>
<P style="margin:0pt; text-indent:-27pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:-27pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>(&#147;Signed&#148;)</P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman" align=justify>(&#147;Signed&#148;)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman" align=justify>&nbsp;<B>S. E. Hayden</B></P>
<B><P style="margin:0pt; text-indent:288pt; font-family:Times New Roman" align=justify>M.D. Tombs</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman" align=justify>Chairman of the Board, President and</P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman" align=justify>Vice-President Finance and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman">Chief Executive Officer</P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman">&nbsp;Chief Financial Officer<B> </B></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>CALEDONIA MINING CORPORATION</B></P>
<B><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</B></P>
<B><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2004 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<B><P style="margin:0pt; text-indent:540pt; font-family:Times New Roman; font-size:12pt"><BR></B></P>
<P style="margin:0pt; padding-left:144pt; text-indent:-144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Management&#146;s Discussion and Analysis</B></P>
<P style="margin:0pt; padding-left:144pt; text-indent:-144pt; font-family:Times New Roman">Expressed in Canadian Dollars</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>This discussion provides updated information to the Management Discussion and Analysis contained in Caledonia&#146;s Annual Report for 2003 and in the First and Second Quarter Reports for 2004. &nbsp;Where no comments are made there are no updates to report. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>OPERATIONAL REVIEW</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Barbrook Mines Limited</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Modifications to the metallurgical plant continued into September as additional equipment was installed to remove organic carbon from the resin-in-leach (&#147;RIL&#148;) plant feed. &nbsp;&nbsp;&nbsp;It is forecast that the plant should consistently meet its designed 6,000 tpm throughput by the end of the fourth quarter.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Operations at Barbrook continue to improve. &nbsp;Over the past three months a number of circuit changes have been made to the metallurgical plant. &nbsp;These have been made on a systematic basis and have made a positive effect to the operation. &nbsp;The basic effort has been to remove carbonaceous material from the flotation concentrate before the concentrate enters the leach circuit. &nbsp;As a result gold production has steadily improved from 5.45 Kg in August to 8.44 Kg in September and 12.71 Kg in October. &nbsp;Flotation recovery is estimated at 90% and thus the leach recovery in October was 63% for an overall plant recovery of 58%.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Caledonia continues to evaluate &#145;ultra-fine milling&#146; and &#145;whole-plant Biox&#174;&#146; metallurgical processes to determine whether further recovery improvements and improved economics can be attained by these means. As ongoing test work and the in-house feasibility are completed, further revisions and additions to the metallurgical plant may be expected. &nbsp;Initial tests on a Taylor flotation concentrate showed cyanidation gold recovery of 90%. &nbsp;Further tests are underway on a relatively carbon-free flotation concentrate.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The focus of underground mining remained on development during the quarter. &nbsp;Development advance is improving now that services, particularly electric power for ventilation fans, is available in all development areas including those areas remote from the main Taylors block. A hoist has been purchased for the double compartment decline shaft which will provide access to the Taylors zone below the 10 level elevation. &nbsp;Planning of the hoist installation is now underway. </P>
<P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>&nbsp;&nbsp;</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=409.667 colspan=3><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=center><B><U>Barbrook mine &#150; Q3 -2004 Production Results</U></B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:-102.7pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Ore mined</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>Tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>11,824</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Development advance</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>Meters</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>628</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Ore milled</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>Tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>11,567</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman">Weighted Average Grade milled</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>g/t</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>5.6</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Gold Sold</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>Kg</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Revenue from Gold Sold</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>$&#146;000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>202</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=193.667><P style="margin:0pt; font-family:Times New Roman" align=justify>Overall Recovery</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>31.6</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>CONSOLIDATED FINANCIAL RESULTS</B> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>For the quarter ended September 30, 2004 Caledonia recorded a net loss of $2.25 million ($0.008 per share) compared to a net loss of $1.1 million ($0.005 per share) during the same period in 2003 and a net loss of $544,000 ($0.003 per share) in the third quarter of 2002. &nbsp;The loss in 2004 primarily reflects the results from operations at Barbrook during the quarter together with interest payments and normal administration expenses. </P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Financing</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>No financing activities took place during the third quarter. A total of 200,000 additional common share purchase options were granted in the quarter exercisable at a price of $0.26 up to August 15, 2014.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>EXPLORATION AND PROJECT DEVELOPMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Eersteling Gold Mine</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The mine plans and other technical data have been reassembled and catalogued. A full geological review of the property was conducted in October. &nbsp;The resources at Eersteling were evaluated and a development program prioritised. Other areas which should be investigated as potential ore sources were identified and a surface exploration program has been proposed to test some of these areas.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Roodepoort Gold Exploration Project</I></B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The diamond drill program, consisting of three angled (-45&#186;) core holes, was completed during September and all gold assays have now been received. &nbsp;A table showing gold composites is shown below. &nbsp;As the mineralisation was not intersected at right angles the widths quoted are not true widths, and a 0.5g/t cut-off was used. &nbsp;Sampling was continuous and so there are no un-assayed sections of core. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Although the results in hole RDP04-01 are interesting the best intersections are 100m deep and are not reflected in the results from the remaining holes. &nbsp;These intersections are believed to correspond to the down dip extension of a number of old workings to the east, that extend to the 30m level. Caledonia has concluded that the potential for an open-pit operation as previously envisaged is not economically viable. &nbsp;However further compilation of previous data and assessment of the intersection in hole RDP04-01 will be conducted, prior to recommending any further work on this property.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman">Summary of grade intersections &gt;0.5g/t Au</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman">Width (m) = Drilled width</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=bottom width=64.533><P style="margin:0pt; font-family:Times New Roman" align=center><B>Hole No</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=center><B>From</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=center><B>To</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=center><B>Width</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=99.267 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=center><B>Composite</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=64.533 rowspan=12><P style="margin:0pt; font-family:Times New Roman"><B>RDP04-01</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>117.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>117.46</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.44</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.5</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>147.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>148.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.38</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>1.82</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>148.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>150.84</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.89</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>3.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>154.48</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>154.94</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.46</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.97</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>156.38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>157.72</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.34</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>5.19</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>158.90</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>159.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.33</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>163.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>163.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.52</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>166.29</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>167.67</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.38</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>3.42</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>168.51</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>171.90</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>3.39</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>3.29</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>177.12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>178.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.13</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>181.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>182.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.39</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>1.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>189.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>190.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.45</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.51</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=64.533 rowspan=3><P style="margin:0pt; font-family:Times New Roman"><B>RDP04-02</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>40.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>41.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.70</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>3.72</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>89.77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>90.38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>94.71</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>95.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.55</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=64.533 rowspan=3><P style="margin:0pt; font-family:Times New Roman"><B>RDP04-03</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>79.42</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>83.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>4.53</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>1.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>85.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>86.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.12</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.51</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>90.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=64><P style="margin:0pt; font-family:Times New Roman" align=right>91.85</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.333><P style="margin:0pt; font-family:Times New Roman" align=right>1.57</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.4><P style="margin:0pt; font-family:Times New Roman" align=right>0.64</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.867><P style="margin:0pt; font-family:Times New Roman">g/t Au</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Bruce Cumming, a registered Professional Natural Scientist in South Africa and Caledonia&#146;s Project Manager at Roodepoort is responsible for the design and conduct of this program and for the verification and quality assurance of analytical results.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Rooipoort Platinum Exploration Project </I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The Rooipoort Platinum project near Mokopane, South Africa is situated at the southern end of the Northern Limb of the Bushveld Complex (&#147;BC&#148;). The Northern Limb is host to the Potgietersrus Platinum Ltd. open-pit &nbsp;mine of Anglo Platinum, approximately 45 km to the north of Rooipoort. Significant exploration programs for Platinum Group Elements (&#147;PGE&#148;) are also being conducted throughout the Northern Limb by a number of companies.</P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">5</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The results of the first 23 holes drilled in Phase 1 of the drilling program are presented below. &nbsp;Phase 2 of the drilling program commenced in August. This second drilling phase includes approximately 10 holes to fill in gaps in the stratigraphy, prior to commencing with drilling to define an initial resource at Rooipoort. &nbsp;A total of 904 meters in three holes was drilled during the quarter.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Rooipoort Platinum Exploration Project</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:21.6pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman">&nbsp;&nbsp;Summary of grade intersections &gt;0.5g/t (2PGE (Platinum, Palladium)+Au)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman">&nbsp;&nbsp;Width (m) = Drilled width</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>Hole</B></P>
</TD><TD style="border:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>From</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>To</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>Width</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=223.667 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center><B>Composites</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133>&nbsp;</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=center><B>2PGE+Au g/t</B></P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=center><B>% Ni</B></P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=center><B>% Cu</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" width=493.333 colspan=7>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-01</B></P>
</TD><TD style="border:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>114.97</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>116.25</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.28</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.70</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>118.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>119.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.62</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>122.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>124.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.03</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>124.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>124.89</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.88</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>132.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>133.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>3.00</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.37</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.21</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>138.98</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>141.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.56</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>2.79</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.40</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.24</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>151.71</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>152.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.29</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>183.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>183.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.52</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>184.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>185.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.75</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.75</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>185.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>186.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.00</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.67</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>187.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>188.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.50</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.84</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>189.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>189.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.77</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>190.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>190.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.52</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.00</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>191.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>192.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>193.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>193.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.133>&nbsp;</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>221.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:1pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>221.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:1pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-02</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>24.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>24.83</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.51</P>
</TD><TD style="background-color:#FFFFFF; border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.60</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>36.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>37.00</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="background-color:#FFFFFF; border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.57</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>237.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>237.87</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.31</P>
</TD><TD style="background-color:#FFFFFF; border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.36</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.23</P>
</TD><TD style="background-color:#FFFFFF; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>243.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>244.66</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.66</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.37</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.29</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.23</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>253.38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:1pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>253.74</P>
</TD><TD style="border-bottom:1pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.36</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.55</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-03</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>81.86</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>82.62</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.76</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>2.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.02</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>85.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:1pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>87.46</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:1pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-04</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>80.94</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>83.62</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.68</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.55</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.02</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>180.00</P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>180.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.58</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-05</B></P>
</TD><TD style="border-left: 0.5pt solid #000000; border-bottom: 1 solid #000000" width=146.4 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right>No composites over 0.5 g/t </P>
</TD><TD width=56.133 style="border-bottom: 1 solid #000000"><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
</TD><TD style="border-bottom: 1 solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-06</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>246.22</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>248.15</P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.17</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.17</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>251.98</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>252.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.34</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.92</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-07</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>89.08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>89.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.52</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>118.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>119.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.58</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>122.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>125.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>383.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>383.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.02</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=center><B>RP03-08</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>173.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>175.49</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>3.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>1.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.25</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>328.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>328.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.00</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>341.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>341.90</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.88</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>353.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>353.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.51</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>1.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; padding-left:-3.45pt; text-indent:-3.4pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>356.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>356.55</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>0.64</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>0.09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; padding-left:-31.95pt; text-indent:31.95pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
</TABLE>
  </center>
</div>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<div align="center">
  <center>
<TABLE style="page-break-before:always; font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman">Hole</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>From</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>To</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>Width</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=223.667 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center><B>Composites</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=center><B>2PGE+Au g/t</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman"><B>%Ni</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=center><B>%Cu</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-09</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>112.69</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>113.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.86</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>117.68</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>119.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.35</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.81</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>121.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>121.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>135.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>135.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-10</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>44.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>45.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-11</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>221.47</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>221.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.36</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.22</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>222.69</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>223.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.33</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.66</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>223.72</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>225.75</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-12</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>143.43</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>146.31</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.88</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.88</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>150.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>150.76</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.00</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-13</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>128.47</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>129.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.92</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.85</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>168.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>168.40</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.36</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP03-14</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>115.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>116.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.81</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>137.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>138.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>138.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>140.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.80</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>142.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>143.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-15</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=202.533 colspan=3><P style="margin:0pt; font-family:Times New Roman">No composites over 0.5g/t</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-16</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=202.533 colspan=3><P style="margin:0pt; font-family:Times New Roman">No composites over 0.5 g/t</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-17</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>147.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>148.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.40</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.37</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>179.44</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>180.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.51</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>182.33</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>182.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>193.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>193.71</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.41</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.59</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>201.04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>201.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.87</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>202.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>203.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.72</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-18</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>93.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>94.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.68</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>96.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>97.31</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>98.34</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>99.24</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.90</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>111.64</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>112.22</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.58</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.76</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.19</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.17</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-19</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>53.87</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>54.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>67.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>69.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.42</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.76</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>355.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>356.35</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.40</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>384.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>385.34</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.59</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>388.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>389.09</P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.37</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.27</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-20</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=202.533 colspan=3><P style="margin:0pt; font-family:Times New Roman">No composites over 0.5g/t</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-21</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>65.46</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>65.84</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.28</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>67.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>68.24</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.41</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>5.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.84</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>16.10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>430.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>430.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.00</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>447.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>447.58</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>447.89</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>448.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.59</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>451.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>451.47</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.24</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>456.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>456.49</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.24</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>606.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>608.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>609.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>609.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.17</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.67</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.34</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>672.30</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>673.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.33</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>677.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>682.68</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>5.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.89</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>690.77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>691.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.37</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.64</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.19</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.24</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>692.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>693.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>696.86</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman" align=right>697.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.35</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD></TR>
</TABLE>
  </center>
</div>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<div align="center">
  <center>
<TABLE style="page-break-before:always; font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Hole</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>From</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=center><B>To</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>Width</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=214.667 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center><B>Composite</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=center><B>2PGE+Au g/t</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=center><B>% Ni</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=center><B>% Cu</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-22</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>7.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>8.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.42</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>16.91</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>17.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.36</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.79</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.02</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>123.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>124.07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.80</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>145.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>146.80</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.44</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>170.33</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>171.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.17</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>174.94</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>176.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.69</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>178.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>180.43</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>181.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>182.77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.83</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>186.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>186.49</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>203.92</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>204.41</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.49</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>234.79</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>234.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.19</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133><P style="margin:0pt; font-family:Times New Roman" align=center><B>RP04-23</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>144.52</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>144.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.41</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.66</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>150.96</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>151.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.94</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>157.80</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>158.88</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.71</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>188.77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>189.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.49</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.79</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>190.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>190.65</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>1.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>273.66</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>274.26</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.60</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>1.03</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>300.43</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>300.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.87</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>332.76</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>333.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.04</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>338.74</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>339.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.82</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.50</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>349.70</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>352.59</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>2.89</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>354.31</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>354.63</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.19</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.22</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>357.95</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>358.23</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>358.94</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>360.87</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.93</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>368.24</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>368.66</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.42</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.55</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.06</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>378.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>379.61</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>1.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.48</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.17</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>380.81</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>381.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.35</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.84</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.25</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.27</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>391.15</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>391.88</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.73</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.54</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.13</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>394.02</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>394.39</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.37</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.53</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.21</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.22</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>395.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>395.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.41</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.18</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.19</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>396.59</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>397.03</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.44</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.69</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.22</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.22</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>412.27</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=55.2><P style="margin:0pt; font-family:Times New Roman" align=right>412.43</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=56.133><P style="margin:0pt; font-family:Times New Roman" align=right>0.16</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.8><P style="margin:0pt; font-family:Times New Roman" align=right>0.86</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=52.333><P style="margin:0pt; font-family:Times New Roman" align=right>0.20</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=64.533><P style="margin:0pt; font-family:Times New Roman" align=right>0.17</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>These results are very encouraging and indicate an extensive area of PGE mineralisation contained in 2 main zones, an upper lithological unit predominantly characterized by cumulative plagioclase and the development of &#147;mottled anorthosites&#148; (MANO Zone) and a lower lithological unit predominantly characterized by the presence of pyroxenites and chromitite (LMF Zone). &nbsp;The LMF zone on Rooipoort may be equated with the &#147;Platreef&#148; which is the target of most PGE exploration in the Northern Limb of the Bushveld Igneous Complex, as well as the host to ore at Potgietersrus Platinum&#146;s mine which is approximately 45 km North of Rooipoort within the BC. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Mineralization occurs at shallow depth in multiple narrow horizons within these zones and the Phase 2 exploration programme is aimed to add confidence to continuity of grade and width between these horizons and within the zones. &nbsp;Two diamond drills are currently active on the property.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Bruce Cumming, a registered Professional Natural Scientist in South Africa and Caledonia&#146;s Project Manager at Rooipoort is responsible for the design and conduct of the Rooipoort exploration program and for the verification and quality assurance of analytical results.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B><I>Quality Assurance/ Quality Control</I></B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">The company has implemented a quality-control program to ensure best practice in the sampling and analysis of both soil samples and drill core.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=justify>Soil samples were assayed by SGS Lakefield Research Africa (Pty) Ltd. &nbsp;Field duplicate samples were collected every 20<SUP>th</SUP> sample and submitted to the laboratory for duplicate analysis while the laboratory carried out duplicate analyses on approximately one in ten samples. &nbsp;QC work consisted of a series of precision charts for the elements analysed for both field and laboratory duplicates. &nbsp;In summary, precision was considered to be good with the laboratory duplicates being generally more precise than the field duplicates.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Over 3000 core samples were submitted to the SGS Lakefield Research Africa (Pty) Ltd laboratory in Johannesburg (ISO 17025 accredited) for assaying. &nbsp;As part of the QA/QC process 170 samples of blank quartz and 157 samples of certified reference material were submitted for analysis with the core samples. &nbsp;In addition, a total of 101 check samples have been analysed at Genalysis Laboratory Services in Perth, Western Australia. &nbsp;Precision charts were prepared for the reference material and for the duplicate samples. &nbsp;In conclusion, the quality of assays from SGS Lakefield Research was acceptable.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Additional Properties Acquired on Grasvally:</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>During the third quarter 2004, additional mineral rights were negotiated over portions of Grasvally 293KR which is immediately adjacent to the southern boundary of the Rooipoort property. &nbsp;A total of 43 hectares of additional exploration property was optioned. &nbsp;Further land negotiations in this area are ongoing. &nbsp;</P>
<P style="margin:0pt; text-indent:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>An application to the Department of Minerals and Energy for a Prospecting Permit over 341ha of property already purchased or optioned on Grasvally 293KR was submitted in April 2004. &nbsp;As a result of the implementation of the Mineral and Petroleum Resources Development Act 2002 (MPRDA), on May 1, 2004 this application was accepted as a Pending Application under the MPRDA and is currently being processed under the new legislation. &nbsp;It is not known at this time when this new order prospecting right will be granted. &nbsp;An application under the MPRDA for a new order prospecting right over the 43 ha recently acquired is being prepared and will be submitted shortly.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Kikerk Lake Diamond Joint Venture Project</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>A total of 361 heavy mineral samples was collected during July and August by the operator of the joint venture, Ashton Mining of Canada (&#147;Ashton&#148;). The sampling program had two objectives. &nbsp;The first was to better define known indicator mineral trains or confirm isolated indicator anomalies. The second was to increase the sample density across the property in those areas of the property where sampling was considered inadequate to confidently assess mineral potential. &nbsp;Results from this sampling program are expected by the end of the second quarter 2005. Caledonia&#146;s 17.5% share of this program is funded by Ashton. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Nama Cobalt Project</I></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>A 20m x 2.5m trench was dug to intersect the interface between the overburden and the mineralised zone at an average depth of 7 meters. &nbsp;A 10 tonne bulk sample was collected from three pits sited within this trench. &nbsp;This sample was sealed in drums and has been transported to Johannesburg, South Africa for metallurgical testing. &nbsp;This testwork, which is ongoing, will determine whether an economically viable concentrate can be produced for sale. &nbsp;While early results are promising, the full test results are not expected before year end.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B><I>Mulonga Plain Diamond Project</I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Field teams were mobilized into the Kashiji Plain licence area in September to conduct soil sampling and ground geophysics programs. &nbsp;Results are pending.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>SUPPLEMENT TO THE FINANCIAL STATEMENTS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>As at October 31, 2004 the following items were outstanding:</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; font-family:Symbol" align="justify"><FONT FACE="Times New Roman">301,112,288 common shares.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; font-family:Symbol" align="justify"><FONT FACE="Times New Roman">13,108,700 common share purchase options at an average price of $0.26 maturing at various dates until August 15, 2014.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; font-family:Symbol" align="justify"><FONT FACE="Times New Roman">12,000,000 common share purchase warrants at a price of $0.35 maturing at various dates until February 6, 2005.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; font-family:Symbol" align="justify"><FONT FACE="Times New Roman">22,694,091 common share purchase warrants exercisable at a price of $0.55 per share until October 26, 2005.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; font-family:Symbol" align="justify"><FONT FACE="Times New Roman">4,538,818 financing agents&#146; common share purchase warrants exercisable at a price of $0.55 until October 26, 2005.</FONT></li>
</ul>
<P style="margin:0pt; padding-left:36pt; font-family:Symbol" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:36pt; font-family:Symbol" align=justify>
<BR>
</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; padding-left:18pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Consolidated Balance Sheets</B></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 14pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=right><B>(in thousands of Canadian dollars)</B></P>
<B><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">&nbsp;&nbsp;&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">&nbsp;&nbsp;</B>&nbsp;</P>
<P style="text-indent: 0; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0; padding-bottom: 3pt">&nbsp;</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=432>
</TD><TD valign=top width=96></TD><TD valign=top width=96></TD></TR>
  <TR><TD valign=top width=432>
</TD><TD valign=top width=96 align="right"><B><font size="2">September 30,</font></B></TD><TD valign=top width=96 align="right"><font size="2">December
      31</font>,</TD></TR>
  <TR><TD valign=top width=432 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B>
</TD><TD valign=top width=96 align="right" style="border-bottom: 1 solid #000000"><B>2004</B></TD><TD valign=top width=96 align="right" style="border-bottom: 1 solid #000000">2003</TD></TR>
  <TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Assets</B></P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
</TABLE>
  </center>
</div>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=432>
</TD><TD valign=top width=96></TD><TD valign=top width=96></TD></TR>
  <TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">Current</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Cash and short term deposits</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>$9,339</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$4,179</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>371</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>178</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Inventories</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>39</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>86</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>4</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>130</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>9,753</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>4,573</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Investment at cost</B> </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>79</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>79</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Capital assets</B> (Note 1)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>9,731</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>8,166</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Mineral properties</B> </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>8,454</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>7,212</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>$28,017</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$20,030</P>
</TD></TR>
</TABLE>
  </center>
</div>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Liabilities and Shareholders&#146; Equity</B></P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">Current</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>$450</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$790</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Provision for site restoration </B>(Note 1)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>921</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>928</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>1,370</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>1,718</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Non-controlling interest </B>(Note 5)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>-</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>736</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>1,371</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>2,454</P>
</TD></TR>
</TABLE>
  </center>
</div>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman"><B>Shareholders&#146; Equity </B>(Note 2)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Share capital </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>173,318</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>159,151</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>451</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>285</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Compensation warrants </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>307</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>160</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>(147,430)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(142,020)</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>26,646</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>17,576</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=432>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>$28,017</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$20,030</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman">On behalf of the Board:</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">(&#147;Signed&#148;)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman">Director</P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">F. C. Harvey</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">(&#147;Signed&#148;)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman">Director</P>
<P style="margin:0pt; text-indent:360pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">J. Johnstone</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">10</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; line-height:1.35pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Consolidated Statements of Deficit</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>(in thousands of Canadian dollars<SMALL>)</SMALL></B></P>
<B><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0; padding-left: 36pt">&nbsp;</P>
<P style="margin:0pt; line-height:0.65pt; font-family:Times New Roman"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=319.733>
</TD><TD valign=top width=276 align="right" colspan="3">
      <p align="center">Three month period ended September 30,</TD><TD valign=top width=74.4 align="right"></TD><TD valign=top width=288 align="right" colspan="3">
      <p align="center">Nine month period ended September 30,</TD></TR>
  <TR><TD valign=top width=319.733 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B>
</TD><TD valign=top width=93.4 align="right" style="border-bottom: 1 solid #000000">&nbsp;<B>2004</B></TD><TD valign=top width=91.867 align="right" style="border-bottom: 1 solid #000000">2003</TD><TD valign=top width=92.6 align="right" style="border-bottom: 1 solid #000000">2002</TD><TD valign=top width=74.4 align="right" style="border-bottom: 1 solid #000000"></TD><TD valign=top width=96 align="right" style="border-bottom: 1 solid #000000">&nbsp;<B>2004</B></TD><TD valign=top width=96 align="right" style="border-bottom: 1 solid #000000">2003</TD><TD valign=top width=96 align="right" style="border-bottom: 1 solid #000000">2002</TD></TR>
  <TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>Deficit</B>, beginning of period</P>
</TD><TD valign=top width=93.4>&nbsp;</TD><TD valign=top width=91.867>&nbsp;</TD><TD valign=top width=92.6>&nbsp;</TD><TD valign=top width=74.4>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>As previously reported</P>
</TD><TD valign=top width=93.4><P style="margin:0pt; font-family:Times New Roman" align=right><B>($145,180)</B></P>
</TD><TD valign=top width=91.867><P style="margin:0pt; font-family:Times New Roman" align=right>($128,955)</P>
</TD><TD valign=top width=92.6><P style="margin:0pt; font-family:Times New Roman" align=right>($123,839)</P>
</TD><TD valign=top width=74.4>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>($142,414)</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($127,858)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($123,527)</P>
</TD></TR>
<TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;</B>&nbsp;Change in accounting policy (Note 1)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=93.4><P style="margin:0pt; font-family:Times New Roman" align=right><B>-</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=91.867><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=92.6><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=74.4>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>394</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>533</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>541</P>
</TD></TR>
<TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>As restated</P>
</TD><TD valign=top width=93.4><P style="margin:0pt; font-family:Times New Roman" align=right><B>(145,180)</B></P>
</TD><TD valign=top width=91.867><P style="margin:0pt; font-family:Times New Roman" align=right>(128,955)</P>
</TD><TD valign=top width=92.6><P style="margin:0pt; font-family:Times New Roman" align=right>(123,839)</P>
</TD><TD valign=top width=74.4>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>(142,020)</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(127,325)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(122,986)</P>
</TD></TR>
<TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>Net (loss) for the period</B></P>
</TD><TD valign=top width=93.4><P style="margin:0pt; font-family:Times New Roman" align=right><B>(2,250)</B></P>
</TD><TD valign=top width=91.867><P style="margin:0pt; font-family:Times New Roman" align=right>(1,080)</P>
</TD><TD valign=top width=92.6><P style="margin:0pt; font-family:Times New Roman" align=right>(544)</P>
</TD><TD valign=top width=74.4>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>(5,410)</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(2,710)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(1,397)</P>
</TD></TR>
<TR><TD valign=top width=319.733><P style="margin:0pt; font-family:Times New Roman"><B>Deficit</B>, end of period</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=93.4><P style="margin:0pt; font-family:Times New Roman" align=right><B>($147,430</B>)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=91.867><P style="margin:0pt; font-family:Times New Roman" align=right>($130,035)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=92.6><P style="margin:0pt; font-family:Times New Roman" align=right>($124,381)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=74.4>&nbsp;</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><B>($147,430)</B></P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($130,035)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($124,383)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:3pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Consolidated Statements of Operations</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>(in thousands of Canadian dollars except per share amounts)</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 width="691"><TR><TD valign=top width=210>
</TD><TD valign=top width=224 colspan="3" align="center">Three month period ended September 30,</TD><TD valign=top width=21 align="center"></TD><TD valign=top width=220 colspan="3" align="center">Nine month period ended September 30,</TD></TR>
  <TR><TD valign=top width=210><B>(Unaudited)</B>
</TD><TD valign=top width=59 align="right"><B>2004</B></TD><TD valign=top width=73 align="right">2003</TD><TD valign=top width=84 align="right">2002</TD><TD valign=top width=21 align="right"></TD><TD valign=top width=62 align="right"><B>2004</B></TD><TD valign=top width=78 align="right">2003</TD><TD valign=top width=72 align="right">2002</TD></TR>
  <TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><B>Revenue and operating costs</B></P>
</TD><TD valign=top width=59>&nbsp;</TD><TD valign=top width=73>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=21>&nbsp;</TD><TD valign=top width=62>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Revenue from sales</P>
</TD><TD valign=top width=59><P style="margin:0pt; font-family:Times New Roman" align=right><B>$202</B></P>
</TD><TD valign=top width=73><P style="margin:0pt; font-family:Times New Roman" align=right>$259</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman" align=right>$2</P>
</TD><TD valign=top width=21>&nbsp;</TD><TD valign=top width=62><P style="margin:0pt; font-family:Times New Roman" align=right><B>$372</B></P>
</TD><TD valign=top width=78><P style="margin:0pt; font-family:Times New Roman" align=right>$312</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman" align=right>$32</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Operating costs (Note 1)</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=61><P style="margin:0pt; font-family:Times New Roman" align=right><B>2,054</B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Times New Roman" align=right>929</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=86><P style="margin:0pt; font-family:Times New Roman" align=right>151</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=23>&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=64><P style="margin:0pt; font-family:Times New Roman" align=right><B>4,765</B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=80><P style="margin:0pt; font-family:Times New Roman" align=right>2,249</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=74><P style="margin:0pt; font-family:Times New Roman" align=right>370</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><B>Gross profit (loss)</B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=61><P style="margin:0pt; font-family:Times New Roman" align=right><B>(1,852)</B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Times New Roman" align=right>(670)</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=86><P style="margin:0pt; font-family:Times New Roman" align=right>(149)</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=23>&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=64><P style="margin:0pt; font-family:Times New Roman" align=right><B>(4,393)</B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=80><P style="margin:0pt; font-family:Times New Roman" align=right>(1,937)</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=top width=74><P style="margin:0pt; font-family:Times New Roman" align=right>(338)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 width="683"><TR><TD valign=top width=209><P style="margin:0pt; font-family:Times New Roman"><B>Costs and expenses</B></P>
</TD><TD valign=top width=59>&nbsp;</TD><TD valign=top width=76>&nbsp;</TD><TD valign=top width=82>&nbsp;</TD><TD valign=top width=23>&nbsp;</TD><TD valign=top width=68>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD></TR>
<TR><TD valign=top width=209><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</P>
</TD><TD valign=top width=59><P style="margin:0pt; font-family:Times New Roman" align=right><B>365</B></P>
</TD><TD valign=top width=76><P style="margin:0pt; font-family:Times New Roman" align=right>378</P>
</TD><TD valign=top width=82><P style="margin:0pt; font-family:Times New Roman" align=right>472</P>
</TD><TD valign=top width=23>&nbsp;</TD><TD valign=top width=68><P style="margin:0pt; font-family:Times New Roman" align=right><B>1,324</B></P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>1,006</P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>1,060</P>
</TD></TR>
<TR><TD valign=top width=209><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Interest - net </P>
</TD><TD valign=top width=59><P style="margin:0pt; font-family:Times New Roman" align=right><B>(10)</B></P>
</TD><TD valign=top width=76><P style="margin:0pt; font-family:Times New Roman" align=right>24</P>
</TD><TD valign=top width=82><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=23>&nbsp;</TD><TD valign=top width=68><P style="margin:0pt; font-family:Times New Roman" align=right><B>53</B></P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>63</P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>24</P>
</TD></TR>
<TR><TD valign=top width=209><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Other expense (income) (Note 4)</P>
</TD><TD valign=top width=59><P style="margin:0pt; font-family:Times New Roman" align=right><B>43</B></P>
</TD><TD valign=top width=76><P style="margin:0pt; font-family:Times New Roman" align=right>8</P>
</TD><TD valign=top width=82><P style="margin:0pt; font-family:Times New Roman" align=right>(77)</P>
</TD><TD valign=top width=23>&nbsp;</TD><TD valign=top width=68><P style="margin:0pt; font-family:Times New Roman" align=right><B>(347)</B></P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>(296)</P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>(23)</P>
</TD></TR>
<TR><TD valign=top width=209>&nbsp;</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=61><P style="margin:0pt; font-family:Times New Roman" align=right><B>398</B></P>
</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=78><P style="margin:0pt; font-family:Times New Roman" align=right>410</P>
</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman" align=right>395</P>
</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=25>&nbsp;</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=70><P style="margin:0pt; font-family:Times New Roman" align=right><B>1,030</B></P>
</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=69><P style="margin:0pt; font-family:Times New Roman" align=right>773</P>
</TD><TD style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000" valign=top width=69><P style="margin:0pt; font-family:Times New Roman" align=right>1,061</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 width="683"><TR><TD valign=top width=211><P style="margin:0pt; font-family:Times New Roman"><B>(Loss) before non-controlling interest</B></P>
</TD><TD valign=top width=57><P style="margin:0pt; font-family:Times New Roman" align=right><B>(2,250)</B></P>
</TD><TD valign=top width=78><P style="margin:0pt; font-family:Times New Roman" align=right>(1,080)</P>
</TD><TD valign=top width=80><P style="margin:0pt; font-family:Times New Roman" align=right>(544)</P>
</TD><TD valign=top width=21>&nbsp;</TD><TD valign=top width=70><P style="margin:0pt; font-family:Times New Roman" align=right><B>(5,423)</B></P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>(2,710)</P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>(1,399)</P>
</TD></TR>
<TR><TD valign=top width=211><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest</P>
</TD><TD valign=top width=57><P style="margin:0pt; font-family:Times New Roman" align=right><B>-</B></P>
</TD><TD valign=top width=78><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=80><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=21>&nbsp;</TD><TD valign=top width=70><P style="margin:0pt; font-family:Times New Roman" align=right><B>(13)</B></P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=67><P style="margin:0pt; font-family:Times New Roman" align=right>(2)</P>
</TD></TR>
<TR><TD valign=top width=211><P style="margin:0pt; font-family:Times New Roman"><B>Net (loss) for the period</B></P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=59><P style="margin:0pt; font-family:Times New Roman" align=right><B>($2,250)</B></P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=80><P style="margin:0pt; font-family:Times New Roman" align=right>($1,080)</P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=82><P style="margin:0pt; font-family:Times New Roman" align=right>($544)</P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=23>&nbsp;</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman" align=right><B>($5,410)</B></P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=69><P style="margin:0pt; font-family:Times New Roman" align=right>($2,710)</P>
</TD><TD style="border-top: 1.5pt solid #000000" valign=top width=69><P style="margin:0pt; font-family:Times New Roman" align=right>($1,397)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 width="683"><TR><TD style="border-top: 3pt solid #000000" valign=top width=197><P style="margin-top:6pt; margin-bottom:0pt; font-family:Times New Roman"><B>Net (loss) per share (Note 3)</B></P>
</TD><TD style="border-top: 3pt solid #000000" valign=top width=73>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=82>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=16>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=73>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=71>&nbsp;</TD><TD style="border-top: 3pt solid #000000" valign=top width=71>&nbsp;</TD></TR>
<TR><TD style="border-bottom: 3pt solid #000000" valign=top width=197><P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Basic and fully diluted</P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=73><P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=right><B>($0.008)</B></P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=82><P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 5pt" align=right>($0.005)</P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=84><P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=right>($0.003)</P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=16>&nbsp;</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=73><P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=right><B>($0.019)</B></P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=71><P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=right>($0.012)</P>
</TD><TD style="border-bottom: 3pt solid #000000" valign=top width=71><P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=right>($0.008)</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">11</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>

<TABLE width="753" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="743" colspan="14">
    <p align="right">&nbsp;<B><FONT size=4 face="serif">Caledonia Mining Corporation</FONT></B></p>
   </TD>
   <TD width="6">&nbsp;</TD>
</TR>
<TR>
   <TD width="743" colspan="14">
    <p align="right">&nbsp;<B><FONT size=4 face="serif">Consolidated Statements of Cash Flows</FONT></B></p>
   </TD>
   <TD width="6">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7">&nbsp;</TD>
   <TD width="459" colspan="12">
    <p align="right">&nbsp;<B><FONT size=4 face="serif">(in thousands of Canadian dollars)</FONT></B></p>
   </TD>
   <TD width="6">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD align="right" colspan=7 width="225">
    <p align="center"><FONT size=2 face="serif">Three month period ended September 30,</FONT></p>
   </TD>
   <TD width="11">&nbsp;</TD>
   <TD align="right" colspan=5 width="228"><FONT size=2 face="serif">Nine month period ended September 30,</FONT></TD>
   <TD width="6">&nbsp;</TD>
</TR>
<TR>
   <TD width="273" style="border-bottom: 1 solid #000000"><B><FONT size=2 face="serif">(Unaudited)</FONT></B></TD>
   <TD width="7" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD width="63" align="right" style="border-bottom: 1 solid #000000"><B><FONT size=2 face="serif">2004</FONT></B></TD>
   <TD width="7" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD width="6" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="right" width="52" style="border-bottom: 1 solid #000000"><FONT size=2 face="serif">2003</FONT></TD>
   <TD width="11" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="right" width="67" style="border-bottom: 1 solid #000000"><FONT size=2 face="serif">2002</FONT></TD>
   <TD width="11" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD width="69" align="right" style="border-bottom: 1 solid #000000"><B><FONT size=2 face="serif">2004</FONT></B></TD>
   <TD width="11" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="right" width="62" style="border-bottom: 1 solid #000000"><FONT size=2 face="serif">2003</FONT></TD>
   <TD width="12" align="right" style="border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="right" width="66" style="border-bottom: 1 solid #000000"><FONT size=2 face="serif">2002</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Cash provided by (used in)</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Operating activities</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net (loss) for the period</FONT></TD>
   <TD align="right" colspan=2 width="72"><B><FONT size=2 face="serif">($2,250</FONT></B><FONT size=2 face="serif">)</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" colspan=2 width="60"><FONT size=2 face="serif">($1,080)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">($544)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">($5,410)</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">($2,710)</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">($1,397)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Adjustments to reconcile net cash from</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations (Note 6)</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63"><B><FONT size=2 face="serif">162</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">(430)</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">42</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Changes in non-cash working capital</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Balances (Note 6)</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63"><B><FONT size=2 face="serif">(203)</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">(180)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">(169)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">(360)</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">(516)</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">(83)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD align="right" colspan=2 width="72" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">(2,291)</FONT></B></TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" colspan=2 width="60" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(1,252)</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="67" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(705)</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="69" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">(6,200)</FONT></B></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="62" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(3,184)</FONT></TD>
   <TD width="12" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="66" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(1,458)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Investing activities</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Purchase of investment</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63">-</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62">-</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">(79)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Expenditures on capital assets</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63"><B><FONT size=2 face="serif">(451)</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">(214)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">(159)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">(1,565)</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">(408)</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">(186)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Expenditures on mineral properties</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63"><B><FONT size=2 face="serif">(563)</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">(110)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">(46)</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">(1,242)</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">(1,191)</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">(59)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD align="right" colspan=2 width="72" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">(1,014)</FONT></B></TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD width="6" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="52" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(324)</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="67" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(205)</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="69" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">(2,807)</FONT></B></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="62" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(1,599)</FONT></TD>
   <TD width="12" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="66" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">(324)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Financing activities</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Loan payable</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63">-</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69">-</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">(44)</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">(1,030)</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Issue of share capital net of issue costs</FONT></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD align="right" width="63">-</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">4,671</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">1,448</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">14,167</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">7,191</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">4,120</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="63" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">-</TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD width="6" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="52" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">4,671</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="67" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">1,448</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="69" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">14,167</FONT></B></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="62" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">7,147</FONT></TD>
   <TD width="12" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="66" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">3,090</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="63" align="right">&nbsp;</TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD width="52" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="67" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="69" align="right">&nbsp;</TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD width="62" align="right">&nbsp;</TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD width="66" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Increase (decrease) in cash for the period</FONT></B></TD>
   <TD align="right" colspan=2 width="72"><B><FONT size=2 face="serif">(3,305)</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">3,095</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">538</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">5,160</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">2,364</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">1,308</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Cash and cash equivalents, beginning of period</FONT></B></TD>
   <TD align="right" colspan=2 width="72"><B><FONT size=2 face="serif">12,644</FONT></B></TD>
   <TD width="7" align="right">&nbsp;</TD>
   <TD width="6" align="right">&nbsp;</TD>
   <TD align="right" width="52"><FONT size=2 face="serif">1,133</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="67"><FONT size=2 face="serif">860</FONT></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="69"><B><FONT size=2 face="serif">4,179</FONT></B></TD>
   <TD width="11" align="right">&nbsp;</TD>
   <TD align="right" width="62"><FONT size=2 face="serif">1,864</FONT></TD>
   <TD width="12" align="right">&nbsp;</TD>
   <TD align="right" width="66"><FONT size=2 face="serif">90</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="273">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Cash and cash equivalents, end of period</FONT></B></TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="63" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">9,339</FONT></B></TD>
   <TD width="7" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD width="6" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="52" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">4,228</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="67" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">$1,398</FONT></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="69" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><B><FONT size=2 face="serif">$9,339</FONT></B></TD>
   <TD width="11" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="62" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">$4,228</FONT></TD>
   <TD width="12" align="right" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000">&nbsp;</TD>
   <TD align="right" width="66" style="border-top: 2 solid #000000; border-bottom: 2 solid #000000"><FONT size=2 face="serif">$1,398</FONT></TD>
   <TD width="6" align="right">&nbsp;</TD>
</TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">12</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:3pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Summary of Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Times New Roman; border-bottom:1pt solid #000000"><B>(Unaudited)</B></P>
<B><P style="text-indent: 216pt; font-family: Times New Roman; margin: 0pt; padding-bottom: 3pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September 30, 2004</B></P>
<P style="margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>Nature of Business</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The Company is engaged in the acquisition, exploration and development of mineral properties for the exploitation of base and precious metals. &nbsp;The ability of the Company to recover the amounts shown for its capital assets and mineral properties is dependent upon the existence of economically recoverable reserves; the ability of the Company to obtain the necessary financing to complete exploration and development; and future profitable production or proceeds from the disposition of such capital assets and mineral properties.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>Basis of Presentation</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>These financial statements have been prepared on the basis of a going concern, which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business. &nbsp;The Company&#146;s ability to continue as a going concern is dependent upon attaining profitable operations and obtaining sufficient financing to meet its liabilities, its obligations with respect to operating expenditures and expenditures required on its mineral properties.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>Measurement Uncertainties</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. &nbsp;The more significant areas requiring estimates relate to mineral resources, future cash flows associated with capital assets and mineral properties. &nbsp;Management&#146;s calculation of reserves and resources and cash flows are based upon engineering and geological estimates and financial estimates including gold prices and operating costs. &nbsp;The amount ultimately recovered could be materially different than the estimated values.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>Principles of Consolidation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The consolidated financial statements include the accounts of the Company together with all its subsidiaries. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>The Company&#146;s principal consolidated subsidiaries are Barbrook Mines Limited (100% owned) (&quot;Barbrook&quot;), Eersteling Gold Mining Company Limited (96% owned up to June 14, 2004; &nbsp;100% thereafter) (&quot;Eersteling&quot;) and Caledonia Mining (Zambia) Limited, Caledonia Kadola Limited, Caledonia Nama Limited and Caledonia Western Limited (all 100% owned) (collectively known as &quot;Caledonia Zambia&quot;).</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><B>Change in Accounting Policy - Asset Retirement Obligation</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Effective January 1, 2004 the Company adopted the Canadian Institute of Chartered Accountants Standard 3110, &#147;Asset Retirement Obligations&#148; This standard requires that a liability for retirement obligations to be settled as a result of an existing law, regulation or contract be recognized when incurred and recorded at fair value on a retroactive basis.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<p align="center">13</p>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt">&nbsp;</P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:3pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Summary of Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Times New Roman; border-bottom:1pt solid #000000"><B>(Unaudited)</B></P>
<B><P style="text-indent: 216pt; font-family: Times New Roman; margin: 0pt; padding-bottom: 3pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September 30, 2004</B></P>
<P style="margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman" align=justify><B>1.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman" align=justify><B>Asset Retirement Obligation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align=justify>The Company retroactively applied the standard effective January 1, 2002. As a result, comparative financial information has been restated as follows:</P>
<P style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=324>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>Previously reported</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>As restated</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Net loss as at September 30, 2003</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>$2,686</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>$2,710</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Deficit as at September 30, 2003</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;130,544</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>130,035</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Net loss as at September 30, 2002</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>1,373</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>1,397</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Deficit as at September 30, 2002</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>124,900</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>124,383</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Capital assets as at Dec. 31, 2003</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>7,471</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>8,166</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Provision for site restoration as at Dec. 31, 2003</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>627</P>
</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>928</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=324><P style="margin:0pt; font-family:Times New Roman" align=justify>Deficit as at Dec. 31, 2003</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>142,414</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>142,020</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align=justify>The new accounting standard applies to future asset retirement requirements for the Barbrook and Eersteling mines located in South Africa. &nbsp;The Company is in the process of confirming the fair value of certain asset retirement obligations and thus the determination of the provision under the new accounting standard is subject to refinement.</P>
<P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>2.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Share Capital</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:49.65pt; text-indent:-21.3pt; line-height:14pt; font-family:Times New Roman">(a) </P>
<P style="margin:0pt; padding-left:49.65pt; font-family:Times New Roman">Issued</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>Number of Shares</U></P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right><U>Amount (000&#146;s)</U></P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;Balance, December 31, 2003</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>252,274,997</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>$159,151</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;Issued pursuant to private placement<SUP> (1)</SUP></P>
</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>29,095,525</P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;9,602</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;Warrants exercised</P>
</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>3,042,648</P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;682</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=324><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B>Share issue expense and agent compensation warrants<SUP>(1)</SUP></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>(1,002)</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B>Balance, March 31, 2004</P>
</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>284,413,170</P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>168,433</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;Issued pursuant to private placement<SUP> (1)</SUP></P>
</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>16,292,652</P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>5,376</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;Warrants exercised</P>
</TD><TD valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>406,466</P>
</TD><TD valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>79</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=324><P style="margin:0pt; font-family:Times New Roman">&nbsp;Share issue expense and agent compensation warrants<SUP>(1)</SUP></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>(570)</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=324><P style="margin:0pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B>Balance, June 30 and September 30, 2004</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=119.4><P style="margin:0pt; font-family:Times New Roman" align=right>301,112,288</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=122.867><P style="margin:0pt; font-family:Times New Roman" align=right>173,318</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:49.5pt; text-indent:-49.5pt; font-family:Times New Roman" align=justify><SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:28.35pt; line-height:14pt; font-family:Times New Roman" align=justify><SUP>(1)</SUP></P>
<P style="margin:0pt; padding-left:28.35pt; text-indent:25.65pt; font-family:Times New Roman" align=justify><SUP></SUP>During the first half of 2004, Caledonia raised a gross amount $15.0 million from a private placement by the issuance of 45,388,177 units consisting of one common share and one-half common share purchase warrant. &nbsp;Each unit is priced at $0.33 per unit and the common share purchase warrants are exercisable for one common share at $0.55 per whole warrant for a period of eighteen months from the date of issuance. &nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>The private placement agents were paid a commission of 9% of the gross proceeds raised and whole common share purchase warrants equal to 10% of the total units sold. &nbsp;The agent compensation warrants are exercisable for one common share at $0.55 per warrant for a period of eighteen months from the date of issuance. &nbsp;A total of 4,538,818 agent compensation warrants were issued at an assigned a value of $147,000 or $0.032 per warrant. &nbsp;Cash commissions and expenses paid amounted to $1.4 million. &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR>14<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt">&nbsp;</P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:3pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Summary of Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Times New Roman; border-bottom:1pt solid #000000"><B>(Unaudited)</B></P>
<B><P style="text-indent: 216pt; font-family: Times New Roman; margin: 0pt; padding-bottom: 3pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September 30, 2004</B></P>
<P style="margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>2. </B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Share Capital </B>(continued)</P>
<P style="margin:0pt; padding-left:49.65pt; text-indent:-21.3pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:49.65pt; text-indent:-21.3pt; line-height:14pt; font-family:Times New Roman">(b) </P>
<P style="margin:0pt; padding-left:49.65pt; font-family:Times New Roman">Stock Option Plans</P>
<P style="margin:0pt; padding-left:-1.2pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>The Company has established incentive stock option plans for employees, officers, directors, consultants and other service providers. &nbsp;As at September 30, 2004, the Company has 13,108,700 options outstanding comprised of the following:</P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify><U>Number of Options</U></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify><U>Exercise Price</U></P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify><U>Expiry Date</U></P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>410,700</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.750</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>April 28, 2005</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>813,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.330</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>February 9, 2008</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>9,950,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.235</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>April 24, 2012</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>225,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.345</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>June 2, 2012</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>500,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.280</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>November 4, 2013</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>1,010,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.260</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>April 29, 2014</P>
</TD></TR>
<TR><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=justify>200,000</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;$ 0.260</P>
</TD><TD valign=top width=150><P style="margin:0pt; font-family:Times New Roman" align=justify>August 15, 2014</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-left:36pt; text-indent:-9pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-9pt; line-height:14pt; font-family:Times New Roman">(c)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman">Warrants &nbsp;</P>
<P style="margin:0pt; padding-left:36pt; text-indent:108pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>The Company has 39,232,909 common share purchase warrants issued pursuant to private placements which are outstanding as of September 30, 2004:</P>
<P style="margin:0pt; padding-left:-1.2pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center><U>Number of Warrants</U></P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center><U>Shares for Warrants</U></P>
</TD><TD valign=top width=116.8><P style="margin:0pt; font-family:Times New Roman" align=center><U>Exercise Price</U></P>
</TD><TD valign=top width=153.2><P style="margin:0pt; font-family:Times New Roman" align=center><U>Expiry Date</U></P>
</TD></TR>
<TR><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>12,000,000</P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center>1 for 1</P>
</TD><TD valign=top width=116.8><P style="margin:0pt; font-family:Times New Roman" align=center>$0.350</P>
</TD><TD valign=top width=153.2><P style="margin:0pt; font-family:Times New Roman" align=center>February 6, 2005</P>
</TD></TR>
<TR><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>17,457,315</P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center>1 for 1</P>
</TD><TD valign=top width=116.8><P style="margin:0pt; font-family:Times New Roman" align=center>$0.550</P>
</TD><TD valign=top width=153.2><P style="margin:0pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2005</P>
</TD></TR>
<TR><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>9,775,594</P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center>1 for 1</P>
</TD><TD valign=top width=116.8><P style="margin:0pt; font-family:Times New Roman" align=center>$0.550</P>
</TD><TD valign=top width=153.2><P style="margin:0pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;October 26, 2005</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-bottom:3pt; line-height:1.35pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>3.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Net (Loss) Per Share</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>The net (loss) per share figures have been calculated using the weighted average number of common shares outstanding during the year to date which amounted to 286,059,258, and for the third quarter 301,112,288. &nbsp;Under the treasury method of calculating fully diluted income per share, exercise of the outstanding stock options and warrants would be anti-dilutive in 2004. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-bottom:3pt; line-height:1.35pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>4.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Other Expense (Income)</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align=justify>Included in other expense (income) are unrealized currency translation losses of $377,000, (2003 &#150; gain of $296,000; 2002 &#150; gain of $23,000) and a gain on redemption of the non-controlling interest of a subsidiary company of $724,000 in 2004 (see Note 5). &nbsp;These currency translation losses are a result of the increase in the value of the South African Rand against the Canadian dollar. </P>
<P style="margin:0pt; padding-bottom:3pt; line-height:1.35pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>5.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Non-controlling Interest</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>During the second quarter of 2004, Eersteling Gold Mining Company Limited completed a share redemption &nbsp;arrangement for those shares which traded on the Johannesburg Stock Exchange (&#147;JSE&#148;). &nbsp;Pursuant to the terms </P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">15</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt">&nbsp;</P>
<P style="margin:0pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:14pt; border-top:3pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:14pt" align=right><B>Summary of Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Times New Roman; border-bottom:1pt solid #000000"><B>(Unaudited)</B></P>
<B><P style="text-indent: 216pt; font-family: Times New Roman; margin: 0pt; padding-bottom: 3pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September 30, 2004</B></P>
<P style="margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>5.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Non-controlling Interest</B> (continued)</P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>of the redemption plan, the minority shareholders had their 584,362 ordinary shares converted into 584,362 redeemable preference shares, which were redeemed at a price of 0.21 rand per share. &nbsp;The price of 0.21 rand per share was the highest price traded for the shares on the JSE last year. &nbsp;Payment during June 2004 amounted to approximately 123,000 rand ($25,000 Cdn.). &nbsp;</P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman" align=justify>As a result of the redemption, Eersteling is now a 100% owned subsidiary of Caledonia. &nbsp;Accordingly a gain of $724,000 was recognized in the consolidated accounts upon acquisition of the non-controlling interest in Eersteling.</P>
<P style="margin:0pt; padding-bottom:3pt; line-height:1.35pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><B>6.</B></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><B>Supplemental Cash Flow Information</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman">Items not involving cash are as follows:</P>
<P style="margin:0pt; padding-left:28.35pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=228>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>2004</U></B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><U>2003</U></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><U>2002</U></P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Accretion asset retirement obligation </P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>$16</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>$24</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$24</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Non-controlling interest</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>(13)</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(2)</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Stock option benefit expense</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>167</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Gain on acquisition of non-controlling &nbsp;&nbsp;&nbsp;&nbsp;interest of subsidiary company</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><B>(724)</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Other</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>(124)</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>18</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=228>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>($430)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>$42</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>$22</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman">The net changes in non-cash working capital balances for continuing operations are as follows:</P>
<P style="margin:0pt; text-indent:28.35pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=228>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>2004</U></B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><U>2003</U></P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right><U>2002</U></P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Accounts payable</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>($340)</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>($351)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($54)</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Accounts receivable</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>(193)</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>(156)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>(29)</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Inventories</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>47</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman">Prepaid expenses</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>126</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>(9)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=228>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right><B>($360)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=right>($516)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman" align=right>($83)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-bottom:3pt; line-height:1.35pt; font-family:Times New Roman; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<p align="center">17</p>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<table border="0" width="100%">
  <tr>
    <td width="50%" valign="top">
<P style="line-height: 16pt; font-family: Times New Roman; font-size: 14pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="3">Corporate Directory</font></B></P>
<B><P style="text-indent: 0; font-family: Times New Roman; font-size: 14pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">BOARD OF DIRECTORS</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">S. E. Hayden</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">J. Johnstone</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">F. C. Harvey</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">R.G. Fasel</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">W. I. L. Forrest</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">C. R. Jonsson</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">OFFICERS</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">S. E. Hayden</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Chairman of the Board, President and</font> </I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Chief Executive Officer</font></I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">F. C. Harvey</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Technical Director</font></I><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">J. Johnstone</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><I><font size="2">Vice-President Operations and</font> </I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><I><font size="2">Chief Operating Officer</font></I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">M. D. Tombs</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Vice-President Finance and</font> </I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Chief Financial Officer</font></I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">J. Smith</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><I><font size="2">Vice-President Exploration</font></I></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">CORPORATE OFFICES</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">Canada - Head Office</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">Caledonia Mining Corporation</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Unit 9, 2145 Dunwin Drive</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Mississauga, Ontario</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">L5L 4L9 Canada</font></P>
      <P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Tel: (905) 607-7543</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Fax: (905) 607-9806</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="text-indent: 0; font-family: Times New Roman; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">South Africa</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">Greenstone Management Services (Pty) Ltd.</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">P.O. Box 587</font></P>
      <P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Johannesburg 2000</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">South
Africa</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Tel: &nbsp;(27)(11) 447-2499</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Fax: (27)(11) 447-2554<BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">Zambia</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">Caledonia Mining (Zambia) Limited</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">P.O. Box 36604</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Lusaka, Zambia</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Tel: (260)(1) 29-1574</font></P>
<P style="font-family: Times New Roman; text-indent: 0; line-height: 100%; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Fax: (260)(1) 29-2154</font></P>
<P style="text-indent: 0; font-family: Times New Roman; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="text-indent: 0; font-family: Times New Roman; line-height: 100%; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><BR></P>
      <p>&nbsp;</td>
    <td width="50%" valign="top">
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><B><font size="2">SHARES LISTED</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">The Toronto Stock Exchange Symbol &#147;CAL&#148;</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0"><font size="2">NASDAQ OTC BB Symbol &quot;CALVF&quot;<BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><B>CAPITALIZATION </B>at September 30, 2004</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Authorised: Unlimited</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Shares, Warrants and Options Issued:</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Common Shares: 301,112,288</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Warrants: 39,232,909</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Options: 13,108,700</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><B>Web Site: </B><U>http://www.caledoniamining.com</U></font></P>
<P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">SOLICITORS</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">Borden Ladner Gervais LLP</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Suite 4100, Scotia Plaza</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">40 King Street West</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Toronto, Ontario M5H 3Y4 Canada</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">Tupper, Jonsson &amp; Yeadon</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">1710-1177 West Hastings Street</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Vancouver, British Columbia</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">V6E 2L3 Canada</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">AUDITORS</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">BDO Dunwoody LLP</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">Chartered Accountants</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Suite 3200, 200 Bay Street</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Royal Bank Plaza, South Tower</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Toronto, Ontario M5J 2J8 Canada</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="line-height: 11pt; font-family: Times New Roman; font-size: 9pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">REGISTRAR &amp; TRANSFER AGENT</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><B>Equity Transfer Services Inc</B>.</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Suite 420 120 Adelaide Street West</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Toronto, Ontario M5H 4C3 Canada</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Tel: &nbsp;(416) 361-0152</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Fax: (416) 361-0470</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2"><BR></font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">BANKERS</font></B></P>
<P style="line-height: 11pt; font-family: Times New Roman; font-size: 9pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><B><font size="2">Canadian Imperial Bank of Commerce</font></B></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">6266 Dixie Road</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">Mississauga, Ontario</font></P>
<P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="2">L5T 1A7 Canada</font></P>
      <p>&nbsp;</td>
  </tr>
</table>
<BR>
<BR>
<P style="margin:0pt; padding-left:50.4pt; text-indent:-50.4pt; font-family:Times New Roman" align=center><BR>17<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:0.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:2.9pt; line-height:5pt; font-family:Times New Roman; font-size:5pt"><BR><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:14pt"><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:14pt"><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:14pt"><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:14pt"><BR></P>
<P style="margin:0pt; font-family:Bookman Old Style; font-size:14pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Shruti" align=justify>Unit # 9</P>
<P style="margin:0pt; font-family:Shruti" align=justify>2145 Dunwin Drive</P>
<P style="margin:0pt; font-family:Shruti" align=justify>Mississauga, Ontario, Canada</P>
<P style="margin:0pt; font-family:Shruti" align=justify>L5L 4L9</P>
<P style="margin:0pt; font-family:Shruti" align=justify>Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(905) 607-7543</P>
<P style="margin:0pt; font-family:Shruti" align=justify>Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(905) 607-9806</P>
<P style="margin:0pt; font-family:Times New Roman">info@caledoniamining.com</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">18<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>pr.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</title>
<META NAME="author" CONTENT="Stefan Hayden">
<META NAME="date" CONTENT="11/16/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align="center"><img border="0" src="logo.gif" width="108" height="107"></P>
<P style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align="center"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:22pt; font-family:Times New Roman; font-size:20pt" align=center><B>CALEDONIA MINING CORPORATION</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>NEWS RELEASE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt" align=justify><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>THIRD QUARTER 2004 FINANCIAL RESULTS </B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>and GENERAL UPDATE</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>ANNOUNCES TELEPHONE CONFERENCE CALL on November 22<SUP>nd</SUP> 2004</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>November 15<SUP>th</SUP> 2004, Immediate</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-right:5.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Caledonia Mining Corporation (&#147;Caledonia&#148;) of Toronto (TSX: CAL and NASDAQ-OTCBB: CALVF) is pleased to announce its key financial results for the third quarter of its 2004 fiscal year, together with a general update on its properties. The financial results are reported in thousands of &nbsp;Canadian dollars except where otherwise stated.</P>
<P style="margin:0pt; padding-right:5.4pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:5.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Corporation reports an overall loss for the quarter of $2.25 million ($0.008 per share). &nbsp;The net loss of $2.25 million during the quarter is comprised mainly of operating losses, interest paid and administration costs.</P>
<P style="margin:0pt; padding-right:5.4pt; font-family:Times New Roman; font-size:11pt" align=justify>The year-to date loss was $5.4 million ($0.019 per share) compared to a loss of $2.7 million for the same period in 2003<FONT FACE="TimesNewRoman">.</FONT></P>
<P style="margin:0pt; padding-right:5.4pt; font-family:TimesNewRoman" align=justify><BR></P>
<P style="margin:0pt; padding-right:5.4pt; line-height:14pt; font-family:TimesNewRoman; font-size:12pt" align=justify><B>Quarterly Unaudited Financial Results - $ Thousands</B></P>
<P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; text-indent:-360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Quarterly Unaudited Financial</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=94.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><U>Q3-2004</U></B></P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman; font-size:11pt" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Q3-2003</U></B></P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; font-family:Times New Roman; font-size:20pt"><B>&nbsp;<SMALL><SMALL>Revenue<BIG> and operating costs</SMALL></B></P>
    </big></small>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.533>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue from sales</P>
</TD><TD valign=top width=94.467><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202</P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$259</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating costs</P>
</TD><TD valign=top width=94.467><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,054</P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; padding-left:22.35pt; padding-right:-28.7pt; text-indent:-43.65pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss)</B></P>
</TD><TD valign=top width=94.467><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,852)</P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=306.4><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and expenses</B></P>
</TD><TD valign=top width=94.467><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398</P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=306.4><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) for the period</B></P>
</TD><TD valign=top width=94.467><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($2,250)</P>
</TD><TD valign=top width=94.533><P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($1,080)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=306.4><P style="margin-top:5pt; margin-bottom:0pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) per share</B></P>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.533>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin-top:0pt; margin-bottom:5pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and fully diluted</P>
</TD><TD valign=top width=94.467><P style="margin-top:0pt; margin-bottom:5pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($0.008)</P>
</TD><TD valign=top width=94.533><P style="margin-top:0pt; margin-bottom:5pt; padding-left:-21.3pt; padding-right:-28.7pt; font-family:Times New Roman" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($0.005)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Barbrook Gold Mine</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Gold production at the Barbrook Gold Mine in Mpumalanga Province in South Africa has improved steadily during October. &nbsp;Changes in operating procedures and a number of circuit changes have contributed to the improved throughput and gold recoveries. &nbsp;Caledonia is confident that by early 2005 further modifications to the milling and metallurgical circuits will be complete and mill throughput will be increased to 10,000 tons per month. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Biox&#174; licencing agreement has been signed with Biomin Technologies S.A. and a suitably qualified Project Management team is being appointed and is expected to complete the Biox&#174; Capex and feasibility study by mid December 2004. &nbsp;Based on the economics the decision to commence with construction of the Biox&#174; circuit will be made during December and construction would them commence in January 2005, with completion and commissioning scheduled for October 2005.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Rooipoort Platinum Exploration Project </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Rooipoort Platinum project near Mokopane, South Africa is situated at the southern end of the Northern Limb of the Bushveld Complex (&#147;BC&#148;). The Northern Limb is host to the Potgietersrus Platinum Ltd. open-pit mine of Anglo Platinum, some 45 kilometres to the north of Rooipoort. Significant exploration programs for Platinum Group Elements </P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>- 2 -</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(&#147;PGE&#148;) are also being conducted throughout the Northern Limb by a number of companies.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Maps showing the location of the Rooipoort property and drill hole locations are available on the Caledonia website at <FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT> &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Phase 1 drilling program at Rooipoort was completed in July 2004 and consisted of 23 drill holes totalling 6,862metres. &nbsp;The results obtained from the 23 holes drilled in Phase 1 are presented in Caledonia&#146;s Third Quarter Report which is available on the company&#146;s website <FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT> and also on SEDAR.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Phase 1 results are very encouraging and show an extensive area of PGE mineralization contained in 2 main zones, an upper lithological unit predominantly characterized by cumulative plagioclase and the development of &#147;mottled anorthosites&#148; (MAIN Zone) and a lower lithological unit predominantly characterized by the presence of pyroxenites and chromitite (LMF Zone). &nbsp;The LMF zone on Rooipoort may be equated with the &#147;Platreef&#148; which is the target of most &nbsp;PGE exploration in the Northern Limb, as well as the host to ore at Potgietersrus Platinum&#146;s mine.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The PGE mineralization occurs at shallow depth in multiple narrow horizons within these zones and the Phase 2 exploration programme which is currently underway with two diamond drills currently active on the property &nbsp;is aimed at adding confidence to the continuity of grade and width between these horizons and within the zones.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Sampling and assaying to date has been focused on horizons containing pyrrhotite and chalcopyrite as well as extending above and below into apparently barren rock. &nbsp;An exercise to test for non- sulphide associated PGE mineralization is being undertaken and to date samples have been collected from 2 full drill sections.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Phase 2 of the drilling program commenced in August 2004 with an initial 10 holes planned to fill in gaps in the stratigraphy. &nbsp;Eight Phase 2 holes, totalling 2,104 meters, have been completed to date and drilling to define an initial resource at Rooipoort will commence after completion of the 10 hole Phase 2 program. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Additional Adjacent Properties Acquired on Grasvally:</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the third quarter 2004, additional mineral rights were optioned over portions of Grasvally 293KR which is immediately adjacent to the southern boundary of the Rooipoort property. &nbsp;A total of 43 hectares of additional exploration property was optioned. &nbsp;Further land negotiations in this area are ongoing. &nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Roodepoort Gold Exploration Project</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Roodepoort gold property, situated 40 kilometres north east of Mokopane, 22 kilometres north-east of the Eersteling gold mine area and 8 kilometres east of the Zandrivier gold mine area, is focused over an area of historical gold mining and an unusual gold-bearing &#147;albitite&#148; intrusive (a hydrothermally altered granodiorite). &nbsp;Grab samples returned values of up to 2g/t Au from pyritic portions of this unit and values greater than 16g/t Au from younger shear zones.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Following on from a gold-in-soil sampling programme, a diamond drill program, consisting of three holes was completed during September and all gold assays have now been received. &nbsp;The composite results from this program together with drill locations and sections are presented in Caledonia&#146;s Third Quarter Report which is available on the company&#146;s website <FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT> and also on SEDAR. &nbsp;Sampling was continuous so there are no un-assayed sections of core. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Although the results in hole RDP04-01 are interesting the best intersections are 100 metres deep and are not reflected in the results from the remaining holes. &nbsp;These intersections are believed to correspond to the down dip extension of a number of old workings to the east that extend to the 30m level. &nbsp;No significant gold values were recorded from the pyritic albitite and Caledonia has concluded that the potential for an open-pit operation as previously envisaged is not economically viable. &nbsp;However further compilation of previous data and assessment of the intersection in hole RDP04-01 will be conducted, prior to recommending any further work on this property. &nbsp;Bruce Cumming, a registered Professional Natural Scientist in South Africa and Caledonia&#146;s Project Manager at Rooipoort and is responsible for the design and conduct of both programs and for the verification and quality assuran
ce of analytical results.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Nama Cobalt Sample Tests</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the quarter, a 10-tonne sample was excavated from a trench in the central, high-grade cobalt area of the Nama A anomaly &nbsp;and shipped to the Mintek laboratory in Johannesburg, South Africa for metallurgical testing. The objective of </P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>- 3 -</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>the test work is to develop the most economic process whereby a saleable cobalt concentrate can be produced. &nbsp;Further testing is currently underway to further optimize economic concentration. &nbsp;The most encouraging results from the initial testwork with heavy liquid and gravity separation indicate that further concentration is possible. The testing emphasis in the 4<SUP>th</SUP> quarter will be focused on optimizing cobalt-mineral liberation, followed by more sophisticated concentrating procedures. It is expected that a suitable processing route will be confirmed by the end of the year or early in the 1<SUP>st</SUP> quarter of 2005, following which it is planned to carry out preparation of large concentrate samples for testing by end-users, additional drilling and the preparation of economic studies.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Eersteling Gold Mine</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The mine plans and other technical data have been reassembled and catalogued. A full geological review of the property was conducted in October. &nbsp;The resources at Eersteling were evaluated and a development program prioritised. Other &nbsp;areas which should be investigated as potential ore sources were identified and an airborne geophysical program over these and other portions of the Eersteling property has been approved and will be flown during &nbsp;November 2004. A surface exploration program will then test some of these areas.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Mulonga Plain Diamond Project</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Field teams were mobilized into the Kashiji Plain licence area in September to conduct soil sampling and ground geophysics programs. &nbsp;Results are pending.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Conference Call </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Mr. Stefan Hayden, Chairman, President and CEO of Caledonia will host a conference call review of the Third Quarter Results and the ongoing operations on Monday November 22<SUP>nd</SUP> at 10.00 am (EST). &nbsp;The conference call is aimed at improving communications between Caledonia and its stakeholders, and if successful will become a regular event.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Those persons wishing to participate in this conference can do so by calling one of the following dial-in numbers:</P>
<P style="font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><BR></P>
<P style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0" align=justify>Toll free from inside North America&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1-888-884-7063</P>
<P style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0" align=justify>Toll free from outside North America&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
+-800-1244-9138 &nbsp;[Note: No country code required]</P>
<P style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0" align=justify>International toll number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
+ 1-416-695-6321</P>
<P style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0" align=justify>Local (Toronto area)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(416) 695-6321</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At the voice prompt all participants should enter the passcode 645311 followed by the number sign.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Mr. Hayden will be accompanied by Jim Johnstone, V.P. Operations and COO, Chris Harvey, Technical Director, and Mike Tombs, V.P. Finance and CFO.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>A recording of the conference will be available at the following telephone numbers for two weeks to December 6<SUP>th</SUP>. It will also be available on the Caledonia website at <FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT>.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Toll free from North America</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1-888-509-0081</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>International toll number</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>+1-416-695-5275</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>For further information please contact Caledonia Mining Corporation:</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>S. E. Hayden</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>James Johnstone</B></P>
<B><P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chris Harvey</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chairman, President and CEO</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>V-P Operations and COO</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Technical Director</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>South Africa</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Canada</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Canada</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Tel: (011-27-11) 447-2499</P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify></B>Tel: (1-905) 607-7543</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Tel: (1-905) 607-7543</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:324pt; text-indent:-324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Fax: (011-27-11) 447-2554</P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:324pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify></B>Fax: (1-905) 607-9806</P>
<P style="margin:0pt; padding-left:324pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Fax: (1-905) 607-9806</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Further information regarding Caledonia&#146;s exploration activities and operations along with its latest financial results may be found on the Corporation&#146;s website </B><FONT COLOR=#0000FF><B><U>http://www.caledoniamining.com</U></B></FONT><B></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<BR>
<BR>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>4
<FILENAME>ceocert.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc .&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="&nbsp;Jim Johnstone">
<META NAME="date" CONTENT="11/16/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Form 52-109FT2 &#150; Certification of Interim Filings</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Stefan E. Hayden, CEO of Caledonia Mining Corporation, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers Annual and Interim Filings</I>) of Caledonia Mining Corporation, (the issuer) for the interim period ending September 30<SUP>th</SUP>, 2004;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:__November 12, 2004</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/
S.E. Hayden</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">______________________</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">S.E. Hayden, Chairman, President</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Executive Officer.</P>
<BR>
<BR>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>cfocert.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="&nbsp;Jim Johnstone">
<META NAME="date" CONTENT="11/16/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Form 52-109FT2 &#150; Certification of Interim Filings</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Michael D. Tombs, CFO of Caledonia Mining Corporation, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers Annual and Interim Filings</I>) of Caledonia Mining Corporation, (the issuer) for the interim period ending September 30<SUP>th</SUP>, 2004;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:__November 12, 2004</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
M.D. Tombs</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">______________________</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">M.D. Tombs, Vice President Finance</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer. </P>
<BR>
<BR>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo.gif
<TEXT>
begin 644 logo.gif
M1TE&.#EA;`!K`-4``",?'#$L*EQ:65114$A%0S@U,D`].BPH)5!-3"@D(5E6
M5,G&Q3PX-G]Z>4Q)1^SKZD1!/Z&=G#0P+F]L:M31T&AE9)F4D[6PK^#>W8>"
M@:JFIG=S<H^+BK^[NA\:%____V%?70``````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````"'Y!```````+`````!L`&L```;_
MP(]P2"P:C\CDHV-I.)]0IZ7S2%JOV*QV^[AP)J"P>$PN@R:<2W7+;KN1W8QY
M3B]GU.^\/KF(-.J`@6(-$0M[AV\4&X*,C1L4B)%7%!:-EHT6D)*;0@M@EV$*
M$`&DI1`*H&$3AIR'#Y6"`PBS#`D>M[BYN0D,LPB8:ZUNGH$#M;K(R<D`!0Z"
MJ\)M%X$$MLK7V+C,SH`6P=%6&H`#!]GFYPD$@!.:X$<8?W3&YQX`I??WY>8!
MJ'05[>Z&:*A`IYJY`P8,<`,D*J&U9<W\:0@HY$$\,^2N`3`PJU\J$`X*`+A6
MH$Z#;\+DS"%`<N'',@(,/-0EP:,==QT**N/W,E8!_V4,!,SI$"W"'`$2ED'H
M:4G!3V0)!LR)P.G!(HPC=6T4RO022V0`I)K9@%(/K#(#LN8*VO6C@Z1:Q9:Q
M$&G!G+2Z$OQJVU.`/FTVQ[#2\^`3&;RY#G#EV_>OAY)S)I1E<W8,8EP%%C-N
M?`LR';IYIJ%56T_NYJXQ&0BZ\$;T8=)A3\MFQ)H-!H)E',>>S;M.!0QL+HXQ
MH$M=[^-S&FP15^8KK@/(HYN9B.5V&0>Z%#,6A2\``P>:H__&4CF,`-(>`@L(
M+TB4XV02"+"O0T`[*-!6#(MYBLM`&0D2-(*``>^9$]]\9'QEGR437)$3&0ID
M=]TM+JU$#S8%!#:&<QX$"/\*47#@-@8#NNPEA@)J&6>&`!!<:(Y_S2&SU"45
M3/8!!V;,%$!NQ<$$ES()=$?*3,@L"`*'N9C&"`=(Z!<&=KF8&`:),I)!93(%
M*'F8`0R@=XM]2.Z"(!T-&H$!3*1Y>"))8@R0S`&G-*)``&"A$B9-H`!7A&O[
MY0)`>/QAV>=S4EJ"`)VX.!-F`42J2)L1*HU!FJ,@1*@-`NA)P-531J:"J0?^
M+0I27I=D4,0#$^921J#^7?8E5PP8,*8EQAR)C&<_WD)I(-_P&0:BMZ@9BI]<
M9938K"^)*L9YNUQ2FQ"1AN%F+A6R.H9?>6G)E++#]=B(J4.4<:4'.XYAZ2U_
MDH'_K9_:?L3MM:0E<,D0=I$!+*AD!%JNNN_MMNVM\I1H"2M&V9L+C,/FLJMY
M]^KZKRZ>S1%HH8!0]4'!8]R+,`@(-#N&`^D,JG"R``/2,6:66(RQ&#.9QB&E
M3X4,0J"WS.A5R>/HDC*TAR5&QDR%D@8CS8_=#'$CXUH"KHAA$(>+E!P:.6VB
M(J/,R+N!..TP(Q5\0$$96GM@<']DM*A-@LAH2@W.C(2]KR`4U-LM+F/?LC$(
M8>\:9J=H'WT)E+>\'<@"<HOA6-WXCJBJ&7LCB'4CP`H.".$0ZIQQE)99SCA4
M6CX..2Z2UT'Y&"?3??F79)1^2QV?LKLAVZ!$/G#A'&O^_ROHJ=N.55QA>&Z)
M[(V,+H;J8I].;NZ+U^&JKK[_CGOPM!-?M^#2%^,E[*DP&_CLR)LNQKV:55],
M@;E$_)+9VT/?<_*WX^*H^(&LB_U';G/_,_L@W"OLN:LW(K_5;<F;_13GO?:A
MBPR.61@=_F<^IB1M8%\C0]@DJ`O3H,\#\K*$`!#50*;,Y!*08!K>,#<\7=BL
M4A4$10$ZV).I8=`27?M`M$;X/);Y;`R.48UT`!$H%LX!7"L#@0O3\[I<V"1L
M&=SA'/CG`05.10A!!,%,3BC%D94P24J4F,<:H;(R:(R"``Q#=I"%'&]QL1->
M/%CW,*B97'D`.EDDW1:#%ZY\Y?]"<KK081A:Y[XXBB%L>FP$$80S*A)6S0-2
M<I6_LC@3#0%".0))8QA1>$<P:J-='QD`)GM7R4M01PAG(@/@ZK$J@>&0=VU)
MRR++,),*"4)/0[C*LLR8L!I*"RR;9`1B5BF&<84.$!LP`G/&D*L$`,J$EM1&
MG-P%&RV-$I&@^.000FDNT@22DH"Q8S("0#'E'0,9=T-1)R\!2R(X"007A"8!
MGU,&!!`)%[QPY(F^"95"_2]=ERB3$7!4!M)([CW7!($`QG6KA,A'``1("-'6
M$I[_J?,23'J'"&=FRA.AQY4<NYZ++F4&!P@M%>-!PC#;I`O)C9*7TM*HBU`:
M"D3ATY/_5Y@HS:@(`BKQ[3`0<",Z(A(("&P$I%C@9S7]I*$#^'!%!-!IV@@@
M3SHH@(QFB*@5(EBV,?)%``Y@0'<.%$>`)"&*MKJA'X]CL2S(<FY]'"MO@KD%
MJEYK)BQ5ZXJ@"@*O8@&L?*R'$^6ZK`/<E`QE9<-9VX2>O_)U788%`5O=X%;+
M%):N._R?8>W:UHD*\;%\O5:!.OB/0]".L'GI9AP-HHN[B6$P>Y@A:/,(V=,8
MRW5F`!<B"G,7+VTEBS%91KLDPPFP"E2I`*`I;Y:'KG8%=A.^*B(R>'(<C[ZI
M7<\2!B&5>RN,,B4DU_MI<@("#WF0#UVR0HT!5,J6Y)03'`,IK<@[BP0!NK+H
MN[L0+0@J($V*=%<>!%U&K!+"W_XFI$O9```#-ME9B@AS'/#=*#;*2R;*&O@#
MR6W.>A6<#+T$PAL/YL,YT4)/"G^)%`,.!#0R;(57Z)*_'<X&G)IJ!@R3&`O$
MN(0L?)'4`!#`%QW))VI?C`5*\#43/$[$8*7SB"#OH0_3E0TA=FQDPEQ`M5VY
@@XV:[`HO;+@1:,`#E0V,`<(Q(0I@;L`4"'?>#`<!`#L_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
