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<SEC-DOCUMENT>0001137171-06-001257.txt : 20060517
<SEC-HEADER>0001137171-06-001257.hdr.sgml : 20060517
<ACCEPTANCE-DATETIME>20060517122353
ACCESSION NUMBER:		0001137171-06-001257
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060516
FILED AS OF DATE:		20060517
DATE AS OF CHANGE:		20060517

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:		06848242

	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>caledonia6k051706.htm
<DESCRIPTION>6-K FILING FOR CALEDONIA MINING
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="rszczype">
<META NAME="date" CONTENT="05/16/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:4.15pt; margin-bottom:4.15pt" 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" align=center><B>Report of Foreign Private Issuer </B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt" 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">For the month of May 2006</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt">Commission File Number: <FONT COLOR=#3F3F3F>_000-13345</FONT></P>
<P style="margin:0pt" align=center><B>Caledonia Mining Corporation<BR>
</B>(Translation of registrant's name into English)</P>
<P style="margin:0pt" align=center><B>Unit #9, 2145 Dunwin Drive</B></P>
<P style="margin:0pt" align=center><B>Mississauga</B></P>
<P style="margin:0pt" align=center><B>Ontario L5L 4L9</B></P>
<P style="margin:0pt" align=center><B>Canada<BR>
</B>(Address of principal executive offices)<BR>
</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt">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" align=center>Form 20-F __X___ Form 40-F_____</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt">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">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">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" align=center>Yes <U>____</U> No <U>___X__</U></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt">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" align=center><B>Signatures</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt">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"><B>Caledonia Mining Corporation</B>_<BR>
(Registrant)</P>
<P style="margin:0pt; padding-left:360pt; text-indent:144pt">&nbsp;<BR>
</P>
<P style="margin:0pt; padding-left:324pt; text-indent:36pt">By:_/s/ &nbsp;Jim Johnstone_</P>
<P style="margin:0pt; padding-left:360pt">Name: &nbsp;&nbsp;Jim Johnstone</P>
<P style="margin:0pt; padding-left:360pt">Title: &nbsp;V.P. Operations</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Dated: &nbsp;&nbsp;May 16, 2006</P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><B>Exhibit Index</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><U>Exhibit</U></P>
<P style="margin:0pt; text-indent:216pt"><U>Description</U></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:216pt; text-indent:-216pt">1.1</P>
<P style="margin:0pt; padding-left:216pt"><a href="quarterly.htm">1<SUP>st</SUP> Quarter Report 2006</a></P>
<P style="margin:0pt"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>quarterly.htm
<DESCRIPTION>1ST QUARTER REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="&nbsp;Jim Johnstone">
<META NAME="date" CONTENT="05/16/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:52pt; margin:0pt; font-size:50pt" align=center><B>2006</B></P>
<P style="line-height:52pt; margin:0pt; font-size:50pt" align=center><B>First Quarter Report</B></P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt" align="center"><img src="quarterly002.gif" alt="[quarterly002.gif]" align=top height=144 width=144></P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-size:30pt" align=center>&nbsp;</P>
<P style="line-height:50pt; margin:0pt; font-size:48pt" align=center><B>CALEDONIA</B></P>
<P style="line-height:50pt; margin:0pt; font-size:48pt" align=center><B>Mining Corporation</B></P>
<P style="margin:0pt; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD style="background-color:#000000; border:0.5pt solid #000000" valign=top width=638.4><P style="line-height:14pt; margin-top:4pt; margin-bottom:4pt; font-family:Shruti; font-size:12pt; color:#FFFFFF"><FONT FACE="Shruti">2006 FIRST QUARTER HIGHLIGHTS</FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><FONT FACE="Times New Roman"><B>Barbrook Gold Mine</B></FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Completed plant expansion to 15,000 tonnes per month capacity and commissioned new plant in late January.</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Production improvements were evident during first quarter and are expected to continue as mining and milled tonnages are increased. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>Exploration</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Acquired a 100% interest in prospecting rights covering a total area of 4,315.8 hectares adjoining the company&#146;s Rooipoort PGE project. Subsequent to this acquisition Caledonia received notification from the DME that the old mining rights for this acquisition had been converted to New Order Rights.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>Corporate/Financial</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Mr. Steve Curtis was appointed Vice President Finance and Chief Financial Officer, replacing Mr. M. Tombs who has completed his employment contract.</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Completed the private placement commenced in December 2005 and raised $1,475,065 after expenses through the issue of 15,437,626 common shares and 15,437,626 share purchase warrants. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD style="background-color:#000000; border:0.5pt solid #000000" valign=top width=638.4><P style="line-height:14pt; margin-top:4pt; margin-bottom:4pt; font-family:Shruti; font-size:12pt; color:#FFFFFF"><FONT FACE="Shruti">2006 OBJECTIVES</FONT></P>
</TD></TR>
</TABLE>
<P style="margin-top:2.75pt; margin-bottom:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings" COLOR=#000000>&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Optimise gold production at Barbrook Mine in South Africa by treating at least 15,000 t.p.m. </FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Continue developing additional reserves/resources at Barbrook Mine.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Complete metallurgical studies to confirm viability of economic gold recovery from Daylight &amp; Victory ores at Barbrook Mine.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Improve safety awareness at Barbrook Mine and further develop necessary programs to ensure a safe operation.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Further explore the polymetallic resource on the farms Rooipoort and Grasvally which form the Rooipoort PGE/Ni/Cu Exploration Project in South Africa.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Increase the land holdings around the Rooipoort Exploration Project area.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Drill identified extensions to the known ore zones on the Eersteling and Zandrivier Mining Licence areas.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Continue with negotiations to conclude an agreement with a cobalt end producer to purchase cobalt concentrate produced at Nama and/or form strategic alliances to achieve this objective.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Seek a joint-venture partner to commence an exploration program at the Kadola copper/cobalt and the Eureka copper/gold properties in Zambia.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Pursue possible acquisitions and/or strategic partnerships to expand Caledonia&#146;s portfolio of properties.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Expand the Board of Directors to address ongoing Corporate Governance requirements. </FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Implement succession plans for senior executive and operational staff.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Strengthen the Investor Relations and Public Relations functions within Caledonia.</FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Conclude necessary agreements to satisfy the South African Black Economic Empowerment (&#147;BEE&#148;) requirements. </FONT></P>
<P style="line-height:13pt; margin-top:2.75pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; text-indent:-9pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">Arrange necessary financing to support the activities required to meet these objectives.</FONT></P>
<P style="margin-top:2.75pt; margin-bottom:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">2</P>
<P style="margin:0pt"><BR></P>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>President&#146;s Message</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Now that the commissioning of the plant expansion at the Barbrook Gold Mine in South Africa has been completed, all efforts are focused on optimizing the metallurgical circuit and ramping up tonnage from the underground mine to reach and exceed the planned tonnage of 15,000 tonnes per month. &nbsp;A number of mining areas outside the main French Bob zone are being developed to provide additional reserves and resources, and to allow mining to take place in a number of other ore zones thereby providing additional flexibility to the underground production. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Exploration work continued at the Rooipoort Platinum Project, south of Mokopane in South Africa, but has been limited by excessive rainfall. &nbsp;Soil sampling will resume as soon as conditions permit. &nbsp;In March Caledonia concluded an agreement to acquire a 100% interest in Falconbridge&#146;s prospecting rights covering the farms Moordrift 289KR, Jaagbaan 291KR, and portions of Grasvally 293KR, a total area of 4,316 hectares and adjacent to the western and southern boundaries of the Rooipoort Project area. This acquisition greatly enhances the potential economic viability of the Rooipoort Project as it effectively doubles the exploration area, which is underlain by Bushveld Complex rocks with proven PGE potential. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-size:11pt" align=justify>At the end of the quarter, Mike Tombs, CFO left Caledonia&#146;s employ at the end of his employment contract. &nbsp;I wish to thank Mike for his efforts on the Corporation&#146;s behalf. &nbsp;I would like to welcome Steve Curtis as the new CFO. &nbsp;Steve previously worked in the mining sector and has extensive experience as Financial Director in the South African manufacturing industry. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-size:11pt" align=justify>Negotiations with a number of large potential cobalt end-users continued and the economic studies related to producing cobalt carbonates and hydroxides at Nama are being updated.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:288pt" align=justify><B>&#147;Signed&#148;</B></P>
<P style="margin:0pt; padding-left:288pt" align=justify><B>&nbsp;S. E. Hayden</B></P>
<P style="margin:0pt; padding-left:288pt" align=justify>&nbsp;President and Chief Executive Officer</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">3</P>
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<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:144pt; text-indent:-144pt"><B>CALEDONIA MINING CORPORATION</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:144pt; text-indent:72pt"><B>&nbsp;&nbsp;</B></P>
<P style="margin:0pt; padding-left:144pt; text-indent:180pt"><B>May 6<SUP>th</SUP>, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:16pt; margin:0pt; padding-left:144pt; text-indent:-144pt; font-size:14pt"><B>Management&#146;s Discussion and Analysis</B></P>
<P style="line-height:14pt; margin:0pt; padding-left:144pt; text-indent:-144pt; font-size:12pt">Expressed in Canadian Dollars</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt" align=justify>This discussion provides updated information to the Management Discussion and Analysis contained in the Caledonia&#146;s Annual Report for 2005 which have been filed on SEDAR and are available at <FONT COLOR=#0000FF><U>www.sedar.com</U></FONT> or on the Corporation&#146;s website at <FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT>, where no comments are made there are no updates to report. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>OPERATIONAL REVIEW</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Barbrook Mines Limited</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The metallurgical plant expansion at the Barbrook Gold Mine was completed in December, the change over to the new plant commenced on January 3<SUP>rd</SUP> and commissioning of the new plant was started on January 26<SUP>th</SUP>. &nbsp;During February and March the plant throughput was progressively increased, reaching 10,500 tonnes in March. &nbsp;Tonnage from underground was constrained by a series of oversized rocks in the orepass system which created a bottleneck and diluted the mined grade from underground. &nbsp;These rocks originated in a waste pillar which sloughed into the stope. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The reduction in Gold Sales Revenue for the quarter compared with the same period in 2005 is due to the lack of production in January while the plant was being commissioned, accumulations of gold in the metallurgical circuit which have not yet been recovered, in addition there was a gold theft of approximately 60 ounces of gold from Barbrook during the quarter. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The &#145;ultra-fine milling&#146; section of the plant was not fully operational during the quarter and was temporarily replaced by recommissioning secondary grinding in the Sala mill until the density control system to the Ultra Fine Milling circuit is installed and commissioned early May 2006. &nbsp;Excessive gold lockup in the circuit was identified and steps are being taken to reduce this. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Underground development is continuing in the Taylors, French Bob, Twalas, Victory and Brown zones to develop additional resources in these zones. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=119.7></TD><TD width=119.7></TD><TD width=119.7></TD><TD width=119.7></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=638.4 colspan=4><P style="margin:0pt" align=center><B><U>Barbrook mine &nbsp;- 2006 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=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</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=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center><U>First Quarter</U></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center><U>April</U></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=159.6><P style="margin:0pt" align=justify>Ore mined</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>Tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>27,565</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>7,982</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=159.6><P style="margin:0pt" align=justify>Development advance</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>Meters</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;329</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=159.6><P style="margin:0pt" align=justify>Ore milled</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>Tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>19,357</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>9,450</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=159.6><P style="margin:0pt" align=justify>Grade milled</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>g/t</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;3.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;3.04</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=159.6><P style="margin:0pt" align=justify>Gold recovered</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>Ounces</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;513</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>CONSOLIDATED FINANCIAL RESULTS </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>For the quarter ended March 31, 2006 Caledonia recorded a net loss of $2,3million ($0.006 per share) compared to a net loss of $1.8 million ($0.007 per share) during the same period in 2005 and a net loss of $1.7 million ($0.007 per share) in the first quarter of 2004. &nbsp;The loss in 2006 results from operations at Barbrook, the normal administration expenses and ongoing exploration costs during the quarter. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Financing</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The private placement, initiated during December 2005, was completed in January and February 2006. &nbsp;In 2006 15,437,626 units, each consisting of one common share and one share purchase warrant, were issued raising $1,475,065 net of expenses. &nbsp;In all, this placement raised $3,180,633 after expenses and issued 33,287,626 units.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">4</P>
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<P style="margin:0pt; page-break-before:always" align=justify>In April 2006 the company commenced a private placement to raise additional funds. To date this placement has raised $2 million from the sale of 16,666,667 units. &nbsp;Each unit consists of one common share and one share purchase warrant. These funds will be used for general working capital and opportunities as they may arise. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><I>Summary of Quarterly Results &nbsp;</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">The following information is provided for each of the eight most recently completed quarters of the company: (in thousands of Canadian dollars except per share amounts)</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=64.7></TD><TD width=46.5></TD><TD width=67.5></TD><TD width=55></TD><TD width=55></TD><TD width=46.5></TD><TD width=46.5></TD><TD width=50.6></TD><TD width=46.5></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=86.267>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt">Q1-2006</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=90><P style="margin:0pt">Q4-2005</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=73.333><P style="margin:0pt">Q3-2005</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=73.333><P style="margin:0pt">Q2-2005</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=62><P style="margin:0pt">Q1-2005</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=62><P style="margin:0pt">Q4-2004</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=67.467><P style="margin:0pt">Q3-2004</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=62><P style="margin:0pt">Q2-2004</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=86.267><P style="margin:0pt">Net Sales or Total Revenues</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$418</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$453</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.333><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$743</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.333><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$965</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$481</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$469</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.467><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$202</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$30</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=86.267><P style="margin:0pt">(Net loss)</P>
<P style="margin:0pt">- total</P>
<P style="margin:0pt">- per share undiluted</P>
<P style="margin:0pt">- per share diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($2,266)</P>
<P style="margin:0pt">($0.006)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.006)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($2,054)</P>
<P style="margin:0pt">($0,006)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0,006)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.333><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($2,564)</P>
<P style="margin:0pt">($0.008)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.008)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=73.333><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($3,276)</P>
<P style="margin:0pt">($0.011)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.011)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($1,786)</P>
<P style="margin:0pt">($0.007)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.007)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($4,569)</P>
<P style="margin:0pt">($0,015)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0,015)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=67.467><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($2,250)</P>
<P style="margin:0pt">($0.008)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.008)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62><P style="margin:0pt"><BR></P>
<P style="margin:0pt">($1,435)</P>
<P style="margin:0pt">($0.005)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">($0.005)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><I>Note: As there are no extraordinary items the disclosed net loss per share is identical to the total loss before extraordinary items.</I></P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">5</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>EXPLORATION AND PROJECT DEVELOPMENT</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt" align=justify><B><I>Eersteling Gold Exploration Project</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Logging and sampling of trenches in the central Pienaar area of the Eersteling mine was ongoing during the quarter, it was however limited as mobility over the exploration was restricted by heavy rains. A total of 64 trench channel samples were collected for analysis and 85 meters were logged in two trenches. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Rooipoort and Grasvally Platinum Exploration Project </I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Soil geochemical sampling planned for the Rooipoort Platinum Exploration Project near Mokopane (Potgietersrus), South Africa was also delayed by exceptional rainfall conditions.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>In March Caledonia concluded an agreement, on behalf of its wholly owned South African subsidiary company Eersteling Gold Mining Company Limited (&#147;Eersteling&#148;), with Falconbridge Ventures of Africa (Pty) Ltd (&#147;Falconbridge&#148;), to acquire a 100% interest in Falconbridge&#146;s prospecting rights covering the farms Moordrift 289KR, Jaagbaan 291KR, and portions of Grasvally 293KR, a total area of 4,315.8 hectares. This acquisition effectively doubles the area of Caledonia&#146;s Rooipoort Project underlain by Bushveld Complex rocks with proven PGE potential.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Rooipoort Project properties are situated at the southern end of the highly prospective north limb of the Bushveld Complex, some 50km south of the Anglo Platinum open pit mining operation on the Platreef. Intensive exploration is being conducted along the entire length of this 110km prospective zone by a number of companies, viz. AfriOre, Anooraq, Pan-Palladium, Ivanhoe Nickel &amp; Platinum, PTM and AIM Resources.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Moordrift, Jaagbaan and Grasvally farms adjoin the western and southern boundary of Caledonia&#146;s Rooipoort (PGE/Au/Ni/Cu) Project area and contain the down dip extension of PGE/Ni/Cu mineralization that was recently discovered by Caledonia on the western side of Rooipoort farm. &nbsp;&nbsp;Falconbridge conducted limited exploration drilling on the Rooipoort boundary and on Grasvally and intersected the down dip extension of the mineralisation intersected by Caledonia, described above. <B>&nbsp;</B>Results from this drilling program are available in the Press Release of March 13, 2006 which is available on the Caledonia website at &nbsp;(<FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT>). </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>Falconbridge &nbsp;drilled 19 holes focused on an additional PGE mineralised horizon situated to the west of this earlier drilling (Western Target Zone). &nbsp;The location of these holes and the results of this drilling can be found in the Investor Centre on the Caledonia website (<FONT COLOR=#0000FF><U>www.caledoniamining.com</U></FONT>) under Technical Reports, in the document titled &#147;Rooipoort PGE/Au/Ni/Cu Project - Falconbridge Property Acquisition - Drilling Results&#148;. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>This reef horizon is characterized by a highly favourable 3 Pt: 1 Pd ratio. &nbsp;Falconbridge concentrated on following up their best intersection in hole MD03-02 (6.86 m @3.38g/t Pt; 1.23 g/t Pd; 0.57 g/t Au; 0.23% Ni; and 0.29% Cu) as a probable conformable structure. &nbsp;Caledonia&#146;s interpretation of rock alteration and of the aeromagnetic data indicates the possibility of more irregular vertical &#147;cathedral type&#148; structures that could have been missed by Falconbridge&#146;s vertical drilling for a planar west dipping reef.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Caledonia is evaluating the near surface, up-dip extensions of this mineralization on the Rooipoort and Grasvally properties in this &#147;central zone&#148; with the initial aim of drilling and delineating an open pit resource as soon as the necessary permits have been granted by the South African authorities.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>This property and data acquisition opens up an extensive new target area of PGE mineralisation and greatly enhances the potential economic viability of Caledonia&#146;s Rooipoort PGE/Au/Ni/Cu Project by more than doubling the area underlain by highly prospective PGE/Au/Ni/Cu mineralised stratigraphy already identified by drilling.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Subsequent to this acquisition the DME advised that it had converted the old mining rights to New Order Rights. Application to the South African authorities to transfer these Falconbridge rights to Eersteling has commenced.</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">6</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>SUPPLEMENT TO THE FINANCIAL STATEMENTS</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>As at April 30, 2006 the following securities were outstanding:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt" align=justify><FONT FACE="Times New Roman">402,819,429 common shares.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt" align=justify><FONT FACE="Times New Roman">16,898,000 common share purchase options at an average price of $0.21 maturing at various dates until February 1, 2015.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt" align=justify><FONT FACE="Times New Roman">33,287,626 common share purchase warrants exercisable at a price of $0.20 per share until February 3, 2008 and 16,666,667 share purchase warrants exercisable at a price of $0.15 per share until April 28, 2007. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Consolidated Balance Sheets</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>(in thousands of Canadian dollars)</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; font-size:12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt; text-indent:396pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height: 14pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt">&nbsp;</P>
<P style="line-height: 14pt; text-indent: 369pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt">&nbsp;</P>
<P style="line-height: 14pt; text-indent: 396.9pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="text-indent: 441pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin: 0pt; padding-bottom: 3pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=324 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B></TD><TD style="border-bottom: 1 solid #000000" align="right"><B>March 31,&nbsp;<br>
      2006</B></TD><TD style="border-bottom: 1 solid #000000" align="right">December 31,&nbsp;<br>
      2005</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Assets</B></P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=324></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">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">&nbsp;&nbsp;&nbsp;&nbsp;Cash and short term deposits </P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>$293</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>$1,076</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>415</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>768</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Inventories</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>362</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>90</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right><B>332</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>330</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>1,402</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>2,264</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Investment at cost</B> </P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>79</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>79</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Capital assets</B> </P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>9,769</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>9,156</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Mineral properties</B> </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right><B>11,081</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>10,839</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>$22,331</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>$22,338</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=324></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><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">Current</P>
<P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank overdraft</P>
</TD><TD valign=bottom width=96><P style="margin:0pt" align="right"><B>$281</B></P>
</TD><TD valign=bottom width=96>
<P style="margin:0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right><B>3,059</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>2,392</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>3,340</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align="right">2,589</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Asset retirement obligation (Note 4)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right><B>389</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>377</P>
</TD></TR>
<TR><TD valign=top width=432>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>3,729</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>2,966</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=324></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt"><B>Shareholders&#146; Equity </B>(Note 1)</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">&nbsp;&nbsp;&nbsp;&nbsp;Share capital </P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>181,528</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>180,053</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus </P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><B>944</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>923</P>
</TD></TR>
<TR><TD valign=top width=432><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right><B>(163,870)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>(161,604)</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" align=right><B>18,602</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>19,372</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" align=right><B>$22,331</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>$22,338</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">On behalf of the Board:</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><U>&nbsp;&nbsp;&nbsp;</U><B>&#147;Signed&#148;</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:72pt"><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:0pt; text-indent:180pt">Director</P>
<P style="margin:0pt">F. C. Harvey</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#147;Signed&#148;</B><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;</U></P>
<P style="margin:0pt; text-indent:180pt">Director</P>
<P style="margin:0pt">J. Johnstone</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">8</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:1.35pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Consolidated Statements of Deficit</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>(in thousands of Canadian dollars<SMALL>)</SMALL></B></P>
<P style="margin:0pt; text-indent:288pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B> </P>
<P style="line-height: 14pt; text-indent: -36pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt">&nbsp;</P>
<P style="line-height: 14pt; text-indent: 252pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt">&nbsp;&nbsp;&nbsp;</P>
<P style="line-height: 14pt; text-indent: 333pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt">&nbsp;</P>
<P style="line-height:0.65pt; margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=251.1></TD><TD colspan="3" align="center">For the three months ended March 31,</TD></TR>
  <TR><TD width=251.1 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B></TD><TD width=72.9 align="right" style="border-bottom: 1 solid #000000"><B>2006</B></TD><TD width=71.7 align="right" style="border-bottom: 1 solid #000000">2005</TD><TD width=72.3 align="right" style="border-bottom: 1 solid #000000">2004</TD></TR>
  <TR><TD width=251.1></TD><TD width=72.9></TD><TD width=71.7></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Deficit</B>, beginning of period</P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>(161,604)</B></P>
</TD><TD valign=top width=95.6><P style="margin:0pt" align=right>(151,924)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>(141,945)</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Net (loss) for the period</B></P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>(2,266)</B></P>
</TD><TD valign=top width=95.6><P style="margin:0pt" align=right>(1,786)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>(1,725)</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Deficit</B>, end of period</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=97.2><P style="margin:0pt" align=right><B>($163,870</B>)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=95.6><P style="margin:0pt" align=right>($153,710)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>($143,670)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:3pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Consolidated Statements of Operations</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>(in thousands of Canadian dollars except per share amounts)</B></P>
<P style="line-height: 14pt; text-indent: 333pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt">&nbsp;</P>
<P style="text-indent: 405pt; border-bottom-color: #000000; border-bottom-width: 1pt; margin: 0pt; padding-left: 36pt; padding-bottom: 3pt">&nbsp;</P>
<P style="line-height:0.65pt; margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=251.1></TD><TD colspan="3" align="center"><B>&nbsp;</B>For the three months ended March 31,</TD></TR>
  <TR><TD width=251.1 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B></TD><TD align="center" style="border-bottom: 1 solid #000000"><B>2006</B></TD><TD align="center" style="border-bottom: 1 solid #000000">2005</TD><TD align="center" style="border-bottom: 1 solid #000000">2004</TD></TR>
  <TR><TD width=251.1></TD><TD width=72.9></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Revenue and operating costs</B></P>
</TD><TD valign=top width=97.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Revenue from sales</P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>$418</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>$481</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>$140</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Operating costs </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=97.2><P style="margin:0pt" align=right><B>2,350</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>1,748</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>1,315</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Gross profit (loss)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=97.2><P style="margin:0pt" align=right><B>(1,932)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>(1,267)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>(1,175)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=251.1></TD><TD width=72.9></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Costs and expenses</B></P>
</TD><TD valign=top width=97.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>255</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>496</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>299</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Other expense (income) (Note 3)</P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>79</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>23</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>264</P>
</TD></TR>
<TR><TD valign=top width=334.8>&nbsp;</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=97.2><P style="margin:0pt" align=right><B>334</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>519</P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>563</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=251.1></TD><TD width=72.9></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>(Loss) before non-controlling interest</B></P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>(2,266)</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>(1,786)</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>(1,738)</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest</P>
</TD><TD valign=top width=97.2><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>13</P>
</TD></TR>
<TR><TD valign=top width=334.8><P style="margin:0pt"><B>Net (loss) for the period</B></P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=97.2><P style="margin:0pt" align=right><B>($2,266)</B></P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>(1,786)</P>
</TD><TD style="border-top:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>($1,725)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=251.1></TD><TD width=72.9></TD><TD width=72></TD><TD width=72></TD></TR>
<TR><TD style="border-top:3pt solid #000000" valign=top width=334.8><P style="margin-top:6pt; margin-bottom:0pt"><B>Net (loss) per share (Note 2)</B></P>
</TD><TD style="border-top:3pt solid #000000" valign=top width=97.2>&nbsp;</TD><TD style="border-top:3pt solid #000000" valign=top width=96>&nbsp;</TD><TD style="border-top:3pt solid #000000" valign=top width=96>&nbsp;</TD></TR>
<TR><TD style="border-bottom:3pt solid #000000" valign=top width=334.8><P style="margin-top:0pt; margin-bottom:6pt">&nbsp;&nbsp;&nbsp;&nbsp;Basic and fully diluted</P>
</TD><TD style="border-bottom:3pt solid #000000" valign=top width=97.2><P style="margin-top:0pt; margin-bottom:6pt" align=right><B>($0.006)</B></P>
</TD><TD style="border-bottom:3pt solid #000000" valign=top width=96><P style="margin-top:0pt; margin-bottom:5pt" align=right>($0.007)</P>
</TD><TD style="border-bottom:3pt solid #000000" valign=top width=96><P style="margin-top:0pt; margin-bottom:5pt" align=right>($0.007)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">9</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Consolidated Statements of Cash Flows</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>(in thousands of Canadian dollars)</B></P>
<P style="margin:0pt; text-indent:288pt; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P style="line-height:0.65pt; margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0>
  <tr>
    <TD width=251.1></TD><TD colspan="3" align="center"><B>&nbsp;</B>For the three months ended March 31,</TD>
  </tr>
  <tr>
    <TD width=251.1 style="border-bottom: 1 solid #000000"><B>(Unaudited)</B></TD><TD align="center" style="border-bottom: 1 solid #000000"><B>2006</B></TD><TD align="center" style="border-bottom: 1 solid #000000">2005</TD><TD align="center" style="border-bottom: 1 solid #000000">2004</TD>
  </tr>
  <TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt; padding-right:-36pt"><B>Cash provided by (used in)</B></P>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.6>&nbsp;</TD><TD valign=top width=96.4>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Operating activities</B></P>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.6>&nbsp;</TD><TD valign=top width=96.4>&nbsp;</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Net (loss) for the period</P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><B>($2,266</B>)</P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right>($1,786)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>($1,725)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Adjustments to reconcile net cash from</P>
<P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;operations &nbsp;(note 4)</P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>213</B></P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>192</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>90</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;&nbsp;Changes in non-cash working capital</P>
<P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balances (note 4)</P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>746</B></P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(143)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>12</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533>&nbsp;</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>(1,307)</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>(1,737)</P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>(1,623)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Investing activities</B></P>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.6>&nbsp;</TD><TD valign=top width=96.4>&nbsp;</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Expenditures on capital assets</P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><B>(730)</B></P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right>(187)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>(187)</P>
</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Expenditures on mineral properties</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>(305)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>(1,156)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>(183)</P>
</TD></TR>
<TR><TD valign=top width=338.533>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>(1,035)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>(1,343)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>(370)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Financing activities</B></P>
</TD><TD valign=top width=94.467>&nbsp;</TD><TD valign=top width=94.6>&nbsp;</TD><TD valign=top width=96.4>&nbsp;</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Bank overdraft increase</P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><B>84</B></P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right>-</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;Issue of share capital net of issue costs </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>1,475</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>9,282</P>
</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>1,559</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>-</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>9,282</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=253.9></TD><TD width=70.85></TD><TD width=70.95></TD><TD width=72.3></TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Increase (decrease) in cash for the period</B></P>
</TD><TD valign=top width=94.467><P style="margin:0pt" align=right><B>(783)</B></P>
</TD><TD valign=top width=94.6><P style="margin:0pt" align=right>(3,080)</P>
</TD><TD valign=top width=96.4><P style="margin:0pt" align=right>7,289</P>
</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Cash and cash equivalents, beginning of period</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>1,076</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>6,470</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>4,179</P>
</TD></TR>
<TR><TD valign=top width=338.533><P style="margin:0pt"><B>Cash and cash equivalents, end of period</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.467><P style="margin:0pt" align=right><B>$293</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=94.6><P style="margin:0pt" align=right>$3,390</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96.4><P style="margin:0pt" align=right>$11,468</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">10</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height: 14pt; font-size: 14pt; border-top: 3 solid #000000; margin: 0pt" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Summary of Significant Accounting Policies</B></P>
<P style="border-bottom-color: #000000; border-bottom-width: 1pt; margin-bottom: -24pt"><B>(Unaudited)</B></P>
<P style="border-bottom: 1 solid #000000" align="right"><B>For the three months ended March 31, 2006, 2005 and 2004</B></P>
<P style="margin:0pt" align=justify><B>Nature of Business</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" 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" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Basis of Presentation</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" 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" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Measurement Uncertainties</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" 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" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Principles of Consolidation</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>The consolidated financial statements include the accounts of the Company together with all its subsidiaries. &nbsp;All significant inter-company balances and transactions have been eliminated on consolidation.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>The Company&#146;s consolidated (all 100% owned) subsidiaries are Barbrook Mines Limited (&quot;Barbrook&quot;), Eersteling Gold Mining Company Limited (100% owned since June 2004) (&quot;Eersteling&quot;) Greenstone Management Services (Proprietary) Limited, Fintona Investments (Proprietary) Limited, Maid O&#146; Mist (Proprietary) Limited, Caledonia Mining (Zambia) Limited, Caledonia Kadola Limited, Caledonia Nama Limited and Caledonia Western Limited.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><B>Cash and Cash Equivalents</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:18pt">Cash and cash equivalents represent cash on hand in operating bank accounts and money market funds</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Inventories</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:18pt">Inventories are stated at the lower of cost, which is determined on the first-in, first-out basis, and net realizable value.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Revenue Recognition</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Revenue from the sale of precious metals is recognized when the benefits of ownership are transferred and the receipt of proceeds is substantially assured.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">11</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0pt; padding-bottom:3pt; font-size:12pt; border-bottom:1pt solid #000000" align=right><B>March 31, 2006, 2005 and 2004</B></P>
<P style="margin:0pt" align=justify><B>Capital Assets</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Producing Assets</I></B></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Producing assets are recorded at cost less grants, accumulated amortization and write-downs. &nbsp;Producing assets are amortized using the straight line method basis on the estimated useful lives of the assets. &nbsp;The estimated useful life of the producing assets ranges up to 10 years. Repairs and maintenance expenditures are charged to operations; major improvements and replacements which extend the useful life of an asset are capitalized and amortized over the remaining useful life of that asset. &nbsp;Barbrook continues to undertake activities to re-establish commercial operations and has been presented as a producing asset in these financial statements for 2006, 2005 and 2004. As of December 31, 2002, the Company did not have any producing capital assets.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Non-Producing Assets</I></B></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Non-producing assets are recorded at cost less write downs. &nbsp;During non-producing periods, no amortization is recorded. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>At the time of commercial production, the assets are reclassified as producing and amortized in the manner described above.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Mineral Properties</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Producing Properties</I></B></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>When and if properties are placed in production, the applicable capitalized costs are amortized using the unit-of-production method on the ratio of tonnes of ore mined or processed to the estimated proven and probable mineral reserves as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. &nbsp;Barbrook continues to undertake activities to re-commence commercial operations and has been presented as a producing asset in these financial statements for 2006, 2005 and 2004. &nbsp;For the 2002 fiscal year the Company did not have any producing mineral properties.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B><I>Non-Producing Properties</I></B></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Costs relating to the acquisition, exploration and development of non-producing resource properties which are held by the Company or through its participation in joint ventures are capitalized until such time as either economically recoverable reserves are established, or the properties are sold or abandoned. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>A decision to abandon, reduce or expand activity on a specific project is based upon many factors including general and specific assessments of mineral reserves, anticipated future mineral prices, anticipated costs of developing and operating a producing mine, the expiration date of mineral property leases, and the general likelihood that the Company will continue exploration on the project. &nbsp;However, based on the results at the conclusion of each phase of an exploration program, properties that are not suitable as prospects are re-evaluated to determine if future exploration is warranted and that carrying values are appropriate.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:21.3pt">The ultimate recovery of these costs depends on the discovery and development of economic ore reserves or the sale of the properties or the mineral rights. &nbsp;The amounts shown for non-producing resource properties do not necessarily reflect present or future values.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">12</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>&nbsp;Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0pt; padding-bottom:3pt; font-size:12pt; border-bottom:1pt solid #000000" align=right><B>March 31, 2006, 2005 and 2004</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Strategic Alliances</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>The Company has entered into various agreements under which the participants earn a right to participate in the mineral property by incurring exploration expenditures in accordance with the conditions of the agreements. Upon satisfaction of the conditions of any agreement a joint venture may be formed with customary joint venture terms and provisions and then accounted for on a proportionate consolidation basis. Until a joint venture is formed only expenditures on the properties incurred by the Company are reflected in these financial statements.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Foreign Currency Translation</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Balances of the Company denominated in foreign currencies and the accounts of its foreign subsidiaries are translated into Canadian dollars as follows:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:85.05pt; text-indent:-35.4pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:85.05pt" align=justify>monetary assets and liabilities at period end rates;</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:85.05pt; text-indent:-35.4pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:85.05pt" align=justify>all other assets and liabilities at historical rates; and</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:81pt; text-indent:-36pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:81pt" align=justify>revenue and expense transactions at the average rate of exchange prevailing during the period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>Exchange gains or losses arising on these translations are reflected in income in the period incurred. &nbsp;Gains and losses arising on translation of long term foreign currency denominated liabilities at each year end are reflected in income. </P>
<P style="margin-top:10pt; margin-bottom:2.5pt" align=justify><B>Asset Retirement Obligation</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" 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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Income Taxes</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:21.3pt" align=justify>The Company accounts for income taxes using the asset and liability method. &nbsp;Under the asset and liability method, future tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. &nbsp;Future tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. &nbsp;The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment or enactment occurs.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">13</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Notes to the Consolidated Financial Statements</B></P>
<P style="border-bottom-color: #000000; border-bottom-width: 1pt; margin-bottom: -24pt"><B>(Unaudited)</B></P>
<P style="border-bottom: 1 solid #000000" align="right"><B>For the three months ended March 31, 2006, 2005 and 2004</B></P>
<P style="line-height: 14pt; margin-top: 0pt; margin-bottom: -11pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><B>1.</B></P>
<P style="margin:0pt; text-indent:28.35pt"><B>Share Capital</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:36pt">Authorised:</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:36pt">An unlimited number of common shares</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:36pt">An unlimited number of preference shares</P>
<P style="margin:0pt; text-indent:540pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:49.65pt; text-indent:-21.3pt">&nbsp;&nbsp;&nbsp;&nbsp;Issued &#150; Common Shares</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=243></TD><TD width=89.55></TD><TD width=92.15></TD></TR>
<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=119.4><P style="margin:0pt" align=right><U>Number of Shares</U></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.867><P style="margin:0pt" align=right><U>Amount (000&#146;s)</U></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=324><P style="margin:0pt">&nbsp;&nbsp;Balance, December 31, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=119.4><P style="margin:0pt" align=right>370,715,136</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.867><P style="margin:0pt" align=right>$180,053</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=324><P style="margin:0pt">Issued pursuant to private placement</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=119.4><P style="margin:0pt" align=right>15,437,626</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.867><P style="margin:0pt" align=right>1,621</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=324><P style="margin:0pt">Balance, March 31, 2006</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=119.4><P style="margin:0pt" align=right>386,152,762</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.867><P style="margin:0pt" align=right>$181,674</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:49.5pt; text-indent:-49.5pt" align=justify><SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued &#150; Preference Shares</P>
<P style="margin:0pt; padding-left:49.5pt; text-indent:274.5pt" align=justify>Nil</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:49.65pt; text-indent:-21.3pt">Stock Option Plans</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:28.35pt" align=justify>The Company has established incentive stock option plans for employees, officers, directors, consultants and other service providers. &nbsp;As at March 31, 2006, the Company has 16,898,000 common share options exercisable at an average price of $0.21 maturing at various dates until February 1, 2015</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt" align=justify>Share Purchase Warrants</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:28.35pt" align=justify>The Company has 33,287,626 share purchase warrants outstanding exercisable at an average price of $0.20 maturing at various dates until February 3, 2008</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:1.35pt; margin:0pt; padding-bottom:3pt; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><B>2.</B></P>
<P style="margin:0pt; text-indent:28.35pt"><B>Net (Loss) Per Share</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:28.35pt" align=justify>The net (loss) per share figures have been calculated using the weighted average number of common shares outstanding during the first quarter which amounted to 380,714,447. &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 2006</P>
<P style="margin:0pt; padding-left:28.35pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:1.35pt; margin:0pt; padding-bottom:3pt; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><B>3.</B></P>
<P style="margin:0pt; text-indent:28.35pt"><B>Other Expense (Income)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:27pt" align=justify>Included in other expense (income) are unrealized exchange translation gains of $102,000 (2005 -gain of $134,000, 2004 &#150; loss of $234,000) and an amortization charge of $180,751 (2005 - $158,000, 2004 - $ nil). The amortization charge relates mainly to Barbrook, where increasing production levels lead to increasing amortization charges in terms of the accounting policies detailed under &#147;Mineral Properties&#148; on page 12 above.</P>
<P style="line-height:1.35pt; margin:0pt; padding-bottom:3pt; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<p style="margin: 0pt">&nbsp;</p>
<p style="margin: 0pt" align="center">14</p>
<p style="margin: 0pt" align="center">&nbsp;</p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:1.5pt solid #000000" align=right><B>Caledonia Mining Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:14pt" align=right><B>Notes to the Consolidated Financial Statements</B></P>
<P style="border-bottom-color: #000000; border-bottom-width: 1pt; margin-bottom: -24pt"><B>(Unaudited)</B></P>
<P style="border-bottom: 1 solid #000000" align="right"><B>For the three months ended March 31, 2006, 2005 and 2004</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt"><B>4.</B></P>
<P style="margin:0pt; text-indent:28.35pt"><B>Supplemental Cash Flow Information</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:28.35pt">Items not involving cash are as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=171></TD><TD width=81></TD><TD width=81></TD><TD width=72></TD></TR>
<TR><TD valign=top width=228>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt" align=right><B><U>2006</U></B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><U>2005</U></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><U>2004</U></P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Accretion asset retirement obligation </P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><B>$12</B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right>$0</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>$4</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Non-controlling interest</P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>(13)</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Amortization</P>
<P style="margin:0pt">Other</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><B>181</B></P>
<P style="margin:0pt" align=right><B>20</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt" align=right>158</P>
<P style="margin:0pt" align=right>34</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>-</P>
<P style="margin:0pt" align=right>99</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" align=right><B>$213</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right>$192</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>$90</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:28.35pt">The net changes in non-cash working capital balances for continuing operations are as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=171></TD><TD width=81></TD><TD width=81></TD><TD width=72></TD></TR>
<TR><TD valign=top width=228>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt" align=right><B><U>2006</U></B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><U>2005</U></P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right><U>2004</U></P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Accounts payable</P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><B>$667</B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right>($155)</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>($229)</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Accounts receivable</P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><B>353</B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right>68</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>31</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Inventories</P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right><B>(272)</B></P>
</TD><TD valign=top width=108><P style="margin:0pt" align=right>29</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>86</P>
</TD></TR>
<TR><TD valign=top width=228><P style="margin:0pt">Prepaid expenses</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><B>(2)</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=108><P style="margin:0pt" align=right>(85)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>124</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" align=right><B>$746</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right>$(143)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt" align=right>$12</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:1.35pt; margin:0pt; padding-bottom:3pt; border-bottom:2.25pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">15</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="line-height:16pt; margin:0pt; font-size:14pt" align=justify><B>Corporate Directory</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>BOARD of DIRECTORS</B></P>
<P style="margin:0pt; text-indent:216pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFFICERS</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify>G.R Pardoe </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:252pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.E. Hayden</P>
<P style="line-height:16pt; margin-top:0pt; margin-bottom:-16pt; text-indent:396pt; font-size:14pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:16pt; margin:0pt; text-indent:540pt; font-size:14pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify>S.E. Hayden</P>
<P style="line-height:normal; margin:0pt; text-indent:252pt; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</I></P>
<P style="line-height:normal; margin:0pt; font-size:11pt" align=justify>R.G. Fasel<I> </I></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify>W.I.L. Forrest</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Johnstone</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:468pt; font-family:Shruti" align=justify><FONT FACE="Shruti">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0pt; text-indent:540pt; font-family:Shruti" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">F.C. Harvey </FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vice President Operations and</I> </P>
<P style="margin:0pt; text-indent:540pt; font-family:Shruti" align=justify><FONT FACE="Shruti">&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;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">J. Johnstone </FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:252pt; font-family:Shruti" align=justify><FONT FACE="Shruti">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman"><I>Chief Operating Officer</I></FONT> </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:504pt; font-family:Shruti" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; font-family:Shruti" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt" align=justify><FONT FACE="Times New Roman">C.R. Jonsson </FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:252pt" align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></P>
<P style="margin:0pt; text-indent:540pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:252pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.R.Curtis</P>
<P style="margin:0pt; text-indent:252pt" align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President Finance and </I></P>
<P style="margin:0pt; text-indent:252pt" align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</I></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:252pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Smith</P>
<P style="line-height:normal; margin:0pt; text-indent:252pt; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vice President Exploration</I></P>
<P style="margin:0pt; font-size:12pt" align=justify><B>&nbsp;</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>CORPORATE OFFICES</B></P>
<P style="margin:0pt; text-indent:252pt" align=justify><B>SOLICITORS</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>Canada - Head Office</B></P>
<P style="margin:0pt; text-indent:279pt" align=justify><B>Borden Ladner Gervais LLP</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>Caledonia Mining Corporation</B></P>
<P style="margin:0pt; text-indent:279pt" align=justify>Suite 4100, Scotia Plaza</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Unit 9, 2145 Dunwin Drive</P>
<P style="margin:0pt; text-indent:279pt" align=justify>40 King Street West</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Mississauga, Ontario</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Toronto, Ontario M5H 3Y4 Canada</P>
<P style="margin:0pt" align=justify>L5L 4L9 Canada</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Tel:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt" align=justify>(905) 607-7543</P>
<P style="margin:0pt; text-indent:279pt" align=justify><B>Tupper, Jonsson &amp; Yeadon </B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Fax:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt" align=justify>(905) 607-9806</P>
<P style="margin:0pt; text-indent:279pt" align=justify>1710-1177 West Hastings Street </P>
<P style="margin:0pt; text-indent:279pt" align=justify>Vancouver, British Columbia </P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>South Africa</B></P>
<P style="margin:0pt; text-indent:288pt" align=justify>V6E 2L3 Canada</P>
<P style="margin:0pt" align=justify><B>Greenstone Management Services (Pty) Ltd.</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>P.O. Box 587</P>
<P style="margin:0pt; text-indent:279pt" align=justify><B>AUDITORS &nbsp;</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Johannesburg 2000</P>
<P style="margin:0pt; text-indent:279pt" align=justify><B>BDO Dunwoody LLP </B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>South Africa</P>
<P style="margin:0pt; text-indent:279pt" align=justify><B>Chartered Accountants</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Tel: </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt" align=justify>(27) (11) 447-2499</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Suite 3200, 200 Bay Street</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Fax:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt" align=justify>(27) (11) 447-2554</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Royal Bank Plaza, South Tower</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Toronto, Ontario M5J 2J8 Canada</P>
<P style="margin:0pt" align=justify><B>Zambia</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>Caledonia Mining (Zambia) Limited</B></P>
<P style="margin:0pt; text-indent:252pt" align=justify><B>REGISTRAR &amp; TRANSFER AGENT</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:28.8pt; text-indent:-28.8pt" align=justify>P.O. Box 36604</P>
<P style="margin:0pt; padding-left:28.8pt; text-indent:250.2pt" align=justify><B>Equity Transfer Services Inc</B>.</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Lusaka, Zambia</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Suite 420 120 Adelaide Street West</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Tel: (260) (1) 29-1574</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Toronto, Ontario M5H 4C3 Canada </P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Fax: (260) (1) 29-2154</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Tel: &nbsp;(416) 361-0152 </P>
<P style="margin:0pt; text-indent:279pt" align=justify>Fax: (416) 361-0470</P>
<P style="margin:0pt; padding-left:50.4pt; text-indent:-50.4pt" align=justify><B>SHARES LISTED</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>The Toronto Stock Exchange Symbol &#147;CAL&#148;</P>
<P style="margin:0pt; text-indent:252pt" align=justify><B>BANKERS</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">NASDAQ OTC BB Symbol &quot;CALVF&quot;</P>
<P style="margin:0pt; text-indent:252pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Canadian Imperial Bank of Commerce</B></P>
<P style="margin:0pt; text-indent:279pt" align=justify>6266 Dixie Road</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>CAPITALIZATION </B>at March 31, 2006</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Mississauga, Ontario</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Authorised: Unlimited</P>
<P style="margin:0pt; text-indent:279pt" align=justify>L5T 1A7 Canada</P>
<P style="margin:0pt" align=justify>Shares, Warrants and Options Issued:</P>
<P style="margin:0pt">Common Shares: 386,152,762</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Warrants: 33,287,626</P>
<P style="margin:0pt; text-indent:252pt">&nbsp;&nbsp;&nbsp;&nbsp;<B>NOMINATED ADVISOR &amp; BROKER</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Options: 16,898,000</P>
<P style="margin:0pt; text-indent:279pt">Seymour Pierce Limited</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Bucklersbury House</P>
<P style="margin:0pt; text-indent:279pt" align=justify>Queen Victoria Street</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify><B>Web Site: </B><U>http://www.caledoniamining.com</U></P>
<P style="margin:0pt; text-indent:279pt" align=justify>London, EC4N 8EL, England</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center">16</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:0.9pt; margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:5pt; margin-top:0pt; margin-bottom:2.9pt"><BR><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Bookman Old Style; font-size:14pt" align=justify><FONT FACE="Bookman Old Style"><B>C</B></FONT><FONT FACE="Times New Roman"><B>aledonia Mining Corporation</B></FONT></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify><FONT FACE="Shruti">Unit # 9</FONT></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify>2145 Dunwin Drive</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify>Mississauga, Ontario, Canada</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify>L5L 4L9</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify>Tel:</P>
<P style="margin:0pt; padding-left:36pt; font-family:Shruti" align=justify>(905) 607-7543</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Shruti" align=justify>Fax:</P>
<P style="margin:0pt; padding-left:36pt; font-family:Shruti" align=justify>(905) 607-9806</P>
<P style="margin:0pt; color:#0000FF"><FONT FACE="Times New Roman" COLOR=#0000FF><U>info@caledoniamining.com</U></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align="center"><FONT COLOR=#000000>17</FONT></P>
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