<SEC-DOCUMENT>0001137171-13-000189.txt : 20130503
<SEC-HEADER>0001137171-13-000189.hdr.sgml : 20130503
<ACCEPTANCE-DATETIME>20130503113355
ACCESSION NUMBER:		0001137171-13-000189
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130503
DATE AS OF CHANGE:		20130503

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13345
		FILM NUMBER:		13811111

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1201 - 67 YONGE STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1J8
		BUSINESS PHONE:		4163699835

	MAIL ADDRESS:	
		STREET 1:		SUITE 1201 - 67 YONGE STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>caledonia20f05032013.htm
<DESCRIPTION>CALEDONIA MINING CORPORATION 20-F
<TEXT>
<HTML>
<HEAD>
     <TITLE>CT Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0"></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>April 29, 2013</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 20-F</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNUAL REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Mark One)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>[&nbsp;
] REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>OR</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>[x]</B></TD><TD STYLE="text-align: justify"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">For the fiscal
year ended December 31, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>OR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>[&nbsp;
] TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">For the transition
period from &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip; to &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Commission file
number <B>013345</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>OR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>[&nbsp;
] SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Date of event
requiring this shell company report &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;<B>
</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>CALEDONIA MINING
CORPORATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Exact name of
Registrant as specified in its charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">Caledonia Mining
Corporation is variously referred to in this Report</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">as &ldquo;Caledonia&rdquo;,
&ldquo;the Corporation&rdquo; or &ldquo;the Company&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>Canada</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Jurisdiction of
incorporation or organization)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>24 Ninth Street,
Lower Houghton, Johannesburg, Gauteng 2198, South Africa</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Address of principal
executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>Carl R. Jonsson,
1710-1177 West Hastings Street,</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>Vancouver, BC
V6E 2L3, Canada; tel: (604) 640-6357; fax: (604) 681-0139</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>email: jonsson@securitieslaw.bc.ca</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Name, telephone,
email and/or facsimile number and address of Company Contact Person)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">The Company&rsquo;s
website &ndash; referred to herein &ndash; is www.caledoniamining.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Securities registered
or to be registered pursuant to Section 12(b) of the Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Title of Class)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Title of Class)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Securities registered
or to be registered pursuant to Section 12(g) of the Act</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 27%">Title of each
class</TD>
    <TD STYLE="width: 73%">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Common shares</B></TD>
    <TD><B>Toronto Stock Exchange</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>London Stock Exchange Alternative Investment Market</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>U.S. OTCQX</B></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"><B> </B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Securities for
which there is a reporting obligation pursuant to Section 15(d) of the Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">(Title of Class)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate the number of outstanding shares of
each of the issuer&rsquo;s classes of capital or common stock as of the closing of the period covered by the annual report:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>514,461,780*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The shares issued figures in this Report do
not reflect the 1 new for 10 old share consolidation implemented by the Company April 13, 2013 - unless otherwise indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark if the registration
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#9;Yes <U> &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>&#9;No <U>
&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#9;Yes <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#9;No <U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note &ndash; checking the box above will not
relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their
obligations under those Sections.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#9;Yes&#9;<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&#9;No <U> <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</B></U><B>
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;accelerated filer and
large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Large accelerated filer ______ Accelerated
filer <U> &#9;</U> Non-accelerated filer <U> x&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*All shares issued figures in this Report do
not reflect the 1 new for 10 old share consolidation implemented by the Company April 13, 2013 &ndash; unless otherwise indicated.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. GAAP &hellip;&hellip; International Financial
Reporting Standards as issued by the International Accounting Standards Board X</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other:&#9;<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If &ldquo;Other&rdquo; has been checked in
response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 17 <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Item 18 <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;No <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PAST FIVE YEARS)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent
to the distribution of securities under a plan confirmed by a court.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>&#9;</B>Yes&#9;<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;No <U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE: All references to monies herein are
to Canadian dollars unless otherwise specifically indicated</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FORWARD LOOKING STATEMENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company cautions readers regarding forward
looking statements found in this Annual Report and in any other statement made by, or on behalf of the Company, whether or not
in future filings with the United States Securities Exchange Commission. Forward looking statements are statements not based on
historical information and which relate to future operations, strategies, financial results or other developments. Forward looking
statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are beyond the Company&rsquo;s control and many of which, with respect
to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could
cause actual results to differ materially from those expressed in any forward looking statements made by or on behalf of the Company.
The Company disclaims any obligation to update forward looking statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART 1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>IDENTITY of DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Not required as this is an annual
report under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">However, the information required above can readily be determined from Caledonia&rsquo;s Proxy
and Information Circular dated April 20, 2012 attached as Exhibit #14b. Information is also given in Section 14A.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>2.&#9;OFFER STATISTICS
AND TIMETABLE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Not required as this is
an annual report under the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>3.&#9;KEY INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt">Selected Financial
Data</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><B><I>Table 3 A</I></B> shows the
applicable selected financial data for 2010, 2011 and 2012 pursuant to IFRS and for the 2-year period 2008 to 2009 in Canadian
Generally Accepted Accounting Principles</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><B><I>Table 3 A (i)</I> </B>shows
the applicable selected financial data for the 2-year period 2008 to 2009 in United States Generally Accepted Accounting Principles.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><B><I>Table 3 A (ii)</I></B> shows
the US$<B> </B>exchange rates against the Canadian $ for each of the 5-year periods indicated, for the period end and average exchange
rate and the range of high and low rates for each year and the high and low exchange rates for the individual months ending March
31, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0"><B>Table 3A - Selected Financial Information prepared for 2012,
2011and 2010 pursuant to IFRS and for two preceding years pursuant to Canadian Generally Accepted Accounting Principles - the figures
presented being as of the end of each such year.</B></P>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt"></TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt"></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt">
      <p align="center">IFRS</TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt"></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" colspan="3">
      <p align="center"><FONT STYLE="font-size: 9pt">Canadian GAAP</FONT></TD>
</TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-size: 9pt"><B>Financial &ndash; All in C$ 000&rsquo;s unless otherwise indicated</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>2012</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2011</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2010</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2009</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2008</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Revenue from Sales</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>75,221</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">55,705</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22,388</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">11,559</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,696</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Gross Operating Profit (Loss)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>40,915</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">29,115</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,360</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2,916</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,039</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Expense - (General and administration, interest and foreign exchange including provisions and impairments)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>(20,658)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(8,359)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,866)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(6,007)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(7,543)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Net loss from discontinued operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(436)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Net Income /(Loss) &ndash; after income taxes</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>7,358</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">12,130</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,455</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,950)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,940)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalent</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>27,942</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,686</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,145</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,623</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,652</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Current Assets</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>35,294</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">18,159</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,176</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,917</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5025</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>71,827</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">52,402</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">38,159</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22,090</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">23,657</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Current Liabilities</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>9,280</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">4,566</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">4,629</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2,759</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,308</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Long Term Liabilities</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>6,928</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,822</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,050</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2,589</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,153</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Working Capital </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>26,014</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">13,588</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,547</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,158</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,717</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Shareholders&rsquo; Equity</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>55,619</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">40,014</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">26,480</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">16,742</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">21,196</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Total Capital Expenditures including Mineral Properties</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>7,909</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">8,528</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,304</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,547</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,023</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Financing Raised (repaid)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>(3,195)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(279)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">159</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">588</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,106</FONT></TD></TR>
<TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Share Information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Market Capitalization ($ Thousands) at December 31</FONT></TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>46,301</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>55,060</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">80,021</FONT></TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">32,508</FONT></TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">32,511</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Shares Outstanding (Thousands)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>514,461</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>500,549</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">500,169</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">500,169</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">500,169</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Options Outstanding (Thousands)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>33,296</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>42,540</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">32,580</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">32,580</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">46,430</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Basic and diluted net income (loss) per share for continuing operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>$0.0172</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>$0.024</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$0.003</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">($0.008)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">($0.010)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Basic and diluted net income (loss) per share for discontinued operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">($0.000)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Basic and diluted net income (loss) per share for the year</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>$0.0172</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>$0.024</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$0.003</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$(0.008)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$(0.010)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Table 3A (i) - Selected Financial Information
&ndash; prepared pursuant to United States Generally Accepted Accounting Principles for the years 2008 &ndash; 2009 - the figures
presented being as of the end of each such year</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">US GAAP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- In Thousands of Canadian Dollars except per share amounts</P></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Revenue from Operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">11,559</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,696</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Gross Profit (Loss)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,930</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">851</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Expenses (General and Administration, Interest and foreign exchange)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,247</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,543</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Net Income (Loss) from continuing operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,176)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(6,692)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Loss from discontinued operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(436)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Net Income(Loss)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,176)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(7,128)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Cash</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,622</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,652</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Current Assets</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,917</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,025</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Total Assets</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">12,691</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">13,484</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Current Liabilities</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2,759</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,308</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Long Term Liabilities</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2,589</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,153</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Working Capital (Deficiency)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,158</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3,717</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Shareholders&rsquo; Equity (Deficiency) </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,343</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">11,023</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Capital Expenditures (excluding Mineral</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Property expenditure)</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">830</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">136</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Expenditures on Mineral Properties</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">650</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Financing Raised (repaid)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">588</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,119</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Deemed Dividends </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/7.55pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Table 3A (ii)
- Summary of Exchange Rates for the 5-year Period -</B></FONT><B><FONT STYLE="font-size: 11pt"> </FONT><FONT STYLE="font-size: 10pt">2008
to 2012</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, for each of
the years indicated, the exchange rate of the United States dollar into Canadian currency at the end of such year, the average
exchange rate during each such year and the range of high and low rates for each such year as supplied by the Bank of Canada.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 34%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exchange Rate</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2011</P></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2009</P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2008</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Rate at the End of the Period<B> </B>(1)</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>0.9935</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.9767</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 8pt">0.9999</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.049</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.218</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Average Rate (2)</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>0.9998</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.9892</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 8pt">1.03</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.14</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.066</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">High Rate (1)</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>1.0414</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.0468</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 8pt">1.0766</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.036</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.9711</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Low Rate (1)</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>0.9676</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.9748</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 8pt">0.9966</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.2907</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1.3008</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Notes:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The rate of exchange is the Bank of Canada closing rate for the period.</FONT></TD></TR>
  <tr>
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The average rate means the average of the exchange rates during the
year.</FONT></TD>
  </tr>
  <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The high and low rates of exchange for each
of the 5 months from December 2012 to 10 April 2013 are as follows:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dec. 2012</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Jan 2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Feb 2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>March 2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>April 2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Closing</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9935</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0021</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0258</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0176</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0163</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Average</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9904</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0073</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0243</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0163</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Hi</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0414</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0081</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.026</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0309</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0177</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Low</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9842</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9836</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.9964</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0163</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1.0143</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 288pt; text-indent: -252pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="43"><B>C.</B></TD><TD width="692"><B>Risk Factors</B></TD></TR><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="43"></TD><TD width="692"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">An
investment in the securities involves a high degree of risk. Investors need to
carefully consider the following risk factors, in&nbsp;&nbsp;&nbsp; addition to
the other information contained in this document and the Exhibits hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Industry Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mining industry is a highly diverse and
competitive international business. The selection of geographic areas of interest are only limited by the degree of risk a company
is willing to accept by the acquisition of properties in emerging or developed markets and/or prospecting in explored or virgin
territory. Mining, by its nature, is a competitive business with the search for fresh ground with good exploration potential and
the raising of the requisite capital to move projects forward to production. Globally the mining industry is prone to cyclical
variations in the price of the commodities produced by it, as dictated by supply and demand factors, speculative factors and industry-controlled
marketing cartels. Nature provides the ultimate uncertainty with geological and occasionally climatic surprises. <FONT STYLE="color: black">Commensurate
with the acceptance of this risk profile is the potential for high rewards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exploration and Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration, development and production activities
are subject to political, economic and other risks, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">cancellation or renegotiation of contracts;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">changes in local and foreign laws and
regulations;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">changes
in tax laws;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">delays or refusal in granting prospecting permissions, mining authorizations and work permits for
foreign management staff;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">environmental controls and permitting</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">expropriation or nationalization of property
or assets;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">foreign
exchange controls;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">government mandated social expenditures;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">import and export regulation, including restrictions on the sale of their production in foreign
currencies;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">industrial relations and the associated
stability thereof;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">inflation of cost that is not compensated
for by a currency devaluation;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">requirement that a foreign subsidiary or operating unit have a domestic joint venture partner,
which, possibly, the foreign company must subsidize;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">restrictions on the ability of local operating companies to sell their production for foreign currencies,
and on the ability of such companies to hold these foreign currencies in offshore and/or local bank accounts;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">restrictions on the ability of a foreign company to have management control of exploration and/or
development and/or mining operations;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">restrictions on the remittance of dividend
and interest payments offshore;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">retroactive tax or royalty claims;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">risks of loss due to civil strife, acts
of war, guerrilla activities, insurrection and terrorism;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">royalties and tax increases or claims
by governmental entities;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">unreliable local infrastructure and services
such as power, communications and transport links;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">demands or actions by native or indigenous
groups;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">other risks arising out of foreign sovereignty over the areas in which operations are conducted.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">lack of uninterrupted power supplies</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">lack of investment funding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Such risks could potentially arise in any country
in which Caledonia operates. In Southern Africa, Black Economic Empowerment Legislation and a number of economic and social issues
may result in increased political and economic risks of operating in that area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2008 the Zimbabwean parliament passed the
Indigenisation and Economic Empowerment Act 2007 (&ldquo;Act&rdquo;) that stipulated that 51% ownership of all companies had to
reside in the hands of Indigenous Zimbabwean citizens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 20, 2012<B> </B>Caledonia announced
it had signed a Memorandum of Understanding (&ldquo;MoU&rdquo;) with the Minister of Youth, Development, Indigenisation and Empowerment
of the Government of Zimbabwe pursuant to which Caledonia agreed that indigenous Zimbabweans would acquire an effective 51% ownership
interest in the Blanket Mine for a paid transactional value of US$30.09 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the above, Caledonia entered into
agreements with each of the following Indigenous Shareholders to allow them to subscribe for 51% ownership interest in Blanket
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify">A 16% interest was sold to the National Indigenisation and Economic Empowerment Fund (NIEEF) for
US$11.74 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify">A 15% interest was sold to Fremiro, which is owned by Indigenous Zimbabweans, for US$11.01 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify">A 10% interest was sold to Blanket Employee Trust Services (Private) Limited (BETS) for the benefit
of present and future managers and employees of Blanket for US$7.34 million. The shares in BETS are held by the Blanket Mine Employee
Trust (Employee Trust) with Blanket&rsquo;s employees holding participation units in the Employee Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify">A 10% interest was donated to the Gwanda Community Share Ownership Trust (Community Trust). Blanket
undertook and paid a non-refundable donation of US$1 million to the Community Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective November 14, 2012 four Zimbabweans
were appointed to the Board of Directors of Blanket &ndash; each representing one of the four entities to whom the 51% of the shares
of Blanket were issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 1, 2012, Zimbabwe increased
the gross royalty payable to the Zimbabwe Government from 4.5% to 7% of the gross revenues received by mining companies operating
in Zimbabwe from gold sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In January 2008 the Zambian government announced the following changes
to its tax laws that would have had a bearing on the Nama Project. The key&nbsp;changes were:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Increase in mineral royalty from 0.6% to 3%</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Increase in profit tax rate from 25% to 30%</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Introduction of variable profits tax of 15% for net profits above 8%</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Introduction of a windfall profit tax for copper and cobalt mines</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Capital allowances reduced from 100% to 25%</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These measures were highly controversial with
mining companies, many of which invested in the country under specific tax incentives and&nbsp;formalized their business&nbsp;models
accordingly. Various representations were made by the mining companies both directly and through the Chamber of Mines to the government
following the budget announcement at the end of January 2008. The Zambian government in January 2009 announced improvements to
the taxation of mining companies, in particular:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 38.5pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the abolition of windfall tax </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 38.5pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the return of capital allowances back to 100%. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whilst these changes are welcome, the royalty
remains unchanged at 3% and we make the observation that at low cobalt prices, the royalty can give rise to a very significant
tax burden on the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the foregoing, Caledonia&rsquo;s
exploration, development and production activities in Zambia and Zimbabwe may be substantially affected by factors beyond Caledonia&rsquo;s
control, any of which could materially adversely affect Caledonia&rsquo;s financial position or results from operations. Furthermore,
in the event of a dispute arising from such activities, Caledonia may be subject to exclusive jurisdiction of courts outside North
America or may not be successful in subjecting persons to the jurisdiction of the courts in North America, which could adversely
affect the outcome of a dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">History of Losses; Accumulated Deficit;
No Assurance of Revenue or Operating Profit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since inception in February 1992, Caledonia
has recorded a loss in every year except 1994, 2000, 2010, 2011 and 2012. As at December 31, 2012, the consolidated accumulated
deficit was $153,4 million.<FONT STYLE="background-color: white"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Write-downs on capital assets and mineral properties
are typical for the mining industry. Caledonia&rsquo;s policy is to review the assets relative to current market conditions on
an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fluctuating Minerals Prices and Foreign
Currency Exchange Rates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As Caledonia&rsquo;s activities primarily relate
to the exploration, development and production of minerals, the fluctuating World prices for such minerals have a significant potential
effect on the Company&rsquo;s future activities and the profitability of any of its minerals production activities. There is never
any assurance, when activities are undertaken, or production operations are commenced, that the World price of the minerals
involved will continue at a sufficiently high price to justify the ongoing activities or the continuation of the production.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most costs incurred by the Company in its exploration,
development and production activities in southern Africa have to be paid in local currencies. However, mineral prices are generally
quoted in United States dollars. The profitability of any production operations of the Company and the potential profitability
of its exploration and development activities will therefore be seriously affected by adverse changes in the currency exchange
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Black Empowerment and Indigenization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The governments of the southern African countries
in which the Company operates have, or are proposing, legislation (typically referred to as &ldquo;black economic empowerment&rdquo;
or indigenisation&rdquo;) requiring companies to allow participation in their shareholdings and business enterprises by the indigenous
population. In not all instances is it assured that such interests will have to be paid for at full fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Need for Additional Funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects that for at least 2013,
2014 and 2015, it can fund all of its exploration, development and production operations from internal funds &ndash; and that it
will not have to seek externally sourced funding for those years. However there can be no guarantees and the situation will be
consistently monitored.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dependence upon Key Personnel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">Caledonia&rsquo;s
success depends (i) on the continued contributions of its directors, executive officers, management and consultants, </FONT>and
(ii) on Caledonia&rsquo;s ability to attract new personnel whenever Caledonia seeks to implement its business strategy. There is
no assurance that the Company will always be able to locate and hire all of the personnel that it may consider that it requires.
The Company, where it considers it appropriate, engages consulting and service companies to undertake some of the work function.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chris Harvey retired from his position as Technical
Director in December 2005, but continued as a Director and was appointed as a member of the Audit Committee in June 2009. Chris
Harvey has announced that he will resign as a director as of April 2013 but will remain as a technical consultant to the Board.
James Johnstone retired from his position as Chief Operating Officer in September, 2006, also continues as a Director and was appointed
as a member of the audit committee in December 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven
Curtis was appointed Vice President Finance and Chief Financial Officer in April 2006</FONT>, <FONT STYLE="font-family: Times New Roman, Times, Serif">and
was appointed as a Director on June 1, 2008</FONT>. <FONT STYLE="font-family: Times New Roman, Times, Serif">Mark Learmonth, previously
a Director of Macquarie First South, was appointed as VP Corporate Development and Investor Relations on July 10, 2008.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">Stefan Hayden stepped down as the
Chairman in 2005 but continues as a Director and as President and CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">Carl Jonsson, a Director, was appointed
Chairman of the Board in December 2010. Robert W. Babensee was appointed as a Director and a member of the Audit Committee on October
31, 2008 and became Chairman of the Audit Committee in December 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">During the year John Kelly, Leigh
Wilson and Richard Patricio were appointed as Directors and subsequently John Kelly and Leigh Wilson became members of the Audit
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company paid its first dividend of C$0.005
per share on February 22, 2013 and declared a further dividend of C$0.005 per share on April 4, 2013 which is payable on April
30, 2013 to shareholders of record on April 19, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Possible Volatility of Share Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">Market prices for
mining company securities, by their nature, are volatile. Factors, such </FONT>as rapidly changing <FONT STYLE="color: black">commodity
prices, political unrest globally and in countries where Caledonia operates, speculative interest in mining stocks etc. are but
a few factors affecting the volatility of the share price. Caledonia&rsquo;s shares are listed on the Toronto Stock Exchange, listed
its shares on the London Stock Exchange&rsquo;s Alternative Investment Market (&ldquo;AIM&rdquo;) in June 2005 &ndash; and secured
the quotation of its shares in the U.S. on the OTCQX commencing October 10, 2011. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 54pt"><B>4</B></TD><TD STYLE="text-align: justify"><B>INFORMATION ON THE COMPANY</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">A.</TD><TD STYLE="text-align: justify">History and Development of Caledonia</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">Caledonia was incorporated, effective
February 05, 1992, by the amalgamation of three predecessor companies. It exists pursuant to the Canada Business Corporations Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">Following the creation of Caledonia
its shares were listed for trading on the Toronto Stock Exchange and quoted on the NASDAQ small caps market. On October 16<SUP>th</SUP>
1998, Caledonia announced that NASDAQ would no longer quote Caledonia&rsquo;s securities for trading. Caledonia&rsquo;s common
stock then commenced trading on NASDAQ&rsquo;s OTC Bulletin Board system. In June 2005 Caledonia was admitted to the London Stock
Exchange&rsquo;s AIM market under the ticker symbol &ldquo;CMCL&rdquo;. Its Toronto Stock Exchange trading symbol is &ldquo;CAL&rdquo;.
Effective October 10, 2011 the shares commenced trading in the U.S. on the OTCQX under the ticker symbol CALVF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">The addresses and telephone numbers
of Caledonia&rsquo;s three principal offices are:</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="15%"></td>
    <td width="33%">
      <p align="left"><B><font size="2">African Office - South Africa&nbsp;</font></B></td>
    <td width="6%"></td>
    <td width="46%"><B><font size="2">Representational
Offices - Canada</font></B></td>
  </tr>
  <tr>
    <td width="15%"></td>
    <td width="33%"><font size="2">&nbsp;</font></td>
    <td width="6%"><font size="2">&nbsp;</font></td>
    <td width="46%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="15%" align="right"></td>
    <td width="33%" align="left"><font size="2">Greenstone Management Services</font></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">67
Yonge Street, Suite 1201</font></td>
  </tr>
  <tr>
    <td width="15%" align="right"></td>
    <td width="33%" align="left"><font size="2">24, 9th Street, Lower Houghton</font></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">Toronto,
Ontario, Canada</font></td>
  </tr>
  <tr>
    <td width="15%" align="right"></td>
    <td width="33%" align="left"><font size="2">Johannesburg, Gauteng, 2198&nbsp;</font></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">M5E
1J8</font></td>
  </tr>
  <tr>
    <td width="15%" align="right"></td>
    <td width="33%" align="left"><font size="2">South Africa</font></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">(416) 369-9507</font></td>
  </tr>
  <tr>
    <td width="15%" align="right"></td>
    <td width="33%" align="left"><font size="2">(27) 11 447 2499</font></td>
    <td width="6%"><font size="2">&nbsp;</font></td>
    <td width="46%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="15%"></td>
    <td width="33%"></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">1710-1177 West
Hastings Street</font></td>
  </tr>
  <tr>
    <td width="15%"></td>
    <td width="33%"></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">Vancouver,
B.C. , Canada V6E21</font></td>
  </tr>
  <tr>
    <td width="15%"></td>
    <td width="33%"></td>
    <td width="6%"></td>
    <td width="46%"><font size="2">(604) 640-6357</font></td>
  </tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Exploration
activities &ndash; since 1995</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1995 the Company acquired ownership of the
shares of the companies which owned the Barbrook and Eersteling Mines in South Africa. The original acquisition was of only 96.4%
of the issued shares of Eersteling Gold Mining Company Ltd. - with the remaining 3.6% being acquired in mid 2004. On May 31, 2008
an agreement to sell Barbrook Mine was concluded and Caledonia was paid the full purchase price of $9,130,000 by Eastern Goldfields
SA (Pty) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective April 1, 2006 the Company purchased
100% of the issued shares of the Zimbabwean company &ldquo;Blanket Mine (1983) (Private) Limited, the owner of the operating Blanket
Gold Mine. The purchase consideration was $1,000,000 (U.S.) and the issuance to the vendor of 20,000,000 shares in the capital
of Caledonia. Because the Company bought the shares of the company owning the Blanket Mine it thereby acquired all of the assets
of that company and assumed all of its liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time Caledonia receives mineral
property and business proposals from third parties for review as potential investment opportunities. With the potential of improved
political conditions in other Southern African countries, Caledonia&rsquo;s management is reviewing mining opportunities in certain
of these countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pages 23,24 and 25 are maps respectively of
northern South Africa, Zimbabwe and Zambia &ndash; which show the locations of the Company&rsquo;s exploration and operating properties
in those countries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>B.</B>&#9;<B>Business
Overview</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>Mining and
Exploration Activities:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Gold Production</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Blanket Mine (1983) Private Limited (&ldquo;Blanket&rdquo;)
- Gold </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Blanket exports its gold production to Rand
Refineries in Johannesburg, South Africa and receives 100% of the sale proceeds in US dollars within 5 days of sale. Cash flow
at Blanket continues to improve as gold production increases and the production unit costs decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mine is located approximately 560 km south
of Harare, the capital city of Zimbabwe and 150 km south of Bulawayo, the country&rsquo;s second largest city. The town of Gwanda,
the provincial capital of Matabeleland South, is located 16 km east of the mine and is approximately 197 km north north-west of
the South African border post of Beit Bridge. The mine is situated in the Gwanda Greenstone Belt from
which gold was first produced in the 1800&rsquo;s. Blanket holds extensive exploration properties throughout this belt. The Blanket
property was first staked in 1904 with mining and metallurgical plant operations starting in 1906 and has since produced over a
million ounces of gold.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">Geological
Setting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In common with most of the gold mines in Zimbabwe,
Blanket is situated in a typical greenstone terrain, the 70 km long by 15 km wide Gwanda Greenstone belt. This terrain comprises
supra crustal metavolcanic rocks similar to those found in the Barberton area of South Africa and the Abitibi area of Canada. The
Blanket property is the largest of the three remaining large gold producers on the Gwanda Belt, an area that has given rise to
no less than 268 gold mines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Property Geology</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Blanket is part of the group that makes up
the North Western Mining camp also called the Sabiwa group of ore zones extending from Sabiwa and Jethro in the south, through
Blanket itself to the Feudal, AR South, AR Main, Sheet, Eroica and Lima ore bodies. The geological sequence strikes north-south,
dips vertically and consists, from east to west, of a basal felsic unit which is not known to carry mineralization. It is generally
on this lithology type that the various mine tailings disposal sites are located. Above this unit is the ultramafic unit that includes
the banded iron formations hosting the eastern dormant cluster of mines and the ore bodies of the adjacent Vubachikwe mine complex.
The active Blanket ore bodies are found in the mafic lavas, while the andesitic unit which lies to the west, caps this whole stratigraphy.
A regional dolerite sill cuts the entire sequence from Vubachikwe through Blanket to the Smiler prospect. Ore bodies at Blanket
are epigenetic and are associated with a later, regionally developed deformation zone characterized by areas of high strain, wrapping
around relatively under formed remnants of the original basaltic lava flows. It is within this higher strain regime (highly sheared
rocks) that the wider of the ore bodies are located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Production Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mining</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Blanket Mine exploits a fairly typical
Achaean greenstone-hosted deposit situated on the northwest limb of the Gwanda Greenstone belt. Active mining at Blanket covers
a 3 km span and includes the Jethro deposits in the south, through Blanket itself to the Feudal, AR South, AR Main, Sheet, Eroica
and Lima deposits in the north.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Two main types of mineralization are recognized:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#1470;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a disseminated sulphide replacement type, which comprises the bulk
of the ore shoots</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#1470;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">quartz veins that tend to have long strikes but are not uniformly
mineralized.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three types of mining methods are used at the
Blanket Mine:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Underhand stoping in the narrow ore bodies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shrinkage stoping where blocky sidewalls are evident</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Long hole stoping in the wider ore bodies, using 15 meter sub-levels.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The various rock types at the Blanket Mine
are generally very competent in strength and structural support such as rock bolts are only installed on rare occasions where weak
rock conditions are encountered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Government of Zimbabwe has enacted regulations
covering water and effluent disposal. Under these regulations two required permits have been issued to the Blanket Mine covering
the sewage effluent and mill tailings disposals. The Mine has also implemented a pollution-monitoring control system around the
tailings dams with the installation of a number of boreholes and piezometers, which are routinely monitored by an independent consulting
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Zimbabwe&rsquo;s Mining General
Regulations, certain closure obligations are required to be fulfilled and these are covered in a &ldquo;Closure Plan&rdquo; dated
December 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Metallurgical Process </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In terms of Blanket&rsquo;s 4 year Expansion
Program the crushing and milling circuits will be expanded to handle 3,000 tonnes per day capacity by additions and improvements
to them. Their throughput capacity is more than sufficient to handle the planned increases in mine production from the No. 4 Shaft
Expansion Project, and will in future process any ore mined from the Subsidiary&rsquo;s Satellite properties &ndash; referred to
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All run of mine ore (&ldquo;ROM&rdquo;) is
crushed underground to minus 150mm, hoisted to surface and crushed to minus 12mm in the surface 2-stage crushing circuit. This
material is then currently fed into two 1.8m by 3.6m rod mills where it is milled down to approximately 70% passing 75 microns,
after which the milled slurry is pumped through two 30 inch Knelson Gravity Gold Concentrators where approximately 49% of total
mill gold production is recovered as &lsquo;gravity&rsquo; gold. The Knelson Concentrator tails are pumped through cyclones whose
underflow reports to the open-circuit regrind ball mill. The product from the Knelson tails cyclone overflow and the regrind mill
discharge are pumped into a carbon-in-leach (&ldquo;CIL&rdquo;) plant consisting of eight, 600 cubic metre leach tanks where alkaline-cyanide
leaching and simultaneous absorption of dissolved gold onto granular activated carbon takes place. Elution of the gold from the
loaded carbon and subsequent electro-winning are done on site. During electro winning the gold is deposited on steel wool cathodes,
the loaded cathodes are acid-digested and the resultant gold solids from this acid digestion together with the re-dressed gold
concentrate from Knelson Concentrators are smelted into Dore bars. The granular activated carbon is kiln regenerated before it
is re-circulated back to the CIL section. The CIL plant has an overall design capacity of 3,800 tonnes of milled ore per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Dore bars are delivered, as required by
Zimbabwean law, to the Zimbabwe Government-operated Fidelity Refiners in Harare for sampling and onward export to Rand Refineries
in South Africa. Rand Refineries undertakes the final refining and buys the resultant gold with 99.90% of the proceeds being credited
to Blanket&rsquo;s bank account in US dollars within 5 days of sale. Rand refinery also recovers a small amount of silver that
is co-produced with the gold &ndash; which is also purchased by Rand Refinery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mineral Reserve Calculations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company previously published mineral reserve
and mineral resource figures for the Blanket Mine in a report entitled &ldquo;NI 43-101 Technical Report on the Blanket Mine, Zimbabwe&rdquo;
(&ldquo;MSA Report&rdquo;) dated June 28, 2011, prepared by MSA Geoservices (Pty) Ltd. (&ldquo;MSA&rdquo;), a geological consulting
company based in South Africa. MSA reviewed the reserve and resource calculation procedures for the Blanket Mine as at December
31, 2010. MSA&rsquo;s calculation figures are shown in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MINERAL RESERVES &ndash; December 31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gold Content-ounces</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Proven Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total Proven Ore including pillars*</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">1,326,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.02</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">171,400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Operating and Development Areas</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">2,513,700</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.66</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">295,800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total Proven + Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3,839,800</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.78</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">467,200</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reserve estimate is based on a gold price of
US$1,100/oz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MINERAL RESOURCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gold Content-ounces</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Indicated</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">510,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.79</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">62,100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Inferred</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">2,408,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.27</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tonnages and ounces are rounded to the nearest
100 respectively</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Resource estimate is based on a gold price
of US$1,100/oz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note *</B>&#9;Pillar tonnages have been
discounted by 50%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note **&#9;</B>In keeping with the requirements
of NI 43-101, Inferred Resources are reported without estimates of metal quantities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&#9;1 tonne = 1,000 kilograms = 2,204.6
pounds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&#9;Some numbers may not add due to rounding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&#9;1 ounce troy = 31.1035 grams</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mike Robertson Pr. Sci. Nat., and Mr. Bruno
Bvirakare Pr. Sci. Nat., both consultants with the MSA Group, are the &ldquo;Independent Qualified Persons&rdquo; for Blanket&rsquo;s
reserves and resources as required by National Instrument 43-101 of the Canadian Securities Administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary note to U.S. Investors concerning
estimates of Inferred and Indicated Resources. </I></B>The above table uses the terms &ldquo;inferred resources&rdquo; and &ldquo;indicated
resources.&rdquo; While these terms are recognized and required by Canadian regulations, the US Securities and Exchange Commission
does not recognize them. They have a great amount of uncertainty as to their existence, and great uncertainty as to their economic
feasibility. It cannot be assumed that all or any part of an Inferred or Indicated Mineral Resources will ever be upgraded to a
higher category. Investors are cautioned not to assume that part or all of an inferred or indicated resource exists or is economically
mineable.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The full MSA Report can be viewed on the Company&rsquo;s
website or on SEDAR at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the calculation of the above December
31, 2010 figures the Company has mined 662,074 tonnes with an average recovered gold grade of 3.82 grams per tonne some of which
has been from within the reserves and resource figures set out above. Management of Blanket Mine has concluded that on-going work
and exploration on the property has resulted in the establishment of replacement reserves and resources. An updated calculation
of Blanket&rsquo;s reserves and resources as at December 31, 2012 has been prepared by Blanket Mines&rsquo; Technical staff following
the standards and procedures required by NI43-101 of the Canadian Securities Administrators and the results are presented in the
following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MINERAL RESERVES &ndash; December 31, 2012</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gold Content-ounces</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Proven Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total Proven Ore including pillars <B>*</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">1,767,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.93</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>223,000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Operating and Development Areas</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">2,140,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.66</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>252,000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total Proven + Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>3,907,000</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>3.78</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>475,000</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reserve estimate is based on a gold price of
US$1,500/oz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MINERAL RESOURCES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gold Content-ounces</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Indicated</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">448,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.81</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>54,900</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Inferred</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">2,290,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.30</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>**</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tonnages and ounces are rounded to the nearest
1000 and 100 respectively</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Resource estimate is based on a gold price
of US$1,500/oz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note *</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pillar tonnages have been
discounted by 50%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note **
</B>In keeping with the requirements
of NI 43-101, Inferred Resources are reported without estimates of metal quantities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&#9;1 tonne = 1,000 kilograms = 2,204.6
pounds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&#9;Some numbers may not add due to rounding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Relative to the previous and independent estimate
of reserves and resources as at December 2010, the Reserves have increased by 1.7% in terms of contained gold. Resources expressed
in terms of tonnage have declined by 6.1% over the same period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. T. N. Pearton, BSc Eng. (Mining Geology),
PhD (Geology), and Fellow of the Geological Society of South Africa is the &ldquo;Qualified Person&rdquo; and is responsible for
and has reviewed the Blanket&rsquo;s 2012 reserves and resources as required by National Instrument 43-101 of the Canadian Securities
Administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>DISCONTINUED OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eersteling Gold Mining Company Limited</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Although this mine remains on care
and maintenance no additional impairment has been made against the carrying value as the previously offered price by a 3<SUP>rd</SUP>
party potential buyer was significantly higher than the carrying value and the Corporation has rejected a purchase offer also in
excess of the carrying value. Interested parties continue to investigate the merits of purchasing the mine and the Corporation
continues to seek a suitable purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>MARKETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2009 Blanket became entitled to export
and sell its entire gold production in its own name. Blanket has since then delivered and sold its gold production to Rand Refineries
Limited in South Africa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>KEY PERFORMANCE FACTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As a result of the completion of the No. 4 Shaft Expansion
Project in late 2010, the underground mining areas can now produce up to 1,100 tonnes of ore daily using predominately long-hole
open stoping methods. Blanket Mine now produces in excess of 40,000 ounces per year and is implementing a four year Expansion Program
to progressively increase gold production to 76,000 ounces by the end of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>OPERATIONAL REVIEW AND RESULTS OF
OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The plans for the non-revenue generating
exploration projects continue to be determined by the availability of funds and are more fully described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>8.1 &#9;Gold Production </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Blanket Mine &ndash; Zimbabwe</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The operational statistics reported
below refer to the period from January 1 to December<SUP> </SUP>31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The current Blanket Mine mining area has eight
near-vertical ore shoots between Jethro and Lima shafts. An additional six ore shoots occur outside the above mining limits but
are included within the producing claims area. The longer term future of Blanket Mine depends primarily on the remaining life (resources)
of these 14 ore shoots. Exploration at Blanket is therefore focused on determining the continuity of these mineralized shoots to
depth. Ore shoots AR Main, AR South, and Blanket Reef, which comprise the deepest areas of mining at Blanket, have been exposed
down to 750 meters below surface. However, the ore shoots on neighboring Vubachikwe Mine have been mined down to 1,100 meters below
surface, suggesting that Blanket has at least this potential to increase its resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">The
exploration for the downward continuation of the known mineralized shoots will be achieved by diamond drilling from specially excavated
drill chambers situated in cross-drives some 250 metres from the 22 Level haulage (which is 750 m below surface) and also from
the 18 Level Haulage (630m below surface). Crosscuts (side tunnels) on 18 Level have been completed and the crosscuts on the 22
Level Haulage are now being excavated to provide the required drilling platforms from which the ore bodies below the 22 Level can
be drilled for resource evaluation purposes. Holes drilled from these chambers will target the mineralized shoots at various depths
down to 350 metres below 22 Level. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">To
reduce the pressure of material movements on the 18 Level and 22 Level haulages, increased mining activity has taken place in the
upper levels of the AR Main and AR South ore bodies where there are remnants from earlier mining activities and undeveloped zones
of medium grade material which are economic to mine at prevailing gold prices. Approximately 1.6 kilometres of the 22 Level haulage
has already been mined and equipped; on-going development (excavation) towards the north-west is expected to reach Lima and complete
the remaining 1.4 kilometres distance to Lima Shaft by the end of 2014. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt"><U>No. 6
Winze Project </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">This
project, which was recently approved by the new Blanket Board, will provide more rapid access to the Blanket ore body below 22
Level by deepening the existing No. 6 Winze. An existing Double Drum Winder is currently being upgraded and refurbished and will
be installed in a new winder chamber to be excavated on 18 Level. The winze, from 120m above 22 Level, will be widened to accommodate
the tipping station for the two x 3 tonne ore skips, and the shaft will then be sunk down to 1,080m with stations and main haulage
levels being developed on 870m (26 Level) and 1,000m (30 Level) and with the skip loading station at 1060m. Ore and development
waste will then be hoisted up the deepened No. 6 winze to 22 Level where it will be tipped into the No 4 shaft system for crushing
and hoisting to surface via the No 4 Shaft. The capital cost of this project is estimated to be US $4.4 million, which will be
funded from Blanket&rsquo;s internal cash flows. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">Work
on this project has commenced and it is expected that this project will be completed in late 2015. Once complete, management expects
that production from the Blanket ore body below 22 Level will progressively increase to approximately 600 tonnes of ore per day.
This production will be in addition to the continued target production from other areas of Blanket mine of 1,300 tonnes of ore
per day from early 2015. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">It
is anticipated that the above drilling program will lead to a complete reassessment of Blanket's resource base and provide an opportunity
to review the mine's production strategy, specifically in terms of further increases in production beyond 1,000 tonnes per day
and the requirement for additional infrastructure to achieve such incremental production. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">A
target production rate of 76,000 oz. gold per annum in 2016 has been set as a goal to be achieved following the above exploration
program, although the achievement of this goal will depend on the outcome of exploration and the prevailing investment climate
in Zimbabwe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Mine Operations and production</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">Quarterly gold
production has increased since mining and milling operations were resumed from 2,746 ounces in Q2 of 2009 to 11,821 ounces in Q4
of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The tonnes milled, average mill feed grades, plant gold recovery
and gold produced during January and February 2013, and the preceding eight quarters are shown in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: windowtext 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Blanket Mine Production Statistics</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; border-left: black 1pt solid; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tonnes Milled</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(t)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Gold<BR>
        Head (Feed) Grade</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(g/t)</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gold Recovery</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Gold Produced</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(oz)</B></P></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Average sales price per ounce of gold sold (US$/oz)</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>TOTAL 2010</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>2010</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>153,500</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3.90</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>92.0%</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>17,707</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,273</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">First quarter</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">61,437</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.02</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">92.2%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7,322</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,397</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Second quarter</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">60,913</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.52</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">92.9%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">8,226</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,512</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Third quarter</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">85,442</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3.81</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93.1%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">9,743</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,737</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fourth quarter</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">90,967</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3.86</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93.4%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">10,533</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,681</FONT></TD>
    <TD STYLE="border-bottom: windowtext 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>TOTAL 2011</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>298,759</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>4.01</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>92.9%</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>35,826</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,577</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">First quarter </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">83,353</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3.67</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">93.2%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">%</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">9,164</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,688</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Second quarter </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">90,315</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.24</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93.9%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">11,560</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1,599</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Third quarter </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93,049</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.59</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">94.1%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">12,918</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,664</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fourth quarter</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">96,598</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.08</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93.3%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">11,821</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,703</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total 2012 </B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>363,315</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>4.16</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>93.7%</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>45,464</B></P>
    </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,666</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">January </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">29,538</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3.75</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">93.2%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3,319</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,673</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">February</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">28,814</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3.91</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">92.9%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3,365</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,593</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gold production in Q4 was lower than the preceding quarter as the
achieved mined ore grade returned towards the long term average mine reserve grade of 3.84g/t after above average mined ore gold
grades of 4.24 and 4.59 g/t in the 2nd and 3rd quarters. The production of 11,821oz achieved in Q4 was 18% higher than the targeted
production of 10,000oz/quarter. During January and February 2013 Blanket operated as planned and achieved its production targets.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">A narrow
focus on the direct costs of production (mainly labour, electricity and consumables) does not fully reflect the total cost of gold
production. Accordingly, the all-inclusive cost to produce an ounce of gold during the Quarter and the preceding seven quarters
are set out in the table below. For the purposes of consistency, the total direct costs shown on the table below is as reported
in previous quarters. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">Blanket Mine:
        Total Costs per Ounce of Gold Produced (US$/oz)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 20%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2011</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q2</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2011</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q3</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2011</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q4</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2011</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Year</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2011</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2012</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q2</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2012</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q3</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2012</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Q4</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2012</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Year 2012</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Labour </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">208</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">175</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">157</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">132</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">164</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">179</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">174</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">158</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">176</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">175</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Consumables</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">247</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">212</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">234</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">210</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">227</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">249</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">197</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">189</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">203</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">212</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Electricity (incl. diesel)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1415</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">154</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">155</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">138</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">148</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">161</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">136</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">119</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">118</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">134</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Other costs</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">48</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">44</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">37</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">41</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">42</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">58</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">40</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">41</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">57</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Total direct on-mine costs</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">648</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">585</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">583</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">521</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">581</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">648</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">547</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">508</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">554</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">571</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">General and administrative costs</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">53</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">126</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">140</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">122</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">114</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">153</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">115</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">103</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">111</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">118</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Sustaining capital investment</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">510</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">135</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">94</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">109</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">193</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">78</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">71</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">58</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">77</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Inclusive cost before royalty</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1,211</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">846</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">825</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">752</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">895</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">878</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">732</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">669</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">741</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">759</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-weight: normal; border-left: 1pt solid windowtext; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Royalty<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">63</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">74</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">78</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 2.25pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">67</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 2.25pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">71</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">134</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">112</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 1pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">117</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 2.25pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">105</FONT></TD>
    <TD STYLE="text-align: left; font-weight: normal; border-right: 2.25pt solid #000000; border-bottom-style: solid; border-bottom-color: #000000; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">116</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Total inclusive cost per ounce</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1,274</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">920</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">903</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">819</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">966</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1,012</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">844</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">786</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">846</FONT></TD>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-right: windowtext 2.25pt solid; border-bottom: windowtext 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">875</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Gold ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">7,322</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">8,226</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">9,743</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">10,533</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">35,826</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">9,164</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">11,560</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">12,918</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">11,821</FONT></TD>
    <TD STYLE="border-right: windowtext 2.25pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">45,465</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 26pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; font-weight: normal"><I><SUP>(1)</SUP></I></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal"><I>At 4% in 2011 and 7% in 2012</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The labour cost
component increased by 11% from the preceding quarter due to the lower gold production in Q4 and adjustments incurred in the Quarter
which related to prior quarters in respect of productivity bonuses and increases in the basic labour rate. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The consumable
cost component increased by 7% from the preceding quarter due to the effects of lower gold production on the fixed component of
consumable expenditure and other expenses associated with equipment repairs and servicing. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Electricity
tariffs remain unchanged in the Quarter and although expensive, electricity supplied by the Zimbabwe Electricity Supply Authority
(&ldquo;ZESA&rdquo;) is still considerably cheaper than the cost of electricity generated by the mine&rsquo;s standby diesel generators.
Blanket&rsquo;s standby generators have successfully replaced any lost time that would have resulted from disruptions in the ZESA
supply. The standby diesel generators were run for 12.6 hours during the Quarter compared with 11.6 hours in the preceding quarter
and a total of 108 hours usage during 2012 (2011, 120.5 hours)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Other costs
increased by 39% on the preceding quarter due to, inter alia, increased Claims Protection Fees on licences which fell due for renewal
in the Quarter and an increase in the provision for obsolete stock. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">General and
administrative costs are largely fixed and include the cost of procurement, financial, technical and other services provided to
Blanket by Caledonia, the cost of the Harare office, the cost of shipping gold from Blanket to Rand Refineries in Johannesburg
and the cost of gold refining at Rand Refineries. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Sustaining capital
investment is that investment which is required to maintain Blanket&rsquo;s current level of production and includes the purchase
of replacement equipment, maintenance of existing equipment and infrastructure and normal mine development activities. It specifically
excludes expenses associated with the exploration and development of Blanket&rsquo;s satellite projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Underground</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The AR South
and AR Main ore bodies continue to be the most productive mining areas and provided approximately 80% of the total ore mined during
the Quarter. To reduce the pressure of material movements on the 18 Level and 22 Level haulages, increased mining activity has
taken place in the upper levels of the AR Main and AR South ore bodies where there are remnants from earlier mining activities
and undeveloped zones of medium grade material which are economic to mine at prevailing gold prices. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The mined
ore gold grade at 4.08 g/t continued to be higher than the planned 3.84 g/t average mine gold grade. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The table
below sets out the development activities in the Quarter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Blanket Mine: Development Activities in Q4 2012 </FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Area</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Budget Advance (m)</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Actual Advance (m)</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Metres on reef</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Payable metres sampled</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Payable width (m)</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Payable grade (g/t)</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Payability (%)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">AR Main </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">480</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">331</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">286</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">186</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">2.4</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">2.9</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">56.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">AR South</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">320</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">203</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">189</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">136</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">2.2</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">3.8</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">66.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Eroica</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">240</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">190</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">180</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">153</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1.8</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">4.3</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">80.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Blanket Quartz Reef</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">80</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">0</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Blanket/Feudal</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">80</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">148</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">133</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">76</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1.4</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">3.4</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">51.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Lima</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">160</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">190</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">166</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">98</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1.3</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">3.2</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">51.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Total </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1360</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1062</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">953</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">648</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">1.9</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">3.5</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">61.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The shortfall
in mine development against plan was mainly due to air compressor breakdowns. This matter has been addressed and a new 6,695cfm
compressor has been ordered and is expected to be installed and commissioned during Q3 2013. Management believes that the shortfall
in development during the Quarter can be recovered in future quarters and that the planned development will allow mined ore production
to be sustained at the average target rate of 1,000 tonnes per day (tpd) for 2013 increasing to 1,200tpd in 2014 and to 1,300tpd
in 2015.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -21.25pt"><B>C</B></P>


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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-variant: normal; font-weight: bold; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; margin: 0">&nbsp;Capital
projects</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -21.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>750m AR &ndash; Lima Haulage </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 22 Level Haulage Extension Project will
link the Blanket and Lima ore bodies on 22 Level and will also allow for the further down-dip exploration of the Blanket Mine&rsquo;s
known ore bodies. Crosscuts (side tunnels) on 18 Level have been completed and the crosscuts on the 22 Level Haulage are now being
excavated to provide the required drilling platforms from which the ore bodies below the 22 Level can be drilled for resource evaluation
purposes. If this exploration is successful, this haulage will also allow for the rapid commencement of mining in any new mining
areas defined above 750m as a result of exploration from the 630m haulage (see below). Work on the 22 Level Haulage Extension Project
and its associated crosscuts will be carried out simultaneously with normal mining production with its completion anticipated for
mid-2014. It is planned that the underground exploration drilling of the ore zones below 750m Level, which will be undertaken from
the completed crosscuts, will continue into 2014 and beyond. During the Quarter the 22 Level haulage was advanced by 110m. This
was less than planned due to a transformer failure and a shortage of compressed air.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -21.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>630m Haulage </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 18 Level Haulage extension will allow access
to explore for the extension of the Sheet ore body between 630m and 510m. The haulage was advanced by 22m and has reached its currently
planned extension and exploration drilling has commenced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>510 Eroica-Lima Haulage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 14 Level Haulage was advanced by 121m in
the Quarter and has reached the Lima ore body. Development work will commence on the Lima ore body between 510 and 230m levels.
This production section is expected to add an additional daily 200 tonnes of ore production from early 2014 at the average mine
grade of 3.84 g/t.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>No. 6 Winze Project </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This project, which was recently approved by
the new Blanket Board, will provide access to the Blanket ore body below 22 Level by deepening the existing No. 6 Winze. An existing
Double Drum Winder is currently being upgraded and refurbished and will be installed in a new winder chamber to be excavated on
18 Level. The winze, from 120m above 22 Level, will be widened to accommodate the tipping station for the two x 3 tonne ore skips,
and the shaft will then be sunk down to 1,080m with stations and main haulage levels being developed on 870m (26 Level) and 1,000m
(30 Level) and with the skip loading station at 1060m. Ore and development waste will then be hoisted up the deepened No. 6 winze
to 22 Level where it will be tipped into the No 4 shaft system for crushing and hoisting to surface via the No 4 Shaft. The capital
cost of this project is estimated to be US$4.4 million, which will be funded from Blanket&rsquo;s internal cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Work on this project has commenced and it is
expected that this project will be completed in late 2015. Once complete, management expects that production from the Blanket ore
body below 22 Level will progressively increase to approximately 600 tonnes of ore per day. This production will be in addition
to the continued target production from other areas of Blanket mine of 1,300 tonnes of ore per day from early 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Blanket exceeded
its targeted annual production of 40,000oz in 2012 by 14%. The 2013 target of 40,000 is expected to be sustained as a result of
improvements in the underground mining systems and ongoing mine development. Gold production for the first two months of 2013 was
at the targeted level. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The surplus
capacity of the Blanket leach section and crushing and milling plant enables it to immediately treat additional feed material from
the Blanket underground and from the GG and Mascot Project Area mines if the planned exploration and development work is successful
and if any resultant ore is compatible with Blanket&rsquo;s existing metallurgical process. With the planned increase in crushing
and milling rates to approximately 3,000tpd, the Blanket metallurgical plant could treat its planned increase in production from
the Blanket areas above and below the 22 level and from its satellite projects if they become ore producers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">There is
upward pressure on costs, taxes and regulatory fees in Zimbabwe. Nevertheless, Blanket has surplus metallurgical plant capacity
and is sufficiently cash generative so that it can invest in projects with a view to further increasing production, thereby helping
to maintain downward pressure on the cost per ounce of gold produced. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">EXPLORATION AND PROJECT DEVELOPMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Base Metals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Copper and Cobalt Base Metals </B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Nama Project &ndash; Zambia</B></P>

<P STYLE="font: 12pt/11.55pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Caledonia holds four, contiguous
large scale mining licenses covering approximately 800 square kilometres on the Zambian Copperbelt. The northern boundary of Caledonia&rsquo;s
licenced area is the Democratic Republic of Congo border and the eastern boundary abuts the Lubambe mining licence area that is
held by a joint venture between Vale and African Rainbow Minerals where a new copper mine has recently been commissioned.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">The 2011 drilling programme,
which comprised 5,352m over five holes, identified an apparently contiguous zone of mineralisation.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Phase 1 of the 2012 work programme
commenced in March 2012 and consisted of six holes comprising approximately 2,400m of drilling with the objective of identifying
a continuation towards surface of the mineralized zone identified in 2011. This phase of the work programme was extended into Phase
2 with the objectives of identifying extensions of this mineralised zone and increasing the confidence level of the information
on this mineralised zone. The 2012 total drilling programme comprised 10,903m over 20 holes.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify"><B>Preliminary Results of
the 2012 Drilling Programme</B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Caledonia believes, based
on results achieved to date, that the 2012 drilling programme has confirmed the existence of a mineralised copper zone of substantially
greater extent than first identified in 2011. The in-fill drilling has established that the mineralised zone is locally disturbed
by breccia zones and fold structures which have resulted in some geological losses and local duplication of mineralization. In-fill
drilling on the north-eastern and north-western limits of the target area also identified that the grade and thickness of the mineralised
zone has decreased in those areas. The full extent of these disruptions, which will only be finally established and quantified
once the detailed drilling currently underway is complete, are not anticipated to have a major impact on the quantum of the resource.<U>
</U></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify"><B><U>2013 Drilling Programme</U></B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Caledonia&rsquo;s Board has
authorised a program of percussion drilling to be undertaken on the identified zone in the 2nd quarter of 2013 to improve resource
definition close to surface and to establish whether there is potential for an open-pit operation. Caledonia expects to issue a
NI 43-101 compliant copper resource statement by June 30, 2013 and a pre-feasibility study by the end of 2013 on the possible mining
of any economic near-surface oxide material.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Caledonia&rsquo;s Board has
also approved approximately 2,400m of diamond drilling to be carried out on additional zones of mineralisation that have been identified
to the immediate west and south of the mineralised zone that could extend the copper resource both at surface and possibly at depth.
A further 5,000m of diamond drilling will be commenced when the work described above has been completed on a broad copper geochemical
anomaly which has been identified further to the west of the identified zone.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">The budgeted cost of the 2013
exploration programme, the preparation of the NI 43-101 resource report and the feasibility study is approximately US$2.2 million,
which will be funded from Caledonia&rsquo;s cash on hand.</P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify"><B><U>Status of the Nama Licences</U></B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">On September 24, 2012 Caledonia
announced that, following discussions with the Zambian Mines Development Department (the &ldquo;Department&rdquo;), Caledonia must
comply with certain conditions to continue to hold the Nama Licences. These conditions include, inter alia:</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="6%"><font size="2">&bull;&nbsp;</font></td>
    <td width="94%"><font size="2">the commencement
of cobalt production by June 30, 2013;</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">&bull;&nbsp;</font></td>
    <td width="94%"><font size="2">the submission of
an updated copper sulphide mineral resource and reserve statement and associated feasibility study and program of operations by
June 30, 2013; and</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">&bull;&nbsp;</font></td>
    <td width="94%"><font size="2">the commencement
of copper sulphide resource exploitation by March 31, 2015.</font></td>
  </tr>
</table>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Further discussions have been
held with the Department to clarify the precise terms of certain of these conditions. Caledonia intends to comply with these conditions
and believes that its proposed course of action will do so.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify"><B><U>Nama Cobalt Project,
Zambia </U></B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify">Caledonia has undertaken to
commence cobalt production by June 30 2013. Accordingly, Caledonia has submitted a proposal to the Zambian Mines Development Department
for a cobalt mining operation on the following basis:</P>

<P STYLE="font: 12pt/11.55pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.5pt 36pt; text-align: justify; text-indent: -18pt"><font size="2">&bull;</font><font face="Times New Roman"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Identified resource to be mined: approximately 2 million tonnes grading approximately 0.2%
cobalt and 0.1% copper;</FONT></font></P>

<P STYLE="font: 12pt/11.55pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.5pt 36pt; text-align: justify; text-indent: -18pt"><font size="2">&bull;</font><font face="Times New Roman"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Phase 1: mining at a target rate of approximately 30,000 tonnes per month to produce cobalt
oxide concentrate using gravity separation;</FONT></font></P>

<P STYLE="font: 12pt/11.55pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.5pt 36pt; text-align: justify; text-indent: -18pt"><font size="2">&bull;</font><font face="Times New Roman"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Phase 2: mining at a target rate of approximately 60,000 tonnes per month to produce cobalt
hydroxide using hydrometallurgical processing; and</FONT></font></P>

<P STYLE="font: 12pt/11.55pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.5pt 36pt; text-align: justify; text-indent: -18pt"><font size="2">&bull;</font><font face="Times New Roman"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The estimated capital investment to achieve mine start-up and to complete phase 1 is approximately
US$1.1million. </FONT></font></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Gold</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/7.55pt Times New Roman, Times, Serif; margin: 0 0 1.4pt; text-align: justify">Zimbabwe Exploration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporation&rsquo;s primary exploration
activities in Zimbabwe are at the Blanket Mine, which are discussed in sections 6.5 and 6.6. Other than at Blanket Mine itself,
Blanket&rsquo;s current exploration title holdings in the form of registered mining claims in the Gwanda Greenstone Belt total
78 claims, including a small number under option, covering an area of about 2,500 hectares. Blanket&rsquo;s main exploration efforts
on its satellite properties are focused at this stage on the GG prospect, the Mascot Project and Eagle Vulture which are believed
to have the greatest potential of success and which are both within an economic trucking distance of the Blanket plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on the successful outcome of exploration
work and mining development, it is intended that economic ore extracted from GG and the Mascot Project Area would be trucked to
the Blanket plant for processing. The Blanket Mine metallurgical plant has existing surplus treatment capacity and when the planned
crushing and milling plant extensions have been completed, could handle up to an additional 900 tonnes per day of ore from Blanket
underground and successful exploration project areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The protection of non-producing claims is the
subject of ongoing discussions as the claim protection fees have been dramatically increased and the economic feasibility of protecting
all claims is being assessed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>GG Project </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The GG project was previously the site of small-scale
surface workings and is located approximately 7km south east of Blanket Mine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Drilling programs were carried out at GG over
the past eight years included seventeen diamond-cored holes that were drilled amounting to 4,751 metres of drilling. Two zones
of potentially economic gold mineralisation have been established down to a depth of approximately 200 metres, each with an estimated
strike length of approximately 150 metres.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Work commenced on sinking a 3m by 2m shaft
in the 3<SUP>rd</SUP> quarter of 2012 and as at March 18, 2013 the shaft had reached a depth of 90m and work on excavating the
90m level station had commenced. Once this has been completed the shaft will continue to be sunk to its target depth of 120m below
surface and a station cut at this level. During shaft sinking operations, the shaft encountered a mineralized quartz shear with
a near vertical orientation. As the shaft sinking extended below 40m, this quartz shear swelled and occupied the full width of
the shaft. This zone of mineralisation has persisted down to 60m and on assay returned an average grade of 6.0g/t gold. The sulphide
intensity of this mineralised shear exposed by the shaft between the 60m and 90m levels appear to have weakened but the shear structure
remains intact. Underground diamond drilling will be undertaken to evaluate the mineralisation of this structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Horizontal development has commenced on the
60m level, short side excavations from the main haulage drive (&ldquo;cubbies&rdquo;) have been made to allow for diamond drilling
of the identified mineralised zones. To date, four holes, totalling 400 metres have been drilled to investigate the North Main
Shear and three of these holes have intersected mineralization with averaged grades and thicknesses of about 4g/t over about 2
metres. Further diamond drilling is in progress to allow for a better understanding of the geometry of the identified zones. A
total of 3,000m of diamond drilling is planned from these three development levels during 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment in the GG project to date has been
US$626,000 which has been funded from Blanket&rsquo;s internal cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mascot Project Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Mascot Project Area comprises three existing
shafts (Mascot, Penzance and Eagle Vulture) which extend down to various depths of up to 450 metres. These shafts and other infrastructure
need extensive rehabilitation. Production at these shafts ceased decades ago due to a combination of political difficulties and
the limitations of the technology that was then available. Blanket Mine Management believes that the application of modern exploration
and processing techniques may allow some or all of these shafts to operate profitably for a period of time, and not just at the
prevailing high gold price. Priority has been given to the rehabilitation and installation of infrastructure at Mascot and Eagle
Vulture shafts. Work at Penzance has been deferred pending completion of work and underground development at Eagle Vulture and
Mascot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Mascot</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mascot was previously mined down to approximately
300 metres, exploiting an ore body which narrowed continuously with depth. The decrease in the extent of the mined out ore at depth
is thought to have been the result of limitations on mining localised low ore grades and thereby not exposing the full extent of
the mineralized zone. Previous drilling undertaken by Blanket has indicated the existence of two further mineralised zones, one
on either side of the mined out area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the 2<SUP>nd</SUP> quarter of 2012,
following the installation of the ZESA electricity connection, surface infrastructure was installed (headgear, winder house and
winder, electricity substation and reticulation, and a 1,000cfm air compressor) and the shaft was re-accessed down to the 120 metre
level below surface and found to be in reasonably good condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the 3<SUP>rd</SUP> quarter of 2012 work
focussed on re-equipping the shaft: rope guides were installed down to 120metres, the ladder-ways and all station platforms were
installed and the installation of air, water and pump lines is 90% complete at 21<SUP>st</SUP> February 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Underground lateral development commenced in
November 2012 simultaneously on 1 and 2 levels towards the two new mineralised zones which had been identified by Blanket&rsquo;s
previous surface drilling. A total of 70 metres has been advanced from the shaft in both easterly and westerly directions. It is
hoped that if the gold grades of the exposed mineralized zones prove to be economic that ore from Mascot could be trucked to the
main Blanket plant in commencing in late 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment to date at Mascot has been U$$338,000,
which has been funded from Blanket&rsquo;s internal cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Eagle Vulture</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Eagle Vulture mine was previously mined
down to approximately 100 metres below surface and is the most developed property at the Mascot Project Area. It is a &ldquo;pinch
and swell&rdquo; ore-zone structure characterized by a cherty quartz vein. The main shaft has been refurbished down to the shaft
bottom (70 metres depth) and development work to date 120 metres of development in both easterly and westerly directions towards
the ore-zone strike extremities has been completed. The development plan at Eagle Vulture is to advance through waste material
towards a mineralised zone that has been identified by surface drilling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment to date at Eagle Vulture has been
US$139,000, which has been funded from Blanket&rsquo;s internal cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 11pt; font-family: 'Times New Roman', Times, Serif; margin: 0"></p>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="southafrica.jpg" ALT=""><BR CLEAR="ALL" STYLE="page-break-before: always">
<BR CLEAR="ALL" STYLE="page-break-before: always">
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="zimbabwe.jpg" ALT=""><BR CLEAR="ALL" STYLE="page-break-before: always">
<BR CLEAR="ALL" STYLE="page-break-before: always">
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="zambia.jpg" ALT=""><B><BR CLEAR="ALL" STYLE="page-break-before: always">
<BR CLEAR="ALL" STYLE="page-break-before: always">
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General Comments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia&rsquo;s activities are centered in
Southern Africa. Generally, in the gold mining industry the work is not seasonal except where heavy seasonal rainfall can affect
surface mining or exploration. Caledonia is not dependent, to any material extent, on patents, licenses, contracts, specialized
equipment or new manufacturing processes at this time. However, there may be occasions that Caledonia may wish to adopt such patents,
licenses, specialized equipment, etc. if these are economically beneficial to its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All mining and exploration activities are conducted
under the various Economic, Mining and Environmental Regulations of the country where the operations are being carried out. It
is always Caledonia&rsquo;s standard that these regulations are complied with by Caledonia. Otherwise its activities risk being
suspended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>(C)</B></TD><TD STYLE="text-align: justify"><B>Organizational Structure - Subsidiaries </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black"><B>Ownership interest at December 31</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black"><B>Country of incorporation</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2012</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">2010</FONT></TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black"><B>Significant subsidiaries</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>%</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Holdings Zimbabwe (Private) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Mining Services Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Kadola Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Mining (Zambia) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Nama Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Western Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Dunhill Enterprises Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Panama</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Eersteling Gold Mining Corporation Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Fintona Investments (Proprietary) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Greenstone Management Services (Proprietary) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Greenstone Management Services Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">United Kingdom</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Maid O&rsquo; Mist (Pty) Ltd</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Mapochs Exploration (Pty) Ltd</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Holdings (Africa) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Barbados</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Blanket (Barbados) Holdings Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Barbados</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Blanket Mine (1983) (Private) Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">49<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 28.4pt"><SUP>(1)</SUP></TD><TD>Refer to page 8 explanation on indigenisation of Blanket mine</TD></TR></TABLE>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>(D) Property, Plant and
Equipment</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
South Africa:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Eersteling gold mine, indirectly owned
by the Company through its ownership of 100% of the shares of Eersteling Gold Mining Company Limited, is essentially a fully equipped
mine with all of the underground and surface equipment needed to conduct mining operations and the treatment and concentration
of ore mined from the properties. Due to the lengthy period of care and maintenance at Eersteling there has been some deterioration
in the facilities which will require rehabilitation work before operations can be recommenced. The underground workings at Eersteling
were allowed to flood and will require dewatering before mining access can be resumed. Because the mine is on care and maintenance
the Company has no plans to expend further amounts on plant or equipment for them or to in any way expand or improve the facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>(b)&#9;Zimbabwe:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Blanket Mine, in Zimbabwe, which the Company
indirectly owns 49% of through its ownership of 49% of the shares of Blanket Mine (1983) (Private) Limited, the owner and operator
of the Mine. It is a fully equipped mine with all of the necessary plant and equipment to conduct mining operations and the production
of gold from the ore mined from the Mine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>5&#9;OPERATING AND FINANCIAL
REVIEW AND PROSPECTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 6pt 4.55pt 3.6pt 0"><B>A&#9;Operational Highlights</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 1pt 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">11,821oz of gold were produced during Q4, a 12% increase in gold production on Q4 2011 (the
&ldquo;comparable quarter&rdquo;) of 10,533oz and an 8% decrease on Blanket&rsquo;s record quarterly gold production in Q3 2012
(the &ldquo;preceding quarter&rdquo;) of 12,918oz. Gold production was lower than the preceding quarter as the mined ore gold grade
returned towards the planned long term mine reserve grade average of 3.84g/t. The gold production of 11,821oz achieved in Q4 was
18% higher than the targeted production of 10,000oz/quarter.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold production for
the 12 months to December 31, 2012 was 45,465oz, a 27% increase over the gold production in the 12 months to December 31, 2011
(35,826oz). Gold production for 2012 is a new annual production record for Blanket since it commenced operations in 1906.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Blanket&rsquo;s cash operating costs in Q4 increased
to US$554 per ounce of gold produced compared to US$508 in the preceding quarter and US$521 in the comparable quarter. The increase
in costs in the Quarter was due to the reduced production compared to the previous quarter and the higher labour and consumable
costs incurred in the Quarter.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Blanket&rsquo;s cash operating costs for the
Year were US$571 per ounce compared to US$581 in 2011. The reduction in costs was due primarily to increased production which offset
increases in input costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt"><FONT STYLE="font-size: 10pt">All-inclusive costs per ounce of gold produced
for the Quarter (i.e. including sustaining capital investment and general and administrative expenses) were US$741/oz compared
to US$669/oz in the preceding quarter and US$752/oz. in the comparable quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">All-inclusive costs for the year 2012 were
US$759/oz compared to US$895/oz in 2011, the reduction being largely due to the higher level of production in 2012 than 2011 which
meant that fixed costs were spread over more ounces of gold produced.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 4.55pt 6pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 6pt 4.55pt 3.6pt 0"><B>Financial Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold Sales during Q4 were 10,337oz at
an average sales price of US$1,703/oz compared to 12,918oz at an average sales price of US$1,664/oz in the preceding quarter and
9,329oz at an average sales price of US$1,681/oz in the comparable quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold Sales for the 2012 Year were 45,181oz
at an average sales price of US$1,666oz compared to 35,504oz at an average sales price of US$1,577/oz in 2011. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">Gross profit (i.e. after depreciation and
amortization but before administrative expenses) for Q4 was $9,250,000 compared to $12,602,000 in the preceding quarter and $9,012,000
in the comparative quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">Gross profit for the Year increased by 41%
to $40,915,000 (2011: $29,115,000).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net profit after tax for Q4 attributable
to Caledonia shareholders was $3,353,000 compared to a loss of $7,240,000 in the preceding quarter and a profit of $1,369,000 in
the comparable quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">Net profit after tax for the Year attributable
to Caledonia shareholders was $8,720,000 compared to $12,130,000 in 2011. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">Net profit for 2012 and the net loss for the
preceding quarter was after a non-cash, non-recurring charge of $14,569,000 for share based payments of which $14,161,000 was due
to the sale of 41% of Blanket to Indigenous Zimbabweans, for which Blanket provided facilitation loans, and for the donation of
10% of Blanket to the Gwanda Community Share Ownership Trust (&ldquo;GCSOT&rdquo;) in terms of the Indigenisation Agreements signed
by Blanket Mine. Further explanation of the basis of this charge is set out in Note 5 to the Consolidated Financial Statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">At December 31, 2012, the Company had cash
and cash equivalents of $27,942,000 compared to $24,615,000 at September 30, 2012, and $9,686,000 at December 31, 2011.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">Cash flow from operations in 2012 before capital
investment was $29,721,000 (2011: $17,428,000).</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.55pt"><FONT STYLE="font-size: 10pt">During Q4 Blanket made payments to the community
and payments in respect of direct and indirect taxes, royalties, licence fees, levies and other payments to the Government of Zimbabwe
totalling US$5,931,000 compared to US$8,474,000 in the preceding quarter, and US$5,024,000 in the comparative quarter. The total
of such payments in 2012 was $23,985,000 (2011: $13,920,000).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>Indigenisation
</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">Transactions that implemented the Indigenisation of Blanket were completed on September 5<SUP>th</SUP>
2012. Following completion of these transactions Caledonia now owns 49% of Blanket.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">Caledonia has received the Certificate of Compliance from the Government of Zimbabwe which confirms
that Blanket is fully compliant with the Indigenisation and Economic Empowerment Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">As an indigenised entity, Blanket can now develop and is now implementing its long term growth
strategy. The recently re-constituted Blanket board, which includes representatives of the Indigenous Zimbabwean shareholders,
approved a capital investment programme for 2013 and a 4 year growth strategy for 2014 to 2017. This investment programme, which
was endorsed by the Caledonia Board, is estimated at US$37m, will be funded from Blanket&rsquo;s internally generated cash, and
is expected to result in progressive increases in gold production to approximately 76koz in 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>Exploration
Highlights. </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The 2012 drilling programme at the Company&rsquo;s 100% owned Nama
Base Metals Projects in Zambia, comprised 10,903m over 20 holes and confirmed the existence of a copper-bearing mineralised zone.
Shallow drilling will be undertaken on the identified zone to improve resource definition. Initial exploration work will also be
carried out on additional zones of mineralisation that have been identified to the west and south of the mineralised zone. Caledonia
expects to issue a NI 43-101 compliant copper resource statement by June 30, 2013 and a preliminary feasibility study by the end
of 2013, on the possible mining of near-surface copper oxide material. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>Corporate
Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On January 24, 2013 a Special Meeting of the Caledonia Shareholders
passed special resolutions approving a reduction of Stated Capital of Caledonia&rsquo;s common shares by $140m and approving the
consolidation of Caledonia&rsquo;s issued and outstanding common shares on the basis of one (1)&nbsp;post-consolidation common
share for every ten (10) common shares currently issued. Pursuant to these resolutions being passed: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on February 22, 2013 Caledonia paid its initial dividend of one-half
Canadian cent ($0.005) per pre-consolidation share; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the share consolidation took effect on April 13<SUP>th</SUP> 2013.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>Dividend
Policy</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Caledonia Board will assess further dividend payments at least
annually in light of Caledonia&rsquo;s financial performance and financial resources at that time. However, Caledonia will continue
to maintain its strong financial position so that it can implement its stated growth strategy and retain the flexibility to take
advantage of any further opportunities that may arise without the need to raise third party finance. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As at December 31, 2012</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As at December 31, 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$000</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued common shares</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>197,137</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196,163</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reserves</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13,677</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,273</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deficit</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(153,399)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(158,422)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity attributable to shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,415</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,014</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,796)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>55,619</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,014</FONT></TD></TR>
<TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B. Trend Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the completion of the No. 4 Shaft expansion
project, annual gold production increased from the 2011 level of 35,826 ounces to 45,464 ounces during 2012. It is anticipated
that the employee headcount will increase to approximately 820 employees in 2013. The productions costs per ounce are therefore
expected to reduce at above the 40,000 ounce production level as the fixed employment costs are amortized over higher monthly production
volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have a hedging programme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. &#9;INVESTING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the Quarter Caledonia invested $2,996,000
($1,017,000 &ndash; 2011) in property, plant and equipment including mineral properties. Of the amount invested $1,775,000 ($859,000
&ndash; 2011) was spent at Nama and $1,207,000 ($108,000 &ndash; 2011) at Blanket and its satellite properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the 2012 Caledonia invested $7,909,000
($8,528,000 &ndash; 2011) in property, plant and equipment including mineral properties. Of the amount invested $3,614,000 ($2,709,000
&ndash; 2011) was spent at Nama and $4,280,000 ($5,769,000 &ndash; 2011) at Blanket, and its satellite properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>FINANCING </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Caledonia financed all its operations using funds on hand and those
generated by its operations. During 2012, share options for 13,912,500 options were exercised raising $974,000. No other equity
fundraising took place in 2012 and none is currently planned. Blanket&rsquo;s unsecured US$2.5 million loan facility in Zimbabwe
has been renewed until November 2013 at <FONT STYLE="color: black">an interest rate of 8% above the 30-day LIBOR rate. It is unsecured,
is renewable and repayable on demand.</FONT> At December 31, 2012 this facility was undrawn due to the receipt of a payment from
Rand Refineries in respect of gold sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>LIQUIDITY AND CAPITAL RESOURCES </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">An analysis of the sources and uses of Caledonia&rsquo;s
cash is set out the Consolidated Statement of Cash Flows set out in Section 4. As of December 31, 2012, Caledonia had a working
capital surplus of $26,014,000 ($13,593,000 as at December 31, 2011). As of December 31, 2012, Caledonia had potential liabilities
for rehabilitation work on the Blanket and Eersteling Mines - if and when those Mines are permanently closed - at an estimated
present value cost of $1,015,000 (2011: $1,785,000). The South African rehabilitation trust held $175,000 on cash deposit as at
December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">It is intended that all of the capital investment which will
be required to fund the planned growth and development at Blanket over the next four years will be funded by Blanket&rsquo;s internal
cash flows. Caledonia has sufficient cash on hand to fund all of the authorised 2013 investment required at the Nama project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>9. OFF-BALANCE SHEET ARRANGEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no off balance sheet arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. CONTRACTUAL OBLIGATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments due by Period &ndash; in thousands of Canadian Dollars</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Year</P></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1-3 years</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5 years</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">More than</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5 years</P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short term debt</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,775,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,775,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Zimbabwe advance dividends payable</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,987,000</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,987,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset retirement obligations </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,015,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,015,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><B>11. RELATED
PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm">Caledonia had the following related
party transactions:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 72%; border-right: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-indent: 1.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&rsquo;000</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$&rsquo;000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Management fees, bonuses and expense allowances paid or accrued to a company which provides the services of the Corporation&rsquo;s President</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-bottom: 4.5pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>704</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">588</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Rent paid to a company owned by members of the President&rsquo;s family</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-bottom: 4.5pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>43</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Legal fees paid to a law firm where a Director is a partner</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-bottom: 4.5pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>111</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">97</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Other fees paid to Directors</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-bottom: 4.5pt; padding-left: 6pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>215</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">145</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Legal fees were paid on an arms&rsquo; length commercial basis to
Tupper, Jonsson &amp; Yeadon in respect of legal services. Other fees paid to directors were in respect of their contractual remuneration.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 81.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">Caledonia has a management agreement with Epicure Overseas
S.A. (&ldquo;Epicure&rdquo;), a Panamanian corporation, for management services provided by the President. Caledonia is required
to pay a base annual remuneration adjusted for inflation and bonuses set out in the agreement. In the event of a change of control
of the Group, Epicure can terminate the agreement and receive a lump sum payment equal to 200% of the remuneration for the year
in which the change occurs. The President has no ownership or control of any securities of Epicure, to the knowledge of Caledonia,
Epicure holds no shares of Caledonia.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These related party transactions were in the
normal course of operations and are recorded at the exchange amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>12 &#9;</B></FONT><B><FONT STYLE="font-size: 10pt">CRITICAL
ACCOUNTING POLICIES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The major areas where accounting estimates
are made are asset impairment, asset retirement obligations, exploration and evaluation expenditure, titles to mineral property
interests, impairments, share based payments, functional currency determination and future tax liabilities. Discussion of the bases
on which these judgements have been made is set in note 3 to the Consolidated Financial Statement. As significant impairment provisions
have already been made against certain assets and there is a reasonable level of certainty around the estimate it is considered
unlikely that any change in estimate would result in a material impact on the results of Caledonia. The asset retirement obligations
are also considered to be estimated with a reasonable degree of certainty. An independent review of the asset retirement obligation
estimation for Blanket was last carried out in December 2012. The current cost estimation of $1,600,000 was inflated by 5-6% per
annum for the expected life of mine and then discounted back to current value at 15% which is the current borrowing costs attributable
to Blanket. The estimations are accreted annually and any change in circumstances is considered unlikely to have a material impact
on the results of Caledonia or its operations</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Recently issued accounting pronouncements
issued and not yet effective.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt; text-align: justify">There are new or revised Accounting
Standards and Interpretations in issue that are not yet effective. Management have considered all of these Standards and Interpretations
and have concluded that those that may have an impact on future consolidated financial statements are the following:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: center"><B>Standard/Interpretation</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><B>Effective date*</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IFRS 9 </FONT></TD>
    <TD STYLE="width: 53%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Financial Instruments</I></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IFRS 10</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Consolidated Financial Statements</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IFRS 12</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Disclosure of Interests in Other Entities</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IFRS 13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Fair Value Measurement</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IAS 1 amendments</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Presentation of Financial Statements</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">July 1, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">IAS 19 amendments</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Employee Benefits</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">IAS 32 &amp; IFRS 7 amendments</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Financial Instruments: Presentation &amp; Financial Instruments: Disclosures</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">1 January 1, 2014 and January 1, 2013 respectively</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">IFRIC 20 </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Stripping Cost in the Production Phase of a Surface Mine</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">Annual Improvements 2009-2011 cycle</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Various IFRSs</I></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 6.5pt; padding-bottom: 6.5pt"><FONT STYLE="font-size: 10pt">&nbsp;January 1, 2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt">* Annual periods beginning on or after</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt"><U>IFRS 9 Financial<I> Instruments</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 9 will be adopted by the Group for
the first time for its financial reporting period ending December 31, 2015. The standard will be applied retrospectively, subject
to transitional provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The standard supersedes the existing
IAS 39 classification and measurement guidance on financial assets and financial liabilities. It effectively eliminates the categories
of held to maturity, available for sale and loans and receivables for financial assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Financial assets will be measured at
amortised cost or fair value based on an assessment of the business model in which they are held and the characteristics of each
instrument. The guidance for the classification and measurement of financial liabilities remains mostly unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The guidance on the derecognition of
financial instruments and how to measure fair value remains unchanged from IAS 39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The standard eliminates the need to separate
embedded derivatives from financial asset host contracts within the scope of IFRS 9. This simplification does not apply for other
host contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">It remains possible in certain circumstances
to designate financial assets or liabilities as at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">There is a proposal to amend IFRS 9 in
respect of any available for sale investments which are not held for trading, to allow IFRS 9 to permit an irrevocable choice to
account for the fair value movements on these assets as either in other comprehensive income (OCI) or in profit or loss. If available
for sale investments fair value measurements are recognised in OCI, they should not be recycled to profit or loss. Reclassification
to retained earnings is permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">There may be an impact on the Group&rsquo;s
statement of financial position and statement of comprehensive income resulting from the new guidance on financial instruments.
Management continues to monitor the development of the new standards on financial instruments and the potential impact the new
standards may have as the date of adoption draws closer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>IFRS 10 <I>Consolidated Financial
Statements</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 10 will be adopted by the Group
for the first time for its financial reporting period ending December 31, 2013. The standard will be applied retrospectively if
there is a change in the control conclusion between IAS 27/SIC 12 and IFRS 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 10 introduces a single control model
to assess whether an investee should be consolidated. This control model requires entities to perform the following in determining
whether control exists:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Identify how decisions about the relevant activities are made,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Assess whether the entity has power over the relevant activities by considering only the entity&rsquo;s
substantive rights,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Assess whether the entity is exposed to variability in returns, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Assess whether the entity is able to use its power over the investee to affect returns for its
own benefit</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Control should be assessed on a continuous
basis and should be reassessed as facts and circumstances change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Management has assessed control over
the following entities under IFRS 10 at 31 December 2012 in relation to the Zimbabwe Indigenisation Transaction as set out in note
5. Based on this assessment, the following entities would continue to be consolidated by the Group under IFRS 10:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Blanket Mine (1983) (Private) Limited</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Blanket Employee Trust Services (Private) Limited (BETS)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Blanket Mine Employee Trust (Employee Trust)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">It was also concluded that the Group
would not consolidate the Gwanda Community Share Ownership Trust under IFRS 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>IFRS 12 <I>Disclosure of Interests
in Other Entities</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 12 will be adopted by the Group
for the first time for its financial reporting period ending December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 12 combines, in a single standard,
the disclosure requirements for subsidiaries, associates and joint arrangements, as well as unconsolidated structured entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The required disclosures aim to provide
information to enable user to evaluate:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The nature of, and risks associated with, an entity&rsquo;s interests in other entities, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The effects of those interests on the entity&rsquo;s financial position, financial performance
and cash flows.</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The adoption of the new standard will
increase the level of disclosure provided for the Group&rsquo;s interests in subsidiaries and structured entities (both consolidated
and unconsolidated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>IFRS 13 <I>Fair Value Measurement</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 13 will be adopted by the Group
for the first time for its financial reporting period ending December 31, 2013. The standard will be applied prospectively and
comparatives will not be restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 13 introduces a single source of
guidance on fair value measurement for both financial and non-financial assets and liabilities by defining fair value, establishing
a framework for measuring fair value and setting out disclosures requirements for fair value measurements. The key principles in
IFRS 13 are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Fair value is an exit price</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Measurement considers characteristics of the asset or liability and not entity-specific characteristics</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Measurement assumes a transaction in the entity&rsquo;s principle (or most advantageous) market
between market participants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Price is not adjusted for transaction costs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Measurement maximises the use of relevant observable inputs and minimises the use of unobservable
inputs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The three-level fair value hierarchy is extended to all fair value measurements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 13 may impact the Group&rsquo;s
financial instruments at initial recognition as well as those measured at fair value subsequently. However, limited impact is expected
from subsequent fair value measurement as the Group does not currently hold any material financial instruments measured at fair
value. Further impacts may result from impairment calculations where fair value less cost to sell is calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>Amendments to IAS 1 <I>Presentation
of Financial Statements</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendments to IAS 1 will be adopted
by the Group for the first time for its financial reporting period ending December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The Group will present those items of
other comprehensive income that may be reclassified to profit or loss in the future separately from those that would never be reclassified
to profit or loss. The related tax effects for the two sub-categories will be shown separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">This is a change in presentation and
will have no impact on the recognition or measurement of items in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">This amendment will be applied retrospectively
and the comparative information will be restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>Amendments to IAS 19 <I>Employee Benefits</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendments to IAS 19 will be adopted
by the Group for the first time for its financial reporting period ending December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendment changes the definitions
of short-term employee benefits and other long term employee benefits so that the distinction between the two will depend on when
the entity expects the benefit to be wholly settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amended definitions state that a
benefit is short-term when it is expected to be settled wholly within twelve months after the annual reporting period in which
the employees render the related service. If this is not the case, then it is accounted for as other long-term employee benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The classification of employee benefits
as short-term or other long term employee benefits impacts the measurement of the related liability. The requirements to classify
the related liability as current or non-current has not changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Further amendments relate to defined
benefit plans which is not expected to have an impact on the Group as there are currently no defined benefit plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The impact of the amendments to IAS 19
on the classification of short-term employee benefits has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>Amendments to IAS <I>32 Financial
Instruments: Presentation</I> and IFRS 7: <I>Financial Instruments: Disclosures</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendments to IAS 32 and IFRS 7 will
be adopted by the Group for the first time for its financial reporting period ending December 31, 2014 and December 31, 2013 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">An entity may offset financial assets
and financial liabilities when it currently has a legally enforceable right to set off the recognised amounts. IAS 32 previously
did not provide guidance on what was meant by &ldquo;currently has a legally enforceable right to set off&rdquo;. The amendment
provides guidance in IAS 32 to clarify the criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendments clarify that an entity
currently has a legally enforceable right to set-off if that right is:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Not contingent on a future event; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Enforceable in all of the following circumstances:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The normal course of business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The event of default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The event of insolvency or bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRS 7 disclosure requirements have been
amended so that the IASB and the US Financial Accounting Standards Board will have common disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The amendment&rsquo;s impact is limited
to presentation and disclosure and will not impact recognition and measurement of financial instruments of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>IFRIC 20 <I>Stripping Cost in the
Production Phase of a Surface Mine</I></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRIC 20 will be adopted by the Group
for the first time for its financial reporting period ending December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRIC 20 applies to entities that incur
waste removal cost in a surface mining activity during the production phase of a mine and addresses the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">initial recognition of production stripping costs as an asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the initial measurement of stripping activity asset; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">subsequent measurement of stripping activity asset.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Waste removal in the production phase of a mine may result in the following benefits:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">improved access to ore; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inventory produced.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">If the benefit is in the form of inventory
produced, the attributable cost will be recognised as cost of production of inventory. If the benefit is to improve access to the
ore, a non-current asset will be recognised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">When the costs relating to improved access
to ore (e.g. a stripping activity asset) and the costs of the inventory produced are not separately identifiable, production stripping
costs are allocated between the stripping activity asset and inventory using a relevant production measure (e.g., actual vs. expected
cost of inventory produced, actual vs. expected volume of waste extracted and actual vs. expected mineral content of ore extracted).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Depreciation or amortisation needs to
be recognised on a systematic basis over the expected useful life of the identified component of the ore body that becomes more
accessible as a result of the stripping activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The Group currently has an underground
mine, Blanket Mine, which is in the production phase. Stripping costs incurred on Blanket Mine are outside the scope of IFRIC 20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">IFRIC 20 may impact the Nama Cobalt and
Copper Projects in Zambia (Nama Project) once the mines moves into the production stage as the mines may have surface mining activities.
The impact of IFRIC 20 on the Nama Project has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify"><U>Annual Improvements 2009-2011 cycle</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">The annual improvements consist of amendments
to existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights.
Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify">Management does not expect that any of
these amendments will impact the recognition or measurement of amounts disclosed in the consolidated financial statements. The
impact of these improvements on presentation and disclosure has not yet been determined.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify"><B>13</B>. &#9; <B>FINANCIAL
RISK EXPOSURE AND RISK MANAGEMENT </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Corporation is exposed in
varying degrees to a variety of financial instrument related risks by virtue of its activities. The overall financial risk management
program focuses on preservation of capital, and protecting current and future Corporation assets and cash flows by reducing exposure
to risks posed by the uncertainties and volatilities of financial markets.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Board of Directors has responsibility
to ensure that an adequate financial risk management policy is established and to approve the policy. The Corporation&rsquo;s Audit
Committee oversees management&rsquo;s compliance with the Corporation&rsquo;s financial risk management policy.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Corporation&rsquo;s
financial instruments approximates their carrying value unless otherwise noted. The types of risk exposure and the way in which
such exposures are managed are as follows:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5.5pt; text-align: justify; text-indent: 7.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5.5pt; text-align: justify"><B>(a) Currency Risk </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5.5pt; text-align: justify">As the Group operates in an international
environment, some of the Group&rsquo;s financial instruments and transactions are denominated in currencies other than the Canadian
Dollar. The results of the Group&rsquo;s operations are subject to currency transaction risk and currency translation risk. The
operating results and financial position of the Group are reported in Canadian dollars in the Group&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5.5pt; text-align: justify">The fluctuation of the Canadian
dollar in relation to other currencies will consequently have an impact upon the profitability of the Group and may also affect
the value of the Group&rsquo;s assets and liabilities and the amount of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 5.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
noted below, the Group has certain financial assets and liabilities denominated in foreign currencies. The Group does not use any
derivative instruments to reduce its foreign currency risks. To reduce exposure to currency transaction risk, the Group maintains
cash and cash equivalents in the currencies used by the Group to meet short</FONT><FONT STYLE="font-family: Cambria Math,serif">&#8208;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">term
liquidity requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Below is a summary of the assets and liabilities
denominated in a currency other than the Canadian dollar that would be affected by changes in exchange rates relative to the Canadian
dollar. The values are the Canadian dollar equivalent of the respective asset or liability that is denominated in US dollars or
South African rand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>26,451</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,210</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bank overdraft</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(430)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade and other receivables</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,687</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,474</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade and other payables</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(4,858)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,413)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zimbabwe advance dividend accrual</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,987)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify"><B>(b) Interest Rate Risk </B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 13.75pt">Interest rate risk is the risk borne by an interest-bearing
asset or liability as a result of fluctuations in interest rates.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 13.75pt">Unless otherwise noted, it is the opinion of management
that the Group is not exposed to significant interest rate risk as it has no debt financing apart from short term borrowings utilized
in Zimbabwe. The Group&rsquo;s cash and cash equivalents include highly liquid investments that earn interest at market rates.
The Group manages its interest rate risk by endeavouring to maximize the interest income earned on excess funds while maintaining
the liquidity necessary to conduct operations on a day-to-day basis. The Group&rsquo;s policy focuses on preservation of capital
and limits the investing of excess funds to liquid term deposits in high credit quality financial institutions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 13.75pt">In the monetary policy statement announced by the
Governor of the Reserve Bank of Zimbabwe (&ldquo;RBZ&rdquo;) in February 2009, the debt owing by RBZ to Blanket Mine was converted
into a Special Tradable Gold-Backed Foreign Exchange Bond, with a term of 12 months and an 8% interest rate. The Bond plus accrued
interest is guaranteed by RBZ on maturity. Blanket Mine has been unable to sell the Bond at an acceptable discount rate and the
RBZ did not redeem the Bond on the initial maturity date nor any subsequently advised maturity dates. As a result of the uncertain
redemption date and the lack of information coming from the RBZ, the Bond has been written down to nil whilst Blanket continues
to retain legal ownership of the RBZ debt.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify"><B>(c) Concentration of Credit
Risk </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">Credit risk is the risk of a
financial loss to the Corporation if a gold sales customer fails to meet its contractual obligation. Current gold sales are made
to Rand Refineries in South Africa and the payment terms stipulated in the service delivery contract have been adhered to in all
instances. <B>(d) Liquidity Risk </B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">Liquidity risk is the risk that
the Corporation will not be able to meet its financial obligations as they fall due.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Corporation manages its
liquidity by ensuring that there is always sufficient capital to meet its estimated cash requirements, after taking into account
cash flows from operations and the Corporation&rsquo;s holdings of cash and cash equivalents. The Corporation believes that these
sources will be sufficient to cover the anticipated cash requirements. Senior management is also actively involved in the review
and approval of planned expenditures by regularly monitoring cash flows from operations and anticipated investing and financing
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Zimbabwean operations are now covered for
Public Liability risk, assets all risk and Comprehensive cover on all motor vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify"><B>(e) Commodity Price Risk
</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The value of the Corporation&rsquo;s
mineral resource properties is related to the price of gold, platinum,copper and cobalt, and the outlook for these minerals. In
addition, adverse changes in the price of certain key or high cost operating consumables can significantly impair the Corporation&rsquo;s
cash flows.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">Gold prices historically have
fluctuated widely and are affected by numerous factors outside of the Corporation's control, including, but not limited to, industrial
and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term
changes in supply and demand because of speculative hedging activities, and macro-economic variables, and certain other factors
related specifically to gold. Recent $US gold price movements have been ascending but the effect of devaluation of the US$ against
the Canadian $ and the South African Rand has mitigated against the higher US$ gold price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Caledonia has not hedged any of its past or future gold sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>14.</B></TD><TD STYLE="text-align: justify"> <B>CAPITAL MANAGEMENT
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Corporation&rsquo;s objectives
when managing capital are to safeguard its ability to continue as a going concern in order to pursue its mining operations and
exploration potential of its mineral properties.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Corporation&rsquo;s capital
<FONT STYLE="color: black">includes shareholders&rsquo; equity, comprising issued common shares, reserves, accumulated other comprehensive
income, accumulated deficit, bank loans and non-controlling interest</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 13.75pt; text-align: justify">The Corporation&rsquo;s primary
objective with respect to its capital management is to ensure that it has sufficient cash resources to maintain its ongoing operations,
to provide returns for shareholders, accommodate any asset retirement obligation and to pursue growth opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The corporation uses available cash resources
to fund and maximize ongoing exploration efforts, the Corporation has paid a maiden dividend and declared a further dividend based
on its available cash resources..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>A</B></TD><TD STYLE="text-align: justify"><B>Directors and Senior Management</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A brief profile of each of the Directors and
the senior management is given below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Carl Jonsson,</B> <B>LL B</B><I> Chairman,
Director, Secretary and legal adviser to Caledonia</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Jonsson is a lawyer and has been associated
with the resource industry for over 40 years. In his legal practice he has specialized in securities and corporate work. He has
been a director of Caledonia since February 1992 and prior to that date he was a director of one of its predecessor companies.
Mr. Jonsson resides in Vancouver, British Columbia, Canada and is a principal of the law firm Tupper, Jonsson and Yeadon. Mr. Jonsson
acts as the Company&rsquo;s principal Canadian lawyer. Mr. Jonsson sits on the board of directors of several public companies in
Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stefan E. Hayden</B><I>, Director, President
and Chief Executive Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Hayden has extensive experience as a company
manager in South Africa. Initially he founded, developed and managed an engineering company that manufactured flameproof mining
machinery. He followed this by managing a company holding the Massey Ferguson franchise in the Transvaal and the Orange Free State
and returned it to profitability for the then owners Standard Corporate Merchant Bank. He then founded and managed the South African
agency for heavy electrical equipment sales and installations for Toshiba Corporation
of Japan. He has been Managing Director of Industrial Brokers, a family company specializing in the procurement of steel and mining
machinery, since 1971 and continues in this position.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With his wide managerial, electrical and mechanical,
and mining experience Mr. Hayden has acted as technical advisor to numerous mines and companies in Southern Africa. Prior to the
Caledonia acquisition, Mr. Hayden as the Chief Executive Officer of Eersteling Gold Mining Company Limited and Barbrook Mines Limited
was responsible for both operations. He joined Caledonia in 1995 and was appointed Managing Director, African Operations responsible
for the development of Caledonia&rsquo;s business in Africa. In June 1996, Mr. Hayden was elected as a Director of Caledonia and
subsequently appointed Deputy Chairman of Caledonia. In January 1997 he was appointed Chairman of Caledonia and in June 1997 the
position of President and Chief Executive Officer was added to his responsibilities. In February 2005 he resigned as Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>James Johnstone, </B>B.Sc<I>., ARCST, P.Eng.,
Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A graduate-mining engineer Mr. Johnstone has
40 years experience in mine operations in North America, Africa and Europe. He has experience in both underground and open pit
operations. For the 20 years prior to his retirement he was employed as General Manager or Vice-President Operations for mining
companies producing gold, base metals and industrial minerals. Mr. Johnstone has been responsible for the construction, start up
and commissioning of two major mines in addition to the commissioning of Caledonia's Filon Sur operation. He has also been involved
in the orderly closure of three operations. He has operated successfully in environmentally sensitive areas and has a good understanding
of the permitting process in Canada and the United States. Mr. Johnstone joined Caledonia in April 1997 as Vice President Operations
and was responsible for Caledonia's operations in Zambia and South Africa and for all activities in Canada. He was elected a Director
of Caledonia in June 1997. He retired from active employment with Caledonia in September, 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Christopher Harvey</B>, <I>LRIC, HNC (Chem.),
Director </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A Chemistry graduate from Wigan Mining College,
Mr. Harvey has spent his career in the international mineral processing industry. Prior to immigrating to Canada in 1987 he worked
for the Anglo American Group in a number of senior metallurgical positions. These included projects associated with gold and copper/cobalt
production, gold, uranium and sulfuric acid production. Mr. Harvey joined Doelcam, a predecessor company of Caledonia in 1989 as
Vice-President Operations and was responsible for a number of property evaluations in several countries. He was appointed Senior
Vice President of Caledonia at its inception in 1992 and has been a Director since 1993. He has since held a number of senior positions
within the company and was the company's Technical Director until December 2005 when he retired. He continues as a Director of
Caledonia. From late 1996 to the end of September 1998, Mr. Harvey was seconded to Filon Sur in Spain for the construction, commissioning
and ongoing operation of the expansion to the heap&#8209;leach expansion project. He has also coordinated metallurgical studies
for most of the company's projects, such as the Nama copper/cobalt project, the Eureka copper/gold project and the Kadola copper
project in Zambia, Barbrook gold mine refractory gold recovery project and the provisional Rooipoort platinum project in South
Africa and the Cononish gold project in Scotland. As noted above, Mr. Harvey resigned as a Director April 15, 2013 &ndash; but
will continue to provide the Group with technical advice for the period ending April 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Steven Curtis, </B>CA(SA)<B> </B>&ndash;
<I>Director,Vice-President Finance and Chief Financial Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Curtis is a Chartered Accountant with over
24 years experience and has held a number of senior financial positions in the manufacturing industry. Before joining Caledonia
in April 2006, he was Director Finance and Supply Chain for Avery Dennison SA and prior to this, Financial Director and then Managing
Director of Jackstadt GmbH South African operation. Mr. Curtis is a member of the South African Institute of Chartered Accountants
and graduated from the University of Cape Town.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Curtis was appointed Vice-President Finance
and Chief Financial Officer of the Company in April, 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Robert W. Babensee</B> <I>&ndash; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr Babensee is based in Toronto, Ontario, Canada
and joined Caledonia&rsquo;s Board in October 2008. He has been a member of the Institute of Chartered Accountants of Ontario,
Canada since 1968.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From 1984 until his retirement in 2004, he
was a partner of the Canadian accounting firm BDO Dunwoody LLP as an assurance specialist. He served as Chief Financial Officer
for Golden China Resources Corporation, a natural resource company, between February 2005 and July 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr Babensee was formally a non-executive Director
and a member of the audit, compensation and nominating committees of Apollo Gold Corporation (now Brigus Gold Corporation), which
is listed on the Toronto, New York and American Stock Exchanges whose business focus is on gold exploration,
development and production in North America and has gold exploration, development and producing assets in Canada, the USA and Mexico.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Leigh Wilson</B> - <I>Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Mr. Leigh Alan Wilson has an international business and financial services background having served in senior executive and management positions with Union Bank of Switzerland (Securities) Ltd. in London and with the Paribas Group in Paris and New York where he served as CEO of Paribas North America between 1984 and 1990. </FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Mr. Wilson has served on the Victory Fund Board since 1993 and currently serves as Independent Chairman of its Board of Trustees. The Victory Funds are a US $7 billion mutual fund complex. </FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Mr Wilson is also the Chief Executive Officer of New Century Home Health Care Inc., a role he has held since 1995. In March 2006, Mr. Wilson received the Mutual Fund Trustee of the Year Award from Institutional Investor Magazine. </FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Between March 2008 and October 2008, Mr. Wilson was an Independent Non-Executive Director of Caledonia.<FONT STYLE="color: #5E5E5E"> </FONT></FONT></TD></TR>
<TR>
    <TD>&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>John Kelly</B> - <I>Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. John Lawson Kelly has over 30 years of experience in the financial
services industry in the U.S.A and international markets including emerging markets in Asia. He is registered with the Financial
Industry Regulatory Authority of the U.S.A. as a General Securities Principal.<BR>
<BR>
Mr. Kelly is currently the Chief Operating Officer of Liquidnet Holdings, Inc. and a director of the AmeriCares Foundation.<BR>
<BR>
Within the last five years Mr. Kelly has been a managing director of JL Thornton &amp; Co, LLC and CrossRoad LLC and he has also
been an Independent Trustee of The Victory Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Richard Patricio</B> &ndash; <I>Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Richard Patricio is Vice President Legal and Corporate Affairs
at Pinetree Capital Ltd. (&quot;Pinetree&quot;), a Toronto-based resource-specialist investor and long-standing shareholder in
Caledonia. Pinetree holds approximately 10.1% of the issued shares of Caledonia.Mr. Patricio currently holds directorships with
several Canada-based publicly quoted resource companies. He previously practiced law at Osler Hoskin &amp; Harcourt LLP in Toronto,
and worked as in-house General Counsel for Teknion Corporation. Mr Patricio is also currently Vice-Pesident Corporate &amp; Legal
Affars of Mega Uranium Ltd. and Brownstone Ventures Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dr. Trevor Pearton</B> &ndash; <I>Vice President
Exploration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 15.15pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Dr.
Pearton has worked for Caledonia since 2001. During the time, he was responsible for the establishment and management of the resource
bases at the Blanket Mine (operating) and the Barbrook and Eersteling Mines (now on care and maintenance) and the assessment of
the Nama project, resulting in a reinterpretation of the ore body and an improved definition of the resources and mineralogical
characteristics. This work provided the basis for the 2007 (completed) and the 2008 exploration programs. Prior to joining Caledonia,
Dr. Pearton worked for a number of financial institutions in South Africa as a highly rated gold analyst, as well as consulting
to a number of mining companies. He graduated from the University of the Witwatersrand with a BSc Eng (Mining Geology) and was
awarded a PhD in Geology for research into Archaean gold and antimony deposits (Witwatersrand University). He is a member of the
Geological Society of South Africa; elected a Fellow of the Society in 2004, a member of the South African Institute for Mining
and Metallurgy and a member of the Witwatersrand University Mining Engineers Association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 15.15pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 15.15pt 0 0; text-align: left">Mark Learmonth <FONT STYLE="font-weight: normal">-
</FONT><I>Vice President, Corporate Development and Investor Relations</I><BR>
<BR>
<FONT STYLE="font-weight: normal">Mr Learmonth joined Caledonia in July 2008. Prior to this, he was a Division Director of Investment
Banking at Macquarie First South in South Africa, and has over 17 years experience in corporate finance and investment banking,
predominantly in the resources sector. Mr Learmonth graduated from Oxford University and is a chartered accountant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Caxton Mangezi &ndash; <I>General Manager
Blanket Mine</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr Mangezi who holds a Certificate in geology
and survey, a Miner&rsquo;s Ticket, and a Mine Manager&rsquo;s Diploma, joined Blanket Mine in February 1969 as a sampler progressing
to mine survey and geological technician. He switched to mining as a Learner Mine Official graduating in 1974 and was appointed
to the position of overseer miner. He continued to rise through the ranks to the position of Underground Manager in 1981 and was
appointed Resident Manager in 1988 and then General Manager/ Director in 1993 the position he still holds today.</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Arrangements, Understandings, etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia has no arrangements or understanding
with any major shareholders, customers, suppliers or others, pursuant to which any person referred to above, was selected as a
director or member of senior management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;
Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of compensation paid, and benefits
in kind granted to Caledonia&rsquo;s directors who are also senior management is given under the &quot;Summary Compensation Table&quot;
in the 2012 Information Circular attached as Exhibit # 14b, incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A $25,000 fee is paid to each director annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A $5,000 fee is also paid to the Directors who comprise Caledonia&rsquo;s
Audit Committee &ndash; and the Chairman is paid a further $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a Stock Option Plan pursuant
to which it grants options to directors, offices and key employees from time to time. The numbers of shares covered by the various
options granted are determined by the Company&rsquo;s Compensation Committee subject to approval by the Board of Directors. One
hundred percent (100%) of the share purchase options which are presently outstanding are in favour of directors, offices and key
employees of the Company and, in some cases, its subsidiaries, and providers of services to the Company or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia does not have a bonus or profit-sharing
plan. Caledonia does not have a pension, retirement or similar benefits scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">C&nbsp;&nbsp;&nbsp;&nbsp;
Board Practices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The directors all hold their positions for
an indefinite term, subject to re-election at each annual general meeting of the shareholders. The officers hold their positions
subject to being removed by resolution of the Board of Directors. The term of office of each Director expires as of the date that
an Annual General Meeting of the shareholders is held - subject to the re-election of the Directors at such Annual General Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no service contracts between Caledonia
and any of the Directors of Caledonia or its subsidiaries except for (i) a &quot;Key Executive Severance Protection Plan&quot;
between Caledonia and its President dating from 1996, and (ii) the indirect employment of Caledonia&rsquo;s president and CEO through
a management and administrative agreement. The Corporation has Appointment Letters with each of the other directors; there is no
allowance for any termination benefit in these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details concerning Caledonia&rsquo;s Board
Composition, Audit, Compensation, Nominating, Disclosure and Corporate Governance committees are given in the 2012 Information
Circular attached as Exhibit #14b.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following persons comprise the following
committees:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compensation</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Governance</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Nominating</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Disclosure</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">R W Babensee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">R W Babensee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S E Hayden</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S E Hayden</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S E Hayden</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">F C Harvey</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">C Jonsson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">C Jonsson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">C Jonsson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">C Jonsson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">J Johnstone</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S R Curtis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">L Wilson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">J Kelly</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Technical</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Strategic</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S E Hayden</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S E Hayden</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">F C Harvey</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">L Wilson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">J Johnstone</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">J Kelly</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">T Pearton</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S R Curtis</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">R Patricio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">M Learmonth</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Terms of reference of the Audit Committee are
given in the Charter of the Audit Committee. The Charters of Company Committees are available on the Company&rsquo;s website or,
on request, from the Company&rsquo;s offices listed in Section 4A of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>D&nbsp;&nbsp;&nbsp;&nbsp;
Employees &ndash; of Caledonia and
its subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The average, approximate number of employees,
their categories and geographic location for each of the last 5 years are summarized in the table below:</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 35.45pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 35.45pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 35.45pt"><FONT STYLE="font-style: normal">Geographic
Location and Number of Employees:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Employee Location etc.</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Employees</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">South Africa (African Office)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zimbabwe &ndash; approx.<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">750</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">794</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">856</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>860</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">South Africa (Mine Security and Operations and Exploration)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P align="right">-</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" valign="middle">
        <P align="right">2</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zambia (Head Office and Security)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">8</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Total Employees at all Locations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 11pt">517</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">768</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">813</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 11pt">875</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>879</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><SUP>(i)</SUP> the number of employees in Zimbabwe varies slightly
from month-to-month.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><B>Management and Administration:</B></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Employee Locations:</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Canada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zimbabwe</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">South Africa (African Office)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">South Africa (Exploration and Operations)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zambia (Head Office and Security)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Management and Administration</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>45</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">E&#9;Share Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">(a)
The direct and indirect
shareholdings of the Company&rsquo;s Directors and Officers as at April 20, 2013 were as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 64%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Number of shares</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>S Hayden</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>10,380,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>C Jonsson</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>1,559,469</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>B Babensee</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>200,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>J Johnstone</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>400,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>S Curtis</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>2,700,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><U>M Learmonth</U></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>1,367,300</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251"><FONT STYLE="font-size: 10pt"><U>P. Patricio</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457"><FONT STYLE="font-size: 10pt"><U>Nil</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251"><FONT STYLE="font-size: 10pt"><U>J. Kelly</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457"><FONT STYLE="font-size: 10pt"><U>Nil</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251"><FONT STYLE="font-size: 10pt"><U>L. Wilson</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457"><u>42,300</u></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251"><FONT STYLE="font-size: 10pt"><U>T. Pearton</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457"><FONT STYLE="font-size: 10pt"><U>400,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="251"><FONT STYLE="font-size: 10pt"><U>Total</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="457"><FONT STYLE="font-size: 10pt"><U>17,049,069</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All
of the shares held by the Directors are voting common shares and do not have any
different voting or other rights than the other outstanding common shares of the
Company. Their aggregate shareholdings amount to xxxx% of the Company's issued
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36.55pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(b)</TD><TD STYLE="text-align: justify">Share purchase options outstanding as of April 20, 2013:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Name</FONT></TD>
    <TD STYLE="width: 16%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Exercise Price C$</FONT></TD>
    <TD STYLE="width: 24%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Expiry Date</FONT></TD>
    <TD STYLE="width: 25%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Number of Options</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">FC Harvey</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">FC Harvey</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,600,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">SE Hayden</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">SE Hayden</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">J Johnstone</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">J Johnstone</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,600,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">L Wilson</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">C Jonsson</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">C Jonsson</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,600,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">M Kater</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">M Kater</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">75,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A Pearton</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A Pearton</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">75,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">J Liswaniso</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">75,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">J Liswaniso</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">M Learmonth</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">890,200</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">M Learmonth</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A Lawson</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.07</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">29 April, 2014</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">60,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A Lawson</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">A Lawson</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">75,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">T Pearton</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.07</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">29 April ,2014</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">T Pearton</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">250,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">T Pearton</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">250,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Dr P Maduna</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">SR Curtis</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.07</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11 May, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">300,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">SR Curtis</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,200,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">SR Curtis</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Holdings Africa</FONT><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,030,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt; color: black">Caledonia Holdings Africa</FONT><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,075,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">R Babensee</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.07</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">23 March, 2014</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">300,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">R Babensee</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">R Babensee</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,750,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">P Human</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">50,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">P Human</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">100,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">S Smith</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31, January, 2016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">S Smith</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">24,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">J Kelly</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">R Patricio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">31 August, 2017</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">TOTAL</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">26,579,200</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><SUP>(1)&#9;</SUP>The options granted
to Caledonia Holdings (Africa) Limited &ndash; a subsidiary of Caledonia &ndash; are for the benefit of certain employees of a
subsidiary of Caledonia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">16.</TD><TD STYLE="text-align: justify">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>A.&nbsp; </B></TD><TD STYLE="text-align: justify"><B>Significant shareholders </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><FONT STYLE="color: black">To
the best of Caledonia's knowledge, as of December 31, 2012 there was one shareholder that beneficially owned, directly or indirectly,
or exercises control or direction over more than 5% of the voting shares of Caledonia &ndash; being Pinetree Resource Partnership
which is believed to own or control </FONT>53,000,000 (approx. 10.3%)<FONT STYLE="color: black"> shares of the Company </FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The only shares issued by Caledonia
are common shares. All shareholders have the same voting rights as all other shareholders of Caledonia.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To the best of the knowledge of
Caledonia, based on information in its Share Register on April 28, 2013, the portion of the common shares of Caledonia is held
in the following geographic locations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Geographic Area</B></P></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Number of Shares Held</B></P></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Percentage of Issued Shares</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Canada</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">275,667,950</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">52.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">USA</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">224,919,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">43.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Other</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">20,591,810</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">4.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="color: black">There
are 1,255 </FONT>recorded<FONT STYLE="color: black"> holders of the Company&rsquo;s issued shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Caledonia is not, to the best of
its knowledge, directly or indirectly owned or controlled by another corporation or corporations, by any other natural or legal
person or persons severally or jointly or by any foreign government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Caledonia is not aware of any arrangement,
the operation of which may at some subsequent date result in a change of control of Caledonia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">The foregoing information in this paragraph 16 is based exclusively on information with respect
to recorded shareholders in the Company&rsquo;s shareholders register. The Company does not have actual information available as
to who may be the beneficial owners of the Company&rsquo;s issued shares and, specifically, does not know who are the beneficial
owners of the shares registered in two large intermediaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">B</TD><TD STYLE="text-align: justify">Related party transactions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">During 2012 the Company made payments pursuant to what are designated as related party transactions.
Details are provided in Note 26 to the 2012 Annual Financial Statements attached as Exhibit 14.a</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">There were no loans outstanding as at December 31, 2012 to any Company directors, officers or employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD STYLE="text-align: justify"><B>Change in Registrant&rsquo;s Certifying Accountant</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD>The audit committee of the board of directors of the Corporation conducted a review of the Corporation's audit requirements,
and as a result of the review, the audit committee resolved to recommend changing the Company's auditors from BDO Canada LLP (&ldquo;BDO&rdquo;)
to KPMG Inc.(&ldquo;KPMG&rdquo;) effective as of April 30, 2013. being the expiry of BDO's current appointment following the filing
of the Corporation&rsquo;s 2012 Form 20F. On March 19, 2013, the board of directors of the Corporation approved the recommendation
of the audit committee described above. BDO has therefore not been proposed for reappointment at the Annual General Meeting of
the shareholders which will be held May 28, 2013.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 21.25pt">(i)</TD><TD>The report issued by BDO for the years ended December 31, 2011 and 2012 did not contain an adverse opinion nor a disclaimer
opinion nor was qualified nor modified as to uncertainty, audit scope or accounting principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 21.25pt">(ii)</TD><TD>During the two most recent reporting periods of December 31, 2011 and 2012 there were no disagreements with BDO on any matter
of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.1pt"></TD><TD STYLE="width: 20.7pt">(iii)</TD><TD>During the most recent reporting period of December 31, 2012 KPMG consulted to the Company on the application of accounting
principles relating to the indigenisation transaction of Blanket Mine whereby the Company disposed of 51% of the shareholding of
Blanket Mine. The accounting principles determined to be appropriate are reflected in the annual financial statements for the Company
for the year ended December 31, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2cm; text-indent: -20.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.1pt"></TD><TD STYLE="width: 20.7pt">(iv)</TD><TD>During the December 31, 2011 yearend KPMG consulted to the Company on the transition to IFRS accounting principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">17.</TD><TD STYLE="text-align: justify">FINANCIAL INFORMATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>A</B></TD><TD STYLE="text-align: justify"><B>Consolidated Statements and Other Financial Information</B></TD></TR></TABLE>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Attached as Exhibit 14a is the
2012 audited Consolidated Annual Financial Statements of Caledonia, which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The 2012 consolidated financial
statements have been audited by BDO Canada LLP and comprise the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Independent Auditor&rsquo;s
Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Statement of Comprehensive
Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Statement of Financial Position</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Statement of Changes in
Equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Statement of Cash Flows</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Notes to the consolidated
financial statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Caledonia has no significant ongoing
legal or arbitration proceedings at December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To the best knowledge of Caledonia,
neither any of its directors or senior management or its affiliates is a party adverse to Caledonia or its subsidiaries, or has
a material interest adverse to Caledonia or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Company paid its first dividend
on February 22, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">18.</TD><TD STYLE="text-align: justify">LISTINGS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Caledonia&rsquo;s stock trades
on the Toronto Stock Exchange under the symbol &quot;CAL&quot; on the NASDAQ Stock Exchange&rsquo;s OTCQX under the symbol &quot;CALVF&quot;
and since June 2005 on the AIM market in London, England under the symbol &ldquo;CMCL&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The trading history is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.75pt"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>5 Year Market Trading Record </U></B>- for the following calendar
years:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt; color: black"><B><U>Stock Exchange</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: black; line-height: 150%"><U>2008</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: black; line-height: 150%"><U>2009</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: black; line-height: 150%"><U>2010</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: black; line-height: 150%"><U>2011</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: black; line-height: 150%"><B><U>2012</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black"><B>TORONTO ($Cdn.)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black">High</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.095</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.17</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.145</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>0.12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black">Low</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.03</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.05</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.055</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.065</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>0.06</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black">Volume (1000s)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">119,534</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">99,885</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">77,420</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">37,313</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>47,486</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black"><B>NASDAQ/OTCQX(US$)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">High</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.205</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.084</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.16</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.158</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>0.125</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black">Low</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.03</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.045</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.052</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.063</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>0.054</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt; color: black">Volume (1000s)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">170,944</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">79,107</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">59,282</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">54,098</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>43,025</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>LONDON</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(UK pence)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">High</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">10.0p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.2p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9.9p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>8.5p</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Low</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>4.38p</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">Volume (1000s)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,099</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,031</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,068</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,579</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>9,840</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 36.75pt"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>2 Year Market Trading Record by Quarter for the last 8 quarters
</U>&ndash; ending March 31, 2013</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Stock Exchange</U></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>London AIM</U></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>TSE</U>&nbsp;</B></P>
    </TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>NASDAQ</U>&nbsp;</B></P>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Share Price</U></B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>High</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Low</U></B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>High</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Low</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>High</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Low</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2011 &ndash; 2<SUP>nd</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.75p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.0p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.09</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.151</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.101</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2011 &ndash; 3<SUP>rd</SUP> Qtr</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.75p</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5.5p</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.11</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.07</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.118</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.072</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2011 &ndash; 4<SUP>th</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7.75p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.75p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.06</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.121</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$0.063</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2012 &ndash; 1<SUP>st</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.75p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5.88p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.125</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.084</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2012 &ndash; 2<SUP>nd</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.25p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.38p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.06</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.125</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.084</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2012 &ndash; 3<SUP>rd</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.38p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.62p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.06</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.054</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: black">2012 &ndash; 4<SUP>th</SUP> Qtr</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7.5p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5.88p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.112</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.088</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2013 &ndash; 1<SUP>st</SUP> Qtr</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.9p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.0p</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.09</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.145</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.092</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 36.75pt"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>6 Month Market Trading Record by Month &ndash; October 2012 to
March 2013</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Stock Exchange</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>London AIM</U></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>TSE</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>TSE</U></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NASDAQ/OTCQX<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>TSE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin: 0" align="center"><B>Share Price</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>High</U></B></P></TD>
    <TD STYLE="width: 11%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Low</U></B></P></TD>
    <TD STYLE="width: 13%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>High</U></B></P></TD>
    <TD STYLE="width: 11%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Low</U></B></P></TD>
    <TD STYLE="width: 11%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>High</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Low</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">October 2012</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.75p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.25p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.09</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.107</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.088</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">November 2012</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7.50p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.38p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.10</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.112</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.093</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">December 2012</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.75p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5.88p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.09</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.08</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.105</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.092</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">January 2013</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.88p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.00p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.13</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.09</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.145</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.092</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">February 2013</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.62p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.12p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.13</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.12</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.140</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.115</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; color: black">March 2013</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.25p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8.12p</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.14</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.12</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.130</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">$0.109</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&#9;<SUP>(1)</SUP>&#9;</B>The
figures shown are a combination of the trading figures in the U.S. on NASDAQ &ndash; and on the OTCQX on which the Company&rsquo;s
shares commenced trading on October 10, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>19.</B></TD><TD STYLE="text-align: justify"><B>ADDITIONAL INFORMATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">A</TD><TD STYLE="text-align: justify">Memorandum and Articles</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Copies of the Memorandum and Articles
of Caledonia may be obtained upon request being made to one of Caledonia&rsquo;s offices shown in section 4A of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>B</B></TD><TD STYLE="text-align: justify"><B>Material contracts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">There are no material contracts
other than contracts entered into in the ordinary course of business that create obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>C</B></TD><TD STYLE="text-align: justify"><B>Exchange controls</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">There are no governmental laws,
decrees or regulations existing in Canada (where Caledonia is incorporated), which restrict the export or import of capital, or
the remittance of dividends, interest or other payments to non-resident holders of Caledonia's securities. Nor does Canada have
foreign exchange currency controls. Nor do any such restrictions exist in Zimbabwe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>D</B></TD><TD STYLE="text-align: justify"><B>Taxation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To the best of Caledonia's knowledge,
there are no taxes or similar levies which holders of Caledonia's shares resident in the United States are subject to. However,
Caledonia understands that pursuant to a Canada - U.S. tax treaty, any dividends which Caledonia might declare will be subject
to such Canadian withholding taxes as the then current provisions of the treaty may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>E</B></TD><TD STYLE="text-align: justify"><B>Documents on display</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The documents referred to in this
report are either attached as &ldquo;Exhibits&rdquo; to this report or can be viewed at Caledonia&rsquo;s offices whose addresses
are given in section 4 of this report &ndash; or can be viewed on the Company&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>F</B></TD><TD STYLE="text-align: justify"><B>Subsidiary information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To the best knowledge of Caledonia
there is no other information related to Caledonia's subsidiaries that requires to be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>20</B></TD><TD STYLE="text-align: justify"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">As Caledonia is considered to be
a &ldquo;small business issuer&rdquo; as defined, information is not required to be provided for this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>21</B></TD><TD STYLE="text-align: justify"><B>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">Caledonia has no outstanding &ndash; nor is it registering any &ndash; securities other than its
common shares.</TD></TR></TABLE>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>22</B></TD><TD STYLE="text-align: justify"><B>DEFAULTS, DIVIDEND ARREARAGES and DELINQUENCIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">There have been no material defaults
in the payment of interest or principal or any dividend arrearages or material delinquencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">23</TD><TD STYLE="text-align: justify">MATERIAL MODIFICATIONS to the RIGHTS of SECURITY HOLDERS and USE OF PROCEEDS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt">There has been
no material modification to the rights of Caledonia's or subsidiaries security holders.</P>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; text-indent: 35.45pt; margin: 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">24</TD><TD STYLE="text-align: justify"><B>CONTROLS AND PROCEDURES</B></TD></TR></TABLE>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; text-indent: 35.45pt; margin: 0">&nbsp;</p>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">a)
<FONT STYLE="font-size: 10pt"><U>Evaluation
of disclosure controls and procedures.</U> The Company&rsquo;s Chief Executive Officer (&ldquo;CEO&rdquo;) and Chief Financial
Officer (&ldquo;CFO&rdquo;) have evaluated the effectiveness of the design and operation of the Company&rsquo;s disclosure controls
and procedures, and assessed the design of the Company&rsquo;s internal control over financial reporting as of December 31, 2012.
As required by Rule 13(a)-15 under the Exchange Act, in connection with this annual report on Form 20-F, under the direction of
our Chief Executive Officer, we have evaluated our disclosure controls and procedures as of December 31, 2012, and we have concluded
our disclosure controls and procedures were ineffective and that certain disclosable material weaknesses existed, as at December
31, 2012 as disclosed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Based on that evaluation the CEO
and CFO have determined that the Company still has insufficient personnel to ensure appropriate segregation of duties within the
Financial Reporting and Review Process. Specifically, the responsibilities assigned to the Company&rsquo;s CFO include substantially
all financial statement and note creation functions. As a result the Company engaged the services of KPMG to advise on the complex
accounting principles relating to the indigenisation of Blanket Mine, whereby the Company sold 51% of the shares in Blanket to
indigenous Zimbabwean groups as more fully described in Note 5 of the consolidated annual financial statements. No additional personnel
in the Company, apart from the members of the Audit Committee, perform functions at a level of precision and involvement that would
adequately prevent or detect material misstatements on a timely basis. As an additional result of the insufficient personnel the
Company did not maintain formal policies and procedures regarding end-user computing control over the access to, completeness,
accuracy, validity, and review of, certain spreadsheet information that supports the financial reporting process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Management has concluded that,
despite the lack of segregation of duties and computing controls, a material misstatement in financial reporting is not a &ldquo;reasonable
possibility&rdquo; (as defined in applicable SEC guidance). The Blanket Mine (which is operated by the Company&rsquo;s wholly owned
subsidiary Blanket Mine (1983) (Private) (Limited) is the Company&rsquo;s only operating mine and preparation of its operating
results are performed by the CFO of the subsidiary and an accounting team in Zimbabwe. These results are reviewed by Company management
and then incorporated into the consolidated financial statements of the Company.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Company has a Disclosure Committee
consisting of three Directors , and has disclosure controls and procedures which it follows in an attempt to ensure that it complies
with all required disclosures on an adequate and timely basis. The Company&rsquo;s Directors and Management, and the Disclosure
Committee, are making all reasonable efforts to ensure that the Company&rsquo;s disclosures are made in full compliance with the
applicable rules and requirements. All reasonable efforts are also being made to ensure that the Company&rsquo;s disclosure controls
and procedures provide reasonable assurance that the material information relating to the Company, including its consolidated subsidiaries,
is made known to the Company&rsquo;s Certifying Officers by others within those entities and to allow timely decisions regarding
required disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Management&rsquo;s
annual report on internal control over financial reporting (&ldquo;ICFR&rdquo;)</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Company&rsquo;s management
is responsible for establishing and maintaining adequate internal control over financial reporting by the Company. The Company&rsquo;s
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
The Company&rsquo;s internal control over financial reporting includes those policies and procedures that: (i)&nbsp;pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the Company; and (iii)&nbsp;provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&rsquo;s assets that could
have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Disclosure controls and procedures
are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management, including
the Corporation's President and Chief Financial Officer, on a timely basis so that appropriate decisions can be made regarding
public disclosure. Management of the Corporation, with the participation of the Chief Executive Officer and the Chief Financial
Officer, have evaluated the effectiveness of the Corporation's disclosure controls and procedures as at December 31, 2012 as required
by Canadian securities laws pursuant to the certification requirements of Multilateral Instrument 52-109.
The Corporation's internal controls
over financial reporting (&ldquo;ICFR&rdquo;) are intended to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with applicable IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Because of its inherent limitations,
the Corporation's ICFR may not prevent or detect any or all misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Corporation has engaged independent
consultants to carry out an assessment of the effectiveness of its internal controls over financial reporting using an internationally
acceptable framework. Prior to this engagement, management concluded that the following disclosable material weakness existed and
still exist as at December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on the above and having carried out a review of the independent consultants report on the effectiveness of the Corporation's internal
controls over financial reporting, </FONT><FONT STYLE="font-family: TimesNewRomanPSMT-Identity-H">management concluded that our
internal control over financial reporting was not effective as of December 31, 2012, due to the existence of material weakness
as described in greater detail below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>Segregation of duties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 35.45pt; text-align: justify">Due to limited personnel resources
at the Corporation&rsquo;s Africa office in Johannesburg, adequate segregation of duties within the accounting group was not achieved.
This created a risk that inaccurate entries could be made and not identified or corrected on a timely basis. The result is that
the Corporation was highly reliant on the performance of mitigating procedures during its financial close processes in order to
ensure the financial statements are presented fairly in all material respects. The Corporation continues to enhance and monitor
this process to ensure that its financial accounting reporting system is able to prevent and detect potentially significant errors.
Additional accounting staff
have been recruited to the Corporation&rsquo;s Africa office in Johannesburg and the Blanket Mine in Zimbabwe. This has improved
but not entirely eliminated the deficiency in the segregation of duties and lightened the work load of existing staff and improved
control of the accounting function.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 35.45pt; text-align: justify">Management has concluded, and
the Audit Committee has agreed that the hiring of additional staff to correct segregation of duties weakness and excessive workloads
need to be addressed at this time. There have been no changes in the Corporation&rsquo;s internal controls over financial reporting
since the year ended December 31, 2012, that have materially affected,
or are reasonably likely to materially affect, its internal controls over financial reporting.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 35.45pt; text-align: justify">The Corporation has a Disclosure
Committee consisting of three Directors, and has disclosure controls and procedures which it follows in an attempt to ensure that
it complies with all required disclosures on an adequate and timely basis. The Corporation&rsquo;s Directors and Management, and
the Disclosure Committee, are making all reasonable efforts to ensure that the Corporation&rsquo;s disclosures are made in full
compliance with all of the applicable rules, regulations and requirements. All reasonable efforts are also being made to ensure
that the Corporation&rsquo;s disclosure controls and procedures provide reasonable assurance that material information relating
to the Corporation, including its consolidated subsidiaries, is made known to the Corporation&rsquo;s Certifying Officers by others
within those entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Attestation Report of registered
public accounting firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">This Annual Report does not include
an attestation report of the Company&rsquo;s registered public accounting firm regarding internal control over financial reporting.
Management&rsquo;s report was not subject to attestation by the Company&rsquo;s registered public accounting firm pursuant to temporary
rules of the Securities and Exchange Commission that permit the Company to provide only Management&rsquo;s report in this Annual
Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Changes in internal controls over
financial reporting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">There were no changes in the Company&rsquo;s
internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of 17 CFR 240.13a-15
or 240.15d-15 that occurred during the period covered by this annual report that has materially affected, or is reasonably likely
to materially affect, the issuer&rsquo;s internal control over financial reporting. See also the information given in section 5A
with respect to critical accounting policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>25A</B></TD><TD STYLE="text-align: justify"><B>Audit Committee Financial Expert</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Caledonia&rsquo;s Board of Directors has determined, as at April 20, 2013 that the five members
of its Audit Committee are all financially literate and one of the members can be considered to be an expert.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(b)</TD><TD STYLE="text-align: justify">The financial expert serving on the audit committee is Mr. Robert W. Babensee. Mr. Babensee and
Messrs.J. Johnstone, J. Kelly and L. Wilson are all independent directors under the applicable rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>25B</B></TD><TD STYLE="text-align: justify"><B>&nbsp;Code of Ethics</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(a)</TD><TD STYLE="text-align: justify">On April 8, 2004 the registrant&rsquo;s Board of Directors adopted a code of ethics that applies
to the registrant&rsquo;s Chief Executive Officer, Chief Financial Officer, principal accounting officer or controller, or persons
performing similar functions.</TD></TR></TABLE>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; margin-left: 35.45pt; margin-right: 0; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(b)</TD><TD STYLE="text-align: justify">The
registrant has filed a copy of this code of ethics that applies to the registrant&rsquo;s Chief Executive Officer, Chief Financial
Officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics was filed as Exhibit
1 to the 2003 Form 20F Annual Report and is incorporated herein by reference. It has not been amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36.55pt">(c)</TD><TD STYLE="text-align: justify">The text of this code of ethics has been posted on the Company.</TD></TR></TABLE>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; margin-left: 35.45pt; margin-right: 0; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; margin-left: 35.45pt; margin-right: 0; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.6pt"></TD><TD STYLE="width: 49.6pt">(a)</TD><TD STYLE="text-align: justify">The fees charged or estimated for the past two fiscal years for auditing and the other services
by the Company&rsquo;s auditors have been:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2012</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>$-Cdn.</B></P></TD>
    <TD STYLE="width: 23%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$-Cdn.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit fees</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>261,000</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">255,790</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Audit &ndash; related fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>125,100</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">70,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Tax fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>4,900</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">All other fees</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">TOTAL</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>391,000</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">326,290</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 45pt">(b)</TD><TD STYLE="text-align: justify">Prior to the start of the audit process, Caledonia&rsquo;s Audit Committee receives an estimate
of the costs, from its auditors and reviews such costs for their reasonableness. After their review and pre-approval of</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt">the fees, the
Audit Committee recommend to the board of directors to accept the estimated audit fees given by the auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>25D</B></TD><TD STYLE="text-align: justify"><B>Exemptions from the Listing Standards
for Audit Committees</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Nil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>25E</B></TD><TD STYLE="text-align: justify"><B>Purchases of Equity Securities by
the Issuer and Affiliated Purchasers</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">There were no purchases made by
or on behalf of the Company or any &ldquo;affiliated purchaser&ldquo; of shares or other units of any class of theCompany&rsquo;s
equity securities that are registered by the Company pursuant to section 12 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>26.</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL STATEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The audited consolidated financial
statements and related notes of Caledonia at December 31, 2012 and 2011 are attached as Exhibit 14a by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>27.</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL STATEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>28.</B></TD><TD STYLE="text-align: justify"><B> EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The following are attached to and
form part of this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Statement and are incorporated
herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">12. Certifications Pursuant to
Rule 13a-14(a)(17CFR240.13a-14(a) or Rule 15d-14(a)(17CFR240.15d-14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">13.
A Certification Pursuant to
18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">14.a&#9;Caledonia Mining Corporation,
2012 Consolidated Annual Audited Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">14.b&#9;Proxy and Information Circular</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">14.c&#9;Mineral Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">14.d&#9;Summary of Report on Nama
Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">14.e&#9;Summary of Report on Blanket
Mine Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">14.g&#9;Property and Claims Information with respect
to the Blanket, Nama and Rooipoort properties<BR CLEAR="ALL" STYLE="page-break-before: always">
</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">The Company hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amended Annual Report
on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">DATED at Johannesburg, South Africa, on the xxth day
of April, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="100%" colspan="2"><B><font size="2">CALEDONIA MINING CORPORATION</font></B></td>
  </tr>
  <tr>
    <td width="100%" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="18%"><font size="2">Per: (Signed)</font></td>
    <td width="82%"><B><font size="2">Stefan Hayden</font></B></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="82%"><font size="2">President, Chief Executive Officer
and Director</font></td>
  </tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #12</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Stefan E. Hayden, certify that:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this annual report on
Form 20-F of Caledonia Mining Corporation (the &ldquo;Company&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as
of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">The Company&rsquo;s other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and 15d-15(e) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Company, and have:</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Company&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Company&rsquo;s internal control over financial reporting
that occurred during the period covered by the annual report that has materially affected, or is likely to materially affect, the
company&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">The Company&rsquo;s other certifying officers and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the Company&rsquo;s auditors and the Audit Committee of the Company&rsquo;s Board
of Directors (or persons performing the equivalent function);</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 28.4pt">a.</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">b.</TD><TD STYLE="text-align: justify">Any, fraud, whether or not material, that involves management or other employees who have a significant
role in the Company&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&#9;Date:&#9;April 29, 2013&#9;(signed) <U>S.E. Hayden</U></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 288pt; text-indent: 36pt">President and Chief</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 288pt; text-indent: 36pt">Executive Officer</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">I <B>Steven Curtis, </B>certify that:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this annual report on
Form 20-F of Caledonia Mining Corporation (the &ldquo;Company&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as
of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">The Company&rsquo;s other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and 15d-15(e) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Company, and have:</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.1pt"></TD><TD STYLE="width: 20.7pt">a.</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Company&rsquo;s internal control over financial reporting
that occurred during the period covered by the annual report that has materially affected, or is likely to materially affect, the
Company&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">The Company&rsquo;s other certifying officers and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the company&rsquo;s auditors and the audit committee of the company&rsquo;s board
of directors (or persons performing the equivalent function);</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 28.4pt">a.</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">b.</TD><TD STYLE="text-align: justify">Any, fraud, whether or not material, that involves management or other employees who have a significant
role in the Company&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="50%"><font size="2">Date: April 29, 2013</font></td>
    <td width="50%"><font size="2">&nbsp;(signed) <U> Steven Curtis </U></font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2">&nbsp;</font></td>
    <td width="50%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%"><font size="2">Vice- President Finance and Chief</font></td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%"><font size="2">Financial Officer</font></td>
  </tr>
</table>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 288pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 288pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #13</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certifications Pursuant to 18 U.S.C. section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </font></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 13a</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 906 OF</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with the Annual Report on Form 20-F of Caledonia Mining
Corporation (the &ldquo;Company&rdquo;) for the year ended December 31, 2012 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), that I, Stefan E. Hayden, President and Chief Executive Officer of Caledonia , certify,
pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code 18 U.S.C.1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD>The Report fully complies with the requirements of Rule 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of, and for, the periods presented in the Report.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">By:</TD><TD>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>(signed) <B>S. E. Hayden</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Stefan E. Hayden, President and Chief Executive
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Caledonia Mining Corporation</P>

</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">Date:&nbsp;</TD><TD>April 29, 2013</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A signed original of this written statement required by Section
906 has been provided by Stefan E. Hayden and will be retained by Caledonia Mining Corporation and furnished to the Securities
and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 906 OF</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>THE SARBANES-OXLEY ACT OF 2002</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with the Annual Report on Form 20-F of Caledonia Mining
Corporation (the &ldquo;Company&rdquo;) for the year ended December 31, 2012 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), that I, <B>Steven Curtis</B>, Vice President Finance and Chief Financial Officer
of Caledonia , certify, pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code 18 U.S.C.1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="13%"><font size="2">1</font></td>
    <td width="87%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font size="2">The Report fully complies with the requirements of Rule 13(a)
or 15(d) of the Securities Exchange Act of 1934; and</font></P>

    </td>
  </tr>
  <tr>
    <td width="13%"><font size="2">&nbsp;</font></td>
    <td width="87%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="13%"><font size="2">2</font></td>
    <td width="87%"><font size="2">The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in
the Report.</font></td>
  </tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By<U>: (signed) <B>Steven Curtis </B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Steven Curtis, Vice President Finance and Chief
Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Caledonia Mining Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;&nbsp;&nbsp;&nbsp;
April 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A signed original of this written statement required by Section
906 has been provided by Steven Curtis and will be retained by Caledonia Mining Corporation and furnished to the Securities and
Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="border: Black 9pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;EXHIBIT #14a</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: windowtext 1pt solid; font: 12pt Shruti; padding-top: 4pt; padding-bottom: 4pt; color: white"><FONT STYLE="font-family: Shruti,sans-serif; color: white">MANAGEMENT&rsquo;S RESPONSIBILITY FOR FINANCIAL INFORMATION</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>To the Shareholders of Caledonia Mining
Corporation:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has prepared the information and
representations in this annual report. The consolidated financial statements of Caledonia Mining Corporation (&ldquo;Company&rdquo;)
have been prepared in conformity with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) and, where appropriate,
these statements include some amounts that are based on best estimates and judgment. Management has determined such amounts on
a reasonable basis in order to ensure that the consolidated financial statements are presented fairly, in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial information used elsewhere in the
Annual Report is consistent with that in the consolidated financial statements. The Management Discussions and Analysis (MD&amp;A)
also includes information regarding the impact of current transactions and events, sources of liquidity and capital resources,
operating trends, risks and uncertainties. Actual results in the future may differ materially from our present assessment of this
information because future events and circumstances may not occur as expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains adequate systems of internal
accounting and administrative controls, consistent with reasonable cost. Such systems are designed to provide reasonable assurance
that relevant and reliable financial information is produced. Our independent auditor has the responsibility of auditing the annual
consolidated financial statements and expressing an opinion on them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management have concluded that as a result
of the relatively small size of the Company&rsquo;s head office finance department personnel, the Internal Controls over Financial
Reporting (&ldquo;ICFR&rdquo;) assessment concluded that there were limited resources to adequately segregate duties and to permit
or necessitate the comprehensive documentation of all policies and procedures that form the basis of an effective design of ICFR.
An internal audit department has been added to the administration department at Blanket Mine to enforce and test adherence to the
ICFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to mitigate the risk of material misstatement
in the Company&rsquo;s consolidated financial statements, the Company implemented additional cash flow review and monitoring controls
at head office on a monthly basis and as part of their monitoring and oversight role the Audit Committee performs additional analysis
and other post-closing procedures. No material exceptions were noted based on the additional year end procedures and no evidence
of fraudulent activity was found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors, through its Audit Committee,
is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal control. The Audit
Committee is composed of five unrelated directors. This Committee meets periodically with management and the external auditor to
review accounting, auditing, internal control and financial reporting matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements have
been audited on behalf of the shareholders by the Company&rsquo;s independent auditor, BDO Canada LLP, in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). The independent
auditor&rsquo;s report outlines the scope of their examination and their opinion on the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The consolidated financial statements for the year ended December
31, 2012 were approved by the Board of Directors and signed on its behalf on March 26, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="50%"><font size="2">(Signed) S. E. Hayden</font></td>
    <td width="50%"><font size="2">(Signed) S. R. Curtis</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2">President and Chief Executive Officer</font></td>
    <td width="50%"><font size="2">Vice-President, Finance
and Chief Financial Officer</font></td>
  </tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 14pt; font-family: 'Times New Roman', Times, Serif; border-top: 1.5pt solid Black; margin: 0" align="center"><B>INDEPENDENT
AUDITOR'S REPORT</B></P>

<P STYLE="border-bottom: Black 1.5pt solid; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in" align="center"><B>OF REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 12pt/0.9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>To the shareholders of Caledonia Mining
Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
financial statements of Caledonia Mining Corporation, which comprise the consolidated statements of financial position as at December
31, 2012 and 2011, and the consolidated statements of comprehensive income and (loss), changes in equity and cash flows for the
years ended December 31, 2012, 2011 and 2010, and a summary of significant accounting policies and other explanatory information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Management's responsibility for the consolidated
financial statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is responsible for the preparation
and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards
as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary
to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Auditor's responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that the audit evidence we have
obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of Caledonia Mining Corporation
as at December 31, 2012 and 2011, and its financial performance and its cash flows for the years ended December 31, 2012, 2011
and 2010, in accordance with International Financial Reporting Standards</FONT> <FONT STYLE="font-size: 10pt">as issued by the
International Accounting Standards Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signed) BDO Canada LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chartered Accountants, Licensed Public Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">Toronto, Ontario</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">March 26, 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="7" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>Consolidated statements of comprehensive income and
        (loss)&nbsp;</B></P>
    </TD></TR>
<TR>
    <TD NOWRAP COLSPAN="7" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>(In thousands of Canadian dollars except for earnings per share amounts)</I></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 53%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>For the years ended December 31,</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>75,221</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">55,705</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">22,388</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Less: Royalty</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,261)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(2,514)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(825)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Production costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>8</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(25,653)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(21,093)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(12,617)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,392)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(2,983)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(2,586)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>40,915</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">29,115</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6,360</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>9</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4,055)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3,351)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(2,807)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Share-based payment expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>20</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(14,569)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,101)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(354)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Indigenisation expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>5</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,700)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(326)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Foreign exchange (loss)/gain</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">303</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">359</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Impairment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>13</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(330)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3,884)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Other (expenses)/income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>10</I></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,064)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Results from operating activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>20,257</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">20,756</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,494</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>11</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">270</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Finance cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>11</I></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Net finance (costs)/income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(81)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(162)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>20,176</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">20,594</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,497</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Income and other tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>12</I></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(12,818)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(8,464)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,042)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Profit for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,358</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Other comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Revaluation of investments to fair value</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(45)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Foreign currency translation differences for foreign operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,589)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">265</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,404)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Other comprehensive income for the year, net of income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,589)</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">265</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,449)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total comprehensive income for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,769</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,395</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Profit/(loss) attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>8,720</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,362)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Profit for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,358</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total comprehensive (loss)/income attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,112</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,395</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,343)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total comprehensive income for the year</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,769</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,395</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Earnings per share </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Basic earnings per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>18</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.0172</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">0.024</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">0.003</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Diluted earnings per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.0172</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">0.024</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">0.003</FONT></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="7" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 14pt; font-weight: bold"><FONT STYLE="font-size: 14pt; color: black"><B>Consolidated statements of financial position</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>(In thousands of Canadian dollars)</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>December 31,</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">December 31,</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>As at </I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B><I>Note</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>13</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>36,471</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">33,918</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Deferred tax asset</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>12</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>62</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">325</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total non-current assets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>36,533</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">34,243</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>14</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,508</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">4,482</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Prepayments</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>126</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">334</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>15</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,718</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,657</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>16</I></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>27,942</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">9,686</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total current assets</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>35,294</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">18,159</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>71,827</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">52,402</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Equity and liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Share capital</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>17</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>197,137</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">196,163</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Reserves</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>13,677</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,273</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Accumulated deficit </FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(153,399)</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(158,422)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Equity attributable to shareholders</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>57,415</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">40,014</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,796)</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>55,619</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">40,014</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Provisions</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>21</I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,015</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,785</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Deferred tax liability</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>12</I></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,913</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6,037</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>6,928</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">7,822</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Trade and other payables</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>22</I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,775</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,841</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Zimbabwe advance dividend accrual</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>5</I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,987</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Income taxes payable</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,518</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">295</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt"><FONT STYLE="color: black">Bank overdraft</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>16</I></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">430</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total current liabilities</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,280</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">4,566</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total liabilities</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>16,208</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,388</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Total equity and liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>71,827</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">52,402</FONT></TD></TR>
<TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On behalf of the Board:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&ldquo;S.E. Hayden&rdquo;
Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&ldquo;Robert W. Babensee&rdquo;
Director</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>Consolidated statements of changes in equity</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>(In thousands of Canadian dollars)</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<p STYLE="margin: 0">&nbsp;</p>
<table CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td NOWRAP STYLE="vertical-align: top; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td NOWRAP STYLE="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b><i>Note</i></b></font></td>
    <td STYLE="vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Share
      capital</b></font></td>
    <td STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Investment
      Revaluation Reserve</b></font></td>
    <td STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Translation
      reserve</b></font></td>
    <td STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
      <p STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
      <p STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b><font size="2" face="Times New Roman">Share
      based payment reserve</font></b></p>
    </td>
    <td STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Accumulated
      deficit</b></font></td>
    <td STYLE="vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Total</b></font></td>
    <td STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Non-controlling
      interest (NCI)</b></font></td>
    <td STYLE="vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>Total
      Equity</b></font></td>
  </tr>
  <tr>
    <td STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
    <td STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman"><b>$</b></font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><font STYLE="color: black" size="2" face="Times New Roman"><b>Balance
      at January 1, 2010</b></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">196,125</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">50</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">1,952</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(172,007)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">26,120</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">26,120</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Comprehensive
      income/(loss) for the year</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(45)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(1,404)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">1,455</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">6</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">6</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Share-based
      compensation expense</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><font STYLE="color: black" size="2" face="Times New Roman"><i>20</i></font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">354</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">354</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">354</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><font STYLE="color: black" size="2" face="Times New Roman"><b>Balance
      at December 31, 2010</b></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">196,125</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">5</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(1,404)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">2,306</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(170,552)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">26,480</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">26,480</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Comprehensive
      income for the year</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">265</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">12,130</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">12,395</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">12,395</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Shares
      issued</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">38</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">38</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">38</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Share-based
      compensation expense</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><font STYLE="color: black" size="2" face="Times New Roman"><i>20</i></font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">1,101</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">1,101</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">1,101</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><font STYLE="color: black" size="2" face="Times New Roman"><b>Balance
      at December 31, 2011</b></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">196,163</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">5</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(1,139)&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">3,407</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(158,422)&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">40,014</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">40,014</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Comprehensive
      income for the year</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(1,608)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">8,720</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">7,112</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(1,343)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">5,769</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Share-based
      compensation expense</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><font STYLE="color: black" size="2" face="Times New Roman"><i>20</i></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">408</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">408</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">408</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Shares
      issued</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">974</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">974</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">974</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Share-based
      expense on Indigenisation Transaction</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><font STYLE="color: black" size="2" face="Times New Roman"><i>5</i></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">11,867</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">11,867</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">2,294</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">14,161</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Advance
      dividend paid to NCI</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(5,707)</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(5,707)</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><font STYLE="color: black" size="2" face="Times New Roman"><b>Changes
      in relative ownership interests in subsidiaries</b></font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><font STYLE="color: black" size="2" face="Times New Roman">Blanket
      Mine</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><font STYLE="color: black" size="2" face="Times New Roman"><i>5</i></font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">737</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(3,697)</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">(2,960)</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">2,960</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font STYLE="color: black" size="2" face="Times New Roman">-</font></td>
  </tr>
  <tr STYLE="vertical-align: bottom">
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><font STYLE="color: black" size="2" face="Times New Roman"><b>Balance
      at December 31, 2012</b></font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">197,137</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">5</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">(2,010)</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">15,682</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">(153,399)</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">57,415</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">(1,796)</font></b></td>
    <td STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><b><font STYLE="color: black" size="2" face="Times New Roman">55,619</font></b></td>
  </tr>
</table>
<p STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>
<p STYLE="margin: 0">&nbsp;</p>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 14pt; font-weight: bold"><FONT STYLE="font-size: 14pt; color: black"><B>Consolidated statements of cash flows</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
</TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>(In thousands of Canadian dollars)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic"><FONT STYLE="color: black"><I>For the years ended December 31,</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Cash flows from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Profit for the year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,358</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Adjustments to reconcile net cash from operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>23</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>31,099</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">16,648</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">4,210</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Changes in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>23</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,963</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3,183)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">950</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Interest received</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(162)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3)</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Tax paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(11,618)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(8,005)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1)</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Cash from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>29,721</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">17,428</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6,611</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Cash flows from investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Property, plant and equipment additions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(7,909)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(8,528)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(7,304)</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Proceeds on sale of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>38</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">51</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(7,871)</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(8,528)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(7,253)</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Bank overdraft increase (decrease)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(430)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(317)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">159</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Advance dividend paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>5</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,739)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Proceeds from the exercise of share options</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>17</I></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>974</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">38</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Net cash from (used in) financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,195)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(279)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">159</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>18,655</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">8,621</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(483)</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Cash and cash equivalents at beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,686</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,145</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,622</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Effect of exchange rate fluctuations on cash held</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(399)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(80)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6</FONT></TD>
</TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Cash and cash equivalents at year end</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>16</I></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>27,942</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">9,686</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,145</FONT></TD>
</TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reporting entity</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Caledonia Mining Corporation is
a company domiciled in Canada. The address of the Company&rsquo;s registered office is Suite 1201, 67 Yonge Street, Toronto, Ontario
M5E 1J8 Canada. The consolidated financial statements of the Company as at and for the year ended December 31, 2012 comprises the
Company and its subsidiaries (together referred to as the &ldquo;Group&rdquo; or &ldquo;Company&rdquo; and individually as &ldquo;Group
entities&rdquo;). The Group is primarily involved in the operation of a gold mine and the acquisition, exploration and development
of mineral properties for the exploration of base and precious metals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Basis for preparation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(a) Statement of compliance</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The consolidated financial statements
were authorised for issue by the Board of Directors on March 26, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(b) Basis of measurement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The consolidated financial statements
have been prepared on the historical cost basis except for the following items in the statement of financial position:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">available for sale financial assets are measured at fair value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">equity-settled share-based payment arrangements are measured at fair
value on grant date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.65pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(c) Presentation currency</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">These consolidated financial statements
are presented in the Canadian dollar, which is the functional currency of Caledonia Mining Corporation. All financial information
presented in the Canadian dollar has been rounded to the nearest thousand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>(d) Comparative figures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The 2010 comparative figures presented
in the consolidated statements of comprehensive income and (loss), changes in equity and cash flows and the related notes are provided
solely as a result of the requirements of item 8(2) of the Form 20-F as required by the United States Securities and Exchange Commission.
IFRS requires that an additional comparative statement of financial position only be presented in the event of a material prior
year reclassification, restatement or retrospective change in accounting policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="9%"><B>3</B></td>
    <td width="91%"><B>Use of estimates and judgements</B></td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Management makes estimates and assumptions
about the future that affect the reported amounts of assets and liabilities. Estimates and assumptions are continually evaluated
based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in
an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the
change affects that period only, or in the period of the change and future periods, if the change affects both.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Information about critical judgments
in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets
and liabilities recognized in the consolidated financial statements are also discussed below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The indigenisation transaction at
Blanket Mine required management to make significant judgements and assumptions, refer Note 5.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">i)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Site Restoration Provisions</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Site restoration provisions have
been created based on the independent analysis of the rehabilitation costs at Blanket Mine and internal assessments for Eersteling
Gold Mine. Estimates and assumptions are made when determining the inflationary effect on current restoration costs and the discount
rate to be applied in arriving at the present value of the provision. Assumptions, based on the current economic environment, have
been made which management believes are a reasonable basis upon which to estimate the future liability. These estimates take into
account any material changes to the assumptions that occur when reviewed regularly by management. Estimates are reviewed annually
and are based on current regulatory requirements. Significant changes in estimates of contamination, restoration standards and
techniques will result in changes to provisions from period to period. Actual rehabilitation costs will ultimately depend on future
market prices for the rehabilitation costs which will reflect the market condition at the time the rehabilitation costs are actually
incurred.&nbsp; The final cost of the currently recognized site rehabilitation provisions may be higher or lower than currently
provided for.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">ii)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Exploration and Evaluation (&ldquo;E&amp;E&rdquo;) Expenditure</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The application of the Company&rsquo;s accounting
policy for exploration and evaluation expenditures requires judgements when determining which expenditures are recognised as exploration
and evaluation assets (&ldquo;E&amp;E properties&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also makes estimates and assumptions
regarding the possible impairment of E&amp;E properties by evaluating whether it is likely that future economic benefits will flow
to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions made may change
if new information becomes available. If, after expenditures are capitalized, information becomes available suggesting that the
recovery of expenditures is unlikely, the amount capitalized is written
off in profit or loss in the period the new information becomes available.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The recoverability of the carrying
amount of the South African and Zambian mineral properties (if not impaired) is dependent upon the availability of sufficient funding
to bring the properties into commercial production, the price of the products to be recovered, the exchange rate of the local currency
relative to the US dollar and the undertaking of profitable mining operations. As a result of these uncertainties, the actual amount
recovered may vary significantly from the carrying amount.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">iii)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Title to Mineral Property Interests</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Although the Company has taken steps
to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company&rsquo;s title.
Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">iv)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Income Taxes</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Significant estimates and assumptions
are required in determining the provision for income taxes. There are many transactions and calculations undertaken during the
ordinary course of business for which the ultimate tax determination is uncertain. The Company records its best estimate of the
tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately
provided for the probable outcome of these matters; however, the final outcome may result in a materially different outcome than
the amount included in the tax liabilities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">In addition, the Company applies
judgement in recognizing deferred tax assets relating to tax losses carried forward to the extent that there are sufficient taxable
temporary differences (deferred tax liabilities) relating to the same taxation authority and the same taxable entity against which
the unused tax losses can be utilized or sufficient estimated taxable income against which the losses can be utilized. However,
utilization of the tax losses also depends on the ability of the taxable entity to satisfy certain tests at the time the losses
are recouped.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">v)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Share-based Payment Transactions</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The Company measures the cost of
equity-settled, share based payment transactions with employees as well as with Indigenisation Shareholders (refer note 5 and 20)
by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based
payment transactions requires determining the most appropriate valuation model, considering the terms and conditions of the grant.
This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share
option, volatility and dividend yield. Additional information about significant judgements and estimates and assumptions for estimating
fair value for share-based payment transactions are disclosed in note 20.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Option pricing models require the
input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can
materially affect the fair value estimate, and therefore the existing models do
not necessarily provide a reliable single measure of the fair value of the Group&rsquo;s stock options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">vi)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: black"><B>Impairment</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 21.6pt">At each accounting
period end the Company determines if impairment indicators exist, and if present, performs an impairment review of the non-monetary
assets held in the Group. The exercise is subject to various judgement decisions and estimates. Financial assets are also reviewed
regularly for impairment. Further details of the judgements and estimates made for these reviews are set out in Note 4(g).</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 11pt; line-height: 115%">vii)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: black"><B>Functional currency</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 21.6pt">The functional
currency of each entity in the Group is determined after considering various primary and secondary indicators which require management
to make numerous judgement decisions. The determination of the functional currency has a bearing on the translation process and
ultimately other comprehensive income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>4
Significant accounting policies</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The accounting policies set out
below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies
have been applied consistently by the Group entities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">As a result of the implementation
of the Blanket Zimbabwe Indigenisation Transaction (refer to note 5), the accounting policies were expanded to include the following
policies in order to account for the transaction under IFRS:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.65pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Assessment of control of subsidiaries and changes in
shareholdings where control is maintained (refer note 4(a)(i))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.65pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Consolidation of special purpose entities (refer note
4(a)(ii))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.65pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Short term employee benefits relating to participation
units awarded to employees (refer note 4(h)(ii))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.65pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Share-based payment expenses resulting from the Blanket
Indigenisation Transaction (refer note 4(i)(ii)).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The adoption of these policies did
not have an effect on the comparative figures previously reported.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(a) Basis of consolidation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(i) Subsidiaries</B></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Subsidiaries are entities controlled
by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. The accounting policies of Group entities have been changed when necessary
to align them with the policies adopted by the Group.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">In instances where the Group owns
less than 50% of the ordinary shares in a subsidiary, the Group also considers whether further indicators of control exist above
and beyond its effective shareholding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Changes in the Group&rsquo;s interest
in a subsidiary that do not result in a loss of control are accounted for as transactions with owners in their capacity as owners.
Adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary and no gain or
loss is recognised in profit or loss.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>(ii) Special purpose entities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Special purpose entities (SPEs) are entities
that are created to accomplish a narrow and well-defined objective. An SPE is consolidated if, based on an evaluation of the substance
of its relationship with the Group and the SPE&rsquo;s risks and rewards, the Group concludes that it controls the SPE. The following
circumstances may indicate a relationship in which, in substance, the Group controls and consequently consolidates an SPE.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The activities of the SPE are being conducted on behalf
of the Group according to its specific business needs so that the Group obtains benefits from the SPE&rsquo;s operation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The Group has the decision-making powers to obtain the
majority of the benefits of the activities of the SPE or, by setting up an &lsquo;autopilot&rsquo; mechanism, the Group has delegated
these decision-making powers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The Group has rights to obtain the majority of the benefits
of the SPE and therefore may be exposed to risks incidental to the activities of the SPE.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The Group retains the majority of the residual or ownership
risks related to the SPE or its assets in order to obtain benefits from its activities. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The assessment of whether the Group
has control over an SPE is carried out at inception and normally no further reassessment of control is carried out in the absence
of changes in the structure or terms of the SPE, or additional transactions between the Group and the SPE. Day-to-day operating
activities of the SPE normally do not lead to a reassessment of control. However, sometimes changes in operating activities may
alter the substance of the relationship between the Group and the SPE and in such
instances the Group determines whether the
change warrants a reassessment of control based on the specific facts and circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(iii) Transactions
eliminated on consolidation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Intra-group balances and transactions,
and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial
statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to
the extent of the Group&rsquo;s interest in the investee. Unrealised losses are eliminated in the same way as unrealised
gains, but only to the extent that there is no evidence of impairment.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(b) Foreign currency</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 31.35pt"><B>(i) <I>Functional
currencies</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 31.35pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">The functional currencies
of Caledonia Mining Corporation and its subsidiaries are the Canadian dollar, US dollar and South African Rand (&ldquo;ZAR&rdquo;).
These consolidated financial statements have been translated into the Canadian dollar in accordance with IAS 21 <I>The Effects
of Changes in Foreign Exchange Rates</I>. This standard requires that assets and liabilities be translated using the exchange rate
at period end, and income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the
dates of the transactions (i.e. the average rate for the period).</FONT>When the settlement of a monetary item receivable from
or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising
from the item are considered to form part of the net investment in a foreign operation and are recognized in Other Comprehensive
Income (&ldquo;OCI&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When an entity disposes of its entire interest
in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency
gains or losses accumulated in OCI related to the foreign operation are recognized in profit or loss. If an entity disposes of
part of an interest in a foreign operation which remains a subsidiary,
a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are reallocated between
controlling and non-controlling interests.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">All resulting translation differences
are reported in other comprehensive income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 30.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 30.95pt"><B><I>(ii)
Foreign currency translation</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: 30.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">In preparing the
financial statements of the Group entities, transactions in currencies other than the Group entity&rsquo;s functional currency
(foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date,
monetary assets and liabilities are translated using the year end foreign exchange rate. Non-monetary assets and liabilities are
translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency
transactions are included in profit or loss for the year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(c) Financial instruments</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(i) Non-derivative
financial assets</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group initially recognises loans
and receivables on the date that they are originated. All other financial assets (including assets designated at fair value through
profit or loss) arerecognised initially on the trade
date at which the Group becomes a party to the contractual provisions of the instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group derecognises a financial
asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual
cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial
asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a
separate asset or liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Financial assets and liabilities
are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right
to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group has the following non-derivative
financial assets: trade and other receivables, cash and cash equivalents, and available-for-sale financial assets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><I>Loans and receivables</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><FONT STYLE="color: black">Loans
and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are
recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and
receivables are measured at amortised cost using the effective interest method, less any impairment losses. </FONT>The impairment
loss on receivables is based on a review of all outstanding amounts at period end. Bad debts are written off during the year in
which they are identified. Interest income is recognized by applying the effective interest rate, except for short-term receivables
when the recognition of interest would be immaterial<FONT STYLE="font: 9pt Verdana, Helvetica, Sans-Serif">.</FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Cash and cash equivalents comprise
cash balances and call deposits with original maturities of three months or less. Bank overdrafts that are repayable on demand
and form an integral part of the Group&rsquo;s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><I>Available-for-sale financial
assets</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Available-for-sale financial assets
are non-derivative financial assets that are designated as available-for-sale or that are not classified in any other categories
of financial assets. The Group currently has an insignificant amount of investments in equity securities and certain debt securities
which are classified as available-for-sale financial assets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Subsequent to initial recognition,
they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on available-for
sale equity instruments, are recognised in other comprehensive income and presented within equity in
accumulated other comprehensive
income. When an investment is derecognised, the cumulative gain or loss in other comprehensive income is transferred to profit
or loss.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(ii) Non-derivative
financial liabilities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Financial liabilities (including
liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes
a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations
are discharged or cancelled or expire.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group has the following non-derivative
financial liabilities: bank overdrafts, Zimbabwe advance dividend accrual and trade and other payables.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Such financial liabilities are recognised
initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities
are measured at amortised cost using the effective interest method.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(d) Share capital</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><I>Common shares</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Common shares are classified as
equity. Incremental costs directly attributable to the issue of common shares and share options are recognised as a deduction from
equity, net of any tax effects.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(e) Property, plant and equipment</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(i) Recognition
and measurement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Items of property, plant and equipment
are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly
attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour,
any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling
and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Once the legal right to explore a
property has been acquired, costs directly related to exploration and evaluation expenditures (&ldquo;E&amp;E&rdquo;) are capitalized
in addition to the acquisition costs. These direct expenditures include such costs as materials used, surveying costs, drilling
costs, payments made to contractors, direct administrative costs and depreciation on plant and equipment during the exploration
phase. Costs not directly attributable
to exploration and evaluation activities, including general administrative overhead costs, are expensed in the year in which they
occur.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Once the technical feasibility and
commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development.
Exploration and evaluation assets are tested for impairment before the assets are transferred to mine under development.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">All direct costs related to the
acquisition, exploration and development of mineral properties are capitalized until the properties to which they relate are ready
for their intended use, sold, abandoned or management has determined there to be impairment. If economically recoverable ore reserves
are developed, capitalized costs of the related property are reclassified as mineral properties being depleted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Purchased software that is integral
to the functionality of the related equipment is capitalised as part of that equipment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">When parts of an item of property,
plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant
and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds
from disposal with the carrying amount of property, plant and equipment, and are recognised within other income in profit or loss.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(ii) Subsequent costs</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The cost of replacing a part of
an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic
benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced
part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as
incurred.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(iii) Depreciation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Depreciation is calculated over
the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation
is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant
and equipment, except for mineral properties, since this most closely reflects the expected pattern of consumption of the future
economic benefits embodied in the asset. On commencement of commercial production, depreciation of each mineral property and development
is provided for on the unit-of-production basis using estimated proven and probable reserves. Where the total reserves are not
determinable because ore bearing structures are open at depth or are open laterally, the straight-line method of depreciation is
applied over the estimated life of the mine. Land is not depreciated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4
Significant accounting policies - (continued)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The
estimated useful lives for the current and comparative periods are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">buildings
  10 to 15 years</FONT></TD></TR></TABLE>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The
estimated useful lives for the current and comparative periods are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">buildings
  10 to 15 years</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">plant and equipment 10 years</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">fixtures and fittings including computers 4 to 10 years</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">motor vehicles 4 years</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Depreciation methods, useful lives
and residual values are reviewed at each financial year-end and adjusted if appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(f) Inventories</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Consumable stores are measured at
the lower of cost and net realisable value. The cost of consumable stores is based on the weighted average cost principle, and
includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing
them to their existing location and condition. In the case of gold in process, cost includes an appropriate share of production
overheads based on normal operating capacity. Net realisable value is the estimated selling price in the common course of business,
less the estimated costs of completion and selling expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(g) Impairment</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(i) Financial
assets (including receivables)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">A financial asset not carried at
fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is
impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition
of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated
reliably.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Objective evidence that financial
assets (including equity securities) are impaired can include default or delinquency by a debtor, restructuring of an amount due
to the Group on terms that the Group would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, or
the disappearance of an active market for a security. In addition, for an investment in an equity security, a significant or prolonged
decline in its fair value below its cost provides objective evidence of impairment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group considers evidence of
impairment for receivables at both the specific asset and collective level. All individually significant receivables are assessed
for specific impairment. All individually significant receivables found not to be specifically impaired are then collectively assessed
for any impairment that has been incurred but not yet identified. Receivables that are not individually significant are collectively
assessed for impairment by grouping together receivables with similar risk characteristics.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An impairment loss in respect of a financial
asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated
future cash flows discounted at the asset&rsquo;s original effective interest rate. Losses are recognised in profit or loss
and reflected in an allowance account against
receivables. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent
event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Impairment losses on available-for-sale
investment securities are recognised by transferring the cumulative loss that has been recognised in other comprehensive income
and presented in accumulated other comprehensive income in equity, to profit or loss. The cumulative loss that is removed from
other comprehensive income and recognised in profit or loss is the difference between the acquisition cost, net of any principal
repayment and amortisation, and the current fair value, less any impairment loss previously recognised in profit or loss. Changes
in impairment provisions attributable to time value are reflected as a component of interest income. If, in a subsequent period,
the fair value of an impaired available-for-sale debt security or receivable increases and the increase can be related objectively
to an event occurring after the impairment loss was recognised in profit or loss, then the impairment loss is reversed, with the
amount of the reversal recognised in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale
equity security is recognised in other comprehensive income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(ii) Non-financial
assets</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The carrying amounts of the Group&rsquo;s
non-financial assets, other than inventories, prepayments and deferred tax assets are reviewed at each reporting date to determine
whether there is any indication of impairment. If any such indication exists, then the asset&rsquo;s recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to
sell. Fair value is considered to be the price that would be paid by a knowledgeable market participant. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing
use that are largely independent of the cash inflows of other assets or groups of assets (the &ldquo;cash-generating unit, or CGU&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group&rsquo;s corporate assets
do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount
is determined for the CGU to which the corporate asset belongs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An impairment loss is recognised if the carrying
amount of a CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses
recognised in respect of CGUs are allocated to reduce the
carrying amount of other assets in the unit (group of units) on a <I>pro rata </I>basis. Impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the
loss has decreased or no longer exists.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;An impairment loss is reversed if there has been an indication of reversal and a change
in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset&rsquo;s
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The test for recoverability of E&amp;E
assets can combine several CGUs as long as the combination is not larger than a segment. The definition of a CGU does, however,
change once development activities have begun. There are special impairment triggers for E&amp;E assets. Despite certain relief
in respect of impairment triggers and the level of aggregation, the impairment standard is applied in measuring the impairment
of E&amp;E assets. Reversals of impairment losses are permitted in the event that the circumstances that resulted in impairment
have changed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">E&amp;E assets are only assessed for impairment
when facts and circumstances suggest that the carrying amount of an E&amp;E asset may exceed its recoverable amount and upon transfer
to development assets (therefore there is no requirement to assess for indication at each reporting date until the entity has sufficient
information to reach a conclusion about the commercial viability and technical feasibility of extraction). Indicators of impairment
include the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The entity's right to explore in the specific area has expired or
will expire in the near future and is not expected to be renewed</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Substantive expenditure on further E&amp;E activities in the specific
area is neither budgeted nor planned</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The entity has not discovered commercially viable quantities of mineral
resources as a result of E&amp;E activities in the area to date and has decided to discontinue such activities in the specific
area</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Even if development is likely to proceed, the entity has sufficient
data indicating that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(h) Employee benefits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>(i) Defined
contribution plans</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">A defined contribution plan is a
post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive
obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee
benefit expense in profit or loss in the periods during which services are rendered by</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4
Significant accounting policies &ndash;
(continued)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">employees. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a
defined contribution plan that are due more than 12 months after the end of the period in which the employees render the service
are discounted to their present value.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 30.8pt"><B>(ii) Short
term employee benefits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 30.8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The cost of all short term employee
benefits is recognised during the period in which the employee renders the related service.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Any benefits accruing to employees
by virtue of them holding participation units in the Blanket Mine Employee Trust (Employee Trust) are recognised as short term
employee benefit expenses (profit sharing arrangement) <FONT STYLE="color: black">at the earlier of a constructive obligation arising
or </FONT>when dividends are declared to Blanket Employee Trust Services (Private) Limited (BETS).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(i) Share-based payment transactions</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>(i) Share-based payment relating
to employees and directors</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The grant date fair value of share-based
payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over the
vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the related
service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based
on the number of awards that do meet the related service and non-market vesting conditions at the vesting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Where the terms and conditions of
options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the
modification, is also charged to the statement of comprehensive income over the remaining vesting period or immediately for awards
already vested.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Where equity instruments are granted
to non-employees, they are recorded at the fair value of the goods or services received in the statement of comprehensive income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>(ii) Share-based payment relating
to the Indigenisation Transaction</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><FONT STYLE="color: black">The grant
date fair value of </FONT>equity-settled share-based payment transactions with Indigenisation Shareholders (note 5)<FONT STYLE="color: black">
is recognised immediately as an expense in the statement of comprehensive income, with a corresponding increase in equity, when
the transaction becomes effective.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(j) Provisions</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">A provision is recognised if, as
a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable
that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability. The unwinding of the discount is recognised as finance cost.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(k) Site restoration</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Company recognises liabilities
for statutory, contractual, constructive or legal obligations associated with the retirement of property, plant and equipment,
when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present
value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized
to mineral properties along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates
using a pre-tax rate that reflects the time value of money and are related to the provision are used to calculate the net present
value. The Company&rsquo;s estimates of rehabilitation costs, which are reviewed annually, could change as a result of changes
in regulatory requirements, discount rates, effects of inflation and assumptions regarding the amount and timing of the future
expenditures. These changes are recorded directly to mineral properties with a corresponding entry to the rehabilitation provision.
Changes resulting from production are charged to profit and loss for the period. The costs of rehabilitation projects that were
included in the rehabilitation provision are recorded against the provision as incurred. The cost of on-going current programs
to prevent and control pollution is charged against profit and loss as incurred.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(l) Revenue</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Revenue
from the sale of precious metals is recognized when the metal is accepted at the refinery, risk and benefits of ownership are transferred
and the receipt of proceeds is substantially assured. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(m) Finance income and finance
costs</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Finance income comprises interest
income on funds invested and gains on the disposal of available-for-sale financial assets. Interest income is recognised as it
accrues in profit or loss, using the effective interest method. Finance costs comprise interest expense on the rehabilitation provisions
and impairment losses recognised on financial assets and also includes interest on bank overdraft balances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective
interest method.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(n) Income tax</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Income tax expense comprises current
and deferred tax. Current tax and deferred tax expense are recognised in profit or loss except to the extent that it relates to
a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax
payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting
date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised
for the following temporary differences:
the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting
nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent
that it is probable that they will not reverse in the foreseeable future.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Deferred tax is measured at the tax rates that are expected
to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by
the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different
tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will
be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences,
to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit
will be realised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Deferred tax assets and liabilities
are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities
on a net basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify"><B>(o) Earnings per share</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group presents basic and diluted
earnings per share (EPS) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common
shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares
held. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number
of common shares outstanding, adjusted for own shares held, for the effects of all dilutive potential common shares, which comprise
share options granted to employees and directors as well as any dilution in group earnings originating from dilutive partially
recognised non-controlling interests at a subsidiary level.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">(p) Standards, amendments and interpretations issued
but not yet effective</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt; text-align: justify"><FONT STYLE="font-weight: normal">There
are new or revised Accounting Standards and Interpretations in issue that are not yet effective. Management have considered all
of these Standards and Interpretations and have concluded that those that may have an impact on future consolidated financial statements
are the following:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="554">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Standard/Interpretation</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="154">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Effective date*</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 12pt">IFRS 9 </FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="356"><FONT STYLE="font-size: 12pt"><I>Financial Instruments</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 12pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="154"><FONT STYLE="font-size: 12pt">January 1, 2015</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; border: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 12pt">IFRS 10</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 12pt"><I>Consolidated Financial Statements</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 12pt; font-weight: bold; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155"><FONT STYLE="font-size: 12pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 12pt">IFRS 12</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 12pt"><I>Disclosure of Interests in Other Entities</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 12pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155"><FONT STYLE="font-size: 12pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 12pt">IFRS 13</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 12pt"><I>Fair Value Measurement</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 12pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155"><FONT STYLE="font-size: 12pt">January 1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 11pt">IAS 1 amendments</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 11pt"><I>Presentation of Financial Statements</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155">
      <p align="left"><FONT STYLE="font-size: 11pt">July 1, 2012</FONT></p>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183"><FONT STYLE="font-size: 11pt">IAS 19 amendments</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 11pt"><I>Employee Benefits</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155">
      <p align="left"><FONT STYLE="font-size: 11pt">January 1, 2013</FONT></p>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183">
      <p align="center"><FONT STYLE="font-size: 11pt">IAS 32 &amp; IFRS 7 amendments</FONT></p>
    </TD>
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 11pt"><I>Financial Instruments: Presentation &amp; Financial Instruments: Disclosures</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155">
      <p align="left"><FONT STYLE="font-size: 11pt">1 January 1, 2014 and January 1, 2013 respectively</FONT></p>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183">
      <p align="center"><FONT STYLE="font-size: 11pt">IFRIC 20 </FONT></p>
    </TD>
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 11pt"><I>Stripping Cost in the Production Phase of a Surface Mine</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155">
      <p align="left"><FONT STYLE="font-size: 11pt">January 1, 2013</FONT></p>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="183">
      <p align="center"><FONT STYLE="font-size: 11pt">Annual Improvements 2009-2011 cycle</FONT></p>
    </TD>
    <TD STYLE="text-align: center; font-size: 11pt; font-weight: bold; font-style: italic; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="355"><FONT STYLE="font-size: 11pt"><I>Various IFRSs</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; font-weight: bold; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="155">
      <p align="left"><FONT STYLE="font-size: 11pt">&nbsp;January 1, 2013</FONT></p>
    </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt"><FONT STYLE="font-weight: normal">* Annual periods beginning
on or after</FONT></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal"><U>IFRS 9
Financial<I> Instruments</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 9 will
be adopted by the Group for the first time for its financial reporting period ending December31, 2015. The standard will be applied
retrospectively, subject to transitional provisions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The standard
supersedes the existing IAS 39 classification and measurement guidance on financial assets and financial liabilities. It effectively
eliminates the categories of held to maturity, available for sale and loans and receivables for financial assets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Financial assets
will be measured at amortized cost or fair value based on an assessment of the business model in which they are held and the characteristics
of each instrument. The guidance for the classification and measurement of financial liabilities remains mostly unchanged.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The guidance
on the de-recognition of financial instruments and how to measure fair value remains unchanged from IAS 39.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The standard
eliminates the need to separate embedded derivatives from financial asset host contracts within the scope of IFRS 9. This simplification
does not apply for other host contracts.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">It remains possible
in certain circumstances to designate financial assets or liabilities as at fair value through profit or loss.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There is a proposal
to amend IFRS 9 in respect of any available for sale investments which are not held for trading, to allow IFRS 9 to permit an irrevocable
choice to account for the fair value movements on these assets as either in other comprehensive income (OCI) or in profit or loss.
If available for sale investments fair value measurements are recognized in OCI, they should not be recycled to profit or loss.
Reclassification to retained earnings is permitted.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There may be
an impact on the Group&rsquo;s statement of financial position and statement of comprehensive income resulting from the new guidance
on financial instruments. Management continues to monitor the development of the new standards on financial instruments and the
potential impact the new standards may have as the date of adoption draws closer.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>IFRS 10 <I>Consolidated
Financial Statements</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 10 will
be adopted by the Group for the first time for its financial reporting period ending December 31, 2013. The standard will be applied
retrospectively if there is a change in the control conclusion between IAS 27/SIC 12 and IFRS 10.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 10 introduces
a single control model to assess whether an investee should be consolidated. This control model requires entities to perform the
following in determining whether control exists:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Identify how decisions about the relevant activities are made,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Assess whether the entity has power over the relevant activities by considering only the entity&rsquo;s
substantive rights,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Assess whether the entity is exposed to variability in returns, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 13pt; font-size: 11pt; font-family: 'Times New Roman', Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt" height="62"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt" height="21"></TD><TD STYLE="width: 17pt" height="21"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left" height="21">Assess whether the entity is able to use its power over the investee to affect returns for its own
benefit</TD></TR></TABLE>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">Control should be assessed
on a continuous basis and should be reassessed as facts and circumstances change.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Management has assessed control over the
following entities under IFRS 10 at 31 December 2012 in relation to the Zimbabwe Indigenisation Transaction as set out in note
5. Based on this assessment, the following entities would continue to be consolidated by the Group under IFRS 10:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Blanket Mine (1983) (Private) Limited</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Blanket Employee Trust Services (Private) Limited (BETS)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Blanket Mine Employee Trust (Employee Trust)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">It was also concluded
that the Group would not consolidate the Gwanda Community Share Ownership Trust under IFRS 10.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>IFRS 12 <I>Disclosure
of Interests in Other Entities</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 12 will
be adopted by the Group for the first time for its financial reporting period ending December 31, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 12 combines,
in a single standard, the disclosure requirements for subsidiaries, associates and joint arrangements, as well as unconsolidated
structured entities. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The required
disclosures aim to provide information to enable user to evaluate:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">The nature of, and risks associated with, an entity&rsquo;s interests in other entities, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">The effects of those interests on the entity&rsquo;s financial position, financial performance and
cash flows.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The adoption
of the new standard will increase the level of disclosure provided for the Group&rsquo;s interests in subsidiaries and structured
entities (both consolidated and unconsolidated).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>IFRS 13 <I>Fair
Value Measurement</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 13 will
be adopted by the Group for the first time for its financial reporting period ending December 31, 2013. The standard will be applied
prospectively and comparatives will not be restated.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt; font-weight: normal">IFRS
13 introduces a single source of</FONT> <font style="font-size: 11pt">guidance on fair value measurement for both financial and
non-financial assets and liabilities by defining fair value, establishing a framework for <FONT STYLE="font-size: 11pt">measuring
fair value and setting out disclosures requirements for fair value measurements. The key principles in</FONT> <FONT STYLE="font-weight: normal">IFRS
13 are as follows:</FONT></font></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Fair value is an exit price</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Measurement considers characteristics of the asset or liability and not entity-specific characteristics</TD></TR></TABLE>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Measurement assumes a transaction in the entity&rsquo;s principle (or most advantageous) market between
market participants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Price is not adjusted for transaction costs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Measurement maximises the use of relevant observable inputs and minimises the use of unobservable
inputs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">The three-level fair value hierarchy is extended to all fair value measurements</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">IFRS 13 may impact
the Group&rsquo;s financial instruments at initial recognition as well as those measured at fair value subsequently. However, limited
impact is expected from subsequent fair value measurement as the Group does not currently hold any material financial instruments
measured at fair value. Further impacts may result from impairment calculations where fair value less cost to sell is calculated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>Amendments
to IAS 1 <I>Presentation of Financial Statements</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendments
to IAS 1 will be adopted by the Group for the first time for its financial reporting period ending December 31, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The Group will
present those items of other comprehensive income that may be reclassified to profit or loss in the future separately from those
that would never be reclassified to profit or loss. The related tax effects for the two sub-categories will be shown separately.
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">This is a
change in presentation and will have no impact on the recognition or measurement of items in the consolidated financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">This amendment
will be applied retrospectively and the comparative information will be restated.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>Amendments
to IAS 19 <I>Employee Benefits</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendments
to IAS 19 will be adopted by the Group for the first time for its financial reporting period ending December 31, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendment
changes the definitions of short-term employee benefits and other long term employee benefits so that the distinction between the
two will depend on when the entity expects the benefit to be wholly settled.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amended
definitions state that a benefit is short-term when it is expected to be settled wholly within twelve months after the annual reporting
period in which the employees render the related service. If this is not the case, then it is accounted for as other long-term
employee benefit.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The classification
of employee benefits as short-term or other long term employee benefits impacts the measurement of the related liability. The requirements
to classify the related liability as current or non-current has not changed.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Further amendments
relate to defined benefit plans which is not expected to have an impact on the Group as there are currently no defined benefit
plans.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The impact of
the amendments to IAS 19 on the classification of short-term employee benefits has not yet been determined.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>Amendments
to IAS <I>32 Financial Instruments: Presentation</I> and IFRS 7: <I>Financial Instruments: Disclosures</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendments
to IAS 32 and IFRS 7 will be adopted by the Group for the first time for its financial reporting period ending December 31, 2014
and December 31, 2013 respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">An entity may
offset financial assets and financial liabilities when it currently has a legally enforceable right to set off the recognised amounts.
IAS 32 previously did not provide guidance on what was meant by &ldquo;currently has a legally enforceable right to set off&rdquo;.
The amendment provides guidance in IAS 32 to clarify the criteria.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendments
clarify that an entity currently has a legally enforceable right to set-off if that right is:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Not contingent on a future event; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Enforceable in all of the following circumstances:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The normal course of business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The event of default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The event of insolvency or bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRS 7 disclosure
requirements have been amended so that the IASB and the US Financial Accounting Standards Board will have common disclosure requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The amendment&rsquo;s
impact is limited to presentation and disclosure and will not impact recognition and measurement of financial instruments of the
Group.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><U>IFRIC 20
<I>Stripping Cost in the Production Phase of a Surface Mine</I></U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRIC 20 will
be adopted by the Group for the first time for its financial reporting period ending December 31, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">IFRIC 20 applies
to entities that incur waste removal cost in a surface mining activity during the production phase of a mine and addresses the
following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">initial recognition of production stripping costs as an asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the initial measurement of stripping activity asset; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">subsequent measurement of stripping activity asset.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Waste removal
in the production phase of a mine may result in the following benefits:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">improved access to ore; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.5pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inventory produced.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">If the benefit is in
the form of inventory produced, the attributable cost will be recognised as cost of production of inventory. If the benefit is
to improve access to the ore, a non-current asset will be recognised.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">When the costs relating
to improved access to ore (e.g. a stripping activity asset) and the costs of the inventory produced are not separately identifiable,
production stripping costs are allocated between the stripping activity asset and inventory using a relevant production measure
(e.g., actual vs. expected cost of inventory produced, actual vs. expected volume of waste extracted and actual vs. expected mineral
content of ore extracted).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">Depreciation or amortization
needs to be recognized on a systematic basis over the expected useful life of the identified component of the ore body that becomes
more accessible as a result of the stripping activity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">The Group currently
has an underground mine, Blanket Mine, which is in the production phase. Stripping costs incurred on Blanket Mine are outside the
scope of IFRIC 20.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">IFRIC 20 may impact
the Nama Cobalt and Copper Projects in Zambia (Nama Project) once the mines moves into the production stage as the mines may have
surface mining activities. The impact of IFRIC 20 on the Nama Project has not yet been determined.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm"><U>Annual Improvements
2009-2011 cycle</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">The annual improvements
consist of amendments to existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences,
conflicts or oversights. Amendments are made through the annual improvements process when the amendment is considered non-urgent
but necessary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: justify; text-indent: 0cm">Management does not
expect that any of these amendments will impact the recognition or measurement of amounts disclosed in the consolidated financial
statements. The impact of these improvements on presentation and disclosure has not yet been determined.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><B><font size="2">5</font></B></TD><TD STYLE="text-align: justify"><B><font size="3">Blanket Zimbabwe Indigenisation Transaction</font> </B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">On February 20, 2012<B> </B>Caledonia
announced it had signed a Memorandum of Understanding (&ldquo;MoU&rdquo;) with the Minister of Youth, Development, Indigenisation
and Empowerment of the Government of Zimbabwe pursuant to which Caledonia agreed that indigenous Zimbabweans would acquire an effective
51% ownership interest in the Blanket Mine for a paid transactional value of US$30.09 million.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Pursuant to the above, Caledonia
entered into agreements with each Indigenisation Shareholder to sell its 51% ownership interest in Blanket as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">A 16% interest was sold to the National Indigenisation and Economic
Empowerment Fund (NIEEF) for US$11.74 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">A 15% interest was sold to Fremiro, which is owned by Indigenous Zimbabweans,
for US$11.01 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">A 10% interest was sold to Blanket Employee Trust Services (Private)
Limited (BETS) for the benefit of present and future managers and employees for US$7.34 million. The shares in BETS are held by
the Blanket Mine Employee Trust (Employee Trust) with Blanket&rsquo;s employees holding participation units in the Employee Trust.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">A 10% interest was donated to the Gwanda Community Share Ownership Trust
(Community Trust). Blanket undertook and paid a non-refundable donation of US$1 million to the Community Trust.</FONT></TD></TR></TABLE>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Caledonia facilitated the vendor
funding of these transactions (other than the 10% interest which was donated to the Community Trust) which will be repaid by way
of future dividends from Blanket. 80% of dividends declared by Blanket will be used to repay such loans and the remaining 20% will
unconditionally accrue to the respective Indigenous Shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Outstanding balances on the facilitation
loans attract interest at a rate of 10% over the 12-month LIBOR. The timing of the repayment of the loans depends on the future
financial performance of Blanket and the extent of future dividends declared by Blanket.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">In order to ensure the repayment
from Blanket to Caledonia of the vendor funding of the proceeds, Reserve Bank of Zimbabwe approval was obtained for the facilitation
loans to be declared by Caledonia Holdings Zimbabwe (Blanket&rsquo;s parent company) to a wholly-owned subsidiary of Caledonia
Mining Corporation as a dividend in specie on February 14, 2013 and withholding tax amounting to US$1.504 million was paid and
expensed on March 5, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">The Government of Zimbabwe has confirmed
that the implementation of the terms of the MoU and the underlying subscription agreements constitute full compliance with the
requirements of the Indigenisation Act and the Regulations and Blanket has received its certificate of compliance which confirms
that Blanket is fully compliant with the requirements of Section 3(1)(a) of the Indigenisation and Economic Empowerment Act (Chapter
14.33).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Completion of the above agreements
was subject to specified conditions as contemplated in the MoU, underlying agreements and related transactions to give effect to
the Indigenisation Transaction. The final condition precedent was met on September 5, 2012 and on that date, the Indigenisation
Shareholders effectively acquired 51% ownership and economic interest in the Blanket Mine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>Accounting treatment</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Further to the implementation of
the Indigenisation Transaction, a 51% shareholding in Blanket was acquired by the Indigenisation Shareholders. The directors of
Caledonia Holdings performed an assessment, using the requirements of IAS 27: <I>Consolidated and Separate Financial Statements</I>
(IAS 27), to determine whether Blanket should continue to be consolidated by Caledonia Holdings Zimbabwe. Following the assessment,
it was concluded that Caledonia Holdings Zimbabwe retained control and should continue to consolidate Blanket and accordingly the
subscription agreements will be accounted for as a transaction with non-controlling interests and share based payments. The group
accounting policy was extended to include control aspects in its analysis of control principles in accordance with IAS 27 (refer
note 4(a)(i)).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">Control as contemplated in IAS 27
was considered to exist on the basis of exercisable power conferred on Caledonia Holdings Zimbabwe to cast majority votes at board
level as contained in the registered founding documents of Blanket as well as consideration of the de facto control aspects of
the relative shareholdings in Blanket. The aspect of control under IAS 27 will be reviewed at each reporting cycle.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Accordingly, on the effective date
of the transaction, the subscription agreements were accounted for as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Non-controlling interests (NCI) were recognised on the portion of shareholding
upon which dividends declared by Blanket will accrue unconditionally to equity holders as follows:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">(a)</TD><TD>20% of the 16% shareholding of NIEEF;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">(b)</TD><TD>20% of the 15% shareholding of Fremiro;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">(c)</TD><TD>100% of the 10% shareholding of the Community Trust.</TD></TR></TABLE>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="100%">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">i.e.
a 16.2% NCI of net assets and earnings is recognised at Blanket level.</P>

    </td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 17pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 17pt; text-align: justify">The remaining 80% of the shareholding
of NIEEF and Fremiro is recognised as non-controlling interest to the extent that their attributable share of the net asset value
of Blanket exceeds the balance on the facilitation loans including
interest. At December 31, 2012, the attributable net asset value did not exceed the balance on the respective loan accounts and
thus no additional NCI was recognised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">As the facilitation loans are only repayable from dividends declared
by Blanket, a loan receivable is not recognised and the arrangement is accounted for within equity.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">The difference between the fair value of the equity instruments granted
and facilitation loans, taking into account all the interest terms and advance dividend rights (see below), was recognised as a
share based payment expense (refer Note 21(b)).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17pt; text-align: justify; text-indent: -17pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">The transaction with the BETS will be accounted for in accordance with
IAS 19 <I>Employee Benefits</I> (profit sharing arrangement) as the ownership of the shares does not ultimately pass to the employees.
The employees are entitled to participate in 20% of the dividends accruing to the 10% shareholding in Blanket if they are employed
at the date of such distribution. To the extent that 80% of the attributable dividends exceed the balance on the BETS facilitation
loan they will accrue to the employees at the date of such declaration.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 17pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The Employee Trust and BETS are special
purpose entities which are effectively controlled and consolidated by Blanket. Accordingly the shares held by BETS are effectively
treated as treasury shares and no NCI is recognised.</P>

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 26%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Shareholding</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Recognised NCI</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">NCI subject to facilitation loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Balance of facilitation loan at 31 December 2012 #</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">IFRS 2 expense <FONT STYLE="font-size: 10pt">(note 21)</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">NIEEF</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">16%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12.8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">11,742</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">4,882</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Fremiro</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">15%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">11,402</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,273</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Community Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">10%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">10%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6,006</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 26%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">BETS</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">10%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-*</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-*</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">7,602</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">~</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">51%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">16.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">24.8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">30,746</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">14,161</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balance on the facilitation loans is reconciled
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 42%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt"><FONT STYLE="color: black">Subscription price funded on loan account</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$30,090</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Interest accrued</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">656</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt"><FONT STYLE="color: black">Dividends used to repay loans</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$30,746</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">* The shares held by BETS are effectively treated as treasury shares
(see above).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">~ Accounted for under IAS19 <I>Employee Benefits</I></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black"># Facilitation loans are accounted for as equity instruments and are accordingly not recognised
as loans receivable (see above).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following Indigenisation costs have been
incurred:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Donation to Gwanda Community Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,140</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Legal fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Professional consulting fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>539</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">326</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,700</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">326</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>Advance dividends</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">In anticipation of completion of
the underlying subscription agreements, Blanket agreed to an advance dividend arrangement with NIEEF and the Community Trust as
follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-size: 11pt; line-height: 115%">(a)</FONT></TD><TD><FONT STYLE="color: black">Advances to the Community Trust against their right to receive dividends declared by Blanket on
their shareholding as follows;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A US$2 million payment on or before September 30, 2012;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A US$1 million payment on or before February 28, 2013; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">A US$1 million payment on or before April 30, 2013.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">These advance payments have been
recorded to a loan account bearing interest at a rate of 10% over the 12-month LIBOR. The loan is repayable by way of set off of
future dividends on the Blanket shares owed by the Community Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 17pt; text-align: justify; text-indent: -17pt"><FONT STYLE="font-size: 11pt; line-height: 115%">(b)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="color: black">An advance payment of US$1.8 million to NIEEF against their right to receive dividends declared
by Blanket on their shareholding. The advance payment has been debited to an interest-free loan account and is repayable by way
of set off of future dividends on the Blanket shares owned by NIEEF. Whilst any amount remains outstanding on the NIEEF dividend
loan account, interest on the NIEEF facilitation loan will be suspended.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The advance dividend payments have
been recognised as a distribution to shareholders on the effective date of the subscription agreements. The loans arising are not
recognised as loans receivable by Blanket as they are
only repayable by set off of future dividend entitlements and are accordingly regarded as equity instruments.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The balance on the advance dividend
loans is reconciled as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 53%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">NIEEF</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Community Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Total</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt"><FONT STYLE="color: black">Advance dividends paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,788</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,951</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,739</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt"><FONT STYLE="color: black">Interest accrued</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">62</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">62</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,788</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,013</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 4.5pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,801</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The advance payments to the Community
Trust of US$2 million, payable in February and April 2013, have been recognised as a liability as Blanket has a present obligation
to make the payments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">6</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Financial risk
  management</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify; text-indent: 0.5in"><B>Overview</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group has exposure to the following
risks from its use of financial instruments:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Currency risk (refer note 24)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest rate risk (refer note 24)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit risk (refer note 24)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidity risk (refer note 24)</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">This note and note 24 presents information
about the Group&rsquo;s exposure to each of the above risks, the Group&rsquo;s objectives, policies and processes for measuring
and managing risk. Further quantitative disclosures are included throughout these consolidated financial statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Group is exposed in varying
degrees to a variety of financial instrument related risks by virtue of its activities. The overall financial risk management program
focuses on preservation of capital, and protecting current and future Group assets and cash flows by reducing exposure to risks
posed by the uncertainties and volatilities of financial markets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The Board of Directors has responsibility
to ensure that an adequate financial risk management policy is established and to approve the policy. The Group&rsquo;s Audit Committee
oversees management&rsquo;s compliance with the Group&rsquo;s financial risk management policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">The fair value of the Group&rsquo;s
financial instruments approximates their carrying value unless otherwise noted. The types of risk exposure and the way in which
such exposures are managed are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>(a) Concentration of Credit Risk
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Credit risk is the risk of a financial
loss to the Group if a gold sales customer fails to meet its contractual obligation. Current gold sales are made to Rand Refineries
in South Africa and the payment terms are stipulated in the service delivery contract and are adhered to in all instances. Cash
is deposited only with &ldquo;A&rdquo; grade banks.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>(b) Liquidity Risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Liquidity risk is the risk that the
Group will not be able to meet its financial obligations as they fall due.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group manages its liquidity by
ensuring that there is sufficient capital to meet its likely cash requirements, after taking into account cash flows from operations
and the Group&rsquo;s holdings of cash and cash equivalents. The Group believes that these sources will be sufficient to cover
the anticipated cash requirements. Senior management is also actively involved in the review and approval of planned expenditures
by regularly monitoring cash flows from operations and anticipated investing and financing activities.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Since the inception of dollarization
in Zimbabwe in 2009, all appropriate insurance cover has been reinstated. The Zimbabwean operations are now covered for Public
Liability risk, Assets all risk and comprehensive cover on all motor vehicles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">7</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Capital Management</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group&rsquo;s objectives when
managing capital are to safeguard its ability to continue as a going concern in order to pursue the mining operations and exploration
potential of the mineral properties.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group&rsquo;s capital includes
shareholders&rsquo; equity, comprising issued common shares, reserves, accumulated other comprehensive income, accumulated deficit,
bank loans and non-controlling interest as detailed below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="color: black">Group capital</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>55,619</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">40,444</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group&rsquo;s primary objective
with respect to its capital management is to ensure that it has sufficient cash resources to maintain its on-going operations,
to provide returns for shareholders, accommodate any rehabilitation provisions and to pursue growth opportunities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">As at December 31, 2012, the Group
is not subject to externally imposed capital requirements and there has been no change with respect to the overall capital risk
management strategy.</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">8</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Production
  costs</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Wages</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>8,491</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">6,197</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">4,909</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Consumable materials</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>13,286</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,117</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">5,969</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Site restoration</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>43</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">50</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">44</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Exploration</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>831</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">21</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">34</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Safety</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>251</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">290</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">145</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">On mine administration</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,751</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,418</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,516</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>25,653</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">21,093</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,617</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><B><font size="3">9</font></B></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Administrative expenses</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Investor relations</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>447</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">196</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">145</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Management contract fee</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>704</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">779</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">689</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Audit fee</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>443</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">298</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">244</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Legal fee and disbursements</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>189</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">103</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">106</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Accounting services fee</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>83</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">41</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">27</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Listing fees</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>151</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">270</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">69</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Directors fees</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>194</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">145</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">168</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Salaries and wages</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,648</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,368</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,237</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>196</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">151</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">122</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,055</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,351</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,807</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">10</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Other expenses</font> </B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Impairment loss on trade receivables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,064</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,064</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">11</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Finance income and finance
costs</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">55&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">270&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Interest expense on financial liabilities measured at amortised cost</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(81)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(162)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">12</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Income taxes</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Current tax expense</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,547</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">8,005</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>Deferred tax expense</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Origination and reversal of temporary differences</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>271</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">785</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,041</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Change in previously unrecognised deductible temporary differences</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(120)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Recognition of previously unrecognised non-capital tax losses</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(206)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>271</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">&nbsp;459</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">&nbsp;1,041</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Total income tax expense</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,818</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">8,464</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,042</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Reconciliation of tax rate</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Profit for the year</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,358</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Total income tax expense</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,818</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">8,464</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,042</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Profit before income tax</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>20,176</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">20,594</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,497</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Income tax using Company's domestic tax rate</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>26.5%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,347</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">28.25%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">5,818</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">31%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">774</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Tax rate differences in foreign jurisdictions</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(210)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(1,476)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(214)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Change in tax rate</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(254)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Foreign currency difference</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>439</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,075</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(185)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Withholding taxes</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,763</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,589</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Share based payment expenses and other permanent differences </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,364</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">613</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">219</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Losses expired</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">5,467</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Accrual for tax dispute</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>806</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Change in unrecognized deferred tax assets</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>563</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(155)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(5,019)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,818</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">8,464</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,042</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Changes in the applicable domestic
tax rate are the result of enacted tax rate changes in Canada.</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Deferred tax assets and liabilities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Unrecognised deferred tax assets</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Deferred tax assets have not been
recognised in respect of the following items:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Deductible temporary differences</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,338</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,427</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Non-capital tax loss carry - forward </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>10,478</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">9,826</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>13,816</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">&nbsp;13,253</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Company has not recognised deferred
tax liabilities in respect of unremitted earnings in foreign subsidiaries as it is not considered probable that this temporary
difference will reverse in the foreseeable future. At December 31, 2012, these earnings amount to $14,689 (2011 - $8,351; 2010
- $2,151).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">In 2012, the reduction in the net
investment in Blanket Mine (note 5) resulted in a deferred tax liability of $3,987.&nbsp; As a result, the Company recorded a deferred
tax asset of $3,987 representing the benefit of previously unrecognised capital losses which relate to the same taxation entity
and tax authority and are therefore presented on a net basis. As at December 31, 2012, the Company has capital loss carry forwards
of $51,245 (2011 - $81,335) in Canada for which the benefits have not been recognised in these consolidated financial statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The non-capital tax losses expire
as set out below. The deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not
been recognised in respect of these items because it is not probable that future taxable profit will be available against which
the Group can utilise the benefits there from. In 2012 $nil (2011 - $737) of previously unrecognised non-capital tax losses and
$nil (2011 - $430) of deductible temporary differences were recognised as management considered it probable that future taxable
profits will be available against which they can be utilised.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Year</FONT></TD>
    <TD STYLE="width: 49%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">Amount</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2014</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2015</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,863</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,780</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">3,054</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,260</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,661</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">1,617</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2031</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,238</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2032</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2,667</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">No expiry</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">18,757</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">38,480</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Recognised deferred tax assets
and liabilities</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Deferred tax assets and liabilities
are attributable to the following:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Net</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,156)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(6,466)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,156)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(6,466)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Unrealised foreign exchange</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>61</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">119</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>61</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">119</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>66</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">59</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>66</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">59</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Provisions</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>177</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">373</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>181</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">373</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Other items</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Non-capital tax loss carry-forwards</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">206</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">206</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Tax (assets) liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>62</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">325</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,913)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(6,037)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,851)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="color: black">(5,712)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Movement in net deferred taxes
on temporary differences during the year</B>&#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance January 1</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in profit and loss</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in other comprehensive income</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,466)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>143</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>167</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,156)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Unrealised foreign exchange</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>119</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(49)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(9)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>61</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>59</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>8</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>66</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Provisions</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>373</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(182)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(10)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>181</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Other items</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="color: black">Non-capital tax loss carry-forwards</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>206</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(191)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(15)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,712)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(271)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>132</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,851)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>12
        Income tax expense &ndash;
        (continued)</B></P></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance January 1</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in profit and loss</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in other comprehensive income</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance December 31</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>2011</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,595)</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(759)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(112)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(6,466)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unrealised foreign exchange</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">110</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">119</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">40</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">18</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">59</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Provisions</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">384</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(19)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">373</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Other items</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-capital tax loss carry-forwards</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">11</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">194</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">206</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,151)</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(459)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(102)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,712)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance January 1</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in profit and loss</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Recognised in other comprehensive income</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Balance December 31</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>2010</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4,735)</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,083)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">223</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,595)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unrealised foreign exchange</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">33</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">40</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Provisions</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">366</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">35</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(17)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">384</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-capital tax loss carry-forwards</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">23</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(11)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">11</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4,313)</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,041)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">203</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,151)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">13</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Property,
  plant and equipment</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Mineral properties being depleted</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Mineral properties not being depleted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Fixtures and fittings</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Motor vehicles</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="color: black"><B>Cost </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2011</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,146</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,536</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">15,543</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,083</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">770</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">39,078</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">93</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">757</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,726</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,485</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">91</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">376</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,528</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,884)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,884)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange movement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(39)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">177</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">65</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(30)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(22)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">164</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2011</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,934</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,443</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">19,998</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,152</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,155</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">43,882</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2012</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,200</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,934</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,443</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>19,998</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,152</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,155</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>43,882</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>472</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,280</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,614</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>767</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>74</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>702</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,909</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Disposals<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(622)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(39)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(661)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: super; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B><SUP>-</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(773)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(773)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange movement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(138)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(267)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(219)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(646)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(30)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(36)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,336)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2012</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,534</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>11,325</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>10,838</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>19,346</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,196</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,782</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>49,021</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"><SUP>(1) </SUP>
The full carrying value of the Rooipoort platinum property in South Africa has been impaired as, despite the timely application
for the renewal of the prospecting right, no formal right has yet been granted. As a consequence of the delay in the receipt of
the valid right, no funding has been allocated to this project for the foreseeable future.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 21.25pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">This represents the write down of the rehabilitation asset as a result of the reduced present value
of the rehabilitation provision as assessed at year end.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>13&#9;Property, plant and equipment - (continued)</B></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Land and building</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Mineral properties being depleted</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Mineral properties not being depleted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Fixtures and fittings</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Motor vehicles</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Depreciation and Impairment losses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2011</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">469</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">832</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,499</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">861</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">439</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,100</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">250</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">659</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,833</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">87</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">154</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,983</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange movement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(154)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(25)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(115)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2011</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">737</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,528</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">6,178</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">923</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">598</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,964</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2012</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>737</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,528</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>6,178</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>923</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>598</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,964</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>262</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>543</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,279</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>82</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>226</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,392</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(443)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(443)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange movement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(21)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(43)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(255)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(23)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(18)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(360)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2012</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>978</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,028</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,759</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>982</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>803</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,550</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Carrying amounts</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">At December 31, 2011</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,463</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,406</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,443</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">13,820</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">229</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">557</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">33,918</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">At December 31, 2012</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,556</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,297</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>10,838</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>11,587</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>214</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>979</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>36,471</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B><BR CLEAR="ALL">
</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">14</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Inventories</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Consumable stores</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,720</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,899</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Gold in progress</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>788</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">583</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,508</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,482</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Inventory is comprised of gold in
circuit at Blanket and consumable stores utilised by Blanket Mine. Consumables stores are disclosed net of any write downs or provisions
of obsolete items. The inventories expensed in the year amounted to $13,286 (2011 - $12,117, 2010 -$5,969)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">15</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Trade and other receivables</font></B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Bullion sales receivable</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,278</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">VAT receivables</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,103</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">694</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Deposits for stores and equipment and other receivables</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>615</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">685</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current portion</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,718</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,657</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The bullion receivable is received
shortly after the delivery of the gold and no provision for non-recovery is required.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group's exposure to credit and
currency risks, and impairment losses related to trade and other receivables is disclosed in note 6 and note 25.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">16</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Cash and cash equivalents</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Bank balances</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>27,942</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,686</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>27,942</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,686</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Bank overdrafts used for cash management purposes</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(430)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Cash and cash equivalents in the statement of cash flows</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>27,942</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,256</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>16
Cash and cash equivalents
&ndash; (continued)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group&rsquo;s exposure to interest
rate risk and a sensitivity analysis for financial assets and liabilities is disclosed in note 24.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The bank overdraft facility of US$2.5
million bears interest at 8% above the 30 day LIBOR rate. The facility is unsecured and valid for 12 months and is renewable. The
facility is repayable on demand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">17</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Equity</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Share capital </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Authorised</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unlimited number of common shares of no par value</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unlimited number of preference shares of no par value.</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Issued</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Number of common shares</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Amount</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">December 31, 2010</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$196,125</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Issued on exercise of share options during the year</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">380,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">38</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">December 31, 2011</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,549,280</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">196,163</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Issued on exercise of share options during the year</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">13,912,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">974</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>December 31, 2012</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>514,461,780</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$197,137</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Common shares and preference shares
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The holders of common shares are
entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company.
Holders of preference shares receive a non-cumulative dividend per share at the Company&rsquo;s discretion, or whenever dividends
to common shareholders are declared. They do not have the right to participate in any additional dividends declared for common
shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Preference shares do not carry the
right to vote. All shares rank equally with regard to the Company&rsquo;s residual assets, except that preference shareholders
participate only to the extent of the face value of the shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Investment Revaluation Reserve</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The investment revaluation reserve
arises from the valuation of investments at fair value through other comprehensive income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Translation reserve</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The translation reserve comprises
all foreign currency differences arising from the translation of the financial statements of foreign operations with functional
currencies that differ from the presentation currency.</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Share-based payment
reserve</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The share-based payment reserve comprises
the fair value of equity instruments granted to employees and directors under share option plans and equity instruments issued
to Zimbabwe indigenisation shareholders under the Indigenisation Transaction (refer Note 5).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">18</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Earnings per share</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Basic earnings per share</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The calculation of basic earnings
per share at December 31, 2012 was based on the profit attributable to common shareholders of $8,720 (2011: $12,130; 2010: $1,455),
and a weighted average number of common shares outstanding of 505,970,684 (2011: 500,396,239; 2010: 500,169,280), calculated as
follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Weighted average number of common
shares</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic"><FONT STYLE="color: black"><I>(In number of shares)</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Issued common shares at January 1</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: center"><FONT STYLE="color: black"><I>18</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>500,549,280</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Weighted average issues during the year </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,421,404</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">226,959</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Weighted average number of common shares at December 31</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>505,970,684</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,396,239</FONT>
      <p><FONT STYLE="color: black">9</FONT></p>
    </TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280</FONT>
      <p><font style="color: black">0</font></p>
    </TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 9px">&nbsp;</TD>
    <TD STYLE="width: 66px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>&nbsp;</B></P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="61%"></td>
    <td width="13%" align="right"><b>2012</b></td>
    <td width="13%" align="right"><b>2011</b></td>
    <td width="13%" align="right"><b>2010</b></td>
  </tr>
  <tr>
    <td width="61%"></td>
    <td width="13%" align="right">$</td>
    <td width="13%" align="right">$</td>
    <td width="12%" align="right">$</td>
  </tr>
  <tr>
    <td width="61%"><FONT STYLE="color: black">Profit for the year</FONT></td>
    <td width="13%" align="right"><b>7,358</b></td>
    <td width="13%" align="right">12,130</td>
    <td width="12%" align="right">1,455</td>
  </tr>
  <tr>
    <td width="61%">&nbsp;</td>
    <td width="13%">&nbsp;</td>
    <td width="13%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
  </tr>
  <tr>
    <td width="61%"><FONT STYLE="color: black">Loss attributable to NCI</FONT></td>
    <td width="13%" align="right" style="border-bottom: 1 solid #000000"><b>1,362</b></td>
    <td width="13%" align="right" style="border-bottom: 1 solid #000000">-</td>
    <td width="12%" align="right" style="border-bottom: 1 solid #000000">-</td>
  </tr>
  <tr>
    <td width="61%"><FONT STYLE="color: black">Adjusted basic earnings attributable to common shareholders</FONT></td>
    <td width="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>8,720</b></td>
    <td width="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">12,130</td>
    <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">1,455</td>
  </tr>
  <tr>
    <td width="61%"><FONT STYLE="color: black">Diluted earnings attributable to common shareholders</FONT></td>
    <td width="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>8,720</b></td>
    <td width="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">12,130</td>
    <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">1,455</td>
  </tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Basic earnings are adjusted for the amounts that accrue to other equity
holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Diluted earnings is calculated on the basis that the unpaid ownership
interests of Blanket Mine&rsquo;s Indigenisation shareholders are effectively treated as options whereby the weighted average fair
value for the period of the Blanket shares issued to Indigenous Zimbabweans and which are subject to settlement of the loan accounts
is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number
of Blanket shares subject to the settlement of the loan accounts and the number of Blanket shares that would have been issued at
the average fair value during the period of the Blanket shares is treated as the issue of shares for no consideration and regarded
as dilutive shares. The calculated dilution is taken into account with additional earnings attributable to the dilutive shares
in Blanket, if any.</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 34pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interest of NIEEF and Fremiro shareholding
were anti-dilutive in the current period (i.e. the value of the options was less than the outstanding loan balance) and accordingly
there was no adjustment to fully diluted earnings attributable to common shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There was no adjustment for additional amounts
attributable to BETS as Blanket incurred a loss subsequent to the transaction date of September 5, 2012.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The calculation of diluted earnings
per share at December 31, 2012 was based on the profit attributable to common shareholders of $8,720 (2011: $12,130; 2010: $1,455),
and a weighted average number of common shares and potentially dilutive shares outstanding of 508,331,827 (2011: 509,879,875; 2010:
500,169,280), calculated as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Weighted average number of common
shares </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic"><FONT STYLE="color: black"><I>(In number of shares)</I></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Weighted average number of common shares (basic) at December 31</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>505,970,684</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,396,239</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Effect of dilutive options</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,361,143</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,483,636</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Weighted average number of common shares (diluted) at December 31</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>508,331,827</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">509,879,875</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,169,280</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The average market value of the Company&rsquo;s
shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period during
which the options were outstanding. The potential dilutive effect of 25,779,000 options (2011 &ndash; 16,460,000, 2010 &ndash;
26,080,000) was excluded from the above calculations because these options were anti-dilutive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">19</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Defined Contribution Plan</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Under the terms of the Mining Industry
Pension Fund (&ldquo;Fund&rdquo;) in Zimbabwe, eligible employees contribute a fixed percentage of their eligible earnings to the
Fund. Blanket makes a matching contribution plus an inflation levy as a fixed percentage of eligible earnings of these employees.
The total contribution by Blanket for the year ended December 31, 2012 was $341 (2011: $ 288; 2010: $277).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">20</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Share-based payments</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">At December 31, 2012 the Group has
the following share-based payment arrangement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>(a) Share option programme (equity-settled)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group has established a rolling
stock option plan (the &quot;Plan&quot;) for employees, officers, directors, consultants and other service providers. In accordance
with the Plan, options are granted with exercise prices equal to the market price of the shares at the date of grant.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Terms and conditions of share
option program </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The terms and conditions relating
to the grants under the Plan are that all options are to be settled by physical delivery of shares. Under the current Plan, the
maximum term of the options is 5 years. Under the Plan, the aggregate number of shares that may be issued will not exceed 10% of
the number of the shares issued of the Company. At December 31, 2012, the Company has the following options outstanding:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Number of Options</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Exercise Price</B></FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Expiry Date<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">6,070,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Feb 11,2013</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">437,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">July 1, 2013</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">210,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">April 29, 2014</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Mar 23, 2014</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">16,460,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Jan 31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">300,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">May 11, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,319,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.09</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Sept 10, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">33,296,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">In terms of the approved Plan, the expiry date of options that expire in a closed period will be
extended by 10 days from the cessation of the close period.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">The continuity of the options granted,
exercised, cancelled and expired under the Plan during 2012 and 2011 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="100%">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="392">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="149"><FONT STYLE="color: black"><B>Number of Options</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="152"><FONT STYLE="color: black"><B>Weighted Avg. Exercise Price</B></FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="394">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="11">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="292"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Options outstanding and exercisable at January 1, 2011</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="145"><FONT STYLE="color: black">32,580,000</FONT></TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="146"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Granted</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="145"><FONT STYLE="color: black">16,460,000</FONT></TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="146"><FONT STYLE="color: black">0.13</FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Expired</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="147"><FONT STYLE="color: black">(6,500,000)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="148"><FONT STYLE="color: black">0.07</FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Options outstanding and exercisable at December 31, 2011</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="145"><FONT STYLE="color: black">42,540,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="146"><FONT STYLE="color: black">0.093</FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Exercised</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="145"><FONT STYLE="color: black"><B>(13,912,500)</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="146"><FONT STYLE="color: black"><B>0.07</B></FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Granted</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="145"><FONT STYLE="color: black"><B>9,319,000</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt" width="146"><FONT STYLE="color: black"><B>0.09</B></FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Expired</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="147"><FONT STYLE="color: black"><B>(4,650,000)</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="148"><FONT STYLE="color: black"><B>0.07</B></FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="392"><FONT STYLE="color: black">Options outstanding and exercisable at December 31, 2012</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="147"><FONT STYLE="color: black"><B>33,296,500</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="148"><FONT STYLE="color: black"><B>0.105</B></FONT></TD>
    <TD width="6">&nbsp;</TD></TR>
<TR>
    <TD width="406">&nbsp;</TD>
    <TD width="23">&nbsp;</TD>
    <TD width="138">&nbsp;</TD>
    <TD width="4">&nbsp;</TD>
    <TD width="160">&nbsp;</TD>
    <TD width="6">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The weighted average remaining contractual
life of the outstanding options is 2.92 years (2011: 2.16 years). The weighted average share price at the date of exercise for
the options exercised in the year was $0.09.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The vesting of options is determined
at the discretion of the board of directors, at the time the options are granted. As of December 31, 2012 there are 18,149,678
stock options available to grant (2011: 7,514,928 stock options)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Inputs for measurement of grant
date fair values</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The fair value of share based payments
noted above was estimated using the Black-Sch&ouml;les Option Pricing Model with the following assumptions for the years ended
December 31, 2012 and 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Risk-free interest rate</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.1%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1.1%</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expected dividend yield</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Nil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Nil</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expected stock price volatility (based on historical volatility)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>58.37%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">60.47%</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expected option life in years</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">5</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Exercise price</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.09</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.13</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share price at grant date</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.09</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.13</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Fair value at grant date</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.044</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.067</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expected forfeiture rate</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><B>(b) Equity instruments granted
under the Blanket Zimbabwe Indigenisation Transaction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.3pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 21.6pt">The equity instruments
granted under the Blanket Zimbabwe Indigenisation Transaction (refer note 5), excluding Blanket Employee Trust Services (Private)
Limited (BETS) accounted for under IAS 19 <I>Employee benefits</I>, have been accounted for as share-based payments under IFRS
2 <I>Share based payments</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">The fair value of the equity instruments
on the grant date of September 5, 2012 was determined for each transaction as being the sum of the present value of the following
components:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The value of the shares at the point that any loans
provided to purchase the shares or fund advance dividends are paid off;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The value of any advance dividends paid to participants;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 11pt/115% Symbol">&#183;</FONT></TD><TD><FONT STYLE="color: black">The value of any &ldquo;trickle dividends&rdquo;, being the 20% entitlements, paid to participants
while the loans to purchase the shares are outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">To determine the fair value and take
into account the unique features of each transaction, the Monte Carlo Simulation technique was used as the valuation model to allow
for the uncertainty around the potential scenarios that affect the value of each arrangement. Projected market values were estimated
using a stochastic modelling methodology based on Geometric Brownian Motion model.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">Assumptions used based on the grant
date of September 5, 2012 were as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Fair value of Blanket</FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">C$45,065</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Expected volatility (based on historical volatility)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">65%</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Risk free rates </FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">USD swap curve with country specific adjustments</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Country specific adjustment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">17.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Dividend yield</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">14.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Withholding tax</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">5% of dividends</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Interest on loans</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">10%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">Based on the above the share based
payment expense in the current year was as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify"><B>Share-based payment expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 59%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: right"><FONT STYLE="color: black"><I>Note</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share options granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>408</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,101</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">354</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Option value of the Blanket indigenisation transaction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: right"><FONT STYLE="color: black"><I>5</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>14,161</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>14,569</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,101</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">354</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">21</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Provisions</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Site restoration</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Site restoration relates to the net present
value of the estimated cost of closing down the mine and site and environmental restoration costs, estimated to be paid in 2022
(Blanket Mine) based on the estimated life of mine. Site restoration costs are capitalised to mineral properties at initial recognition
and amortised systematically over the estimated life of the mine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 82%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2011</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,899</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign currency adjustment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(47)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unwind of discount</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">50</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Adjustment made during the period</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(117)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2011</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,785</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at January 1, 2012</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,785</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Foreign currency adjustment</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(58)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Unwind of discount</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>43</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Adjustment made during the period</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(755)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Balance at December 31, 2012</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,015</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-current </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,015</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The discount rates currently applied
in the calculation of the net present value of the Blanket provision is 15% (2011 &ndash; 1.96% ). The Eersteling provision for
rehabilitation is accreted by 5% pa (2011 &ndash; 5%).</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">22</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Trade
  and other payables</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade payables</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,855</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,087</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-trade payables and accrued expenses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>920</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">754</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,775</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,841</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group&rsquo;s exposure to currency
and liquidity risk related to trade and other payables is disclosed in note 6 and note 24.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Directors consider the carrying
amounts of trade and other payables as a reasonable approximation of their fair values.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">23</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3"> Cash flow information</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt; text-align: justify">Items not involving cash are as
follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Net finance costs (income)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>81</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">162</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>12,818</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,464</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,042</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Profit on sale of investment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(43)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Site restoration</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(91)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">67</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(158)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share-based payment expense &ndash; share option Plan</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>408</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,101</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">354</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share-based payment expense &ndash; Blanket Indigenisation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>14,161</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,392</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,983</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,586</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>330</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,884</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Write down of RBZ Bond and accrued interest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,064</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Interest accrued on RBZ bond</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(264)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange loss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(303)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(359)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Other </FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">290</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(12)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>31,099</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">16,648</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,210</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Net changes in non-cash working capital</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,151)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,858)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(37)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Prepayments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>195</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(241)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">37</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,846</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,338)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(762)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,073</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(41)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,712</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income taxes payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">295</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2,963</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,183)</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">950</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">24</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Financial instruments</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Credit risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Exposure to credit risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The carrying amount of financial
assets as disclosed in the statements of financial position and related notes represents the maximum credit exposure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The maximum exposure to credit risk
for trade and other receivables at the reporting date by geographic region was:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="color: black"><B>Carrying amount</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Canada </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>30</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Other regions </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,683</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,644</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Impairment losses</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">None of the trade and other receivables
are past due at the yearend date:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Liquidity risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the contractual maturities
of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify"><FONT STYLE="color: black"><B>December 31, 2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>6 months or less</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>6-12 months</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1-2 years</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2-5 years</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>More than 5 years</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Non-derivative financial liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other payables</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,775</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,775</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe advance dividends payable</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,987</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,987</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,762</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,762</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December 31, 2011</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December 31, 2011</P></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Non-derivative financial</B> <B>liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other payables </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,841</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,841</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Bank overdraft </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">430</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">430</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,271</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,271</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
</tr>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;
      <p>&nbsp;</p>
      <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Currency risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">As the Group operates in an international
environment, some of the Group&rsquo;s financial instruments and transactions are denominated in currencies other than the Canadian
Dollar. The results of the Group&rsquo;s operations are subject to currency transaction risk and currency translation risk. The
operating results and financial position of the Group are reported in Canadian dollars in the Group&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The fluctuation of the Canadian dollar
in relation to other currencies will consequently have an impact upon the profitability of the Group and may also affect the value
of the Group&rsquo;s assets and liabilities and the amount of shareholders&rsquo; equity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; line-height: 100%; margin: 0"><FONT STYLE="color: black">As noted
below, the Group has certain financial assets and liabilities denominated in foreign currencies. The Group does not use any derivative
instruments to reduce its foreign currency risks. </FONT>To reduce exposure to currency transaction risk,
the Group maintains cash and cash equivalents in the currencies used by the
group to meet short-term liquidity requirements.</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; line-height: 100%; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">Below is a summary of the assets
and liabilities denominated in a currency other than the Canadian dollar that would be affected by changes in exchange rates relative
to the Canadian dollar. The values are the Canadian dollar equivalent of the respective asset or liability that is denominated
in US dollars or South African rand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>26,451</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,210</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Bank overdraft</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(430)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other receivables</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,687</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,474</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Trade and other payables</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4,858)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,413)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe advance dividend accrual</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,987)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 310px">&nbsp;</TD>
    <TD STYLE="width: 102px">&nbsp;</TD>
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 78px">&nbsp;</TD>
    <TD STYLE="width: 9px">&nbsp;</TD>
    <TD STYLE="width: 16px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The following exchange rates applied
during the year:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Average rate during the year</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Year end date spot rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>December 31, 2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">December 31, 2011</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic"><FONT STYLE="color: black"><I>(In Canadian dollars)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">USD 1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.9998</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1.0236</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.9935</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1.0199</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Rand 1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.122</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.1370</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.1162</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">0.1257</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Sensitivity analysis</B></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">A strengthening/ weakening of the
Canadian dollar, against the USD and Rand at December 31 would have increased (decreased) equity and profit or loss by the amounts
shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible
at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant.
The analysis is performed on the same basis for 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Profit or loss</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic"><FONT STYLE="color: black"><I>(Effect in thousands of Canadian dollars)</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>December 31, 2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">USD (1 percent strengthening) </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>325</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>71</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Rand (1 percent strengthening)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>15</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">December 31, 2011</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">USD (1 percent strengthening) </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">630</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">56</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Rand (1 percent strengthening)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,323</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">132</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Interest rate risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Interest rate risk is the risk borne
by an interest-bearing asset or liability as a result of fluctuations in interest rates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Unless otherwise noted, it is the
opinion of management that the Group is not exposed to significant interest rate risk as it has no debt financing apart from short
term borrowings utilized in Zimbabwe. The Group&rsquo;s cash and cash equivalents include highly liquid investments that earn interest
at market rates. The Group manages its interest rate risk by endeavouring to maximize the interest income earned on excess funds
while maintaining the liquidity necessary to conduct operations on a day-to-day basis. The Group&rsquo;s policy focuses on preservation
of capital and limits the investing of excess funds to liquid term deposits in high credit quality financial
institutions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">In the monetary policy statement
announced by the Governor of the Reserve Bank of Zimbabwe (&ldquo;RBZ&rdquo;) in February 2009, the debt owing by RBZ to Blanket
Mine was converted into a Special Tradable Gold-Backed Foreign Exchange Bond, with a term of 12 months and an 8% interest rate.
The Bond plus accrued interest is guaranteed by RBZ on maturity. Blanket Mine has been unable to sell the Bond at an acceptable
discount rate and the RBZ did not redeem the Bond on the initial maturity date nor any subsequently advised maturity dates. As
a result of the uncertain redemption date and the lack of information coming from the RBZ, the Bond has been written down to nil
whilst Blanket continues to retain legal ownership of the RBZ debt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The basis for determining all other
fair values is disclosed in note 4.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">25</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Contingencies and commitments</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group may be subject to various
claims that arise in the normal course of business. Management believes there are no contingent liabilities of the Group arising
from claims and therefore no provision has been made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">There are commitments to purchase
plant and equipment totalling $1,030 (2011 - $309) at year end.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">26</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Related parties</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Transactions with key management
personnel</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Key management personnel compensation:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">In addition to their salaries, the
Group also contributes to a defined contribution plan on behalf of eligible employees. For the terms of the plan refer to note
19: Defined Contribution Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Employees, officers, directors, consultants
and other service providers also participate in the Group's share option program (see note 20).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Key management personnel compensation
comprised.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Salaries and wages</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,357</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,289</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,109</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share-based payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>401</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">947</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">308</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>1,758</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,236</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,417</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">Key management personnel and director
transactions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">A number of key management personnel,
or their related parties, hold positions in other entities that result in them having control or significant influence over the
financial or operating policies of these entities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">A number of these entities transacted
with the Group in the reporting period. The aggregate value of transactions and outstanding balances relating to key management
personnel and entities over which they have control or significant influence were as follows:</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Transactions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Balance outstanding</B></FONT></TD>
</tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>Year ended Dec 31,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>As at Dec 31,</B></FONT></TD>
</tr>
<tr>
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
</tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
</tr>
<TR>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Management fees, allowances and bonus paid or accrued to a company which provides the services of the Company&rsquo;s President</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>704</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">588</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">552</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Rent for office premises paid to a company owned by members of the President&rsquo;s family</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>43</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">48</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">49</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Legal fees and disbursements paid to a law firm where a Director is a partner</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>111</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">97</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">58</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Fees, allowances and interest paid to the past Chairman of the Board </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">(ii)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>-</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">38</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Directors fees paid </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>215</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">145</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">130</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>48</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">60</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">(i) The Group has entered into a
management agreement with Epicure Overseas S.A. (&ldquo;Epicure&rdquo;), a Panamanian Group, for management services provided by
the President. The Group is required to pay a base annual remuneration adjusted for inflation and bonuses set out in the agreement.
In the event of a change of control of the Group, Epicure can terminate the agreement and receive a lump sum payment equal to 200%
of the remuneration for the year in which the change occurs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">(ii) On January 31, 2005, the Group
entered into an agreement (the &ldquo;Chairman&rsquo;s Agreement&rdquo;) with the Group&rsquo;s former Chairman for services as
the non-executive Chairman of the board of directors of the Group. This agreement was terminated in December 2010.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">27</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Group entities</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Ownership interest at December 31</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Country of incorporation</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2012</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">2010</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Significant subsidiaries</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="color: black"><B>%</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Holdings Zimbabwe (Private) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Mining Services Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Kadola Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Mining (Zambia) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Nama Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Western Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zambia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="letter-spacing: -0.1pt">Dunhill Enterprises Inc.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Panama</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Eersteling Gold Mining Corporation Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Fintona Investments (Proprietary) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Greenstone Management Services (Proprietary) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Greenstone Management Services Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">United Kingdom</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Maid O&rsquo; Mist (Pty) Ltd</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Mapochs Exploration (Pty) Ltd</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">South Africa</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Caledonia Holdings (Africa) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Barbados</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Blanket (Barbados) Holdings Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Barbados</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Blanket Mine (1983) (Private) Limited</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: super; text-align: right"><FONT STYLE="color: black"><SUP>(2)</SUP>49</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Blanket Employee Trust Services (Private) Limited (BETS)<SUP> (1)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Blanket Mine Employee Trust (Employee Trust)<SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Zimbabwe</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD></TR>
<TR>
    <TD STYLE="width: 294px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 52px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 85px">&nbsp;</TD>
    <TD STYLE="width: 66px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(</SUP><FONT STYLE="font-size: 10pt">[1]</FONT><SUP>)</SUP>
BETS and the Employee Trust are consolidated as special purpose entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(2) </SUP>Refer to Note 5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">28</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Operating Segments</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group's operating segments have
been identified based on geographic areas.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The Group has four reportable segments
as described below, which are the Group's strategic business units. The strategic business units are managed separately because
they require different technology and marketing strategies. For each of the strategic business units, the Company&rsquo;s CEO reviews
internal management reports on at least a quarterly basis. The following geographical areas describe
the operations of the Group's reportable segments: Corporate, Zimbabwe, South Africa and Zambia.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><b><font color="#666666">Caledonia
            Mining Corporation</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt"><b><font color="#666666">Notes
            to the Consolidated Financial Statements</font></b></p>
            <p STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">For
            the years ended December 31, 2012, 2011 and 2010</font></b></p>
            <p STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25pt"><b><font color="#666666">(<i>in
            thousands of Canadian dollars</i>)</font></b></p>
            &nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">The accounting policies of the reportable
segments are the same as described in note 4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 71.25pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information regarding the results of each reportable
segment is included below. Performance is measured based on segment profit before income tax, as included in the internal management
report that are reviewed by the Group's CFO. Segment profit is used to measure performance as management believes that such information
is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Information about reportable segments</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Corporate</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zimbabwe</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>South Africa</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zambia</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">External Revenue</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>75,221</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>75,221</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Royalty</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,261)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(5,261)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Production costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(25,492)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(161)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(25,653)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Administrative expenses </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(2,391)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(214)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,450)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4,055)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Share-based payment expenses </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(408)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(14,161)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(14,569)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,209)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(183)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,392)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(330)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(330)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>17</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>62</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Indigenisation costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(292)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,396)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(12)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,700)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange gain/(loss)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(4)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Other</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit before income tax</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,074)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>25,056</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,806)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>20,176</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(11,506)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,312)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(12,818)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit after income tax</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,074)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>13,550</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,118)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,358</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Geographic segment assets:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>19,581</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>9,850</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>5,821</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>42</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>35,294</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non Current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>55</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>25,126</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>669</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>10,683</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>36,533</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expenditure on property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>4,280</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>15</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>3,614</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,909</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Geographic segment liabilities</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(909)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(7,258)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,106)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(7)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(9,280)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,621)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(307)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(6,928)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5pt 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zimbabwe</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>South Africa</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zambia</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Total</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">External revenues</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55,704</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55,705</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Royalty</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,514)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,514)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Production costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(20,489)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(604)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(21,093)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,310)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(305)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,062)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,677)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share-based payment expenses </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,101)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,101)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,773) </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(210)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,983)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Impairment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,884)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,884)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange gain/(loss)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">173</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">130</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">303</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit before income tax</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,237)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">29,536</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,705)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">20,594</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(8,791)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">327</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(8,464)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit after income tax</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,237)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">20,745</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(5,378)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">12,130</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Geographic segment assets:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,703</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,629</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,779</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">43</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">18,154</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">25,753</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,159</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,281</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">34,248</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expenditure on property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">5,768</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">51</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,709</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,528</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Geographic segment liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(691)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,535)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(333)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(7)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(4,566)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Non-current</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(7,502)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(320)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(7,822)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zimbabwe</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>South Africa</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Zambia</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Total</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">External revenues</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">22,388</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">22,388</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Royalty</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(825)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(825)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Production costs</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(12,204)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(413)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(12,617)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,570)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(274)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(963)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,807)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Share-based payment expenses </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(354)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(354)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,367)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(219)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,586)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Other (expenses)/income</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,064)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,064)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">269</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">270</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance expense</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Foreign exchange gain/(loss)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(539)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">890</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">359</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit before income tax</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,916)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">5,117</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(704)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,497</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,042)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,042)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Segment profit after income tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,916)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">4,075</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(704)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,455</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Reconciliation of reportable segment
revenues, profit or loss, assets and liabilities and other material items</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total revenue for reportable segments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>83,275</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">65,036</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">30,086</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Elimination of inter-segment revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(8,054)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(9,331)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(7,698)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Consolidated revenue</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>75,221</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55,705</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">22,388</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Profit or loss</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total profit or loss before tax for the reportable segments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>21,734</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">21,685</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,270</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Elimination of inter-segment profits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,558)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,091)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(773)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Consolidated profit before income tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>20,176</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">20,594</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,497</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>28
        Operating Segments &ndash;
        (continued)</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total assets for reportable segments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>73,439</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">54,128</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Elimination of inter-segment profits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(1,612)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(1,726)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Consolidated total assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>71,827</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">52,402</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total liabilities for reportable segments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>16,208</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">12,388</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Other material items 2012</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Reportable segment totals</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Elimination of inter-segment profits</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Consolidated totals</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>79</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance cost</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(160)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expenditure on property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>8,000</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(91)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>7,909</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,597)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>205</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>(3,392)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Other material items 2011</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Reportable segment totals</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Elimination of inter-segment profits</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Consolidated totals</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">55</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance cost</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(217)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expenditure on property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">9,413</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">885</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,528</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(3,157)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">174</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,983)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>28
Operating Segments &ndash;
(continued)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"><B>Other material items 2010</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Reportable segment totals</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">Elimination of inter-segment profits</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>Consolidated totals</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">270</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">270</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Finance cost</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(267)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Expenditure on property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,801</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">497</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,304</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Depreciation </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,610)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">24</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">(2,586)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Major customer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from one customer of the Group's Zimbabwe
segment represents approximately $75,036 (2011- $55,848, 2010 - $22,388) of the Group's total revenues.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="49"><b><font size="3">29</font></b></TD><TD STYLE="text-align: justify" width="686"><B><font size="3">Subsequent events</font></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt" valign="top">(a)</TD><TD STYLE="text-align: justify">On January 24, 2013 Caledonia&rsquo;s shareholders approved a share consolidation which will become
effective on April 12, 2013. Caledonia&rsquo;s issued common shares will be consolidated on the basis of one post consolidation
share for every ten common shares currently in issue. The number of issued common shares will otherwise decrease from 517,061,780
to 51,706,178 following the implementation of the share consolidation, assuming no further common share transactions prior to the
effective date. The consolidated shares will commence trading on the TSX on April 12, 2013. After the consolidation the earnings
per share as stated on the <FONT STYLE="color: black">Consolidated Statements of Comprehensive Income and (Loss) would be as shown
below.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 53%; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">2010</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">$</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><FONT STYLE="color: black"><B>Earnings per share </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="color: black">Basic earnings per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.172</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">0.24</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">0.03</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="color: black">Diluted earnings per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: right"><FONT STYLE="color: black"><B>0.172</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">0.24</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: black">0.03</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The share consolidation will become effective
after the date of authorisation of the 2012 consolidated financial statements and is therefore treated as a non&ndash;adjusting
event after the reporting period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt" valign="top">(b)</TD><TD STYLE="text-align: justify">At the same meeting on January 24, 2013 Caledonia&rsquo;s shareholders resolved that the stated
capital account maintained in respect of the Common Shares be reduced by $140,000,000 Cdn., and an offsetting increase shall be
made to the contributed surplus account to be recorded on the Company&rsquo;s financial statements.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt" valign="top"><font size="2">(c)</font></TD><TD><font size="2">On February 22, 2013 Caledonia paid a maiden dividend of $0.005 per share to all shareholders of record as of February 8, 2013.
The gross dividend payable amounted to $ 2,585,309</font></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #333366; font: 9pt/115% Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: black">(d)</FONT></TD><TD><font size="2">During January 2013 three directors of the Company exercised share options and acquired 2,600,000 shares in the company</font></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 4.3pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">Caledonia Mining Corporation </FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #14b</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY AND INFORMATION CIRCULAR</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Issued for the Annual Meeting of</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Shareholders Held May 24, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 25pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt">Notice of
Annual General and Special</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0; text-align: center">Meeting of Shareholders</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0; text-align: center">to be held May 24, 2012</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: right"><I>&nbsp;</I></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy and Information Circular</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; height: 98px; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 4.5pt">
        <p align="center">
        <IMG SRC="image_001.jpg" ALT=""><P STYLE="border: white 1pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>





<P STYLE="font: 20pt Shruti,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Shruti,sans-serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 20pt Shruti,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>April 20, 2012</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Information about Caledonia Mining Corporation
may be viewed on its website at&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> www.caledoniamining.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Shruti,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt Shruti,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Shruti,sans-serif; margin: 0; text-align: center"><B>NOTICE OF ANNUAL GENERAL AND SPECIAL</B></P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 14pt; font-family: Shruti, sans-serif; margin: 0" align="center"><B>&#9;MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>TAKE NOTICE </B>that the Annual and Special
Meeting of Shareholders of Caledonia Mining Corporation (the &quot;Company&quot;) will be held in Boardroom No. 44-01, 44<SUP>th</SUP>
Floor, Scotia Plaza (the offices of the Company&rsquo;s Toronto Solicitors, Borden Ladner Gervais LLP), 40 King Street West, Toronto,
Ontario, on Thursday, May 24, 2012 commencing at 10:00 a.m. for the purposes of:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">receiving the annual report - which includes the financial statements and Auditors' report thereon
for the financial year ended December 31, 2011;</TD></TR></TABLE>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">electing directors;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="48">3.</TD><TD width="687">appointing Auditors and authorizing the directors to fix their remuneration;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD>considering an ordinary resolution to adopt a new By-Law No. 1 and repeal the existing Articles as is more particularly described
in the Information Circular.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD>transacting such other business as may properly be brought before the meeting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the annual report, form of proxy
and management proxy circular accompany this notice. Copies of the Company&rsquo;s Annual Information Form, dated March 30, 2012
and its Annual Management Discussion and Analysis, dated March 30, 2012, and audited annual financial statements, have been filed
on SEDAR and can be viewed there and on the Company&rsquo;s website at www.caledoniamining.com.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders will be entitled to vote at the
meeting in person or by proxy. Shareholders not attending the meeting may exercise their right to vote by signing, dating and returning
the proxy provided &ndash; or instruct intermediaries who hold their shares to submit proxies on their behalf. Registered shareholders
may also submit their votes electronically by following the accompanying instructions.</P>

<P STYLE="font: 12pt Shruti,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Shruti,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BY ORDER OF THE BOARD</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">DATED: April 20, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>INFORMATION CIRCULAR</I></P>

<P STYLE="font: 12pt Shruti,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SOLICITATION OF PROXIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>This Management Proxy Circular is furnished
in connection with the solicitation by and on behalf of the management of Caledonia Mining Corporation (the &quot;Company&quot;)
of proxies to be used at the Annual General and Special Meeting (the &quot;Meeting&quot;) of Shareholders of the Company to be
held on Thursday, May 24, 2012 at 10.00 am local time, in Boardroom 44-01, 44<SUP>th</SUP> Floor, Scotia Plaza, 40 King Street
West, Toronto, Ontario, Canada </B>for the purposes set forth in the accompanying notice of meeting. It is expected that the solicitation
will be primarily by mail but proxies may also be solicited personally or by telephone by officers, employees or agents of the
Company. The cost of any such solicitation will be borne by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>APPOINTMENT AND REVOCATION OF</B> <B>PROXIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The persons named in the enclosed form of
proxy</B> <B>are directors of the Company.</B> <B>A shareholder desiring to appoint some other</B> <B>person to represent him at
the Meeting may do so</B> <B>by inserting such person's name, who need not</B> <B>be a shareholder of the Company, in the blank</B>
<B>space provided in the form of proxy and striking</B> <B>out the names of the persons specified or by</B> <B>completing another
proper form of proxy. Proxies may also be submitted electronically pursuant to the instructions which accompany this Information
Circular. </B>In all cases, the completed proxy is to be deposited at, or supplied to, the offices of Equity Financial Trust Company,
Suite 400, 200 University Avenue, Toronto, Ontario, M5H 4H1 not later than 4:30 p.m. (Toronto, Canada local time) on Tuesday, May
22, 2012.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A shareholder giving a proxy has the right
to revoke the proxy by instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing
and deposited at the registered office of the Company at any time up to and including the last business day preceding the date
of the Meeting, or any adjournment thereof, at which the proxy is to be used, or with the Chairman of the Meeting on the date of
the Meeting, or any adjournment thereof, or in any other manner permitted by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>EXERCISE OF DISCRETION BY PROXIES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The persons named in the enclosed form of
proxy will vote the shares in respect of which they are appointed in accordance with the direction of the shareholders appointing
them. In the absence of such direction, such shares will be voted FOR all of the matters referred to in the Notice of Meeting and
FOR the re-election of the existing Directors.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The enclosed form of proxy confers discretionary
authority upon the persons named therein with respect to any amendments or variations to matters identified in the notice of meeting
and with respect to other matters which may properly come before the Meeting. At the time of printing this management proxy circular,
management of the Company knows of no such amendments, variations or other matters to come before the Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>VOTING SHARES AND PRINCIPAL</B> <B>HOLDERS
THEREOF</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 20, 2012, the Company had issued and
outstanding 506,049,280 common shares, each carrying the right of one vote per share. To the best of the knowledge of the directors
and officers of the Company, no person beneficially owns, directly or indirectly, or exercises control or direction over, shares
carrying more than 10% of the votes attached to all issued shares of the Company except Pinetree Resource Partnership, of Toronto,
Ontario, Canada.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Company has fixed
the record date as April 20, 2012 for the purpose of determining who is entitled to receive Notice of Meeting. Shareholders entitled
to vote at the meeting will be the shareholders of record at 4:30 p.m. (Toronto, Ontario time) on Tuesday, May 22, 2012. The failure
of any shareholder to receive notice of the Meeting shall not deprive the shareholder of voting at the Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NON-REGISTERED SHAREHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Only registered shareholders or duly appointed
proxy holders are permitted to vote at the Meeting. Most shareholders of the Company are &ldquo;non-registered&rdquo; shareholders
because the shares they own are not registered in their names but are instead registered in the name of the brokerage firm, bank
or trust company through which they purchased the shares. More particularly, a person is not a registered shareholder in respect
of shares which are held on behalf of that person (the &ldquo;Non-Registered Holder&rdquo;) but which are registered either: (a)
in the name of an intermediary (an &ldquo;Intermediary&rdquo;) that the Non-Registered Holder deals with in respect of the shares
(Intermediaries include, among others, banks, trust companies, securities dealers or brokers and trustees or administrators of
self-administered RRSP&rsquo;s, RRIF&rsquo;s, RESPs and similar plans); or (b) in the name of a clearing agency (such as The Canadian
Depository for Securities Limited [&ldquo;CDS&rdquo;]) of which the Intermediary is a participant. <B>Non-registered shareholders
are advised that only proxies from shareholders of record will be recognized and voted at the meeting. </B> In accordance with
the requirements as set out in National Instrument 54-101 of the Canadian Securities Administrators, the Company has distributed
copies of the Notice of Meeting, this Information Circular and the form of Proxy (collectively, the &ldquo;Meeting Materials&rdquo;)
to the clearing agencies and Intermediaries for onward distribution to Non-Registered Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intermediaries are required to forward the
Meeting Materials to Non-Registered Holders unless a Non-Registered Holder has waived the right to receive them. Very often, Intermediaries
will use service companies to forward the Meeting Materials to Non-Registered Holders. Generally, Non-Registered Holders who have
not waived the right to receive Meeting Materials will either:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
be
given a form of proxy which has already been signed by the Intermediary (typically by a facsimile, stamped signature), which is
restricted as to the number of shares beneficially owned by the Non-Registered Holder but which is otherwise not completed. Because
the Intermediary has already signed the form of proxy, this form of proxy is not required to be signed by the Non-Registered Holder
when submitting the proxy. In this case, the Non-Registered Holder who wishes to submit a proxy should otherwise properly complete
the form of proxy and deposit it with the Company&rsquo;s Registrar and Transfer Agent as provided above; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
more
typically, be given a voting instruction form which is not signed by the Intermediary, and which, when properly completed and signed
by the Non-Registered Holder and returned to the Intermediary or its service company, will constitute voting instructions (often
called a &ldquo;proxy authorization form&rdquo;) which the Intermediary must follow. Typically, the proxy authorization form will
consist of a one page pre-printed form. Sometimes, instead of the one page pre-printed form, the proxy authorization form
will consist of
a regular printed proxy form accompanied by a page of instructions, which contains a removable label containing a bar-code and
other information. In order for the form of proxy to validly constitute a proxy authorization form, the Non-Registered Holder must
remove the label from the instructions and affix it to the form of proxy, properly complete and sign the form of proxy and return
it to the Intermediary or its service company in accordance with the instructions of the Intermediary or its service company.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In either case, the purpose of this procedure
is to permit a Non-Registered Holder to direct the voting of the shares which they beneficially own. Should a Non-Registered Holder
who receives one of the above forms wish to vote at the Meeting in person, the Non-Registered Holder should strike out the names
of the management proxy holders named in the form and insert the Non-Registered Holder&rsquo;s name in the blank space provided.
In either case, Non-Registered Holders should carefully follow the instructions of their Intermediary, including those regarding
when and where the proxy or proxy authorization form is to be delivered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the nominees are now members of the
Board of Directors and have been since the dates indicated. Management does not contemplate that any of the nominees will be unable
to serve as a director but, if that should occur for any reason prior to the Meeting, the persons named in the enclosed form of
proxy reserve the right to vote for another nominee in their discretion. Each director elected will hold office until the next
annual meeting or until he ceases to be a director. The names of the persons who will be nominated at the meeting for election
as directors are set out below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Name, Office Held and</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Municipality of Residence</B></P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: bold 10pt/7.55pt Times New Roman, Times, Serif; margin: 0 0 1.4pt; text-align: center">Principal Occupations during
        past 5 years</P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Director Since</B></P></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of Shares</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beneficially Owned,</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Controlled or Directed</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Carl R. Jonsson,<SUP>(2)(3)(4)(5)</SUP></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Director, Chairman &amp; Secretary <SUP> </SUP></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vancouver, British Columbia, Canada</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawyer. Principal of Tupper, Jonsson &amp; Yeadon, Barristers &amp;
        Solicitors.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1992</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">559,469</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Stefan E. Hayden,<SUP> (3)(4)(5)</SUP> President, Chief Executive
        Officer &amp; Director</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Johannesburg, South Africa</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">President and Chief Executive Officer of the Company and
        Director of all Caledonia&rsquo;s subsidiary companies.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">1996</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">4,380,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">James Johnstone,<SUP>(1)</SUP></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Director</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Gibsons, British Columbia, Canada</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Retired. Formerly Chief Operating Officer of the Company and Director
        of various subsidiary companies until September 30, 2006.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">1997</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Nil</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">F. Christopher Harvey<SUP>, (1)</SUP> Director</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Oakville, Ontario, Canada</P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Retired. Until 31 December 2005 employed as Technical Director and
        Secretary of the Company and Director of various subsidiary companies.</P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">1993</P></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">1,204,300</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Robert W. Babensee <SUP>(1)(2)</SUP></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Director</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Toronto, Ontario, Canada</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">Retired Chartered Accountant. Formerly an assurance specialist in the Canadian accounting firm of BDO Dunwoody LLP (retired December 31, 2004). Formerly the CFO of Golden China Resources Ltd.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center">2008</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="color: black">Nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Steven Curtis <SUP>(5)</SUP></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">VP Finance, Chief Financial Officer &amp; Director</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Johannesburg, South Africa</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">Financial Director Avery Dennison SA (Pty) Ltd. until March 2006. Since April 2006 VP Finance, Chief Financial Officer and Director of Caledonia</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center">2008</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="color: black">Nil</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Notes:</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><SUP>(1)</SUP> Member of Audit Committee,
<SUP>(2)</SUP> Member of Compensation Committee, <SUP>(3)</SUP> Member of Corporate Governance Committee, </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><SUP>(4)</SUP> Member of Nominating Committee,
<SUP>(5) </SUP>Member of Disclosure Committee. </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information as to shares beneficially owned
or controlled or directed, not being within the knowledge of the Company, has been furnished by the respective nominees individually.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In compliance with applicable disclosure requirements
- C.R. Jonsson has been, within the past 10 years, a director and/or officer of three companies the shares of which were/are listed
on the TSX Venture Exchange and its predecessor, in Canada, that were the subject of Cease Trade Orders issued by Provincial Securities
Regulators having jurisdiction over them. In the case of each company Mr. Jonsson held the positions incidental to his acting as
the Solicitor for the companies:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.2pt">-</TD><TD STYLE="text-align: justify">Director and Secretary, August 1987 - August 2003, of Global CT &amp; T Telecommunications Ltd.
Cease Trade Order was issued against it for failure to file and distribute financial statements - which has not been rescinded.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 25.2pt; text-align: justify; text-indent: -25.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.2pt">-</TD><TD STYLE="text-align: justify">Director and Secretary of Global Net Entertainment Corp. until July 4, 2008. Cease Trade Order
was issued against it for failure to file and distribute financial statements - which was rescinded when the financial statements
were filed.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 25.2pt; text-align: justify; text-indent: -25.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.2pt">-</TD><TD STYLE="text-align: justify">Director until February 4, 2005 of TelcoPlus Enterprises Ltd. Cease Trade Order was issued against
it for failure to file and distribute financial statements - which was rescinded when the financial statements were filed.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">At the date of this Information Circular Caledonia Directors are
also directors of the following public issuers:</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Stefan Hayden -&nbsp;
      none</TD>
    <TD STYLE="width: 49%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chris Harvey
        -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        none</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Jim Johnstone
      -&nbsp;&nbsp; none</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Steven Curtis
      -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; none</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Carl Jonsson-&nbsp;&nbsp;&nbsp;&nbsp;
        Bonterra Energy Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -&nbsp;&nbsp;&nbsp;&nbsp; Comet Industries Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -&nbsp;&nbsp;&nbsp;&nbsp; Acrex Ventures Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -&nbsp;&nbsp;&nbsp;&nbsp; DV Resources Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -&nbsp;&nbsp;&nbsp;&nbsp; Geomark Exploration Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -&nbsp;&nbsp;&nbsp;&nbsp; Pine Cliff Energy Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 61.2pt">-&nbsp;&nbsp;&nbsp;
        Alita Resources Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 97.2pt; text-indent: -36pt">-&nbsp;&nbsp;&nbsp;
        Astorius Resources Ltd.</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Robert W. Babensee -&#9;none</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted &ndash; although
the Board of Directors is considering &ndash; a &ldquo;majority voting policy&rdquo; as recommended by the Toronto Stock Exchange.
As a result shareholders can only cast their votes &ldquo;For&rdquo; or to &ldquo;Withhold&rdquo; in relation to the election of
an individual proposed director. A majority voting policy allows shareholders to vote &ldquo;for&rdquo; or &ldquo;against&rdquo;
the election of an individual proposed director and it requires any Director nominee who receives less than a majority of &ldquo;For&rdquo;
votes to resign from the Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>APPOINTMENT OF AUDITORS </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders will be asked to vote for
the appointment of BDO Canada LLP<B> </B>as Auditors of the Company, to hold office until the next annual meeting of shareholders
or until their successors are duly elected or appointed, at remuneration to be settled by the Board of Directors. Approval of the
ordinary resolution requires the affirmative vote of a majority of the votes cast in respect thereof by holders of Shares represented
at the meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>APPROVAL OF NEW GENERAL BY-LAW AND REPEAL
OF ARTICLES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Company was created by the amalgamation
of three predecessor companies in 1991 under the British Columbia Company Act it adopted Articles as the document regulating the
conduct of its business and affairs. When the Company subsequently Continued under the Canada Business Corporations Act (&ldquo;CBCA&rdquo;)
it did not amend the Articles. Under the CBCA the document regulating the Company&rsquo;s conduct of its business affairs is typically
referred to as a By-Law. There is nothing in the existing Articles which are inconsistent with the requirements of the CBCA &ndash;
but there are some now inappropriate obsolete references to the BC Company Act. The Board of Directors resolved, effective April
2, 2012, to effect minor revisions in the document to correct references to the appropriate corporate legislation. No material
changes to the document are being made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The BCCA provides that directors may amend,
repeal or adopt by-laws but only subject to approval by an ordinary resolution passed at the next subsequently held general meeting
of the shareholders. Accordingly, the shareholders will be asked to pass the following ordinary resolution at the forthcoming General
Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify; padding-right: 36pt">&ldquo;Resolved that the Company&rsquo;s Articles be repealed and that a document
submitted to the Meeting and entitled &ldquo;By-Law No. 1&rdquo; dated and signed by the Company&rsquo;s Secretary for identification
April 2, 2012, be adopted as By-Law No. 1 of the Company.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because the text of By-Law No. 1 is in excess
of 25 pages in length it is not being reproduced in this Information Circular. A copy is available upon request to the Company
and a copy will be available at the General Meeting of the Shareholders for review. It can also be viewed on the Company&rsquo;s
website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>INTERESTS OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED
UPON</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of the directors or executive officers
of the Company, no proposed nominee for election as a director of the Company, none of the persons who have been directors or executive
officers of the Company since the commencement of the Company's last completed financial year and no associate or affiliate of
any of the foregoing persons has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise,
in any matter to be acted upon at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>QUORUM REQUIREMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The quorum requirement is that there be two
members present in person or by proxy and that there be shareholder representation in person or by proxies of shareholders holding
at least 5% of the issued shares of the Company. As the Company has 506,049,280 shares issued the requirement for the forthcoming
meeting will be that there be shareholder representation of at least 253,024,464 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>OTHER MATTERS TO BE ACTED UPON</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will consider and transact such
other business as may properly come before the Meeting or any adjournment thereof. The Management of the Company knows of no other
matters to come before the Meeting other than those referred to in the Notice of Meeting. Should any other matters properly come
before the Meeting, the shares represented by the proxy solicited hereby will be voted on such matters in accordance with the best
judgment of the persons voting by proxy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>REPORT ON EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Compensation of Named Executive Officers</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table, presented in accordance
with the requirements of Canadian National Instrument 51-102, sets forth all annual and long term compensation for services in
all capacities to the Company and its subsidiaries for the fiscal years ended December 31, 2009, 2010 and 2011 in respect of the
Company&rsquo;s named executive officers: A named executive officer (&ldquo;NEO&rdquo;) means each of the following individuals:</P>

<p STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; text-align: justify; margin: 0">&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="5%"></td>
    <td width="6%">(a)</td>
    <td width="89%">The Chief Executive Officer;</td>
  </tr>
  <tr>
    <td width="5%"></td>
    <td width="6%">(b)</td>
    <td width="89%">the Chief Financial Officer;</td>
  </tr>
  <tr>
    <td width="5%"></td>
    <td width="6%" valign="top">(c)</td>
    <td width="89%">each
of the three most highly compensated executive officers, or the three most highly compensated individuals acting in a similar capacity,
other than the CEO and CFO, at the end of the most recently completed financial year whose total compensation was, individually,
more than $150,000, as determined in accordance with subsection 1.3(6), for that financial year.</td>
  </tr>
</table>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Summary Compensation Table </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Name</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">principal</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">position</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(a)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Year</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(b)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Salary($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(c)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Share-based awards</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(d)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Option-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">based</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">awards</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(e)</P></TD>
    <TD COLSPAN="2" STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="114">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Non-equity incentive</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">plan compensation</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pension</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">value</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(g)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">All other</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">compensation</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(h)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Total</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">compensation</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">($)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(i)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: center; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">incentive</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">plans</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f1)</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="53">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Long-term</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">incentive</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">plans</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f2)</P></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stefan Hayden<SUP>(1)</SUP></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Executive</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Officer</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2011</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2010</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2009</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">459,961</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">456,396</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">450,540</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="53">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">127,448</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">115,591</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">117,833</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">587,409</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">571,987</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">568,373</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Steve Curtis</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Financial</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Officer</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2011</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2010</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2009</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">255,428</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">242,050</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">246,240</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="53">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">7,779</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">50,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">42,406</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">10,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">305,428</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">284,456</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">264,019</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rupert Pardoe<SUP>(2)</SUP></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chairman of</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Board</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2010</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2009</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="53">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">38,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">150,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">38,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">150,000</P></TD></TR>
<tr>
    <TD STYLE="border: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Mark Learmonth</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">VP Business Development and Investor Relations</P></TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2011</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2010</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2009</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">180,230</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">179,458</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">162,601</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <p>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="114">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">15,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">14,937</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P>
        <p>&nbsp;</TD>
    <TD STYLE="border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">195,230</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">194,395</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">162,601</P>
        <p>&nbsp;</TD>
</tr>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="100%">
<TR>
    <TD STYLE="vertical-align: top; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="93">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trevor Pearton</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VP Exploration</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2011</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2010</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2009</P>
    </TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="45">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">180,230</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">179,458</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">161,141</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
    </TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="42">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
    </TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
    </TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="53">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">6,203</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="46">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="69">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">10,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">8,962</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">-</P></TD>
    <TD STYLE="vertical-align: top; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="68">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">190,230</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">188,420</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">167,344</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><I><SUP>(1)</SUP></I></TD><TD STYLE="text-align: justify"><I>Mr. S. E. Hayden is employed indirectly by the Company through an agreement with a private company.
The amounts shown are the amounts paid to the private company. </I></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><I><SUP>23)</SUP>
Rupert Pardoe resigned as a Director and Chairman December 10, 2010</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Outstanding share-based awards and option-based
awards</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table shows, for each NEO, for all awards
outstanding at the end of the most recently completed financial year &ndash; December 31, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>Option-based Awards</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share-based Awards</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(a)</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>securities</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>underlying</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>unexercised</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>options</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(#)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(b)</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>exercise</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>price</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(c)<SUP>(2)</SUP></B></P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>expiration</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>date</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(d)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Value of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>unexercised</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>in-the-money</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>options</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(e)<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>shares or </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>units of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>shares that</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>have not</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>vested</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(#)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(f)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Market or</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>payout</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>value of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>share-based</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>awards</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>that have</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>not vested</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(g)<SUP>(1)</SUP></B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Stefan Hayden</FONT></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">6,000,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">3,000,000</P></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.13</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Feb. 11, 2013</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Jan. 31, 2016</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">360,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Steve Curtis</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">300,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">400,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,300,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,500,000</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.13</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">May 11, 2016</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">May 31, 2012</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Feb. 12, 2013</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Jan. 31, 2016</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">18,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">24,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">138,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mark Learmonth</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,000,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,500,000</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.13</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Jul. 1, 2013</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Jan. 31, 2016</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">5,100</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Trevor Pearton</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">150,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">400,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">250,000</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.07</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.13</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Apr. 29, 2014</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Feb. 12, 2013</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Jan. 31, 2016</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">9,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">24,000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">-</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><SUP>(1)</SUP> Values in column (e) are calculated based on the
difference between the option exercise price of $0.07 per share and $0.13 - the closing price of the Company&rsquo;s shares on
the Toronto Stock Exchange (&ldquo;Exchange&rdquo;) on December 31, 2010.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(2)</SUP> All of the options detailed
above and exercisable at $0.07 per share were originally exercisable at various prices between $0.11 and $0.26 per share. Effective
August 10, 2010 the exercise prices of all of such options were reduced to $0.07 per share. The options shown which are exercisable
at $0.13 per share were granted to the NEO&rsquo;s January 31, 2011. On that date the closing price of the Company&rsquo;s shares
on the Toronto Stock Exchange was $0.13 per share.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Option Repricing </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="60" valign="bottom">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NEO Name</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(a)</B></P></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="57">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Repricing</B></P>
      <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(b)</B></P></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="75">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities under Options/SARs Repriced or
        Amended</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(#)(c)</B></P>
      <p>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="127">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Market Price of Securities at Time of Repricing
        or Amendment ($/Security)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(d)</B></P>
      <p>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="122">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exercise Price at Time of Repricing or Amendment
        ($/Security)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(e)</B></P>
      <p>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="71">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New Exercise Price ($/Security)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(f)</B></P>
      <p>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid #000000; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt" width="126">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Length of Original Option Term Remaining at
        Date of Repricing (Days)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(g)</B></P>
      <p>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60"><FONT STYLE="font-size: 9pt">Stefan Hayden</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">4,000,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.235</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">623</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60"></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">6,000,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.155</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">951</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60"><FONT STYLE="font-size: 9pt">Steven Curtis</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">300,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.13</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">2,100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">400,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.1125</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">659</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">2,300,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.155</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">951</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60"><FONT STYLE="font-size: 9pt">Mark Learmonth</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">1,000,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.155</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">1,056</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60"><FONT STYLE="font-size: 9pt">Trevor Pearton</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">150,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.26</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">1,358</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; text-align: justify; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="60">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="57"><FONT STYLE="font-size: 9pt">Aug. 10/2010</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="75"><FONT STYLE="font-size: 9pt">400,000</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="127"><FONT STYLE="font-size: 9pt">0.055</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="122"><FONT STYLE="font-size: 9pt">0.155</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="71"><FONT STYLE="font-size: 9pt">0.07</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt" width="126"><FONT STYLE="font-size: 9pt">951</FONT></TD></TR>
<TR>
    <TD width="74">&nbsp;</TD>
    <TD width="70">&nbsp;</TD>
    <TD width="88">&nbsp;</TD>
    <TD width="140">&nbsp;</TD>
    <TD width="135">&nbsp;</TD>
    <TD width="4">&nbsp;</TD>
    <TD width="84">&nbsp;</TD>
    <TD width="4">&nbsp;</TD>
    <TD width="133">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 5, 2009 the Board of Directors resolved
to reduce the exercise price of all of the options which were then outstanding to $0.07 per share. At that date all of the outstanding
options had exercise prices in excess of $0.07 per share - which means that they were - and had been for some time - &ldquo;out
of the money&rdquo;. The repricing of the options required the approval of the shareholders - which was granted at the annual general
shareholders meeting, held May 18, 2010. The repricing was subsequently approved by the Exchange and the Company resolved to make
the repricing effective August 10, 2010.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Incentive plan awards &ndash; value vested or earned during the
year ended December 31, 2011:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year no incentive plan awards
were granted to any of the NEOs except the share purchase options which were granted to them as detailed on page 8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the options which the Company has granted
have been granted pursuant to the Company&rsquo;s Option Plan &ndash; which can be viewed on the Company&rsquo;s website.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
<B>Compensation Discussion and Analysis</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pays &ndash; and rewards &ndash;
its NEO&rsquo;s in the amounts specifically detailed in the Tables above. The following comments with respect to the remuneration
of the NEO&rsquo;s are provided pursuant to the requirements of Canadian Securities National Instrument 51-102:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="19%"></td>
    <td width="7%" valign="top" align="right">(a)</td>
    <td width="74%">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">In
providing the compensation, and structuring it with the various elements, the Company&rsquo;s&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">objective is to reward the NEO&rsquo;s
generously enough that they are sufficiently happy with</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">their remuneration that they are keen to stay in the service of the Company
and motivated&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt"> to provide the highest quality services possible.</P>

    </td>
  </tr>
  <tr>
    <td width="19%">&nbsp;</td>
    <td width="7%" valign="top" align="right">&nbsp;</td>
    <td width="74%">&nbsp;</td>
  </tr>
  <tr>
    <td width="19%"></td>
    <td width="7%" valign="top" align="right">(b)</td>
    <td width="74%">The
compensation packages of the NEO&rsquo;s contain various elements, as follows:</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="27%"></td>
    <td width="6%">(i)</td>
    <td width="67%">&nbsp;Mr.
Hayden&rsquo;s compensation contains a number of elements:</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="33%"></td>
    <td width="7%" valign="top" align="right">A.</td>
    <td width="60%">His
compensation is provided through an agreement with a management services contract with Epicure Overseas
      S.A., a private Panamanian
company (&ldquo;management company&rdquo;), which contain requirements for the payment of the equivalent of a basic salary, an
annual increase in the basic rate of pay based on increases in the annual Canadian Cost Of Living Index, and bonuses for reaching
certain specified benchmarks. The benchmarks are the achievement of various defined elements of success with respect to progress
in the Company&rsquo;s development of its mineral properties, securing financing for the Company and achieving the completion of
certain agreements that would be of particular benefit to the Company. For each benchmark achieved the management company is entitled
to receive a bonus equal to 7.5% of the base remuneration paid for the year in which the benchmark is achieved. The remuneration
paid to the management company for 2011 was $459,961. No benchmark bonuses were paid to the management company during 2011. The
agreement with the management company also provides for the payment to it of a monthly amount to compensate for the personal expenses
incurred by Mr. Hayden in performing his services for the Company - in lieu of having to keep records and present invoices for
the detailed expenses. The monthly approved unvouchered expense allowance paid for 2011 in total was $102,448 and the amount is
also increased annually by the annual increase in the South African cost of living index;
      <p>&nbsp;</td>
  </tr>
  <tr>
    <td width="33%">&nbsp;</td>
    <td width="7%" valign="top" align="right">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%"></td>
    <td width="7%" valign="top" align="right">B.</td>
    <td width="60%">His remuneration also includes
grants of share purchase options;</td>
  </tr>
  <tr>
    <td width="33%">&nbsp;</td>
    <td width="7%" valign="top" align="right">&nbsp;&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%"></td>
    <td width="7%" valign="top" align="right">C.</td>
    <td width="60%">Indirectly
Mr. Hayden receives a further element of compensation in that the Company rents its Johannesburg office
      facilities from
a private company, the shares of which are owned by members of Mr. Hayden&rsquo;s family.</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: -144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: -144pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="27%"></td>
    <td width="6%">(ii)</td>
    <td width="67%">The
remuneration for each of Messrs. Curtis, Learmonth and Pearton consists of a salary, discretionary bonus and share purchase options;</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: -144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 106.35pt; text-align: justify; text-indent: -106.35pt">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="19%"></td>
    <td width="7%" valign="top" align="right">(c)</td>
    <td width="74%">While
the NEO&rsquo;s have all been granted share purchase options they were, for most of the period until they were repriced to $0.07
per share, effective August 10, 2010, &ldquo;out of the money&rdquo; and had not resulted in the NEO&rsquo;s receiving any benefits
from the options. Messrs. Hayden and Curtis are also paid the same per annum directors&rsquo; fees (currently $25,000 per annum)
that are paid to all of the Directors.</td>
  </tr>
  <tr>
    <td width="19%">&nbsp;</td>
    <td width="7%" valign="top" align="right">&nbsp;</td>
    <td width="74%">&nbsp;</td>
  </tr>
  <tr>
    <td width="19%"></td>
    <td width="7%" valign="top" align="right">(d)</td>
    <td width="74%">The
various elements of the compensation of the NEO&rsquo;s have been chosen to make the compensation packages competitive with what
is offered by other comparable companies. The actual amounts are settled by negotiations with the NEO&rsquo;s from time to time.</td>
  </tr>
  <tr>
    <td width="19%">&nbsp;</td>
    <td width="7%" valign="top" align="right">&nbsp;</td>
    <td width="74%">&nbsp;</td>
  </tr>
  <tr>
    <td width="19%"></td>
    <td width="7%" valign="top" align="right">(e)</td>
    <td width="74%">&nbsp;In
settling the agreed amounts of the compensation payable to Mr. Curtis, and to the company which provides Mr. Hayden&rsquo;s services,
consideration was given to the fact that both of them work out of the Company&rsquo;s office in Johannesburg, South Africa with
minimal office support personnel &ndash; with the result that it is expected that they will, on average, work substantially longer
than what might be considered normal hours for executives, and perform a wider variety of services for the Company than might otherwise
be expected from people holding their positions.</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Director compensation table</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table shows all amounts of compensation
paid or provided to the Directors &ndash; exclusive of the NEO&rsquo;s whose compensation is detailed in the Summary Compensation
Table on page 5 - for the Company&rsquo;s financial year ended December 31, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(a)</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directors Fees</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>earned</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(b)</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Share-</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>based</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>awards</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(c)</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option-</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>based</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>awards</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(d)<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Non-equity</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>incentive</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>plan</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>compensation</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(e)</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pension</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>value</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(f)</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All other</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>compensation</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(g)</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(h)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">James Johnstone</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">1,600,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: super; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">30,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Christopher Harvey</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">1,600,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: super; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">30,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Carl R. Jonsson</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">1,600,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: super; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">25,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">Robert Babensee</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">1,750,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: super; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">35,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(1)</SUP>
The options shown in this
column were granted to the named individuals on January 31, 2011. On that date the closing price of the Company&rsquo;s shares
on the Toronto Stock Exchange was $0.13 per share. As a result, the options had no value at the date they were granted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(2)</SUP>
Carl R. Jonsson is a principal
of the Vancouver law firm of Tupper, Jonsson &amp; Yeadon which acts as the Company&rsquo;s principal lawyers. Mr. Jonsson&rsquo;s
services to the Company are rendered through Tupper Jonsson &amp; Yeadon
and he, accordingly, indirectly shares in fees paid to that firm for services rendered. Mr. Jonsson does not get paid any other
direct remuneration for his services or for acting as the Company&rsquo;s Board Chairman and Corporate Secretary.</P>


<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(3)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
In addition to their Directors&rsquo;
fees Mr. Babensee receives $10,000 per year for acting as Chairman of the Audit Committee and Messrs. Johnstone and Harvey receive
$5,000 per year for acting as members of the Audit Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company does not have a long-term incentive plan, a pension
plan or other form of defined benefit plan &ndash; other than its Stock Option Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee reviews the compensation
paid to directors annually. Based on compensation paid to Directors at other companies comparable to Caledonia and on the additional
risks and responsibilities assumed by the directors it recommends compensation paid to Caledonia&rsquo;s directors. From July 1,
2004 to June 30, 2009 the fees paid to Directors were $10,000 per year, an hourly amount for preparation and participating in telephone
board meetings and a per diem fee for travel time to, and participating in, board meetings. Since June 1, 2009 the fees have been
changed to a flat fee per year (presently $25,000) - plus reimbursement for out-of-pocket expenses incurred in relation to attendance
at Board or Committee meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since June, 2003 the Company has maintained
Directors and Officers liability insurance for directors and officers of the Company and its affiliates with coverage of $2,000,000
Canadian per occurrence and in the aggregate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination of Employment, Change of
Responsibilities and Employment Contracts</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no service contracts between Caledonia
and any of the Directors of Caledonia or its subsidiaries except for:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="8%"></td>
    <td width="92%">(a)(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
&quot;Key Executive Severance Protection Plan&quot; between Caledonia and. S.E. Hayden dating from 1996 and (ii) the indirect employment
of Mr. S.E.Hayden through a management and administrative agreement. The &ldquo;Severance Plan&rdquo; calls for severance payments
to Mr. Hayden if his employment is terminated as a result of a change of control of Caledonia;</td>
  </tr>
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="92%">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%"></td>
    <td width="92%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there
are letters of appointment dated May 10, 2005 with Messrs. Harvey and Jonsson. Caledonia has also entered into Indemnification
Agreements with its Directors and Senior Officers.</td>
  </tr>
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="92%">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%"></td>
    <td width="92%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a service
agreement between Caledonia and Mr. Curtis dated April 1, 2008.</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Composition of the Compensation Committee</I></B><FONT STYLE="background-color: yellow">
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a Compensation Committee (&ldquo;Committee&rdquo;)
- presently comprised of two directors - Carl Jonsson (Chairman) and Robert Babensee. All issues as to compensation of the Directors
and Officers are considered by the Committee. Mr. Jonsson provides the Company with legal services and as a Director, Officer and
Committee member. He has therefore been a service provider within the past three years and is not considered an independent director.
Mr. Babensee is independent.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PERFORMANCE GRAPH </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following graph and table compares the
year-end value of the common shares of the Company with the TSX Composite Index for the last five years on the basis of cumulative
total return.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Caledonia Shares vs TSX Composite at December 31, 2011 (assuming
$100 of Caledonia shares were purchased on January 1, 2007:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0" align="center"><img border="0" src="image_002.jpg" width="662" height="362"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">Notwithstanding the fact that the value of the Company&rsquo;s shares has, in some years, declined on the
markets on which the shares trade, the compensation levels of the Company&rsquo;s NEO&rsquo;s have increased by amounts which were
at, or in excess of, the inflation rates experienced in the countries in which the Company conducts its business activities and
in which its shares trade. The compensation of the Company&rsquo;s NEO&rsquo;s has never been determined in relation to the prices
at which its shares have traded.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CORPORATE GOVERNANCE PRACTICE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject to Canadian National
Instrument 58-101 (&ldquo;NI 58-101&rdquo;) Disclosure of Corporate Governance Practices. This Instrument requires a company to
include in its management information circular the disclosure required by Form 58-101F1. The Company's Statement of Corporate Governance
Practices, which has been prepared by the Corporate Governance Committee follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Mandate of the Board</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Company is responsible
for the overall stewardship of the Company, and has full power and authority to manage and control the affairs and business of
the Company. The mandate of the Board of Directors is detailed in the &ldquo;Charter of the Board of Directors&rdquo; which can
be viewed on the Company&rsquo;s website at www.caledoniamining.com.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Amongst other things, the Board is responsible
for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">supervising the officers of the Company in their management of the business and affairs of the
Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">adoption of and managing the Company's strategic planning process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">identifying and managing principal risks to the Company's business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD>succession planning including the appointment, training, monitoring and appraisal of senior officers of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD>overseeing the administration of a policy for communications by the Company with shareholders, the investment
  community, the media, governments
and the general public;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">examination, through its Audit Committee, of the effectiveness of the company&rsquo;s internal
control processes and management information systems. The Board consults with the VP Finance and management of the Company to ensure
the integrity of these systems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">developing position descriptions and terms of reference for the Board, the President and Chief
Executive Officer and the committees of the Board; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">ensuring that Directors may hire outside advisors, at the expense of the company, in appropriate
circumstances.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Board holds regular meetings and
additional meetings to address special items of business. The frequency of meetings, as well as the nature of agenda items, changes
depending upon the state of the Company's affairs and in light of opportunities or risks which the Company faces. On average the
Board has met approximately <FONT STYLE="color: black">six</FONT> times per year during the past five years, including a board
meeting at the time of the AGM in Toronto when all the directors are normally present in person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As part of the Board's responsibility
for the strategic planning process of the Company, the Board considers and, where appropriate, adopts the goals of the business
that are proposed by Management and the strategies and policies within which the Company is managed. Management is required to
seek the approval of the Board for material deviations, financial or otherwise, from the approved business goals, strategies and
policies of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Board Composition </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board believes that the extensive knowledge
of both the independent and the non-independent Directors of the Company's business is beneficial to the other directors and their
participation as directors contributes to the effectiveness of the Board. The Board further believes that the business knowledge
and experience, particularly in the context of activities in Southern Africa, brought by Messrs. Hayden and Curtis is most valuable
to the other directors and to the Company as a whole.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia&rsquo;s Board members consider that
the Board&rsquo;s current composition is efficient and appropriate considering the extent of the Company&rsquo;s activities and
the location of the properties on which most of its activities are conducted. The Board has concluded that three of the six directors,
Messrs. Harvey, Johnstone and Babensee, are independent directors within the meaning of the NI 58-101 definitions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have a significant shareholder,
defined by the Toronto Stock Exchange as a shareholder with the ability to exercise a majority of votes for the election of directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Board Committees</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has five standing committees:
the Audit Committee, the Compensation Committee, the Corporate Governance Committee, the Nominating Committee and the Disclosure
Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee, comprised of Messrs.Johnstone,
Harvey and Babensee &ndash; and is chaired by Mr. Babensee. The members of the Audit Committee, the internal accounting staff and
the external auditors have unrestricted direct access to, and communication with, each other to assist them in carrying out their
respective duties. The Audit Committee is responsible for reviewing and making recommendations to the Board on:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><font size="3">1.</font></TD><TD STYLE="text-align: justify"><font size="3">financial statements and the related reports of management and external auditors;</font></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><font size="3">2.</font></TD><TD STYLE="text-align: justify"><font size="3">accounting and financial reporting procedures and methods;</font></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><font size="3">3.</font></TD><TD STYLE="text-align: justify"><font size="3">internal audit procedures and reports, and matters relating to external auditors, including the
appointment and terms of engagement of external auditors and their reports relating to accounting, financial and internal audit
matters.</font></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has adopted a &ldquo;Charter of the
Audit Committee&rdquo; which is attached as Appendix &ldquo;A&rdquo;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Corporate Governance Committee</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attached as Appendix &ldquo;B&rdquo; is Form
58-101F1 - which is to provide certain Corporate Governance disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Composition of Other Committees</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The composition of the Committees not detailed
above is:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="7%">-</td>
    <td width="36%">Nominating Committee&nbsp;</td>
    <td width="8%">-</td>
    <td width="49%">Stefan Hayden
- Chairman</td>
  </tr>
  <tr>
    <td width="7%"></td>
    <td width="36%"></td>
    <td width="8%"></td>
    <td width="49%">Carl Jonsson</td>
  </tr>
  <tr>
    <td width="7%">-</td>
    <td width="36%">Corporate Governance Committee</td>
    <td width="8%">-</td>
    <td width="49%">Carl
Jonsson - Chairman</td>
  </tr>
  <tr>
    <td width="7%"></td>
    <td width="36%"></td>
    <td width="8%"></td>
    <td width="49%">Stefan Hayden</td>
  </tr>
  <tr>
    <td width="7%">-</td>
    <td width="36%">Disclosure Committee</td>
    <td width="8%">-</td>
    <td width="49%">Stefan Hayden</td>
  </tr>
  <tr>
    <td width="7%"></td>
    <td width="36%"></td>
    <td width="8%"></td>
    <td width="49%">Carl Jonsson</td>
  </tr>
  <tr>
    <td width="7%"></td>
    <td width="36%"></td>
    <td width="8%"></td>
    <td width="49%">Steven Curtis</td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Courier New, Courier, Monospace; margin: 0 0 0 45pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -36pt">Additional
Information</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additional information relating to the Company
is on SEDAR at www.sedar.com and on the Company&rsquo;s website at www.caledoniamining.com Financial information is provided in
the Company&rsquo;s comparative financial statements prepared and audited to December 31, 2010 and in its annual MD&amp;A dated
March 15, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copies of any of the documents which are described
in the Information Circular as being available to be viewed on the Company&rsquo;s website. They also can be obtained by contacting
the Company at:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="33%"></td>
    <td width="33%">Suite 1201, 67 Yonge Street,</td>
    <td width="34%"></td>
  </tr>
  <tr>
    <td width="33%"></td>
    <td width="33%">Toronto, Ontario, Canada
M5E 1J8</td>
    <td width="34%"></td>
  </tr>
  <tr>
    <td width="33%"></td>
    <td width="33%">Phone: 1-416-369-9835</td>
    <td width="34%"></td>
  </tr>
  <tr>
    <td width="33%"></td>
    <td width="33%">email: Jonsson@securitieslaw.bc.ca</td>
    <td width="34%"></td>
  </tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">BY ORDER OF THE BOARD OF DIRECTORS&#9;DATED: April 20, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>APPENDIX &ldquo;A&rdquo;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Charter of the Audit Committee of the Board
of Directors</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(As adopted November 9, 2006)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>I.&#9;Purpose</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the Audit Committee (the &ldquo;Committee&rdquo;)
of the Board of Directors (the &ldquo;Board&rdquo;) of Caledonia Mining Corporation (&ldquo;Caledonia&rdquo;) is to assist the
Board in its oversight of the:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD>integrity, adequacy and timeliness of Caledonia&rsquo;s financial reporting and disclosure practices;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">processes for identifying the principal financial risks of Caledonia and the control systems in
place to monitor them;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">compliance with legal and regulatory requirements related to financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">-</TD><TD STYLE="text-align: justify">independence and performance of Caledonia&rsquo;s independent external auditors (&ldquo;Auditors&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Committee shall be constituted and perform
its activities in compliance with all applicable governmental and securities laws, regulations and rules (&ldquo;Rules&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Committee&rsquo;s role is one of oversight.
The financial statements are the responsibility of Management. The Auditors are responsible for performing an audit and expressing
an opinion on the fair presentation of Caledonia&rsquo;s financial statements in accordance with generally accepted accounting
principles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>II.&#9;Authority</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">The Committee has the authority to conduct any investigation appropriate to its responsibilities,
and it may require the Auditors as well as any officer of Caledonia, or Caledonia&rsquo;s outside counsel, to attend a meeting
of the Committee or to meet with any Members of the Committee (&ldquo;Members&rdquo;), or consultants to the Committee.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">The Committee shall have unrestricted access to Caledonia&rsquo;s books and records.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">The Committee has authority to:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">engage independent counsel and other advisors as it determines necessary to carry out its duties;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">set and pay the compensation for any advisors engaged by the Audit Committee; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">communicate directly with the internal and external auditors.</TD></TR></TABLE>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>III. &#9;Composition and Meetings</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">The Committee and its Members shall meet all applicable legal, regulatory and listing requirements;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">Members and the Chairperson shall be appointed by the Board and may be removed by the Board in
its discretion. The Committee will be appointed annually at the first Board meeting following the annual general meeting; and in
the absence of such appointment, and pending such appointment, the Committee shall continue to be comprised of its existing members;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">The Committee shall be comprised of three or more directors, one of whom shall serve as the Chairperson;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">Each member of the Committee shall satisfy the applicable laws and regulations, and the rules of
any stock exchange or market upon which the shares of Caledonia are listed or proposed to be listed for trading (hereinafter generally
called the &ldquo;Stock Exchange&rdquo;), and each member shall be independent as defined by the Rules and free from any relationship
that, in the opinion of the Board, could reasonably be expected to interfere with the exercise of his or her independence from
Management or the Auditors;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">All Members shall be, or promptly after appointment shall become, financially literate as defined
by the Rules.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">The Committee shall meet, at the discretion of the Chairperson or a majority of the Members, as
circumstances dictate or as may be required by applicable legal or listing requirements, and a majority of the Members shall constitute
a quorum;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">If and whenever a vacancy shall exist, the remaining Members may exercise all of its powers and
responsibilities so long as a quorum remains in office;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">Any matters to be determined by the Committee shall be decided by a majority of votes cast at a
meeting of the Committee called for such purpose; actions of the Committee may be taken by an instrument or instruments in writing
signed by all of the Members, and such actions shall be effective as though they had been decided by a majority of votes cast at
a meeting of the Committee called for such purpose; in the case of a tie the Chairperson shall have a second or tie-breaking vote;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify">The Committee shall maintain minutes of meetings and periodically report to the Board on significant
results of the Committee&rsquo;s activities;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify">The Committee may invite such other persons to its meetings as it deems appropriate; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: justify">The Auditors will have direct access
to the Committee on their own initiative.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify">The Chairperson of the Committee (&ldquo;Chairperson&rdquo;), or other Member so designated by
the Committee may represent the Committee to the extent permitted by applicable legal and listing requirements.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">13.</TD><TD STYLE="text-align: justify">The Committee shall review and assess the adequacy of this Charter annually and submit any proposed
revisions to the Board for approval.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IV.&#9;Responsibilities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;
With Respect to financial disclosure
documents:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">The Committee shall review Caledonia&rsquo;s interim unaudited and annual audited financial statements
and report thereon to the Board prior to their being filed with the appropriate regulatory authorities or published or distributed.
With respect to the financial statements, the Committee shall discuss significant issues regarding accounting principles, practices,
and judgments of Management with Management and the Auditors as and when the Committee deems it appropriate to do so;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">The Committee shall review Management&rsquo;s Discussion and Analysis relating to annual and interim
financial statements, and any other public disclosure documents that are required to be reviewed by the Committee under any applicable
laws prior to them being filed with the appropriate regulatory authorities or published or distributed;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">The Committee shall review Management&rsquo;s earnings releases relating to annual and interim
financial statements prior to them being filed with the appropriate regulatory authorities or published or distributed;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">The Committee shall review the post-audit or management letter containing the recommendations of
the Auditors and Management&rsquo;s response and subsequent follow-up to any identified weaknesses;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">The Committee shall review the evaluation of internal controls by the Auditors, together with Management&rsquo;s
response;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">The Committee shall meet no less frequently than annually separately with the Auditors and Caledonia&rsquo;s
Chief Financial Officer to review Caledonia&rsquo;s accounting practices, internal controls and such other matters as the Committee
or Chief Financial Officer deems appropriate;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">The Committee shall be directly responsible for overseeing the work of the Auditors engaged for
the purpose of preparing or issuing an auditor&rsquo;s report or performing other audit, review or attest services for Caledonia,
including the resolution of disagreements between management and the Auditors regarding financial reporting;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">The Committee must pre-approve all non-audit services to be provided to Caledonia or its subsidiary
entities by the Auditors;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify">The Committee must be satisfied that adequate procedures are in place for the review of Caledonia&rsquo;s
public disclosure of financial information extracted or derived from Caledonia&rsquo;s financial statements, other than the public
disclosure referred to in sub-clauses 1, 2 and 3 of Clause IV.A above, and must periodically assess the adequacy of those procedures;</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify">The Committee must establish procedures for:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the receipt, retention and treatment of complaints received by Caledonia regarding accounting,
internal accounting controls, or auditing matters; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">the confidential, anonymous submission by employees of Caledonia of concerns regarding questionable
accounting or auditing matters.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11.
The Committee must review and approve
Caledonia&rsquo;s hiring policies regarding partners, employees and former partners and employees of the present and former external
auditor of the issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;
With Respect to the Auditors</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt" valign="top">1.</TD><TD STYLE="text-align: justify">The Auditors are ultimately accountable to the shareholders of Caledonia. The Board has the authority
to nominate the Auditors to be proposed for shareholder approval in any proxy statement. The Board will set the compensation for
the Auditors - but only after the Committee has given its recommendations as to their compensation;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">The Committee shall review the performance
of the Auditors;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">The Auditors must report directly to
the Committee;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt" valign="top">4.</TD><TD STYLE="text-align: justify">The Committee shall annually recommend to the Board the appointment or reappointment of the Auditors,
or, as appropriate, the discharge or replacement of the Auditors when circumstances warrant;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt" valign="top">5.</TD><TD STYLE="text-align: justify">The Committee shall be responsible for ensuring that the Auditors submit to the Committee (on a
periodic basis) a formal written statement delineating all relationships between the Auditors and Caledonia. The Committee is responsible
for discussing with the Auditors any disclosed relationships or services that may impact the objectivity and independence of the
Auditors and for recommending that the Board take appropriate action in response to the Auditor&rsquo;s report to satisfy itself
of the Auditor&rsquo;s independence;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">The Committee shall review the Auditor&rsquo;s audit plan, including scope, procedures and timing
of the audit.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>C.&nbsp;&nbsp;&nbsp;
Other Committee Responsibilities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Committee shall perform any other activities
consistent with this Charter and any governing law or regulations as the Committee or the Board deems necessary or appropriate,
including:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">Conducting or authorizing investigations into any matters that the Committee believes is within
the scope of its responsibilities;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">Making enquiries of management and the Auditors to identify significant business, political, financial
and control risks and exposures and to assess the steps management has taken to minimize such risks.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">DATED:</TD><TD STYLE="text-align: justify">November 9, 2006</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>APPENDIX &ldquo;B&rdquo;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 58-101F1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CORPORATE GOVERNANCE DISCLOSURE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>1. Board of Directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose the identity
        of directors who are independent</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company has determined that 3 of its current 6 directors are
        &ldquo;independent&rdquo;, within the meaning of NI 58-101. The following directors are &ldquo;independent&rdquo;:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&#9;James Johnstone</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&#9;Christopher Harvey</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&#9;Robert Babensee</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose the identity of
        directors who are not independent, and describe the basis for that determination.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Stefan Hayden, Steven Curtis and Carl R. Jonsson are not &ldquo;independent&rdquo;
        within the meaning of NI 58-101. Messrs. Hayden and Curtis are full-time paid officers and executives of the Company - and Mr.
        Jonsson, in his capacity as the Company&rsquo;s lawyer, receives compensation for his services rendered.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose
        whether or not a majority of directors are independent, describe what the Board does to facilitate its exercise of independent
        judgment in carrying out its responsibilities.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">As per (a) and (b) above, 50% of the directors of the Company are
        &ldquo;independent&rdquo;, within the meaning of NI 58-101.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If a director is presently
        a director of any other issuer that is a reporting issuer (or the equivalent) in a jurisdiction or a foreign jurisdiction, identify
        both the director and the other issuer.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The only director who acts as a director of other reporting issuers
        is Carl Jonsson. He is a director of the following other reporting issuers:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Bonterra Energy Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Geomark Exploration Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Comet Industries Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Acrex Ventures Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        DV Resources Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Pine Cliff Energy Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Alita Resources Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Astorius Resources Ltd.</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        independent directors hold regularly schedules meetings at which non-independent directors and members of management are not in
        attendance. If the independent directors hold such meetings, disclose the number of meetings held since the beginning of the issuer&rsquo;s
        most recently completed financial year. If the independent directors do not hold such meetings, describe what the Board does to
        facilitate open and candid discussion among its independent directors</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company holds one regularly scheduled in-person Board Meeting
        annually - held in conjunction with the AGM - and at least five regularly scheduled telephone conference Board Meetings each year.
        The agendas of these meetings occasionally include the holding of a meeting &ldquo;in camera&rdquo; which excludes participation
        by Messrs. Hayden and Curtis as the Directors representing management of the Company. Open and candid discussion is encouraged
        at all meetings. Meetings only include meetings of the independent directors if such a meeting is requested by an independent director.
        In 2011 there was a total of seven meetings of the board of directors including the scheduled meetings mentioned above - and three
        meetings of the independent directors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        chair of the Board is an independent director. If the Board has a chair or lead director who is an independent director, disclose
        the identity of the independent chair or lead director, and describe his or her role and responsibilities. If the Board has neither
        a chair that is independent nor a lead director that is independent, describe what the Board does to provide leadership for its
        independent directors</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Carl Jonsson, who is also the Company&rsquo;s principal Solicitor
        and Corporate Secretary and who is not considered independent, was appointed Chairman of the Board December 10, 2010. The Chairman
        of the Board has the responsibility of overseeing the efficient operation of the Board and its committees. The Board does not have
        a lead director and no specific independent director who is responsible to provide leadership of the independent directors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose the attendance record
        of each director for all Board meetings held since the beginning of the issuer&rsquo;s most recently completed financial year.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company held seven Board meetings in 2011. All of the Directors
        attended all of the meetings except that Chris Harvey did not attend one meeting and Jim Johstone did not attend two meetings.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>2. Board Mandate</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose the text of the Board&rsquo;s
        written mandate. If the Board does not have a written mandate, describe how the Board delineates its role and responsibilities.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company has a written Charter of the Board of Directors. It
        can be viewed on the Company&rsquo;s website at www.caledoniamining.com</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>3. Position Descriptions</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has developed written position descriptions for the Chair and the Chair or each Board committee. If the Board has not developed
        written position descriptions for the Chair and/or the Chair of each Board committee, briefly describe how the Board delineates
        the role and responsibilities of each such position</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board has established position descriptions for the Chairman
        of the Board as well as for the Chairs of each committee.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The primary responsibility of the Chairs is to ensure that the Board
        and its committees are operating effectively and meet the objectives set in their respective charters.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Committee chairs report periodically to the Board - usually in Board
        meetings. Chairs are expected to report in writing to the Board any matters they consider being of importance. The composition
        of the Committees can be found on the Company&rsquo;s website at www.caledoniamining.com in the Corporate Governance section and
        on page 12 of the Information Circular.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board and CEO have developed a written position description for the CEO. If the Board and CEO have not developed such a position
        description, briefly describe how the Board delineates the role and responsibilities of the CEO.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board has not established written position descriptions for
        the President and Chief Executive Officer of the Company. Nevertheless they are expected to fulfill the responsibilities that normally
        go with those positions - which includes the following key responsibilities; set the strategic direction of the Company in conjunction
        with the Board and then execute the strategy; provide leadership; procure the necessary financing to enable the Company to continue
        its planned work programs and report on a regular basis to the Board and the Company&rsquo;s shareholders.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>4. Orientation and Continuing Education</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Briefly describe what measures
        the Board takes to orient new directors regarding</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the role of the Board, its
        committees and its directors, and</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the nature and operation
        of issuer&rsquo;s business</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The normal orientation for a new director includes meeting with
        the other directors and the senior management of the Company. The goal is to provide a new director with a history of the Company
        and provide him/her with a briefing of the key strategies and issues that the Company is currently facing. In addition, particularly
        if the director is new to the role of director, the orientation also includes a briefing of his/her responsibilities, regarding
        the legal responsibilities of being a director and an insider of the Company. The orientation includes a discussion on how the
        Board and its committees function including the anticipated time commitments. He/she is provided with the relevant documentation
        including the Company&rsquo;s corporate governance documents.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A new director is invited to meet the key members of management
        and to study the Company&rsquo;s material documents and recently published materials.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Briefly describe what measures,
        if any, the Board takes to provide continuing education for its directors. If the Board does not provide continuing education,
        describe how the Board ensures that its directors maintain the skill and knowledge necessary to meet their obligations as directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company does not provide continuing education for its directors
        except if and when a director makes a request. Directors are encouraged to attend relevant seminars and other educational presentations
        when they are available. Other directors periodically discuss the performance of the directors on an informal basis.</P></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>5. Ethical Business Conduct</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has adopted a written code for the directors, officers and employees. If the Board has adopted a written code:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        disclose how a person or
        company may obtain a copy of the code;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        describe how the Board
        monitors compliance with its code, or if the Board does not monitor compliance, explain whether and how the Board satisfies itself
        regarding compliance with its code; and</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        provide a cross-reference
        to any material change report filed since the beginning of the issuer&rsquo;s most recently completed financial year that pertains
        to any conduct of a director or executive officer that constitutes a departure from the code.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe any steps the Board
        takes to ensure directors exercise independent judgment in considering transactions and agreements in respect of which a director
        or executive officer has a material interest.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe any other steps
        the Board takes to encourage and promote a culture of ethical business conduct.</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board expects directors and Company employees to behave ethically
        at all times and has adopted a written code of ethics policy, which includes a &ldquo;whistleblower&rdquo; provision.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A copy of the Company&rsquo;s Code of Business Conduct and Ethics,
        dated April 8, 2004, can be found on the Company&rsquo;s website at www.caledoniamining.com in the Corporate Governance Section</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board does not formally monitor compliance with the Code. Directors
        maintain an informal awareness of the Code and would normally be alert to any violation of the Code. The Board does not have any
        formal established procedures to alert it to any violations to the Code.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">There were no reported incidents relating to the Company&rsquo;s
        Code of Ethics/whistleblower policy since its adoption in 2004.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Directors are required to disclose any actual or potential conflict
        of interest situation. As such, the director must excuse himself from any such discussions and refrain from voting on any such
        issues. The Chair may also request that a director excuse himself or abstain from voting on an issue if he feels that there may
        be a conflict.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None specifically - except the general prevailing awareness by the
        Directors that they are expected to cause the Company to maintain ethical business conduct.</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>6. Nomination of directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe the process by which
        the Board identifies new candidates for Board nomination.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has a nominating committee composed entirely of independent directors. If the Board does not have a nominating committee
        composed entirely of independent directors, describe what steps the Board takes to encourage an objective nomination process.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If the Board has a nominating
        committee, describe the responsibilities, powers and operation of the nominating committee.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s Nominating Committee consists of the Company&rsquo;s
        President and CEO, Stefan Hayden and Carl Jonsson, the Company&rsquo;s Chairman and Secretary. The Nominating Committee undertakes
        no activities except if and when the Board determines that a new Director should or must be appointed. However, all Directors recognize
        the value of having persons on the Board who can contribute - and all Directors therefore have an open mandate to stay alert to
        identifying persons who would be potentially valuable additions to the Board and to make recommendations in that regard to the
        Nominating Committee.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The Nominating Committee is comprised
        entirely of non independent Directors.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 11pt"> As to the
        Committee&rsquo;s objectivity see sub-clause (a) above.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See above</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>7. Compensation</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe the process by which
        the Board determines the compensation for the issuer&rsquo;s directors and officers</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has a compensation committee composed entirely of independent Directors. If the Board does not have a compensation committee
        composed entirely of independent Directors, describe what steps the Board takes to ensure an objective process for determining
        such compensation.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company has prepared the Compensation report &ldquo;Corporation
        Discussion and Analysis&rdquo; included in this Information Circular incorporating the new executive compensation disclosure requirements
        contained in the amendments to National Instrument 51-102 continuous disclosure obligations.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Compensation Committee is comprised of Robert Babensee, who
        is an &ldquo;independent&rdquo; Director, and Carl Jonsson who is considered to be &ldquo;non-independent&rdquo;. With respect
        to Directors&rsquo; and Officers&rsquo; compensation generally it is considered by the full Board which has 50% &ldquo;independent&rdquo;
        Directors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If the Board has a compensation
        committee, describe the responsibilities, powers and operation of the compensation committee.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The principal responsibilities of the Compensation Committee are
        to review the compensation for the directors, the President and Chief Executive Officer, the Chairman, and the executive officers
        of the Company, and to prepare the executive compensation report for disclosure to shareholders.</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If a compensation consultant
        or advisor has, at any time since the beginning of the issuer&rsquo;s most recently completed financial year, been retained to
        assist in determining compensation for any of the issuer&rsquo;s directors and officers, disclose the identity of the consultant
        or advisor and briefly summarize the mandate for which they have been retained. If the consultant or advisor has been retained
        to perform any other work for the issuer, state that fact and briefly describe the nature of the work.</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Neither the Company nor the Compensation Committee have at any time
        retained the services of a compensation consultant or advisor</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>8. Other Board Committees</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>If the Board has standing committees other than the audit, compensation
        and nominating committees, identify the committees and describe their function.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(i) The primary role of the Corporate Governance Committee is to
        develop and implement corporate governance principles and policies established by the Board and to ensure that these principles
        are regularly reviewed, updated and adhered to.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(ii) The function of the Disclosure Committee is to maintain a current
        awareness of the disclosure requirements applicable to publicly traded companies and as required by the rules of the Toronto Stock
        Exchange and securities regulatory authorities having jurisdiction. Then the Committee and its members are expected to ensure that
        the disclosures by the Company are in compliance with those requirements.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>9. Assessments</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Disclose whether or not the Board, its committees and individual
        directors are regularly assessed with respect to their effectiveness and contribution. If assessments are regularly conducted,
        describe the process used for the assessments. If assessments are not regularly conducted, describe how the Board satisfies itself
        that the Board, its committees, and its individual directors are performing effectively.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Neither the Board, the Committees nor individual Directors are regularly
        assessed with respect to their effectiveness and contribution. In the annual Board Meetings held in conjunction with the Annual
        General Meeting there was always discussion of the performance of the Board and the Committees.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 36pt; font-size: 11pt; font-weight: bold; text-indent: -36pt">&nbsp;</TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>4. Orientation and Continuing Education</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Briefly describe what measures
        the Board takes to orient new directors regarding</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the role of the Board, its
        committees and its directors, and</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the nature and operation
        of issuer&rsquo;s business</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The normal orientation for a new director includes meeting with
        the other directors and the senior management of the Company. The goal is to provide a new director with a history of the Company
        and provide him/her with a briefing of the key strategies and issues that the Company is currently facing. In addition, particularly
        if the director is new to the role of director, the orientation also includes a briefing of his/her responsibilities, regarding
        the legal responsibilities of being a director and an insider of the Company. The orientation includes a discussion on how the
        Board and its committees function including the anticipated time commitments. He/she is provided with the relevant documentation
        including the Company&rsquo;s corporate governance documents.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A new director is invited to meet the key members of management
        and to study the Company&rsquo;s material documents and recently published materials.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Briefly describe what measures,
        if any, the Board takes to provide continuing education for its directors. If the Board does not provide continuing education,
        describe how the Board ensures that its directors maintain the skill and knowledge necessary to meet their obligations as directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company does not provide continuing education for its directors
        except if and when a director makes a request. Directors are encouraged to attend relevant seminars and other educational presentations
        when they are available. Other directors periodically discuss the performance of the directors on an informal basis.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>5. Ethical Business Conduct</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has adopted a written code for the directors, officers and employees. If the Board has adopted a written code:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        disclose how a person or
        company may obtain a copy of the code;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        describe how the Board
        monitors compliance with its code, or if the Board does not monitor compliance, explain whether and how the Board satisfies itself
        regarding compliance with its code; and</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        provide a cross-reference
        to any material change report filed since the beginning of the issuer&rsquo;s most recently completed financial year that pertains
        to any conduct of a director or executive officer that constitutes a departure from the code.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe any steps the Board
        takes to ensure directors exercise independent judgment in considering transactions and agreements in respect of which a director
        or executive officer has a material interest.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe any other steps
        the Board takes to encourage and promote a culture of ethical business conduct.</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board expects directors and Company employees to behave ethically
        at all times and has adopted a written code of ethics policy, which includes a &ldquo;whistleblower&rdquo; provision.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A copy of the Company&rsquo;s Code of Business Conduct and Ethics,
        dated April 8, 2004, can be found on the Company&rsquo;s website at www.caledoniamining.com in the Corporate Governance Section</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board does not formally monitor compliance with the Code. Directors
        maintain an informal awareness of the Code and would normally be alert to any violation of the Code. The Board does not have any
        formal established procedures to alert it to any violations to the Code.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">There were no reported incidents relating to the Company&rsquo;s
        Code of Ethics/whistleblower policy since its adoption in 2004.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Directors are required to disclose any actual or potential conflict
        of interest situation. As such, the director must excuse himself from any such discussions and refrain from voting on any such
        issues. The Chair may also request that a director excuse himself or abstain from voting on an issue if he feels that there may
        be a conflict.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None specifically - except the general prevailing awareness by the
        Directors that they are expected to cause the Company to maintain ethical business conduct.</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>6. Nomination of directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe the process by which
        the Board identifies new candidates for Board nomination.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has a nominating committee composed entirely of independent directors. If the Board does not have a nominating committee
        composed entirely of independent directors, describe what steps the Board takes to encourage an objective nomination process.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If the Board has a nominating
        committee, describe the responsibilities, powers and operation of the nominating committee.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s Nominating Committee consists of the Company&rsquo;s
        President and CEO, Stefan Hayden and Carl Jonsson, the Company&rsquo;s Chairman and Secretary. The Nominating Committee undertakes
        no activities except if and when the Board determines that a new Director should or must be appointed. However, all Directors recognize
        the value of having persons on the Board who can contribute - and all Directors therefore have an open mandate to stay alert to
        identifying persons who would be potentially valuable additions to the Board and to make recommendations in that regard to the
        Nominating Committee.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Nominating Committee is comprised entirely of non independent
        Directors. As to the Committee&rsquo;s objectivity see sub-clause (a) above.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See above</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>7. Compensation</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Describe the process by which
        the Board determines the compensation for the issuer&rsquo;s directors and officers</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Disclose whether or not the
        Board has a compensation committee composed entirely of independent Directors. If the Board does not have a compensation committee
        composed entirely of independent Directors, describe what steps the Board takes to ensure an objective process for determining
        such compensation.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company has prepared the Compensation report &ldquo;Corporation
        Discussion and Analysis&rdquo; included in this Information Circular incorporating the new executive compensation disclosure requirements
        contained in the amendments to National Instrument 51-102 continuous disclosure obligations.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Compensation Committee is comprised of Robert Babensee, who
        is an &ldquo;independent&rdquo; Director, and Carl Jonsson who is considered to be &ldquo;non-independent&rdquo;. With respect
        to Directors&rsquo; and Officers&rsquo; compensation generally it is considered by the full Board which has a majority of &ldquo;independent&rdquo;
        Directors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If the Board has a compensation
        committee, describe the responsibilities, powers and operation of the compensation committee.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The principal responsibilities of the Compensation Committee are
        to review the compensation for the directors, the President and Chief Executive Officer, the Chairman, and the executive officers
        of the Company, and to prepare the executive compensation report for disclosure to shareholders.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        If a compensation consultant
        or advisor has, at any time since the beginning of the issuer&rsquo;s most recently completed financial year, been retained to
        assist in determining compensation for any of the issuer&rsquo;s directors and officers, disclose the identity of the consultant
        or advisor and briefly summarize the mandate for which they have been retained. If the consultant or advisor has been retained
        to perform any other work for the issuer, state that fact and briefly describe the nature of the work.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Neither the Company nor the Compensation Committee have at any time
        retained the services of a compensation consultant or advisor</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>8. Other Board Committees</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>If the Board has standing committees other than the audit, compensation
        and nominating committees, identify the committees and describe their function.</B></P></TD>
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(i) The primary role of the Corporate Governance Committee is to
        develop and implement corporate governance principles and policies established by the Board and to ensure that these principles
        are regularly reviewed, updated and adhered to.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(ii) The function of the Disclosure Committee is to maintain a current
        awareness of the disclosure requirements applicable to publicly traded companies and as required by the rules of the Toronto Stock
        Exchange and securities regulatory authorities having jurisdiction. Then the Committee and its members are expected to ensure that
        the disclosures by the Company are in compliance with those requirements.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>9. Assessments</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Disclose whether or not the Board, its committees and individual
        directors are regularly assessed with respect to their effectiveness and contribution. If assessments are regularly conducted,
        describe the process used for the assessments. If assessments are not regularly conducted, describe how the Board satisfies itself
        that the Board, its committees, and its individual directors are performing effectively.</B></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Neither the Board, the Committees nor individual Directors are regularly
        assessed with respect to their effectiveness and contribution. In the annual Board Meetings held in conjunction with the Annual
        General Meeting there was always discussion of the performance of the Board and the Committees.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><B>Directors and Management at April 20, 2013</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="100%" height="556">
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><B>BOARD OF DIRECTORS</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-left: 5.4pt; padding-right: 5.4pt" width="292" height="21"><B>OFFICERS</B></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="40">C. R. Jonsson (2) (3) (4) (5) - Chairman</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="40">C. R. Jonsson - Chairman</TD>
    <TD width="180" height="40">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="40"><I>Principal of Tupper Jonsson&amp; Yeadon</I></TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="40">Corporate Secretary</TD>
    <TD width="180" height="40">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><I>Barristers &amp; Solicitors</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21"><I>Principal of Tupper Jonsson&amp; Yeadon</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><I>Vancouver, British Columbia,</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21"><I>Barristers &amp; Solicitors</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><I>Canada</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21"><I>Vancouver, British Columbia,</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">&nbsp;</TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21"><I>Canada</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">&nbsp;</TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">S. E. Hayden(3) (4) (5) (6) (7)</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">S. E. Hayden</TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="40"><I>President and Chief Executive Officer</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="40"><I>President and Chief Executive Officer</I></TD>
    <TD width="180" height="40">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><I>Johannesburg, South Africa</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21"><I>Johannesburg, South Africa</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">&nbsp;</TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">J. Johnstone (1) (6)</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">S. R. Curtis</TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="40"><I>Retired Mining Engineer</I></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="40"><I>Vice-President Finance and Chief Financial Officer</I></TD>
    <TD width="180" height="40">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="78">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Gibsons, British Columbia, Canada</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="78"><I>Johannesburg, South Africa </I></TD>
    <TD width="180" height="78">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="166" height="21">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21">R. Patricio (7)</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="166" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="21"><I>Non- executive Director</I></TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="286" height="21">Dr. T. Pearton (6)</TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="239" height="24">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Toronto, Ontario, Canada</I></P>
    </TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="286" valign="top" height="24"><I>Vice-President Exploration</I></TD>
    <TD width="180" height="24">&nbsp;</TD></TR>
<TR>
    <TD width="253" height="21">&nbsp;</TD>
    <TD width="4" height="21">&nbsp;</TD>
    <TD width="300" height="21">&nbsp;<I>Johannesburg, South Africa</I></TD>
    <TD width="180" height="21">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="247">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="432"></TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="247">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="432">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="247">R. W. Babensee (1) (2)</TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="432">J.M. Learmonth (7)</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="247"><I>Chartered Accountant &ndash; Retired</I></TD>
    <TD COLSPAN="4" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="432"><I>Vice-President Business Development</I></TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="247"><I>Toronto, Ontario, Canada</I></TD>
    <TD COLSPAN="4" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="432"><I>Johannesburg, South Africa</I></TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="247">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="432">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="247">S. R. Curtis (5) (7)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="432">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="247"><I>Vice-President Finance and Chief Financial officer</I></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="432">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="247"><I>Johannesburg, South Africa</I></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="432">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="247">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; padding-left: 5.4pt; padding-right: 5.4pt" width="432"></TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="403"></TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304"><B>BOARD COMMITTEES</B></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="403">L.A. Wilson (1) (7)</TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">(1) Audit Committee</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="403"><I>Non- executive Director</I></TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">(2) Compensation Committee</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="403"><I>Rowayton, Connecticut, </I></TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">(3) Corporate Governance Committee</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="403">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Connecticut, USA&nbsp;</I></P>
    </TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">(4) Nominating Committee</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="403">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(5) Disclosure Committee</P>
    </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="403">J. L. Kelly (1) (7)</TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(6) Technical Committee<I>&nbsp;</I></P>
    </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="403"><I>Non- executive Director </I></TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(7) Strategic Planning Committee</P>
    </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="403"><I>Pound Ridge, New York,USA</I></TD>
    <TD COLSPAN="4" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="304">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="403">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="5">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="283">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="403">&nbsp;</TD>
    <TD STYLE="font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="5">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; padding-right: 5.4pt" width="283">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="556">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="123">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt" width="556">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; padding-left: 5.4pt; padding-right: 5.4pt" width="123">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
<TR>
    <TD width="261">&nbsp;</TD>
    <TD width="154">&nbsp;</TD>
    <TD width="19">&nbsp;</TD>
    <TD width="130">&nbsp;</TD>
    <TD width="137">&nbsp;</TD>
    <TD width="26">&nbsp;</TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>CORPORATE DIRECTORY</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>SOLICITORS</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>CORPORATE OFFICES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Tupper, Jonsson &amp; Yeadon</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Canada - Head Office</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">1710-1177 West Hastings St, Vancouver,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Caledonia Mining Corporation</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">British Columbia V6E 2L3 Canada</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Suite 1201, 67 Yonge Street</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Toronto, Ontario M5E 1J8 Canada</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Borden Ladner Gervais LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel:(1)(416) 369-9835 Fax:(1)(416) 369-0449</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Suite 4100, Scotia Plaza</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">info@caledoniamining.com</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">40 King Street West</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Toronto, Ontario M5H 3Y4 Canada</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 11pt"><B>South Africa &ndash; Africa Office</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Greenstone Management Services (Pty) Ltd.&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>AUDITORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">P.O. Box 834&#9;<B>&#9;&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">BDO Canada LLP</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">Saxonwold 2132&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Chartered Accountants</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">South Africa&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Suite 3300, 200 Bay Street</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel: (27)(11) 447-2499 Fax: (27)(11) 447-2554</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Royal Bank Plaza, South Tower</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Toronto, Ontario M5J 2J8 Canada</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Zambia</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Caledonia Mining (Zambia) Limited</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>REGISTRAR &amp; TRANSFER AGENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">P.O. Box 36604</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Equity Transfer Services Inc.</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Lusaka, Zambia&#9;<B>&#9;&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Suite 400&nbsp;200 University Ave.</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel:(260)(1) 29-1574 Fax(260)(1) 29-2154</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Toronto, Ontario M5H 4H1 Canada</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel: (416) 361 0152 Fax: (416) 361 0470</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Zimbabwe</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Caledonia Holdings Zimbabwe (Limited)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>BANKERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">P.O. Box CY1277</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Canadian Imperial Bank of Commerce</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Causeway, Harare</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">6266 Dixie Road</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Zimbabwe</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Mississauga, Ontario L5T 1A7 Canada</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel: (263) (4) 701&nbsp;152/4 Fax: (263)(4) 702 248</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>NOMADS AND BROKERS (AIM)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.1pt 0 0; text-align: justify">Canaccord Genuity Limited</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.1pt 0 0; text-align: justify">&nbsp;</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">88 Wood Street</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>CAPITALIZATION </B>at March 26, 2013&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">London EC2V 7QR</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Authorised: Unlimited&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Fax: +44 20 7523 8134</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Shares, Warrants and Options Issued:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tel: + 44 20 7523 8000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Common Shares: 5517,061,780&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Warrants: Nil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>SHARES LISTED</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Options: 30,696,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Toronto Stock Exchange Symbol &ldquo;CAL&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">NASDAQ OTC BB Symbol &quot;CALVF&quot;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">London &ldquo;AIM&rdquo; Market Symbol &ldquo;CMCL&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 11pt"><B>Web Site: </B>http://www.caledoniamining.com</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALEDONIA MINING CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MINERAL PROPERTIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of Caledonia&rsquo;s
mineral properties and the capitalized costs as at the 31<SUP>st</SUP> December 2012 &ndash; in Canadian dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 396pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Africa:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 288pt"><B>South Africa</B></TD><TD STYLE="text-align: justify">-</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 288pt"><B>Zambia</B></TD><TD STYLE="text-align: justify"> 10,894,000</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 288pt"><B>Zimbabwe</B></TD><TD STYLE="text-align: justify"><U>11,592,000</U></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><b>&nbsp;</b></TD><TD STYLE="width: 288pt"><u>&nbsp;</u></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 288pt"></TD><TD STYLE="text-align: justify">$ <U>22,486,000</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 396pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE: The cost of acquisition of mineral properties
and all related exploration and development expenditures, less recoveries, are capitalized and carried as an asset to be amortized
against income if the property is brought into commercial production or charged to income if the property is, or is to be, abandoned
or disposed of. The zero value attributable to South Africa relates to Rooipoort which was fully impaired in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #14d</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY OF REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ON THE NAMA PROPERTY IN ZAMBIA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prepared by Applied Geology Services cc </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on behalf of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Caledonia Mining Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>May 1, 2008</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 36pt">Qualified Persons
who prepared the Report&#9;-&#9;David E.C.S. Grant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify">Caledonia Nama Limited (Caledonia (Nama)),
a subsidiary of Caledonia Mining Corporation is the sole owner of a Retention Licence over approximately 80 000ha in the Solwezi
District of the Northwestern Province of Zambia in sub-Saharan Africa. The licence has been granted for a period of three years
from February 2007 after which it must be converted to mining titles. It lies on the northwestern flank of the Zambian Copperbelt
and has potential for high tonnage, low-grade cobalt-copper-nickel mineralisation referred to as the Nama Project. The area is
underlain by strata of the Katanga Supergroup but paucity of outcrop and structural complexity has prevented accurate correlation
of the stratigraphy intersected in the boreholes except that distinct mixtite units can be correlated with the lower Kundelungu
Group. The mineralisation occurs in a deep weathered profile and is probably caused by the oxidation of primary disseminated cobalt-copper-nickel
sulphides combined with supergene redistribution and precipitation, especially in the near surface environment. This has produced
both flat lying and inclined resource bodies of mineralisation. Caledonia started operations in the area in 1994 and in the ensuing
years acquired five Prospecting Licences and undertook an exploration program commencing with soil sampling supported by airborne
geophysical surveys and concluded with a drilling campaign. The drilling amounted to 323 reverse circulation holes totalling 38,119
metres followed by five diamond drill holes totalling 1445m. This drilling is in addition to 25 diamond drill holes drilled by
Roan Selection Trust, Zamanglo and JCI in the Nama area and on the flank of the Konkola dome and 23 auger holes drilled by Roan
Selection Trust. In 2007, Caledonia embarked on a drilling program in the Nama Retention Licence area and some of this drilling
was undertaken over the D Anomaly. This report presents an estimation of indicated and inferred resources based on the results
of 38 boreholes drilled into the D anomaly in the northeast to east-central parts of the Retention Licence. This resource of the
shallow dipping hematite-magnetite body. is summarised in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Follow-up drilling is required over the D Anomaly
to upgrade the known resources and delineate their extensions. Further work is required on the correlation of the stratigraphy
in the Nama area to establish the extent that the mixtite units correlated with the lower Kundelungu Group owe their presence in
the A Anomaly area to structural disturbance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Cautionary Note to U.S. Investors concerning
estimates of Measured and Indicated Resources</I>. This section uses the terms &ldquo;measured resources&rdquo; and &ldquo;indicated
resources&rdquo;. We advise U.S. investors that these terms are not recognised by the U.S. Securities and Exchange Commission.
The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility
than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that mineral resources in these
categories will be converted into reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Cautionary Note to U.S. Investors concerning
estimates of Measured and Indicated Resources</I>. This section uses the term &ldquo;inferred resources&rdquo;. We advise U.S.
investors that this term is not recognised by the U.S. Securities and Exchange Commission. The estimation of inferred resources
involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
U.S. investors are cautioned not to assume that inferred mineral resources exist, are economically minable, or will be upgraded
into measured or indicated mineral resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Volume</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Density</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnage</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Co</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cu</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ni</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">m3</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Kg/m3</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">tonnes</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">%</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tons</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">%</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tons</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">%</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tons</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Indicated</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Resource</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">D1 (iron oxide)</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,627,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9,196,906</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.165</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">15,170</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.067</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6,160</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4,600</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Inferred</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Resource</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D1 (iron oxide)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4,092,188</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">14,322,656</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.138</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">19,770</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.054</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">7,730</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.051</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">7,300</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D2 (peripheral)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,747,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9,617,563</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.041</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3,940</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,830</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,630</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Surface</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D3 (elluvial)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,692,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">7,269,413</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.055</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,040</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.013</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">950</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D4 (elluvial)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6,761,563</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">18,256,219</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.035</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6,390</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.013</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,370</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D5 (elluvial)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,943,125</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">5,246,438</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.038</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,990</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.031</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,630</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,150</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Inferred Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">18,237,126</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">54,712,289</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.066</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">36,090</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.030</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">16,330</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">0.024</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">13,400</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The iron oxide (D1 type) resource is tabled
separately from the other resource types on account of its more competent nature and mineralogy. The haematite and magnetite comprising
this body are enriched in cobalt and would require a different metallurgical process from that of the other D resource bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The complete Report may be viewed on the
Company&rsquo;s website.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY OF REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ON THE NAMA PROPERTY IN ZAMBIA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prepared by Applied Geology Services cc </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on behalf of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Caledonia Mining Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>March 8, 2007</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 36pt">Qualified Persons
who prepared the Report&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael J. Haslett</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David E.C.S. Grant<B>&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
<B>Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia Nama Limited (Caledonia), a subsidiary
of Caledonia Mining Corporation holds a Retention Licence over approximately 80000 hectares of ground in the Solwezi District of
the Northwestern Province of Zambia in sub-Saharan Africa. It lies on the northwestern flank of the Zambian Copperbelt and has
potential for high tonnage, low-grade cobalt-copper-nickel mineralisation. The area is underlain by strata of the Katanga Supergroup
but paucity of outcrop and structural complexity has prevented accurate correlation of the stratigraphy intersected in the boreholes
except that distinct mixtite units can be correlated with the lower Kundelungu Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia started operations in the area in
1994 and in the ensuing years acquired five Prospecting Licences and undertook an exploration programme commencing with soil sampling
supported by airborne geophysical surveys and concluded with a drilling campaign. The drilling amounted to 323 reverse circulation
holes totalling 38,119 metres followed by five diamond drill holes totalling 1445m. This drilling is in addition to 25 diamond
drill holes drilled by Roan Selection Trust, Zamanglo and JCI in the Nama area and on the flank of the Konkola dome and 23 auger
holes drilled by Roan Selection Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration by Caledonia and its predecessors
has identified 18 targets of which seven have been drilled to a greater or lesser extent. Most of the drilling activity has focussed
on the A or Discovery Anomaly in the central-eastern parts of the Retention Licence area. This work has enabled declaration of
an Indicated Resource as per the table below, to a depth of more than 210m below surface. The oxide mineralisation potentially
extends below this depth. Other anomalies did not receive as much exploration attention but the data from one target should be
re-examined for a resource declaration. Three anomalies require further investigation and the remaining 11 untested targets should
be explored.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Initial bench and small bulk sample metallurgical
testing has indicated that the oxide material can be upgraded into a concentrate by dense medium and magnetic separation and flotation
techniques but this work should be repeated on material representative of the <I>in situ</I> grade of the resources. Further work
is also required on the mineralogy of the material both in the near surface and deeper mineralisation to determine the mineral
phases in which the cobalt, copper and nickel oxides reside. It is important to establish that the mineralogical and hence processing
characteristics of the material are maintained into the deeper parts of the mineralisation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Block</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tons</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grade (% metal)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cobalt</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nickel</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">9,139,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0446</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.1028</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0133</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">11,366,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0613</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0288</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0067</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4,305,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0490</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0730</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">18,846,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0572</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.1463</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0086</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Totals</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>43,656,000</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>0.055</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>0.099</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>0.011</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The complete Report may be viewed on the
Company&rsquo;s website.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Summary of Independent Competent Persons
Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nama Retention Licence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Northern Zambia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>And held by</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Caledonian Mining Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Effective Date: 1<SUP>st</SUP> May 2007</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">By</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">David Grant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pr Sci. Nat., CGeol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">And</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Michael Haslett</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BSc, MRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/7.55pt Garamond,serif; margin: 0 0 1.4pt; text-align: center"><B>Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia Nama Limited (Caledonia), a subsidiary
of Caledonia Mining Corporation holds a Retention Licence over approximately 80 000ha of ground in the Solwezi District of the
Northwestern Province of Zambia in sub-Saharan Africa. It lies on the northwestern flank of the Zambian Copperbelt and has potential
for high tonnage, low-grade cobalt-copper-nickel mineralisation. The area is underlain by strata of the Katanga Supergroup but
paucity of outcrop and structural complexity has prevented accurate correlation of the stratigraphy intersected in the boreholes
except that distinct mixtite units can be correlated with the lower Kundelungu Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caledonia started operations in the area in
1994 and in the ensuing years acquired five Prospecting Licences and undertook an exploration programme commencing with soil sampling
supported by airborne geophysical surveys and concluded with a drilling campaign. The drilling amounted to 323 reverse circulation
holes totalling 38,119 metres followed by five diamond drill holes totalling 1445m. This drilling is in addition to 25 diamond
drill holes drilled by Roan Selection Trust, Zamanglo and JCI in the Nama area and on the flank of the Konkola dome and 23 auger
holes drilled by Roan Selection Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration by Caledonia and its predecessors
has identified 18 targets of which seven have been drilled to a greater or lesser extent. Most of the drilling activity has focussed
on the A or Discovery Anomaly in the central-eastern parts of the Retention Licence area. This work has enabled declaration of
an Indicated Resource of 43.6Mt of oxide mineralisation with a grade of 0.055%Co and 0.099%Cu to a depth of more than 210m below
surface. The oxide mineralisation potentially extends below this depth. Other anomalies did not receive as much exploration attention
but the data from one target should be re-examined for a resource declaration. Three anomalies require further investigation and
the remaining 11 untested targets should be explored.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Initial bench and small bulk sample metallurgical
testing has indicated that the oxide material can be upgraded into a concentrate by dense medium and magnetic separation and flotation
techniques but this work should be repeated on material representative of the <I>in situ</I> grade of the resources. Further work
is also required on the mineralogy of the material both in the near surface and deeper mineralisation to determine the mineral
phases in which the cobalt, copper and nickel oxides reside. It is important to establish that the mineralogical and hence processing
characteristics of the material are maintained into the deeper parts of the mineralisation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary Note to U.S. Investors concerning
estimates of Measured and Indicated Resources</I>. </B>This section uses the terms &ldquo;measured resources&rdquo; and &ldquo;indicated
resources&rdquo;. We advise U.S. investors that these terms are not recognised by the U.S. Securities and Exchange Commission.
The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility
than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that mineral resources in these
categories will be converted into reserves.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table 1 Indicated Resources in the Discovery
or A Anomaly</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP ROWSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Block</B></FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tons</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grade (% metal)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cobalt</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Copper</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nickel</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%; border-left: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD NOWRAP STYLE="width: 26%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9,139,000</FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0446</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1028</FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0133</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11,366,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0613</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0288</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0067</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,305,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0490</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0730</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18,846,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0572</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1463</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0086</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: windowtext 2.25pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Totals</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 2.25pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43,656,000</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 2.25pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.055</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 2.25pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.099</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 2.25pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The above information used to define the four resource blocks at
the Discovery or A anomaly can be considered adequate to allow a confident interpretation of the geological framework and to reasonably
assume the continuity of the mineralisation. They have thus been classified as an Indicated Resource the quantities of which have
been set out Table 1 above. Tonnages and grades estimated within each of the resource blocks were determined at a cut-off of 0.02%
Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table 2 Estimated Indicated Resources in
Anomaly C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: black 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Resource blocks in Anomaly C</B></FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>At 0.02% Co cut-off</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Co</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Cu</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Ni</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 30%; border-left: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Block C3</FONT></TD>
    <TD NOWRAP STYLE="width: 22%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41,637,000</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0505</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0173</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0195</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Block C2 North</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">526,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0245</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0134</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0126</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Block C2 South</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32,511,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0350</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0053</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0180</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Block C1</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3,544,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0261</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0029</FONT></TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0131</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Totals</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">78,218,000</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.043</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.012</FONT></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.019</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table 3 Combined Indicated Resources for
Anomalies A and C</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Anomaly</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>At 0.02% Co cut-off</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Co</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Cu</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%Ni</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 27%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>A</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43,656,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.055</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.099</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>C</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">78,218,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.043</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.012</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">121,874,000</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.047</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.043</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The complete Report may be viewed on the
Company&rsquo;s website.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #14e</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY OF INDEPENDENT TECHNICAL REPORT ON</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BLANKET MINE PROPERTY IN ZIMBABWE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prepared by The MSA Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on behalf of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Caledonia Mining Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>June 28, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 11pt; font-family: 'Times New Roman', Times, Serif; text-align: center; word-spacing: 0; line-height: 100%; margin: 0">Qualified Persons who prepared the Report&nbsp;
- <font size="2">Bruno Bvirakare (primary author)</font></P>

<P STYLE="color: #333366; font-style: normal; font-variant: normal; font-weight: normal; font-size: 11pt; font-family: Arial, Helvetica, Sans-Serif; word-spacing: 0; line-height: 100%; margin-left: 248.1pt; margin-right: 0; margin-top: 0; margin-bottom: 0"><font size="2" face="Times New Roman" color="#000000">&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;
Mike Robertson (supervising
principal)</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MSA Geoservices (Pty) Ltd (&ldquo;The MSA Group&rdquo;)
was commissioned by Caledonia Mining Corporation (Caledonia) to prepare an Independent Technical Report on the Blanket Mine in
Zimbabwe. The Report was required to verify Caledonia&rsquo;s calculations of the Blanket Mine mineral reserves and resources on
an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On the 20th June 2006 Caledonia acquired the
Blanket Gold Mine, located near Gwanda in Zimbabwe, from Kinross Gold Corporation of Canada. Following a 2 year period of successful
operation of the mine, the mine was forced to close for 6 months owing to the fact that the Zimbabwe Government did not pay for
the gold sold to the State refiner. Operations commenced again in April 2009 and production has since risen steadily.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Blanket Mine is situated about 15 km
west of Gwanda, approximately 130 km to the south of Bulawayo, in south-western Zimbabwe. The mine has been in operation since
1906 and has reportedly produced 1,073,000 ounces of gold at an average grade of 4.53 g/t. The Mine comprises a series of deposits
along a strike length of about 3&nbsp;km, from Jethro in the south, through Blanket, Feudal, AR South, AR Main, Sheet, Eroica and
Lima ore deposits. The gold enrichment occurs in near-vertical shoots spread out along an approximate north&#8722;south axis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Blanket Mine exploits a fairly typical
Archaean greenstone-hosted deposit situated on the northwest limb of the Gwanda Greenstone belt. Most mining activity takes place
within AR South, AR Main, Eroica and Lima ore shoots. Two main types of mineralisation are recognised, namely disseminated sulphide
replacement (DSR) type mineralisation forming the bulk of the orebodies, and gold-bearing quartz-filled shear zones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three types of mining methods are used at the
Blanket Mine:</P>

<UL TYPE="DISC" STYLE="margin-top: 0cm">

<LI STYLE="line-height: 115%; text-align: justify; margin: 0 0 10pt; font-size: 10pt">Underhand stoping in the narrow ore bodies</LI>

<LI STYLE="line-height: 115%; text-align: justify; margin: 0 0 10pt; font-size: 10pt">Shrinkage stoping where blocky sidewalls
are evident</LI>

<LI STYLE="line-height: 115%; text-align: justify; margin: 0 0 10pt; font-size: 10pt">Longhole stoping in the wider ore bodies,
using 15 m sub-levels.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The surrounding country rock at the Blanket
Mine, a massive amphibolite, is generally very competent and support such as rock bolts are only installed on rare occasions where
fractured rock conditions are encountered. All ore is trammed/tipped to the 22 Level Ore Bins where, after primary crushing, the
ore is loaded and hoisted to surface.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The completion of the 4 Shaft expansion project
in 2010, which included plant upgrades, has increased the production capacity from 500 tpd to 1000 tpd of ore and consolidation
at the higher level is in progress. The higher throughput rate enables the mine to produce 40,000 oz of gold per annum at the current
Reserve grade and quantum over a period of at least 10 years.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current mineral reserves and resources are
summarised in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Summary of Mineral Reserves and Resources at Blanket Mine at
December 31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="4" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>MINERAL RESERVES </B>(based on a Gold Price of US$ 1100/oz)</FONT></TD></TR>
<TR>
    <TD STYLE="width: 35%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gold Content (oz)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Proven Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total Proven Ore including Pillars*</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,326,100</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>4.02</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>171,400</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Operating and Development Areas</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,513,700</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3.66</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>295,800</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Proven + Probable Ore</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3,839,800</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3.78</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>467,200</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>MINERAL RESOURCES </B>(based on a Gold Price of US$ 1100/oz)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Classification</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grade (Au g/t)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gold Content (oz)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Indicated</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>510,000</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3.79</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>62,100</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Inferred</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,408,200</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.01</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>**</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Tonnages and ounces are rounded to the nearest 100</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note * </B>Pillar tonnages are discounted by 50%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note **</B> In keeping with the requirements of NI 43-101, Inferred
        Resources are reported without estimates of metal quantities.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(i) 1 tonne = 1,000 kilograms = 2,204.6 pounds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(ii) Some numbers may not add due to rounding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mike Robertson, Pr. Sci. Nat., and Mr.
Bruno Bvirakare, Pr. Sci. Nat., both consultants with The MSA Group are the &ldquo;Independent Qualified Persons&rdquo; for Blanket&rsquo;s
reserves and resources as required by National Instrument 43-101 of the Canadian Securities Administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary note to U.S. Investors concerning
estimates of Inferred Resources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The above table uses the term &ldquo;inferred
resources&rdquo;. We advise U.S. investors that, while this term is recognized and required by Canadian regulations, the U.S. Securities
and Exchange Commission does not recognize it. &ldquo;Inferred resources&rdquo; have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may
not form the basis of feasibility or prefeasibility studies, except in rare cases. U.S. investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or legally minable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary Note to U.S. Investors concerning
estimates of Indicated Resources</I>.</B> The above table uses the term &ldquo;indicated resources&rdquo;. We advise U.S. investors
that these terms are not recognised by the U.S. Securities and Exchange Commission. The estimation of measured resources and indicated
resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable
reserves. U.S. investors are cautioned not to assume that mineral resources in these categories will be converted into reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Major infrastructure consists of underground
workings, a process plant, workshops and a tailings dam.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ROM process consists of three-stage crushing,
twin rod mills, Knelson Concentrators, and a CIL (carbon-in-leach) circuit. Loaded carbon is eluted and electro-won in a compact
PG Elution cell. Cathodes from the cell are acid digested and calcined before smelting together with the gravity gold concentrate
from the Knelsons. Approximately 50% of the gold is recovered as free gold. Tailings from the CIL stream is pumped to a tailings
dam, with the effluent being recycled to the plant.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Two permits for effluent disposal have been
issued to the Blanket Mine, covering the sewage effluent and mill tailings disposals. The Mine has implemented a pollution monitoring
system around the current tailings dam with the installation of a number of piezometers, which are routinely monitored on an independent
basis by Fraser Alexander personnel from its Harare office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In terms of the Mining General Regulations,
certain closure obligations are to be fulfilled. These are covered in a Closure Plan initially prepared by Knight Piesold. Management
revised the quantum of the provisions in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Blanket Mine smelts gold Dore bars twice
a month and delivers them to a local refinery which is operated by the Reserve Bank of Zimbabwe. The Dore bars are then sent to
Rand Refinery in South Africa for refining and sale.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Report, authorized by Mike Robertson and
Bruno Bvirakare, dated June 28, 2011, can be viewed on the Company&rsquo;s website. pursuant to the links &ldquo;Investors&rdquo;
and &ldquo;Technical Reports&rdquo; - and on SEDAR at: www.sedar.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 25.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.15pt 0 0">&nbsp;<B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="border: Black 9pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT #14f</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Property and Claims Information</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THE DATA PROVIDED BELOW FOR THE THREE PROPERTY
AREAS IS CONSIDERED THE MATERIAL INFORMATION RELATING TO THE PROPERTIES AND CLAIMS. THE FULL TEXT OF THIS DATA AND INFORMATION
IS AVAILABLE IN THE VARIOUS TECHNICAL REPORTS THAT ARE AVAILABLE ON THE COMPANY WEBSITE<FONT STYLE="font-size: 14pt"> </FONT>www.caledoniamining.com</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>BLANKET GOLD MINE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nature of Ownership Interests</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Blanket Mine&rsquo;s claims<FONT STYLE="color: red"> </FONT>area
is based on 2701 pegged claims. An application made to the Ministry of Mines to convert the claims area into a mining lease was
approved and its issue is awaited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Blanket&rsquo;s exploration properties are all pegged claims (see
Table 14 g(i)) and held 100% by Blanket although some of the claims are subject to royalties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Salient Terms of Agreements, Royalties</P>

<UL TYPE="DISC" STYLE="margin-top: 0cm">

<LI STYLE="line-height: 115%; margin: 0 0 10pt">&nbsp;&nbsp;&nbsp;&nbsp; 1.5 &ndash; 2.0% NSR. Blanket owns the claims totally.</LI>

</UL>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Based on current mining law in Zimbabwe, Blanket&rsquo;s Mining
Lease is valid in perpetuity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Prospecting claims are renewable on an annual basis (Table 14 g(i))
by payment of a claim fee based on the area of the claim. The claims may also be maintained by carrying out exploration activities
on the claims. Royalties are payable on some of the claims (see Table 14 g(i)).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mineral Rights &ndash; Process of Acquisition</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mineral rights in Zimbabwe may be acquired by pegging claims or
by purchasing claims. In the case of the purchase of an operating mine the mining lease/ claim is transferrable together with the
related conditions. Proposed changes to the Mining Law will require that indigenous persons hold a significant interest in mining
companies. Claims are held indefinitely so long as they are serviced in terms of work done or fees paid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Claim/Right type and Conditions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Zimbabwe recognises both precious metal (gold) and base metal claims
regardless of the nature of the deposit. In the event of a gold mine being located on base metal claims, the claims can be converted
to precious metal claims. The claims are awarded and monitored by the State. A mining lease is awarded over existing claims on
application by the mining company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property details</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g(i).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conditions of retention, Payments etc</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g(i). Claim fee payments are made by Blanket Gold Mine
(responsible person &ndash; V. Naik).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property area &ndash; see Table 14 g (i)</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The protection of non-producing claims is the
subject of ongoing discussions as the claim protection fees have been dramatically increased and the economic feasibility of protecting
all claims is being assessed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; margin: 0" align="center"><img border="0" src="image_003.jpg" width="635" height="972"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; margin: 0" align="center"><img border="0" src="image_004.jpg" width="635" height="381"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>ROOIPOORT PLATINUM PROJECT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nature of Ownership Interests</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Caledonia holds via its 100% subsidiary Maid &lsquo;O the Mist,
five Prospecting Rights in the Rooipoort area (see Table 14 g (ii)). These rights are currently subject to renewal applications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Salient Terms of Agreements, Royalties</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Prospecting Rights are valid for a period of 5 years. Thereafter
the rights may be extended for a further 2 years on application, and thereafter a right would have to be converted into a Retention
Right for a further 5 years. After the above periods the rights would lapse automatically.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Exploration fees are calculated on the area of the Prospecting Right
and are payable annually in advance. The rights are subject only to royalties as enacted by the State.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mineral Rights &ndash; Process of Acquisition</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">All mineral rights in South Africa are vested in the State. In terms
of the Minerals and Petroleum Resources Development Act governing the administration of the minerals industry in South Africa,
companies may apply to the Department of Mineral Resources for Prospecting Rights over areas in which they are interested and for
the specific minerals that they are interested in. On the basis that there are no overlaps in terms of area and minerals and subject
to various environmental and landowner concerns, prospecting rights are issued for a period of 5 years renewable for a further
2 years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Claim/Right type and Conditions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Exploration in the Rooipoort area is confined the Prospecting Rights
(see Table 14 g (ii)).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property details</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g (ii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conditions of retention, Payments etc.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g (ii). Prospecting fee payments are made annually
by Maid &lsquo;O the Mist (responsible person &ndash; A. Lawson).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">g) Property area &ndash; see Table 14 g (ii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0" align="center"><B><img border="0" src="image_005.jpg" width="635" height="339">&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NAMA COBALT/COPPER PROJECT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nature of Ownership Interests</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Caledonia&rsquo;s 100% subsidiary, Caledonia Nama Ltd owns four
contiguous Mining Licences in the Copperbelt Province of Zambia.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Salient Terms of Agreements, Royalties</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Mining Licences were issued in 2008 and are valid for a period
of 25 years and thereafter are renewable for a further period of 25 years. The retention of the Licences is subject to the development
of mining activities on the licences taking into account realistic estimates of economic conditions relating to the development
of such mining ventures. The Licences are subject to no royalties other than that which the State may impose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mineral Rights &ndash; Process of Acquisition</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mineral rights in Zambia are vested in the State. The normal process
of acquisition is to apply for a Prospecting Licence which is normally issued for a period of three years at which stage at least
half the area must be dropped when an application is made to extend the Licence period. Following a further two year period the
prospecting company is required to relinquish a further portion of the property on application for a mining licence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Claim/Right type and Conditions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Caledonia holds a Mining Licence over the Nama area. The right is
secured by the development of mining activities on the licence area, subject to the State and Local Council requirements particularly
in terms of environmental and local developments issues.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property details</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g (iii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conditions of retention, Payments etc.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">See Table 14 g (iii). A once off payment was made on issue of the
Mining Licence. No ongoing or annual fees are payable. When land is demarcated for mine development, this will result in a purchase
consideration to the local council.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">g) Property area &ndash; see Table 14 g (iii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0" align="center"><img border="0" src="image_006.jpg" width="635" height="311"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<HR CLASS="msocomoff" ALIGN="LEFT" SIZE="1" STYLE="width: 33%">



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
