<SEC-DOCUMENT>0001102624-16-001934.txt : 20160112
<SEC-HEADER>0001102624-16-001934.hdr.sgml : 20160112
<ACCEPTANCE-DATETIME>20160112070600
ACCESSION NUMBER:		0001102624-16-001934
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160112
FILED AS OF DATE:		20160112
DATE AS OF CHANGE:		20160112

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13345
		FILM NUMBER:		161337610

	BUSINESS ADDRESS:	
		STREET 1:		1 KING ST WEST
		STREET 2:		SUITE 4009
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 1A1
		BUSINESS PHONE:		4163699835

	MAIL ADDRESS:	
		STREET 1:		36 TORONTO ST
		STREET 2:		SUITE 1000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2C5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
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<DESCRIPTION>CALEDONIA MINING CORPORATION 6-K
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORM 6-K</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Report of Foreign Private Issuer</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Rule 13a-16 or 15d-16</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Of the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the month of&#160;January 2016</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commission File Number: 000-13345</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Translation of registrant's name into English)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</div>

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</font> Signatures</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Caledonia Mining Corporation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Registrant)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">By: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>/s/ Steve Curtis&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dated: January 12, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Name: Steve Curtis</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Title: CEO and Director</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="exh99_1.htm#Exhibit99.1">99.1</a></div>
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<div>Caledonia Mining Corporation: Long Term Incentive Awards</div>
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<TYPE>EX-99.1
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<FILENAME>exh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold"><a id="Exhibit99.1" name="Exhibit99.1"><!--Anchor--></a>Exhibit 99.1</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: -18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 12.1pt">Caledonia Mining Corporation</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: -18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 12.1pt">(TSX: CAL, OTCQX: CALVF, AIM: CMCL)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">January 12, 2016:&#160; Caledonia Mining Corporation ("Caledonia" or the "Company") announces <font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">that the company's Compensation Committee (the "Committee") has granted long term incentives to Messrs. Curtis, Learmonth, Mangezi and Roets (the "Participants").&#160; The awards are made pursuant to the approval of the Omnibus Equity Incentive Plan (the "Plan") by shareholders at the annual shareholder meeting held on May 14, 2015.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The Compensation Committee worked with external consultants to ensure that the Plan is consistent with international best practice in terms of structure and quantum.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LTIP Awards</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The Long Term Incentive Plan ("LTIP") awards are made in the form of Restricted Share Units ("RSU's") and Performance Share Units ("PSU's"). Due to the Committee's wish to avoid equity dilution for shareholders, RSU's and PSU's will be settled in cash, reflecting the prevailing Caledonia share price at the maturity of the award.&#160; No shares will be issued as a result of the LTIP awards.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The number of PSU's and RSU's awarded is equal to the monetary value of the award divided by the Fair Market Value of the Company's shares, being the greater of (i) the volume-weighted average trading price of Caledonia's shares on the Toronto Stock Exchange for the five days preceding the date of the award or (ii) the closing price on the TSX on the trading day immediately prior to the grant date, converted to the U.S. dollar equivalent based on the CAD/USD exchange rate for the 90 days immediately preceding the valuation date, i.e. 62 US cents.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">Each RSU entitles the Participant to receive the cash equivalent of the Fair Market Value of one Caledonia common share on the maturity of the award.&#160; 20 per cent of the total value of the LTIP award for each participant in the plan is made up of RSU's.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The awards are intended to create a high degree of alignment between the remuneration of Caledonia's senior management team and the interests of shareholders. Accordingly, 80% of the award value for each Participant is made up of PSU's.&#160; The final number of PSU's which vest on maturity of the award will be adjusted to reflect the actual performance of the Company in terms of three criteria: progress on the sinking of the Central Shaft; gold production and production costs. In the case of all three criteria, if actual performance is less than 70% of target, no PSU's will vest; if actual performance is greater than 70% of target, the number of vesting PSU's will be adjusted pro rata on a linear basis.&#160; In the case of Central Shaft progress, adjustment will be to a maximum of 100% of target whereas adjustments with respect to gold production and costs will increase on a linear pro rata basis reflecting the extent to which actual performance exceeds target, subject to a maximum of 200% of the initial target.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The total annual LTIP award for Messrs. Learmonth, Mangezi and Roets is 20% of basic salary; the total annual LTIP award for Mr Curtis is 30% of his basic salary.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">For Messrs. Curtis, Mangezi and Roets, an immediate award has been made covering the 3 years 2016 to 2018; further PSU awards relating to 2019 and 2020 will be made on the third and fourth anniversaries of the initial grants at which time new performance criteria will be established.&#160; Mr Learmonth has received a one year award covering 2016 only; a further award relating to 2017 and 2018 will be made pending clarification of his residence status which depends on the outcome of the proposal to re-domicile Caledonia from Canada to Jersey, Chanel Islands and is subject to a shareholder vote.&#160; Mr. Learmonth will also receive additional PSU awards relating to 2019 and 2020.&#160; In all cases, RSUs and PSUs will vest on the third anniversary of the respective awards grant dates.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">The LTIP awards by Participant are set out below</div>

<div style="LINE-HEIGHT: 14.75pt; MARGIN-BOTTOM: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="56f17b0cc39946e4b44f3dda17e2b2e8" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 99px">
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 104px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LTIP <br>
Annual <br>
 Target %</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 14px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 108px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5 Year <br>
LTIP Grant <br>
 Value</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 8px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 105px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Initial <br>
 Award</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 9px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 108px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant <br>
Value of <br>
Initial <br>
 RSUs</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 8px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant <br>
Value of <br>
Initial <br>
 PSUs</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 7px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 13px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 105px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant <br>
Value of <br>
Tranche <br>
 4 PSUs</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 9px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 13px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 109px; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant <br>
Value of <br>
Tranche <br>
 5 PSUs</div>

<div style="LINE-HEIGHT: 0pt"></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 7px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 86px">
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 13.55pt; MARGIN-BOTTOM: 8pt">Curtis<br>
Roets<br>
 Mangezi</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.33%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: top" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.35%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">650,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">425,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">350,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">390,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">255,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">210,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1.73%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 8.95%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">312,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">204,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">168,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.24%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$<br>
 $</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">130,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.24%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$<br>
$<br>
 $</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9.51%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">130,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85,000</div>

<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 5px">
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div>Learmonth</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.33%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: top" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.35%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1.73%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8.95%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">68,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.24%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">n/a</div>
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<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.24%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9.51%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid" nowrap="nowrap">
<div style="LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
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<tr style="HEIGHT: 24px">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.3pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">All monetary amounts are in US$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 7px; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt"><br>
 All bonus payments, including those pursuant to LTIP's will be reported in the ordinary course of events in Caledonia's annual audited financial statements; the basis and quantum of LTIP awards will&#160; be set out in Caledonia's 20-F filing which will be made on or before March 31, 2016.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">Commenting on the introduction of the Plan, Leigh Wilson, Caledonia's Chairman said:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">"Caledonia has set in place an objective and transparent incentivisation system for its senior management team which closely aligns the interests of shareholders and the performance of management.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.75pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8pt; COLOR: #000000; FONT-SIZE: 10pt">"Management is now clearly incentivised to deliver on the core aspects of the Revised Investment Plan which we announced to the market in November 2014 &#8211; these core aspects being gold production, cost control and progress on sinking the Central Shaft."</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For further information please contact:<br style="LINE-HEIGHT: 12.55pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d4823c325a3f430ba3689a388646d0a9" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 12.2pt">Caledonia Mining Corporation</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.2pt">Mark Learmonth</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.2pt">Tel: +27 11&#160;447 2499</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0563c1; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.2pt">marklearmonth@caledoniamining.com</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45.98%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WH Ireland</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt">Adrian Hadden/Nick Prowting</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.2pt">Tel: +44&#160;20 7220 1751</div>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 56.3%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.7%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 12.1pt">Blytheweigh</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.1pt">Tim Blythe/Camilla Horsfall/Megan Ray</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 12.1pt">Tel: +44 20 7138 3204</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45.98%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
</tr>
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<div style="LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt">
<hr style="BORDER-BOTTOM: black 4px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; HEIGHT: 10px; COLOR: #ffffff; MARGIN-LEFT: auto; BORDER-TOP: black 1px solid; MARGIN-RIGHT: auto">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
