<SEC-DOCUMENT>0001171843-17-006862.txt : 20171113
<SEC-HEADER>0001171843-17-006862.hdr.sgml : 20171110
<ACCEPTANCE-DATETIME>20171113060519
ACCESSION NUMBER:		0001171843-17-006862
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171110
FILED AS OF DATE:		20171113
DATE AS OF CHANGE:		20171113

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:	001-38164
		FILM NUMBER:		171192671

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR, WEIGHBRIDGE HOUSE
		STREET 2:		WEIGHBRIDGE
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF
		BUSINESS PHONE:		441534679800

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR, WEIGHBRIDGE HOUSE
		STREET 2:		WEIGHBRIDGE
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_111017.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">FORM 6-K</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SECURITIES AND EXCHANGE
COMMISSION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Washington, DC 20549</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Report of Foreign Private
Issuer</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Pursuant to Rule 13a-16
or 15d-16</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Of the Securities Exchange
Act of 1934</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">For the month of
November 2017</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Commission File Number:
000-13345</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">&#160;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">CALEDONIA
MINING CORPORATION PLC</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Translation of registrant's name into English)</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: -9pt; margin: 0pt 0"><B>3rd Floor, Weighbridge House<BR>
Weighbridge<BR>
St Helier, Jersey<BR>
JE2 3NF</B></P>



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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Address of principal executive offices)</P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Form 20-F&#160;<FONT STYLE="font-size: 10pt"><U>&#160;&#160;
&#160; x&#160;&#160; &#160;&#160;</U>&#160;&#160;</FONT>Form 40-F ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">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): ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">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): ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Yes ______ <FONT STYLE="font-size: 10pt">&#160;&#160;</FONT>No&#160;<FONT STYLE="font-size: 10pt"><U>&#160;&#160;&#160;&#160;&#160;&#160;
x&#160; &#160;&#160;&#160;&#160;&#160;</U></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">If "Yes" is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82- ______</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Signatures</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-bottom: 0pt; margin-top: 0pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font-size: 10pt; text-align: left; margin-bottom: 0pt; margin-top: 0pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Caledonia Mining Corporation</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">(Registrant)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Steve Curtis</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Dated: November 10, 2017</TD>
    <TD STYLE="vertical-align: middle">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name: </P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P></TD>
    <TD>Steve Curtis</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title: </TD>
    <TD>CEO and Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>

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    <TD STYLE="width: 10%; font-weight: bold; text-align: left">Exhibit</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-align: left">Description</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_991.htm">99.1</A></TD>
    <TD STYLE="vertical-align: middle; font-weight: normal"><A HREF="exh_991.htm">Caledonia Mining Corporation Plc (NYSE American: CMCL; AIM: CMCL; TSX: CAL) Extension of Central Shaft Project</A></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-right: 12.1pt; margin-bottom: 0pt">&#160;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="image_003.jpg" ALT=""></B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 12.1pt 0pt 0"></P>

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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><B>Caledonia Mining Corporation Plc</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><B>(NYSE American: CMCL; AIM: CMCL; TSX: CAL)</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><B>Extension of Central Shaft Project</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>St Helier, November 10, 2017: </B>following the announcement
of an updated resource statement on November 2, 2017 Caledonia Mining Corporation Plc (the &quot;Company&quot; or &ldquo;Caledonia&rdquo;)
announces that it plans to extend the depth of the Central Shaft at its 49% subsidiary, the Blanket Mine in Zimbabwe (&ldquo;Blanket&rdquo;).</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><B>Highlights</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The Central Shaft (which is currently under construction) will be extended
by a further 250 metres to a shaft bottom depth of 1,330 metres and fully commissioned by the end of the first quarter of 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The extension of the Central Shaft will add two further production levels
on 34 (1,110 metres) and 38 (1,230 metres) levels, in addition to the two levels that are already planned on 26 (870 metres) and
30 (990 metres) levels.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The extension and associated capital development of additional production
levels will cost approximately $18 million which will be funded by Blanket&rsquo;s internal cash generation. The additional capital
investment is not expected to have any effect on the continuation of Caledonia&rsquo;s existing dividend.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A Preliminary Economic Assessment (&ldquo;PEA&rdquo;) indicates a project NPV over the Life of Mine of $193 million based on
a gold price of $1,260/ounce and a 10% discount rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The addition of two further production levels will provide access to the
Indicated &amp; Inferred resources below 30 level and potentially increase Blanket&rsquo;s projected life of mine by a further
four years to 2031.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The Indicated Resource below 30 level of 37,000 ounces, as a standalone
project, justifies the investment of $18 m for the shaft deepening and the additional two production levels.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">Total production from Measured and Indicated resources over the life of
the mine is expected to be approximately 420,000 ounces and production from Inferred resources is expected to be approximately
550,000 to 600,000 ounces between 2018 and 2031. Caledonia expects that its long term All-In Sustaining Cost (&ldquo;AISC&rdquo;)
guidance is expected to remain in the range of $700 to $800 per ounce.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">The extension of the Central Shaft before it has been completed, equipped
and commissioned is understood to be significantly cheaper, quicker and less disruptive than a subsequent extension after commissioning.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 8.65pt">Caledonia has also initiated a mid-shaft loading system at Blanket using
the existing Central Shaft infrastructure to handle development waste. This is expected to improve Blanket&rsquo;s waste handling
capacity and alleviate pressure on Number 4 shaft which should have a positive effect on both production flexibility and horizontal
development.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Head and Registered Office: Caledonia
Mining Corporation Plc</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">3rd Floor, Weighbridge House, Weighbridge,
St Helier, Jersey, Channel Islands, JE2 3NF</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">info@caledoniamining.com | | www.caledoniamining.com</FONT></P>



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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">Commenting on the project update, CEO Mr Steve Curtis
said:</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><I>&ldquo;We are very pleased that the long track record
of sustained resource growth at Blanket, particularly the continued discovery of resources at depth with good grade continuity,
supports an extension of the Central Shaft project at Blanket. The Central Shaft is already a transformational project for our
business, and to extend the project an additional 250 metres in depth including development on 34 and 38 levels will potentially
secure Blanket&rsquo;s operating future for the next 20 years taking exploration potential into account.&rdquo;</I></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><I>&ldquo;Based on the strong geological indications
of resource and grade continuity at depth, which was supported by our recent resource update, the excellent progress in the current
shaft sinking, and most importantly the strong cash generation from Blanket&rsquo;s current operations, we are now in a position
to continue investing for the future.&rdquo;</I></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><I>&ldquo;It is significantly cheaper to continue the
shaft sinking while we are in the construction phase of the project rather than to deepen a fully commissioned and operational
shaft in several years&rsquo; time. The creation of an additional two levels will also increase the mining flexibility and further
de-risk the target production of 80,000 ounces per annum from 2021. This leaves Caledonia with a distinct window of opportunity
to continue with its investment and I am grateful to both our local partners at Blanket and to the board of Caledonia for their
continued support in managing the business for optimal long term value.&rdquo;</I></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><I>&ldquo;The adoption of mid-shaft loading at Central
Shaft will also make a contribution to reducing the logistical constraints we have experienced so far in 2017; by using the Central
Shaft to haul development waste while continuing the sinking process we will be in a position to relieve the pressure on Number
4 Shaft and the associated haulages at 22 (750 metres) level to free up capacity to haul ore. The mid-shaft loading infrastructure
should also allow the capital development on the 26 and 30 levels to commence up to ten months earlier than originally planned.
Mid -shaft loading is not expected to have any negative effect on the plan to achieve 80,000 ounces of gold production by 2021
or to have any adverse impact on medium term production due to the increased operating flexibility the mid-shaft loading is expected
to provide.&rdquo;</I></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><B>Note: This announcement includes inside information
as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations
under Article 17 of those Regulations.</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><B>Background</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The Central Shaft has been under construction since the
first quarter of 2015 and was scheduled to be in production during the fourth quarter of 2018. The shaft is currently at a depth
of 950 metres below surface and is well advanced towards the previous design depth of 1,080 metres below surface. The shaft was
previously expected to support Blanket&rsquo;s Mine life until 2027 by adding an extra two production levels (26 and 30 levels).</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 8.4pt 0pt 0"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify"><B>Increased Resource</B></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">On November 2, 2017 Caledonia announced an increase in
Measured and Indicated resources at Blanket from 671,000 ounces at a grade of 4.23g/t at December 31, 2016 to 714,000 ounces at
a grade of 3.95g/t, a 6% increase in contained gold. In addition, Inferred Resources increased by 47% from 604,000 ounces at a
grade of 4.99g/t at December 31, 2016 to 887,000 ounces at a grade of 4.99g/t at August 31 2017.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Extension of the Central Shaft</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">In light of the increased resource base, the boards of
Blanket and Caledonia have approved a decision to invest further in the deepening of the Central Shaft to a depth of 1,330 metres
to be fully commissioned and operational by the end of the first quarter 2020.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The extension of the Central Shaft is expected to cost
approximately $10 million and additional development of the two production levels below 30 level (990m) is expected to cost approximately
$8 million. Total incremental project capital expenditure is therefore expected to be an increase of $18 million. The capital cost
of deepening the shaft before it is commissioned is expected to be significantly lower and less disruptive than would be the case
if the shaft is extended after it&rsquo;s commissioning by eliminating the duplication of infrastructure at the bottom of the shaft
and site re-establishment of shaft sinking equipment and sinking crew.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The deepening of the Central Shaft is not expected to
adversely affect the production target of 80,000 ounces of production by 2021 and is expected to extend the life of Blanket by
potentially an additional four years beyond the current mine life, based on the existing Indicated and Inferred resources below
30 level to support operations at Blanket until 2031. It is also expected to enable significantly increased operational flexibility
at the mine as the deeper shaft will support operations over four production levels rather than the previously planned two levels.
This is expected to enable production to continue at the rate of 80,000 ounces until at least 2029 based on the current Inferred
Resources below 30 level and potentially longer depending on future exploration success at depth extensions of known ore bodies
above 30 level which will also enable exploration below 38 level (1230m).</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Mid-Shaft Loading</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">Blanket implemented a mid-shaft loading system at the
beginning of November 2017 to enable Central Shaft to handle development waste, thereby alleviating some of the logistical pressure
on Number 4 Shaft and ensuring that the horizontal development on 26 and 30 levels can start at least ten months earlier than the
original project schedule. The implementation of mid-shaft loading is also intended to allow Number 6 Winze to hoist ore rather
than ore and waste and should reduce waste haulage and hoisting via Number 4 Shaft due to the use of Central Shaft for the hoisting
of development waste.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Capital expenditure</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The total project capital investment involved in completing
the Central Shaft and developing four production levels below 22 level (750m) is estimated to be approximately $51 million over
the period 2018 to 2022 which includes $18 million of incremental capital to sink the Central Shaft to the greater depth and develop
two additional production levels. Sustaining capital over the anticipated extended mine life is expected to be approximately $63
million over the period 2018 to 2031 (approximately $4 million to $5 million per year) and an additional $11 million of deep level
exploration drilling is budgeted for exploration below 22 level. Total life of mine capital investment from 2018 to 2031 (including
the extension) for Blanket is expected to be approximately $125 million.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Production Estimates</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">Total production from Measured and Indicated resources
over the life of the mine is expected to be approximately 420,000 ounces and production from Inferred resources is expected to
be approximately 550,000 to 600,000 ounces between 2018 and 2031. Caledonia expects that its long term AISC guidance is expected
to remain in the range of $700 to $800 per ounce. Given the existing resource classification of Indicated and Inferred resources
down to 38 level, a PEA has been prepared in respect of the Inferred Resources which is preliminary in nature and includes Inferred
Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them
to be classified as mineral reserves. There is no certainty that the PEA will be realised.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The changes to the Central Shaft project as stated above
result in a revised life of mine plan for the Blanket Mine (the &ldquo;LOMP&rdquo;) in terms of which it is anticipated that the
approximate production from existing Proven and Probable mineral reserves above 34 level will be as set out below:</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="8"><FONT STYLE="font-size: 10pt"><B>Approximate Production from Proven &amp; Probable Mineral Reserves (2018 &ndash; 2024)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Tonnes milled (000&rsquo;s)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">564</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">570</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">640</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">720</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">673</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">430</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">133</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Gold Production (koz)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">68</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The deepening of the Central Shaft is expected to provide
access to the current Inferred Resources down to 38 level and allow for further exploration, development and mining in these sections
along the known Blanket strike, which is approximately three kilometers in length. The PEA has been prepared in respect of the
Inferred Resources down to 38 level. Based on the PEA, approximate additional production from current Inferred Resources (excluding
the projected production set out above) may be achieved in the following indicative ranges:</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="10"><FONT STYLE="font-size: 10pt"><B>Approximate Production from Inferred Mineral Resources (2023 &ndash; 2031)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2027</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2028</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2029</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2030</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">2031</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Tonnes milled (000&rsquo;s)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">215</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">494</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">573</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">544</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">594</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">596</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">614</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">425</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">400</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Gold Production (koz)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20 &ndash; 24</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57 &ndash; 62</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76 &ndash; 80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76 &ndash; 80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76 &ndash; 80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76 &ndash; 80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76 &ndash; 80</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56 &ndash; 60</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">52 &ndash; 56</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">Diamond drilling and development is planned to be continued
with the objective of increasing confidence in order to upgrade the categorisation of the resources. The LOMP and the PEA have
been reviewed by Mr. Dana Roets, Chief Operating Officer, and Mr. Paul Matthews, Caledonia&rsquo;s Qualified persons for National
Instrument 43-101 Standards of Disclosure for Mineral Projects reporting purposes. A technical report prepared in compliance with
National Instrument 43-101 which summarises the revised LOMP and the PEA will be filed on SEDAR before December 17, 2017. The LOMP,
Pre-Feasibility Study (&ldquo;PFS&rdquo;), PEA, Resource estimation and Reserve conversion have been reviewed by independent consulting
firm Minxcon (Pty) Ltd. Minxcon also assisted the Qualified Persons with the compilation of the technical reports. The most important
assumptions on which the PEA is based include: a gold price of US$1,260 per ounce; achievement of the targeted production set out
above and the accuracy of the projected capital costs.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Funding</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">Assuming a gold price of US$1,260 per ounce and that all
the production projections set out above are achieved, it is expected that all capital expenditure and increased working capital
requirements will be funded from Blanket&rsquo;s internal cash flows and its existing unused credit facilities. It is expected
that Caledonia&rsquo;s net cash resources of $10.8 million as at June 30, 2017 will not be required to fund the project.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><B>Competent and Qualified Persons Statement</B></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The technical information contained herein relating to
all technical information, excluding resource estimation, is based on, and fairly represents, information compiled by Mr. Dana
Roets, P. Eng who is registered with the Engineering Council of South Africa (ECSA), which is currently included as a &quot;Recognized
Overseas Professional Organization&quot; in a list promulgated by the ASX from time to time. Mr. Roets is a full time employee
of Caledonia Mining South Africa Proprietary Limited and is not &quot;independent&quot; within the meaning of National Instrument
43-101. However, he is a &quot;Qualified Person&quot; as defined in National Instrument 43-101. Mr. Roets has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a Qualified Person under National Instrument 43-101. Mr. Roets has consented to the inclusion in this document of
the matters based on his compiled information in the form and context in which they appear in this document.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">The technical information contained herein relating to
the mineral resource estimates is based on, and fairly represents, information compiled by Mr. Paul Matthews, Pr.Sci.Nat. who is
registered with the South African Council for Natural Scientific Professions, which is currently included as a &quot;Recognized
Overseas Professional Organization&quot; in a list promulgated by the ASX from time to time. Mr. Matthews is a full time employee
of Caledonia Mining South Africa Proprietary Limited and is not &quot;independent&quot; within the meaning of National Instrument
43-101. However, he is a &quot;Qualified Person&quot; as defined in National Instrument 43-101. Mr. Matthews has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a &quot;Qualified Person&quot; under National Instrument 43-101. Mr. Matthews has consented to the inclusion in this
document of the matters based on his compiled information in the form and context in which they appear in this document.</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>About Caledonia</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following the implementation of indigenisation in Zimbabwe in September
2012, Caledonia&rsquo;s primary asset is a 49% interest in an operating gold mine in Zimbabwe (&ldquo;Blanket&rdquo;). Blanket
plans to increase production from 50,351 ounces in 2016 to approximately 80,000 ounces in 2021. Blanket&rsquo;s target production
for 2017 is 54,000 to 56,000 ounces. Caledonia&rsquo;s current dividend policy is to pay a quarterly dividend which is currently
6.875 cents per share, or 27.5 cents per share on an annualised basis.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For further information please contact:</P>



<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #D0DDEF; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: Transparent">
    <TD STYLE="width: 38%; background-color: White">
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify"><B>Caledonia Mining Corporation Plc</B></P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify">Mark Learmonth</P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify">Maurice Mason</P></TD>
    <TD STYLE="width: 62%; background-color: White">
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">&nbsp;</P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">Tel: +44 1534 679 802</P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">Tel: +44 759 078 1139</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: transparent">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Transparent">
    <TD STYLE="background-color: White">
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify"><B>WH Ireland</B></P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify">Adrian Hadden/Ed Allsopp</P></TD>
    <TD STYLE="background-color: White">
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">&nbsp;</P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">Tel: +44 20 7220 1751</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: transparent">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Transparent">
    <TD STYLE="background-color: White">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Blytheweigh</B></P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify">Tim Blythe/Camilla Horsfall/Megan Ray</P></TD>
    <TD STYLE="background-color: White">
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">&nbsp;</P>
        <P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt">Tel: +44 207 138 3204</P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0 0pt 5.4pt; font-size: 10pt; text-indent: -5.4pt"></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><B>Cautionary Note Concerning Forward-Looking
Information</B></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><I>Information and statements contained
in this news release that are not historical facts are &ldquo;forward-looking information&rdquo; within the meaning of applicable
securities legislation that involve risks and uncertainties relating, but not limited to Caledonia&rsquo;s current expectations,
intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as &ldquo;anticipate&rdquo;,
&ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;goal&rdquo;, &ldquo;plan&rdquo;, &ldquo;target&rdquo;, &ldquo;intend&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;may&rdquo; and &ldquo;will&rdquo; or the negative of
these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Examples of forward-looking information in this news release include: production
guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and
development. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect,
thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking
information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves,
the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability
of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success
of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures
to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and other factors.</I></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><I>Security holders, potential security
holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties
and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.
Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to
be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and
mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company
does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships
with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining
necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition,
the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters
to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or
regulatory risks, expropriation, the Company&rsquo;s title to properties including ownership thereof, increased competition in
the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing
of events including targeted production rate increase and currency fluctuations. Security holders are cautioned not to place undue
reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and
various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking
information whether as a result of new information, future events or other such factors which affect this information, except as
required by law. </I></P>

<P STYLE="margin: 0pt 8.5pt 0pt 0; font-size: 10pt; text-align: center"><B></B>&nbsp;</P>

<P STYLE="margin: 0pt 8.5pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 8.5pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
