Caledonia Mining Corporation

P.O. Box 587
Johannesburg, 2000
South Africa
Web: http://caledoniamining.com/

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Share Structure as of: July 5, 2012
Issued & Outstanding: 507.2 million
Fully Diluted Shares: 539.1 million

Mark Learmonth
VP Business Development
Caledonia Mining Corporation
+27.11.447.2499
marklearmonth@caledoniamining.com

Jeremy Hill
Associate Account Manager
CHF Investor Relations
+1.416.868.1079 x 238
jeremy@chfir.com

Jeanny So
Director of Operations
CHF Investor Relations
+1.416.868.1079 x 225
jeanny@chfir.com

Content last updated on 07.12.12

Caledonia Mining Corporation (TSX: CAL, AIM: CMCL, NASDAQ-OTCQX: CALVF) is a mining and exploration company based in the abundantly mineralized continent of Africa. The flagship project, Blanket Gold Mine Zimbabwe, has a production of 40,000 oz Au per annum and a cash cost of $521 per oz. The Blanket Gold Mine has a mine life of 14 years, its extension subject to additional exploration. A very healthy cash position (approx. $10 M) allows for exploration of the Blanket Mine at greater depths.

Caledonia is also planning to expand into base metals with the Nama Copper-Cobalt property in Zambia. The 2012 exploration program will follow up on the copper mineralization identified in 2011.

Investment Highlights:

• Well established gold production and low cash cost in Africa at US$521/oz Au
• 40,000 oz pa production capacity
• Expects increased resource from ongoing self-funded exploration
• Nama Cu-Co exploration project adjacent to developing Vale mine, Zambia
• Experienced management team with extensive African operational knowledge, based close to the assets (Johannesburg)

Read Caledonia's Article in CHF Spotlight, Issue No. 69

Read Caledonia's Article in CHF Spotlight, Issue No. 74

Zimbabwe Mining

Over 40 different minerals have been extracted in Zimbabwe and mining remains an important contributor to the economy. Mining directly employs some 60,000 people and liberalization measures introduced in 2009 have restored confidence in the mining sector which has allowed previously closed mines to re-open, particularly in the gold sector. The 51% indigenization requirement is a challenge but Caledonia is at the forefront of companies which are moving ahead with us.

Zambia Mining

The mining industry has been the economic and social backbone of Zambia since the first major phase of exploitation of the Copper Belt in the early 1930s. Since that time a wide spectrum of resources have been discovered in Zambia and, although exploitation of these has been limited, they clearly demonstrate the considerable potential for further exploration and mining development and opportunities. Zambia ranks seventh in global copper production and second for Cobalt. The country is investor friendly and has a stable democracy and economy.

Caledonia's Copper Cobalt Project in Zambia and Blanket Gold Mine in Zimbabwe.

Gold production tripled since 2009, Caledonia’s Blanket Mine operations benefit from tight cost controls a benign mining environment, an highly efficient metallurgical plant, and an efficient labour structure (99% of Blanket’s employees are indigenous Zimbabweans, many of whom have worked at Blanket for years).

Located in southwestern Zimbabwe approximately 15 km from Gwanda, Blanket operates down 765 m below surface and currently has a production capacity of 40,000 oz gold annually. Blanket also holds significant brownfield exploration and development projects both on the existing mine property and on its satellite properties located within trucking distance of the Blanket metallurgical recovery plant.

The mineralization in the dip slope is expected to go much deeper than the current operations. down to 1,100 m below surface and the neighbouring miner is working below 1,100 m.

Caledonia holds four contiguous Large Scale Mining Licences covering 800 km²  on the northern extension of the Zambian Copper Belt referred to as the Nama Copper-Cobalt property. A 5,352 m drill program over five holes in 2011 identified a new Copper mineralized zone with a weighted average CU grade of 0.47% and across a weighted average thickness of 48m and at a depth of 280 m - 450 m.

The identified zone of copper mineralization is at a shallow depth which is atypical of Copper belt ores. Caledonia intends to further explore and evaluate this mineralized zone by drilling additional holes totalling ~2,400 m was started in early April 2012 followed by 6,000 m later in the season.

Stefan E. Hayden - President and Chief Executive Officer

Steve Curtis, C.A. (SA) - Vice President Finance, Chief Financial Officer

Dr. Trevor Pearton, Phd. - Vice President, Exploration

Mark Learmonth - Vice President, Corporate Development and Investor Relations

Caxton Mangezi - General Manager and Director, Blanket Mine