Caledonia Mining Corporation: Exercise of Options

Thu Nov 22, 2012 1:49pm EST

* Reuters is not responsible for the content in this press release.

Caledonia Mining Corporation ("Caledonia" or the "Company")
(TSX:CAL)(OTCQX:CALVF)(AIM:CMCL), received notice on November 20, 2012
that Mark Learmonth, a Person Disclosing Managerial Responsibility (PDMR)
of the Company, exercised options over an aggregate 562,500 ordinary
shares in the Company ("Ordinary Shares") at an exercise price of
Cdn$0.07 per share.

    Following this transaction, Mark Learmonth and persons connected to him
have interest in 920,000 Ordinary Shares representing approximately 0.2%
of the Company's issued ordinary share capital, all of which are held

    Following this notification, the Company has 508,461,780 Ordinary Shares
in issue.

Caledonia Mining Corporation
Mark Learmonth
+ 27 11 447 2499

Canaccord Genuity Limited
Andrew Chubb / Sebastian Jones
+ 44 20 7523 8350

Newgate Threadneedle
Terry Garrett / Beth Harris / Graham Herring
+ 44 20 7653 9850

CHF Investor Relations
Jeremy Hill
+ 1 416 868 1079 x 238

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