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SYS-CON UK Authors: Salvatore Genovese, Jamie Matusow

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Caledonia Mining Corporation: Exercise of Options

TORONTO, ONTARIO -- (Marketwire) -- 11/22/12 -- 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 beneficially.

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

Contacts:
Caledonia Mining Corporation
Mark Learmonth
+ 27 11 447 2499
marklearmonth@caledoniamining.com

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
jeremy@chfir.com

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