2004
FIRST QUARTER REPORT
(LOGO)
CALEDONIA
MINING CORPORATION
FIRST QUARTER 2004 HIGHLIGHTS
- Conducted major modifications to metallurgical plant at Barbrook.
Progressed with metallurgical testwork on a number of different process
alternatives;
- Continued underground development at Barbrook including commencing a
decline shaft to access Taylors ore zone below 10 level;
- Recruited a Financial Manager - Africa in accordance with focus on
strengthening senior staff in South Africa;
- Completed detailed soil sampling at the Roodepoort Exploration Project at
Eersteling, which potentially hosts a low-grade gold open-pit;
- Purchased and acquired prospecting rights over an additional 342 hectares
immediately adjacent to the Rooipoort Platinum Exploration Project
property;
- Completed an additional five stratigraphic evaluation holes on the
Rooipoort Platinum Exploration Project;
- Raised $8.6 million net of financing costs from arms-length private
placement and $0.7 from the exercise of warrants.
2004 OBJECTIVES
- Return the Barbrook Gold Mine in South Africa to economic gold production;
- Develop additional reserves/resources at the Barbrook mine;
- Complete a feasibility study of installing a Biox(R) bacterial leach
circuit at Barbrook;
- Acquire the 3.78% minority interests in Eersteling and delist Eersteling
from the JSE Securities Exchange, South Africa;
- Explore potential for low grade gold open-pit at Eersteling's Roodepoort
Exploration Project in South Africa;
- Identify platinum resource at Eersteling's Rooipoort Exploration Project
in South Africa;
- Test the feasibility of producing an economic cobalt concentrate from Nama
property in Zambia;
- Seek joint-venture partner to commence an exploration program at the
Kadola copper/cobalt property in Zambia;
- Encourage and support our joint venture partners in their exploration for
diamonds at the Kikerk Lake property, Canada and on the Mulonga Plain
joint venture in Zambia;
- Conduct a bulk sampling program on the Goedgevonden diamond property in
South Africa and conduct a limited washing program on the oxidized cap to
collect a 100ct parcel of stones which can be assessed to establish the
coloured stone potential of the property;
- Recruit additional senior staff for the South African operations as they
develop;
- Strengthen the Board of Directors of Caledonia to address recent changes
in Corporate Governance Regulations;
- Adopt a Code of Ethics and the relevant charters to Caledonia;
- Evaluate listing Caledonia on American (AMEX) and London (LSE) Stock
Exchanges;
- Arrange necessary financing to support the activities required to meet
these objectives.
2
PRESIDENT'S MESSAGE
The gold recovery achieved in the Barbrook plant in January did not show any
improvement over the results of the previous quarter. It was decided to stop
metallurgical operations temporarily to allow further circuit changes to be made
which should result in increased gold recoveries at Barbrook. Mining was
refocused on underground development during this period with encouraging
results. Concurrent with this stoppage, metallurgical testing is continuing on a
number of fronts including the initial engineering studies for a full Biox(R)
plant at Barbrook and ultra fine milling of its flotation concentrate.
Exploration drilling at the Rooipoort Platinum Exploration Project near Mokopane
(Potgietersrus), South Africa continued throughout the quarter and 285.54
hectares of mineral rights were purchased and 56.32 hectares of prospecting
rights were acquired totalling 342 hectares of additional property immediately
adjoining the Rooipoort Platinum Exploration Project.
Approximately half of the 100 heavy media samples collected at Kikerk Lake
during 2003 were processed in Ashton Mining of Canada's laboratory. Results are
pending.
Caledonia continued to strengthen its senior staff in South Africa by recruiting
Mike Tombs as Financial Manager - Africa.
The net loss of $1.7 million during the quarter is comprised of unrealized,
exchange translation losses, operating losses and administration costs.
Caledonia commenced a private placement financing during the quarter and through
the financing and the exercise of warrants raised $9.3 million during the
quarter, net of financing costs. The financing will close during the second
quarter.
(signed) S. E. Hayden
S. E. HAYDEN
Chairman
of the Board, President and
Chief Executive Officer
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
TO THE SHAREHOLDERS OF CALEDONIA MINING CORPORATION:
The accompanying unaudited consolidated financial statements of Caledonia were
prepared by management in accordance with accounting principles generally
accepted in Canada, consistently applied and within the framework of the summary
of significant accounting policies in these consolidated financial statements.
Management is responsible for all information in the quarterly report. All
financial and operating data in the quarterly report is consistent, where
appropriate, with that contained in the consolidated financial statements.
The Board of Directors discharges its responsibilities for the consolidated
financial statements primarily through the activities of its Audit Committee
composed of three directors, two of whom are not members of management. This
Committee meets with management to assure that it is performing its
responsibility to maintain financial controls and systems and to approve the
quarterly consolidated financial statements of Caledonia.
The consolidated financial statements have not been reviewed by Caledonia's
auditors.
(signed) S. E. Hayden (signed) S. W. Poad
S. E. HAYDEN S. W. POAD
Chairman of the Board, President and Vice-President Finance
Chief Executive Officer and Administration
3
CALEDONIA MINING CORPORATION MARCH 31, 2004
MANAGEMENT'S DISCUSSION AND ANALYSIS
Expressed in Canadian Dollars
This discussion provides updated information to the Management Discussion and
Analysis contained in the Caledonia's Annual Report for 2003. Where no comments
are made there are no updates to report.
OPERATIONAL REVIEW
BARBROOK MINES LIMITED
Low gold recoveries continued through the first month of the quarter and
operations in the metallurgical plant were halted in late February to allow
additional circuit modifications to be made. These include the installation of
an additional cleaner flotation circuit to increase the gold grade of the
flotation concentrate and more aggressive oxygen addition to the reground
flotation concentrate prior to leaching in the Resin-in-Leach (RIL) section. The
resin elution section is also being enlarged to give more flexibility in
operation of the RIL section. These modifications will continue into the second
quarter.
Caledonia is further evaluating `ultra-fine milling' and `whole-plant Biox(R)'
metallurgical processes to determine whether further recovery improvements and
improved economics can be attained. As ongoing test work and the in-house
feasibility are completed, further revisions and additions to the metallurgical
plant may be expected.
The focus of underground mining was changed during the quarter from ore
production to include development advance to access ore zones outside the
current Taylors mining area. Development is now in progress on 10-level which is
the main haulage level to access known ore shoots that extend 110 vertical
meters above 10-level. To ensure the continuity of the ore supply from the
Taylors ore zone, the development of a double compartment decline shaft was
started which will provide access to the Taylors zone below the 10 level
elevation. The mine has now embarked on an aggressive development program to
access the lower portions of the Taylors, Victory, Daylight, Crescent and Browns
ore zones. The Daylight/Victory area has the potential to provide the plant with
a readily accessible additional source of higher than average grade ore should
the metallurgical recovery difficulties be resolved by Biox(R), ultra fine
grinding, or other such process.
BARBROOK MINE - Q1 -2004 PRODUCTION RESULTS
Ore mined Tonnes 6,220
Development advance Meters 230
Ore trammed from mine Tonnes 6,220
Ore milled Tonnes 4,723
Grade milled g/t 6.2
Gold recovered Ounces 295
CONSOLIDATED FINANCIAL RESULTS
For the quarter ended March 31, 2004 the Caledonia recorded a net loss of $1.7
million ($0.007 per share) compared to a net loss of $0.2 million ($0.001 per
share) during the same period in 2002 and a net loss of $0.4 million ($0.002 per
share) in the first quarter of 2001. The loss in 2004 results from operations at
Barbrook during the quarter; the normal administration expenses and an
unrealized exchange translation loss.
FINANCING
In the first quarter of 2004, Caledonia raised an amount of $0.7 million from
the exercise of warrants.
As of March 31, 2004, the Company has raised approximately $8.6 million from a
private placement, net of financing costs, and raised a further gross amount of
approximately $5.0 million during April. The majority of these funds will be
used to finance the improvements in the processing of gold ore at Barbrook and
exploration activity on the Company's most prospective projects. Caledonia and
its subsidiaries remain largely debt-free.
4
EXPLORATION AND PROJECT DEVELOPMENT
ROODEPOORT GOLD EXPLORATION PROJECT
Detailed soil sampling has been completed over a 2,500m x 1,500m area of the
Roodepoort gold property, situated 22 km northeast of the Eersteling plant area
and 8 km east of the Zandrivier mine area. Soil samples have been analysed for
gold at the "Low-level Gold" facility of Genalysis in Perth, Western Australia.
Results have been received and evaluation of results is in progress.
336 grid samples were collected during the quarter despite delays from heavy
rains and wet soil. In addition chip samples were collected from outcrops of
favourable host rock within the targeted area. A number of old workings and
adits were also sampled. A total of 155 chip samples have been sent for fire
assaying. Results are awaited.
The open pit potential of this unit for a large low-grade gold operation has not
previously been evaluated. It is planned to drill targets generated from soil
sampling results and previous data.
ROOIPOORT PLATINUM EXPLORATION PROJECT
At the Rooipoort Platinum Exploration Project near Mokopane (Potgietersrus),
South Africa five drill holes have been completed so far in 2004 with two in
progress and a further two planned to complete this phase of the exploration
program. In total 1,695 meters were drilled during the first quarter. The
information provided continues to define the stratigraphy of the Rooipoort
target area and will be used to focus the next drilling phase, which is intended
to define an initial resource at Rooipoort. This resource definition-drilling
program is currently scheduled to commence in mid 2004.
KIKERK LAKE DIAMOND PROJECT
100 heavy mineral follow-up samples were collected from six separate areas on
the property by the operator of the joint venture, Ashton Mining of Canada
("Ashton"), during the 2003 summer season. All samples were sent to Ashton's
laboratory for processing and approximately half of these samples were processed
during the first quarter, 2004.
SUPPLEMENT TO THE FINANCIAL STATEMENTS
As at April 30, 2004 the following items were outstanding:
- 301,111,786 common shares.
- 11,898,700 common share purchase options at an average price of $0.26
maturing at various dates until November 4, 2013.
- 12,000,000 common share purchase warrants at a price of $0.35 maturing at
various dates until February 6, 2005.
- 22,694,091 common share purchase warrants exercisable at a price of $0.55
per share until October 26, 2005.
- 4,538,818 financing agents' common share purchase warrants exercisable at
a price of $0.55 until October 26, 2005.
- 3,449,114 share purchase warrants were exercised during the period January
1 to April 30, 2004.
5
CALEDONIA MINING CORPORATION
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS OF CANADIAN DOLLARS)
MARCH 31, December 31,
(UNAUDITED) 2004 2003
--------- ---------
ASSETS
Current
Cash and short term deposits $ 11,468 $ 4,179
Accounts receivable 147 178
Inventories -- 86
Prepaid expenses 6 130
--------- ---------
11,621 4,573
INVESTMENT AT COST 79 79
CAPITAL ASSETS (Note 1) 8,484 8,297
MINERAL PROPERTIES 7,395 7,212
--------- ---------
$ 27,579 $ 20,161
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable $ 561 $ 790
PROVISION FOR SITE RESTORATION (Note 1) 933 928
--------- ---------
1,494 1,718
NON-CONTROLLING INTEREST 723 736
--------- ---------
2,217 2,454
--------- ---------
SHAREHOLDERS' EQUITY (Note 2)
Share capital 168,433 159,151
Contributed surplus 285 285
Compensation warrants 258 160
Deficit (143,614) (141,889)
--------- ---------
25,362 17,707
--------- ---------
$ 27,579 $ 20,161
========= =========
On behalf of the Board:
(signed) F. C. Harvey
Director
- -----------------------
F. C. Harvey
(signed) J. Johnstone
Director
J. Johnstone
6
CALEDONIA MINING CORPORATION
CONSOLIDATED STATEMENTS OF DEFICIT
(IN THOUSANDS OF CANADIAN DOLLARS)
For the three months ended March 31,
(UNAUDITED) 2004 2003 2002
--------- --------- ---------
DEFICIT, beginning of period
As previously reported ($142,414) ($127,858) ($123,527)
Change in accounting policy (Note 1) 525 533 541
--------- --------- ---------
As restated (141,889) (127,325) (122,986)
NET (LOSS) FOR THE PERIOD (1,725) (216) (417)
--------- --------- ---------
DEFICIT, end of period ($143,614) ($127,541) ($123,403)
========= ========= =========
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS OF CANADIAN DOLLARS EXCEPT PER SHARE AMOUNTS)
For the three months ended March 31,
(UNAUDITED) 2004 2003 2002
------- ------- -------
REVENUE AND OPERATING COSTS
Revenue from sales $ 140 $ 53 $ 9
Operating costs (Note 1) 1,315 80 75
------- ------- -------
GROSS PROFIT (LOSS) (1,175) (27) (66)
------- ------- -------
COSTS AND EXPENSES
General and administrative 299 370 322
Interest 47 20 24
Other expense (income) (Note 4) 217 (201) 5
------- ------- -------
563 189 351
------- ------- -------
(LOSS) BEFORE NON-CONTROLLING INTEREST (1,738) (216) (417)
Non-controlling interest (13) -- --
------- ------- -------
NET (LOSS) FOR THE PERIOD ($1,725) ($ 216) ($ 417)
======= ======= =======
NET (LOSS) PER SHARE (NOTE 3)
Basic and fully diluted ($0.007) ($0.001) ($0.002)
======= ======= =======
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CALEDONIA MINING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF CANADIAN DOLLARS)
For the three months ended March 31,
(UNAUDITED) 2004 2003 2002
-------- -------- --------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net (loss) for the year ($ 1,725) ($ 216) ($ 417)
Adjustments to reconcile net cash from
operations 90 26 8
Changes in non-cash working capital
Balances 12 (269) 133
-------- -------- --------
(1,623) (459) (276)
-------- -------- --------
INVESTING ACTIVITIES
Expenditures on capital assets (187) (184) --
Expenditures on mineral properties (183) (1,036) 66
-------- -------- --------
(370) (1,220) 66
-------- -------- --------
FINANCING ACTIVITIES
Loan payable -- (39) 245
Issue of share capital net of issue costs 9,282 2,511 --
-------- -------- --------
9,282 2,472 245
-------- -------- --------
INCREASE IN CASH FOR THE PERIOD 7,289 793 35
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,179 1,864 90
-------- -------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 11,468 $ 2,657 $ 125
-------- -------- --------
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CALEDONIA MINING CORPORATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2004
NATURE OF BUSINESS
The Company is engaged in the acquisition, exploration and development of
mineral properties for the exploitation of base and precious metals. The ability
of the Company to recover the amounts shown for its capital assets and mineral
properties is dependent upon the existence of economically recoverable reserves;
the ability of the Company to obtain the necessary financing to complete
exploration and development; and future profitable production or proceeds from
the disposition of such capital assets and mineral properties.
BASIS OF PRESENTATION
These financial statements have been prepared on the basis of a going concern,
which contemplates that the Company will be able to realize assets and discharge
liabilities in the normal course of business. The Company's ability to continue
as a going concern is dependent upon attaining profitable operations and
obtaining sufficient financing to meet its liabilities, its obligations with
respect to operating expenditures and expenditures required on its mineral
properties.
MEASUREMENT UNCERTAINTIES
Preparation of the financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the reported amounts
of revenues and expenses during the reporting period. The more significant areas
requiring estimates relate to mineral resources, future cash flows associated
with capital assets and mineral properties. Management's calculation of reserves
and resources and cash flows are based upon engineering and geological estimates
and financial estimates including gold prices and operating costs. The amount
ultimately recovered could be materially different than the estimated values.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the Company
together with all its subsidiaries.
The Company's principal consolidated subsidiaries are Barbrook Mines Limited
(100% owned) ("Barbrook"), Eersteling Gold Mining Company Limited (96% owned)
("Eersteling") and Caledonia Mining (Zambia) Limited, Caledonia Kadola Limited,
Caledonia Nama Limited and Caledonia Western Limited (all 100% owned)
(collectively known as "Caledonia Zambia").
CHANGE IN ACCOUNTING POLICY
ASSET RETIREMENT OBLIGATIONS
Effective January 1, 2004 the Company adopted the Canadian Institute of
Chartered Accountants Standard 3110, "Asset Retirement Obligations" This
standard requires that a liability for retirement obligations to be settled as a
result of an existing law, regulation or contract be recognized when incurred
and recorded at fair value on a retroactive basis.
9
CALEDONIA MINING CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2004
Unless otherwise stated all monetary amounts are in thousands of Canadian
dollars, except for share, share unit, share option and warrant prices.
1. ASSET RETIREMENT OBLIGATIONS
The Company retroactively applied the standard effective January 1, 2002.
As a result, comparative financial information has been restated as
follows:
Previously reported As restated
------------------- -----------
Net loss as at March 31, 2003 $ 208 $ 216
Deficit as at March 31, 2003 128,066 127,541
Net loss as at March 31, 2002 409 417
Deficit as at March 31, 2002 123,936 123,403
Capital assets as at Dec. 31, 2003 7,471 8,297
Provision for site restoration as at Dec. 31, 2003 627 928
Deficit as at Dec. 31, 2003 142,414 141,889
-------------- --------
The new accounting standard applies to future asset retirement
requirements for the Barbrook and Eersteling mines located in South
Africa. The Company is in the process of confirming the fair value of
certain asset retirement obligations and thus the determination of the
provision under the new accounting standard is subject to refinement.
2. SHARE CAPITAL
(a) Issued
Number of Shares Amount (000's)
---------------- --------------
Balance, December 31, 2002 252,274,997 $ 159,151
Issued pursuant to private placement(1) 29,095,525 9,602
Warrants exercised 3,042,648 682
Share issue expense and agent compensation warrants(1) -- (1,002)
----------- -----------
Balance, March 31, 2004 284,413,170 $ 168,433
----------- -----------
(1) During the quarter, Caledonia raised a gross amount $9.6 million from
a private placement by the issuance of 29,095,525 units consisting of one
common share and one-half common share purchase warrant. Each unit is
priced at $0.33 per unit and the common share purchase warrants are
exercisable for one common share at $0.55 per whole warrant for a period
of eighteen months from the date of issuance. The balance of the private
placement will be closed in the 2nd quarter.
The private placement agents were paid a commission of 9% of the gross
proceeds raised and whole common share purchase warrants equal to 10% of
the total units sold. The agent compensation warrants are exercisable for
one common share at $0.55 per warrant for a period of eighteen months
from the date of issuance. A total of 2,909,553 agent compensation
warrants were issued at an assigned a value of $98 or $0.034 per warrant.
Cash commissions paid amounted to $864 plus expenses of $40.
(b) Stock Option Plans
The Company has established incentive stock option plans for employees,
officers, directors, consultants and other service providers. As at March
31, 2004, the Company has 11,898,700 options outstanding comprised of the
following:
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CALEDONIA MINING CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2004
2. SHARE CAPITAL (continued)
Number of Options Exercise Price Expiry Date
----------------- -------------- -----------
410,700 $ 0.750 April 28, 2005
813,000 $ 0.330 February 9, 2008
9,950,000 $ 0.235 April 24, 2012
225,000 $ 0.345 June 2, 2012
500,000 $ 0.280 November 4, 2013
(c) Warrants
The Company has 29,863,781 common share purchase warrants issued pursuant
to private placements which are outstanding as of March 31, 2004:
Number of Warrants Shares for Warrants Exercise Price Expiry Date
------------------ ------------------- -------------- -----------
2,000,000 1 for 1 $ 0.350 February 6, 2005
406,466 1 for 1 $ 0.195 April 12, 2004
10,000,000 1 for 1 $ 0.350 February 6, 2005
17,457,315 1 for 1 $ 0.550 September 29, 2005
3. NET (LOSS) PER SHARE
The net (loss) per share figures have been calculated using the weighted
average number of common shares outstanding during the first quarter
which amounted to 258,356,876. Under the treasury method of calculating
fully diluted income per share, exercise of the outstanding stock options
and warrants would be anti-dilutive in 2004.
4. OTHER EXPENSE (INCOME)
Included in other expense (income) are unrealized exchange translation
losses of $234, (2003 - gain of $185; 2002 - loss $9).
5. SUBSEQUENT EVENT
(1) During the quarter, Caledonia raised a gross amount of $9,600 from a
private placement by the issuance of up to 29,095,525 units consisting of
one common share and one-half common share purchase warrant. Each unit
was priced at $0.33 per unit and the common share purchase warrants are
exercisable for one common share at $0.55 per whole warrant for a period
of eighteen months from the date of issuance. Subsequent to the quarter
ending March 31, 2004 and as of April 30, 2004 a further 16,292,650 units
have been sold for gross proceeds of $5,377.The private placement agents
are paid a commission of 9% of the gross proceeds raised and whole common
share purchase warrants equal to 10% of the total units sold. The agent
broker warrants are exercisable for one common share at $0.55 per warrant
for a period of eighteen months from the date of issuance.
11
CALEDONIA MINING CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2004
5. SUBSEQUENT EVENT (continued)
(2) Caledonia has given notice of its intent, subject to obtaining the
necessary regulatory approvals, to convert the shares held by
minority shareholders of Eersteling Gold Mining Limited into
redeemable preference shares, to redeem them and to subsequently
delist Eersteling from the Johannesburg Stock Exchange. When
completed, this will result in Caledonia owning 100% of
Eersteling's gold assets and the Rooipoort platinum project. The
general meeting of the shareholders of Eersteling regarding these
transactions is scheduled to take place on May 28th 2004.
(3) There were an additional 406,466 warrants exercised between April
1 to 30th 2004.
(4) On April 30, 2004, Caledonia granted 1,010,000 stock options to
employees and service providers. The options were priced at the
market closing price on the day preceeding the date of granting
6. SUPPLEMENTAL CASH FLOW INFORMATION
Items not involving cash are as follows:
2004 2003 2002
---- ---- ----
Accretion asset retirement obligation $ 4 $ 8 $ 8
Non-controlling interest (13) -- --
Other 99 18 --
---- ---- ----
$ 90 $ 26 $ 8
---- ---- ----
The net changes in non-cash working capital balances for continuing
operations are as follows:
2004 2003 2002
----- ----- -----
Accounts payable ($229) ($218) $ 137
Accounts receivable 31 (50) (4)
Inventories 86 -- --
Prepaid expenses 124 (1) --
----- ----- -----
$ 12 ($269) $ 133
----- ----- -----
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CORPORATE DIRECTORY
CORPORATE OFFICES SOLICITORS
CANADA - HEAD OFFICE BORDEN LADNER GERVAIS LLP
CALEDONIA MINING CORPORATION Suite 4100, Scotia Plaza
Unit 9, 2145 Dunwin Drive 40 King Street West
Mississauga, Ontario Toronto, Ontario M5H 3Y4 Canada
L5L 4L9 Canada
Tel: (905) 607-7543 TUPPER, JONSSON & YEADON
Fax: (905) 607-9806 1710-1177 West Hastings Street
Vancouver, British Columbia
SOUTH AFRICA V6E 2L3 Canada
GREENSTONE MANAGEMENT SERVICES (PTY) LTD.
P.O. Box 587 AUDITORS
Johannesburg 2000 BDO DUNWOODY LLP
South Africa CHARTERED ACCOUNTANTS
Tel: (27)(11) 447-2499 Suite 3200, 200 Bay Street
Fax: (27)(11) 447-2554 Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J8 Canada
ZAMBIA
CALEDONIA MINING (ZAMBIA) LIMITED REGISTRAR & TRANSFER AGENT
P.O. Box 36604 EQUITY TRANSFER SERVICES INC.
Lusaka, Zambia Suite 420 120 Adelaide Street West
Tel: (260)(1) 29-1574 Toronto, Ontario M5H 4C3 Canada
Fax: (260)(1) 29-2154 Tel: (416) 361-0152
Fax: (416) 361-0470
SHARES LISTED
The Toronto Stock Exchange Symbol "CAL" BANKERS
NASDAQ OTC BB Symbol "CALVF" CANADIAN IMPERIAL BANK OF COMMERCE
6266 Dixie Road
CAPITALIZATION at March 31, 2004 Mississauga, Ontario
Authorised: Unlimited L5T 1A7 Canada
Shares, Warrants and Options Issued:
Common Shares: 284,413,170
Warrants: 29,863,781
Options: 11,898,700
WEB SITE: http://www.caledoniamining.com
13
CALEDONIA MINING CORPORATION
Unit # 9
2145 Dunwin Drive
Mississauga, Ontario, Canada
L5L 4L9
Tel: (905) 607-7543
Fax: (905) 607-9806
info@caledoniamining.com
WEB SITE: http://www.caledoniamining.com
14