EXHIBIT 14d

                          CALEDONIA MINING CORPORATION

                     MINERAL PROPERTIES (THOUSANDS OF $CDN)

The following is a summary of Caledonia's mineral properties and the capitalized
costs as at the 31st December 2003:

                                    
CANADA:

         Nunavut                          $   750
AFRICA:

         SOUTH AFRICA          5,418
         ZAMBIA                1,044
                              ------

                                            6,462
                                          -------
TOTAL MINERAL PROPERTIES                  $ 7,212
                                          -------


NOTE: The cost of acquisition of mineral properties and all related exploration
and development expenditures, less recoveries, are capitalized and carried as an
asset to be amortized against income if the property is brought into commercial
production or charged to income if the property is, or is to be, abandoned or
disposed of.