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Caledonia Mining Corporation: Exercise of Options

TORONTO, ONTARIO--(Marketwire - Nov 22, 2012) - Caledonia Mining Corporation ("Caledonia" or the "Company") (CAL.TO)(CALVF)(CMCL.L), 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.