Extension of Warrants

Caledonia Mining Corporation
31 July 2007


          Caledonia Mining Corporation ('Caledonia' or the 'Company')

                     CALEDONIA EXTENDS 17,000,000 WARRANTS

Toronto, Ontario - July 31, 2007: Caledonia Mining Corporation ('Caledonia')
(TSX: CAL, NASDAQ-OTCBB: CALVF, AIM: CMCL) has extended the date for the
exercise of 17,000,000 outstanding share purchase warrants from July 27, 2007 to
September 28, 2007. Each warrant is exercisable to buy one additional share of
the Company for a price of $0.16 (Cdn.) per share. The extension will not become
effective until August 15, 2007. The warrants are held by an arm's-length
holder.



For more information, please contact:

Stefan Hayden Alex                 Buck/Nick Bias          Jonathan Wright

President & CEO, Caledonia Mining  Buck-bias               Seymour Pierce
Tel: [phone]               Tel: [phone]   Tel: [phone]

Further information regarding Caledonia's exploration activities and operations
along with its latest financials may be found at www.caledoniamining.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange