Issue of Equity

Caledonia Mining Corporation
15 February 2008


      Caledonia Appoints Dr Trevor Pearton as Vice-President, Exploration
                  and completes a $1,230,000 private placement

Toronto, Ontario - February 15 2008:  Caledonia Mining Corporation ('Caledonia')
(TSX: CAL, NASDAQ-OTCBB: CALVF, AIM: CMCL) is pleased to announce the
appointment of Dr. Trevor Pearton as Vice-President, Exploration for the
Company, following the resignation of Jeff Smith. The Board of Directors thanks
Jeff for his loyal service and contribution to the company over the years.

Dr. Pearton has worked for Caledonia since 2001.  During the time, he was
responsible for the establishment and management of the resource bases at the
Blanket Mine (operating) and the Barbrook and Eersteling Mines (now on care and
maintenance) and the assessment of the Nama project, resulting in a
reinterpretation of the ore body and an improved definition of the resources and
mineralogical characteristics.  This work provided the basis for the 2007
(completed) and the 2008 exploration programs.  Prior to joining Caledonia, Dr.
Pearton worked for a number of financial institutions in South Africa as a
highly rated gold analyst, as well as consulting to a number of mining
companies.  He graduated from the University of the Witwatersrand with a BSc Eng
(Mining Geology) and was awarded a PhD in Geology for research into Archaean
gold and antimony deposits (Witwatersrand University).  He is a member of the
Geological Society of South Africa; elected a Fellow of the Society in 2004, a
member of the South African Institute for Mining and Metallurgy and a member of
the Witwatersrand University Mining Engineers Association

Caledonia has also closed a private placement sale of 12,300,000 Units at $0.10
each from which it has received gross proceeds of $1,230,000 and, after payment
of commissions of $110,700, net proceeds of $1,119,300.  Each Unit consisted of
one common share of the Company and one 1-year warrant entitling the purchase of
an additional share for $0.15. The Company has applied for the new Shares to be
admitted to trading on AIM and dealings are expected to commence on February 21,
2008.


For more information, please contact:

Stefan Hayden, President & CEO   Alex Buck                Andrew Smith
Caledonia Mining                 BuckBias                 RBC Capital Markets
Tel: [phone]             Tel: [phone]    Tel: [phone]



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