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                          CALEDONIA MINING CORPORATION

                                  NEWS RELEASE

          UPDATE ON CALEDONIA'S DIAMOND, GOLD AND PLATINUM PROPERTIES

                          FEBRUARY 5TH, 2002, IMMEDIATE

Caledonia Mining Corporation ("Caledonia") of Toronto (TSE: CAL) and NASDAQ -
OTCBB: CALVF) is pleased to report on the current situation of its diamond, gold
and platinum interests.

NUNAVUT: KIKERK LAKE

Caledonia announced the diamond results for the Potentilla kimberlite at Kikerk
Lake in Nunavut in October 2001. The Potentilla kimberlite was discovered on the
Kikerk Lake property by Caledonia's joint venture partner Ashton Mining of
Canada Inc. ("Ashton"). The Kikerk Lake property is located in the new
"Coronation Gulf Diamond District". This area has seen a dramatic increase in
interest and staking over the past few months since Ashton, De Beers and
Kennecott/Tahera Resources have announced positive findings from the
diamondiferous kimberlite pipes discovered on their properties in this diamond
exploration area.

The macro-diamond results from Potentilla together with the identified presence
of well-defined diamond indicator mineral trains clearly indicate the need for
further evaluation of Potentilla and the continued exploration on the Kikerk
Lake property by Ashton. The results released by Ashton on its Artemisia pipe,
located immediately to the east of the Kikerk property, also reported extremely
positive macro-diamond counts. The combined results from these 2 diamondiferous
pipes indicate a promising new potential for diamond exploration on the Slave
Craton. At present Ashton and Caledonia each hold a 35 percent interest in the
Kikerk Lake property. Ashton is entitled to earn a further 17.5 percent interest
from Caledonia by incurring an additional $500,000 in exploration expenditures
on the property by not later than May 31, 2003.

NORTH WEST TERRITORIES: DUNVEGAN

Caledonia holds a 100% interest in its Dunvegan property, located about 65 km
south west of the operating Ekati mine and the Diavic Diamond Project, which is
currently under construction and expected to be in production in 2003. Previous
exploration work identified distinct kimberlite indicator mineral trains across
the property. Caledonia is presently seeking a joint venture partner to continue
exploration on Dunvegan.

QUEBEC: JAMES BAY LOWLANDS

In 1999, Caledonia granted Poplar Resources Inc. ("Poplar") the non-exclusive
rights to its digital aeromagnetic data set, maps, and other proprietary
information from its Nottaway diamond exploration project data, and an exclusive
right to its proprietary "kimberlite strip" for Quebec. Caledonia's original
interest in the Nottaway area was due to its location in the "kimberlite strip"
of Quebec. In return for these rights, Poplar assigned to Caledonia, a 2% gross
revenue royalty on any sale of diamonds recovered from any kimberlite pipe or
intrusive body, and a 2% net smelter royalty on all base or precious metals
mined or recovered within the area covered by the data set and the `kimberlite
strip'. Poplar acquired the 130 claim Nottaway property, located in the James
Bay Lowlands, and in January 2002, announced the discovery of kimberlite
indicator minerals from till samples taken on the property. Poplar is most
encouraged by these till sample results and believes that the property could
host a new kimberlite field.

ZAMBIA: MULONGA PLAIN JOINT VENTURE

Caledonia holds a 40% interest in the Mulonga Plain Joint Venture properties in
Western Zambia, adjacent to Angola. The balance of 60% has been earned by
Caledonia's JV partners, BHP-Billiton World Exploration Inc. and Motapa Diamonds
Limited (the "BHP Entity") by spending in excess of $US 3,000,000 since 1998.
The BHP Entity is the operator of the Joint Venture. Drilling of potential
kimberlite targets on the Mulonga Plain licence area is scheduled for the 2002
program as completion of the previous drilling program was limited and delayed
due to various problems. The Mulonga Plain Joint Venture has selected multiple
targets based on close-spaced

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geochemical and detailed airborne and ground geophysical surveys carried out
over the past 4 years. Geochemical surveys over the northern Kashiji Plain area
have also returned very encouraging results and further follow up work is also
planned for the Kashiji licence later this year.

SOUTH AFRICA: GOEDGEVONDEN

Caledonia holds an option to acquire 100% of the Goedgevonden kimberlite located
approximately 140 km south west of Johannesburg. Previous drilling confirmed the
kimberlite extends at least 440 metres below surface and remains open at depth.
During December 2001, Caledonia completed a geophysical survey of the
Goedgevonden pipe. A large diameter drill program is scheduled for mid February
2002. The objective of this initial drill program is to determine the economic
potential of the top 100 metres of the pipe before committing to a more
extensive drilling program. Caledonia has also acquired options over the
surrounding areas of interest in order to optimize the potential for future
exploration based on the Goedgevonden drilling results.

SOUTH AFRICA: PRUISSEN AND VIER-EN-TWINTIG RIVIER OPTION

During June 2001, Caledonia entered into an agreement to acquire a 50% interest
in the Pruissen and Vier-en-Twintig properties. In the interim a Caledonia
subsidiary has acquired from Anglo American Platinum, the rights to explore and
exploit the mineralization on the farm Rooipoort 46KS adjacent to the Pruissen
property. Further exploration of the exciting diamond and platinum potential of
these three properties is scheduled to commence following completion of a desk
study of the available data from the areas.

KIMBERLITE STRIP MODEL

Caledonia owns 100% of the Kimberlite Strip Model, which is a propriety
methodology developed by Dr. M Light and Mr. G McDowell. The methodology
consists of a suite of sophisticated geological and geophysical tools that
predict the identification and delineation of zones where economically
diamondiferous kimberlite pipes are likely to occur. These zones are referred to
as "Strips". The exclusive right to market the "Kimberlite Strip Model" has been
assigned to Poplar Resources in return for 50% of the revenue earned from the
sale of any specific "strips" and a 0.5% gross revenue royalty. Caledonia and
Poplar have used the Strip Model in Nunavut, Finland and Quebec in their search
for economic diamond pipes.

BARBROOK AND EERSTELING GOLD MINES

Caledonia is pleased to announce that it has commenced limited mining at its
100% owned Barbrook Gold mine in the Mpumalanga Province of South Africa. The
net revenue from the operation will be used to finance a reevaluation study to
bring the Barbrook mine back into a sustainable commercial operation at rate of
between 10,000 and 20,000 tonnes per month. The recent strengthening of the gold
price in terms of the local South African currency and the recent successful
confirmatory test work conducted on Barbrook ore by Mintek indicates that
Barbrook is likely to be profitable utilizing the modified extraction process
developed by Caledonia together with other operating changes. The re-evaluation
study will be completed by May 2002 and will be used to obtain the financing to
bring the mine into full-scale commercial production as soon as possible this
year. There seems to be a growing sentiment that the gold price - after several
years in the doldrums - could make a break-out from the present $260 to $280 per
ounce range to values in excess of $300 per ounce. Once the Barbrook mine has
attained its commercial operating rate, consideration will then be given to
re-commencing mining operations at Caledonia's 96% owned Eersteling Gold Mine in
the Northern Province of South Africa.

FOR FURTHER INFORMATION PLEASE CONTACT CALEDONIA MINING CORPORATION:

<TABLE>
<S>                                          <C>                                  <C>
S. E. HAYDEN                                 JAMES JOHNSTONE                      CHRIS HARVEY
Chairman, President and CEO                  V-P Operations and COO               Technical Director
South Africa                                 Canada                               Canada
Tel: (011-27-11) 447-2499                    Tel: (1-905) 607-7543                Tel: (1-905) 607-7543
Fax: (011-27-11) 447-2554                    Fax: (1-905) 607-9806                Fax: (1-905) 607-9806
</TABLE>

FURTHER INFORMATION REGARDING CALEDONIA'S EXPLORATION ACTIVITIES AND OPERATIONS
ALONG WITH ITS LATEST FINANCIALS MAY BE FOUND ON THE CORPORATION'S WEBSITE
HTTP:/WWW.CALEDONIAMINING.COM