Further to the November 25, 2013 announcement in respect of Caledonia Mining Corporation's ("Caledonia" or the "Company") dividend policy, Caledonia is pleased to announce that the Board of Directors has declared a dividend of one and one half cents ($0.015) on each of the Corporation's common shares issued and outstanding as of 5:00 p.m. Toronto local time on the Record Date, being January 22, 2014. The ex-dividend date will be January 20, 2014. Dividend cheques will be mailed on January 31, 2014.
Shareholders who are registered in the United States of America and the United Kingdom will be paid in US Dollar and Sterling respectively. The US Dollar and Sterling dividend payments will be calculated using the relevant Bank of Canada exchange rates at noon on the Record Date and will be after deduction of Canadian withholding tax and any other taxes that may apply.
This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).
Caledonia's Dividend Policy
Caledonia's long term strategy to maximize shareholder value includes a quarterly dividend policy. In 2014, the Company intends to pay an annual aggregate dividend of 6 Canadian cents per common share, payable on a quarterly basis.
About Caledonia Mining
Caledonia is a mining, exploration and development company focused on Southern Africa. Following the implementation of indigenisation in Zimbabwe, Caledonia's primary asset is a 49% interest in an operating gold mine in Zimbabwe ("Blanket").
Caledonia's shares are listed in Canada on the Toronto Stock Exchange as "CAL", on London's AIM as "CMCL" andblue are also traded on the American OTCQX as "CALVF".
Caledonia is debt-free and at September 30, 2013 had gross cash of over $25m blueoutside Zimbabwe. Blanket mine is a low-cost producer: in the quarter ended September 30, 2013, Blanket's on-mine costs were US$554 per ounce of gold produced, its all-in sustaining cost was US$873 per ounce of gold and its all-in cost (which includes the investment in expansion projects) was US$999 per ounce.
Investment continues at Blanket with the objective of increasing production to 48,000 ounces of gold in 2014 and 52,000 ounces of gold in 2015.
Blanket also continues to make substantial investments in its exploration and development projects as a result of which gold production may, in due course, increase above 52,000 ounces per annum.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. There is no guarantee that Caledonia will maintain the Dividend Policy.
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