Message #4 From:
Jason Date: April 13, 2008 07:47:46 AM
Caledonia Signs Formal Agreements for Sale of Barbrook and Eersteling Mines
Caledonia Signs Formal Agreements for Sale of Barbrook and Eersteling Mines
As previously announced on February 25, 2008 and March 4, 2008
Caledonia Mining Corporation ("Caledonia") (TSX: CAL)(OTCBB:
CALVF)(AIM: CMCL) is pleased to confirm it has now signed formal
agreements for the sale of 100% of the issued shares of the subsidiary
companies owning the Barbrook and Eersteling mines.
The purchaser of Barbrook is Eastern Goldfields SA (Proprietary)
Limited, based in Nelspruit, South Africa. The purchaser of Eersteling
is Oretech Resources Inc. based in Vancouver, British Columbia, Canada.
The purchase price for Barbrook will be South African Rand
70,000,000 (approximately $9,030,000 CDN). The purchase price of
Eersteling is $3,810,000 CDN (approximately South African Rand
29,500,000).
The closing of both Agreements is subject to the fulfilment of
various conditions - which Management expects will be fulfilled without
difficulty. The agreed projected date for the closing of the Barbrook
sale is April 22, 2008, and of the Eersteling sale, July 31, 2008.
Management of Caledonia will work with the purchasers to try to
insure that all of the conditions are satisfied or met by the proposed
closing dates.
Further information regarding Caledonia's exploration activities and
operations along with its latest financials may be found at www.caledoniamining.com.
Contacts:
Caledonia Mining Corporation
Stefan Hayden
President & CEO
+27 11 447 2499
Website: www.caledoniamining.com
