Caledonia Mining Corporation Plc: Exercise of share options

ST HELIER, CHANNEL ISLANDS -- (Marketwired) -- 12/01/17 -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE American: CMCL)(NYSE MKT: CMCL)(AIM: CMCL)(TSX: CAL) announces that Mr John Kelly, a director of the Company, has exercised options in respect of, and the Company has issued and allotted, 18,000 common shares of no par value each in the Company (the "Option Shares"). The exercise price was CAD$4.50 per Option Share. Following this transaction, Mr Kelly owns 29,493 shares in the Company representing approximately 0.28 per cent of the issued share capital of the Company.

Application has been made by Caledonia for the Option Shares to be admitted in the form of depositary interests to trading on AIM and it is anticipated that trading in such securities will commence on December 4, 2017.

Following issue of the Option Shares, the Company has a total number of shares in issue of 10,603,153 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
     MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
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1   Details of the person discharging managerial responsibilities/person
     closely associated
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a)  Name                            John L. Kelly
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2   Reason for the notification
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a)  Position/status                 Non-Executive Director
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b)  Initial notification/ Amendment Initial notification
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3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
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a)  Name                            Caledonia Mining Corporation Plc
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b)  LEI                             21380093ZBI4BFM75Y51
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4   Details of the transaction(s): section to be repeated for (i) each type
     of instrument; (ii) each type of transaction; (iii) each date; and (iv)
     each place where transactions have been conducted
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a)  Description of the financial    Common shares of no par value
     instrument, type of instrument
                                    JE00BF0XVB15
    Identification code
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b)  Nature of the transaction       Exercise of share options
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c)  Price(s) and volume(s)          Price(s)            Volume(s)

                                    ----------------------------------------
                                    CAD4.50             18,000
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d)  Aggregated information
    - Aggregated volume             18,000
    - Price                         CAD81,000
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e)  Date of the transaction         30 November 2017
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f)  Place of the transaction        Outside a trading venue
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Contacts:
Caledonia Mining Corporation Plc
Mark Learmonth
Tel: [phone]

Caledonia Mining Corporation Plc
Maurice Mason
Tel: [phone]

WH Ireland
Adrian Hadden/Ed Allsopp
Tel: [phone]

Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray
Tel: [phone]