Caledonia Mining Announces Its Fourth Quarter and 2008 Annual Results

Wednesday, April 01, 2009 7:57 PM

TORONTO, ONTARIO -- (Marketwire) -- 04/01/09 -- Caledonia Mining Corporation ("Caledonia") (TSX: CAL)(OTCBB: CALVF)(AIM: CMCL) is pleased to announce its fourth quarter and 2008 annual operating and financial results.

The financial results below are reported in thousands of Canadian dollars.

Financial Highlights
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C$ '000s except per share amounts     Q4 '08   Q4 '07         2008     2007
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 Revenue                                  29    3,231        7,696   10,039
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 Operating costs (income)               (155)   2,211        4,438    9,745
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 Gross Operating Income                  184    1,020        3,258      294
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 Net income (loss) before
  discontinued operations             (2,066)     494       (4,285)  (3,906)
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 Discontinued operations (loss)         (531)    (249)        (655)    (709)
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 Net income (loss) after
  discontinued operations             (2,597)     245       (4,940)  (4,615)
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 Net Income (loss) per share
  (basic & fully diluted)             (0.005)  $0.001       (0.010) ($0.009)
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 Cash                                  3,652       76        3,652       76
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 Total Assets                         23,299   29,492       23,299   29,492
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For the year ended December 31, 2008, Caledonia recorded revenues of $7.69 million, a gross operating income of $3.25 million, and a net loss after tax of $4.94 million, which includes an unrealized loss on foreign exchange of $1.88 million and a write down of mineral properties of $1.17 million. The basic net loss per fully diluted share for the continuing operations is $0.009. Cash available at year end totaled $3.65 million.

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