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Caledon Resources (CDN)

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Wednesday 16 July, 2003

Caledon Resources

Issue of Equity

Caledon Resources PLC
16 July 2003



               Caledon Resources Plc ("Caledon" or the "Company")

                                Issue of equity


Caledon is pleased to announce that it has agreed to place 11,428,571 new
ordinary shares of 0.1p each at 3.5p per share with institutional investors,
raising approximately £400,000. This issue of shares represents 5.9 per cent. of
the enlarged issued share capital.

Application has been made for 11,428,571 ordinary shares of 0.1p in the Company,
which will rank pari passu with existing ordinary shares, to be admitted to
trading on the Alternative Investment Market. Admission will become effective
and dealings are expected to commence at 8.00am on 18 July 2003.


Enquiries

Caledon Resources Plc:                          Tel: 020 7529 7512

Stephen R Dattels, Executive Chairman
Donal Douglas, Investor Relations







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