ST HELIER, CHANNEL ISLANDS--(Marketwired - Jan. 4, 2017) - Caledonia Mining Corporation Plc
(TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) ("Caledonia" or the "Company") has received notification today that the company's largest
shareholder Allan Gray has increased its shareholding to 8,431,000 common shares representing 15.97% of the common shares in
issue. Caledonia welcomes Allan Gray's continued investment in the company.