Tip by Tom Winnifrith on investment website T1PS.com on 07.10.04 :
"In the mining world, Caledon Resources raced ahead by 0.75p to 5.125p after website t1ps.com upgraded its stance from "hold" to "strong speculative buy." Last time this website tipped Caledon the shares more than trebled in three months before members were advised to sell half their holdings so guaranteeing a three figure return. The website argues that the risk/reward trade-off now looks more attractive than ever and suggests that corporate activity within the subsector (Chinese gold explorers) is about to explode"
http://www.caledonresources.com//
Trades over 300,000 Shares are delayed in reporting by 1 Hour.


On fundamentals ALL exploration companies without resources can be said to be overpriced. The only assets they have which can have a hard-and-fast value assigned to them are their bank balances.
People invest in explorers because they believe that the projects/management/geo team have the potential to develop valuable mineral deposits. The share price usually reflects the market's opinion about this potential.
In the fulness of time, if Caledon discover deposits which can be proved up to contain a couple of million ounces, those that bought at 5p or even 15p will be seen to have been correct (or fortunate!) in their assessment of risk/reward.
Some details below from the recent WHI broker note on Palladex, I am not suggesting for a moment that anyone go buy Palladex this is just for comparative data where you will see the value of a company compared to it's in-situ gold.
Point is where will CDN be once they show one project is as big as they and we hope by giving an estimate by end of 2004 ?

Caledon Overview:
Caledon Resources PLC is a public company listed on the Alternative Investment Market of The London Stock Exchange (trading symbol: "CDN"). Its mission is to become the leading gold exploration company in “The Golden Triangle” of Southern China

Caledon has assembled a multi-talented, technically oriented management team - one of few with in-depth knowledge and experience in China. All members have over 15 years experience in evaluating hundreds of East Asian sediment hosted disseminated gold deposits
Advanced stage gold exploration focussed on under-explored producing gold mines in China - Exploration active on four advanced stage gold projects: Hengxian, Gaolong, Badu and Mojiang
Caledon’s primary focus: Sediment Hosted, Disseminated Gold Deposits (“Carlin-type”). Quoted from the United States Geological Survey (USGS Open-File Report 02–131): “It is likely that many of the Carlin-type Au ore districts in China, when fully developed, could have resource potential comparable to the multi-1,000-tonne Au resource in northernNevada.”

Corporate Summary
Caledon Resources PLC is a public company listed on the Alternative Investment Market of The London Stock Exchange (trading symbol: "CDN") and has been domiciled in the UK since February 2003. The Company’s primary focus is to enhance shareholder value through the opportunistic evaluation of fertile under-explored gold districts, resulting in the exploration, discovery and development of world-class gold ore bodies. The Company is currently focused on project evaluations and exploration for sediment hosted disseminated (“Carlin-type”) gold deposits situated in Southern China, although other styles of mineralisation are being assessed if they have multi-million ounce potential.

Caledon’s principal area of focus is Guangxi Province where it has negotiated joint ventures with The Geological Survey of Guangxi and is in the process of forming additional joint ventures with the Chinese National Gold Corporation.

Caledon has signed a joint venture agreement covering the Longtoushan Gold mine and 350 sq km’s of surrounding tenements in Guangxi Province as well as joint venture agreement covering various exploration areas under the control of The Geological Survey of Guangxi.

In addition, advanced exploration property acquisitions and joint ventures are being evaluated in Guangxi with The Chinese National Guangxi Gold Corporation and other joint ventures are under negotiation in Yunnan and Guizhou Provinces.

In order to exploit this opportunity, Caledon has assembled a team of geologists whose main focus over the past 15 years has been to identify and evaluate gold occurrences and deposits throughout South East Asia on behalf of several major mining companies.

Of the 300 plus gold occurrences and districts identified and screened over the years by Caledon’s team, five distinct gold districts have emerged as top-priority ranked targets, based on their geological similarities with the multi-million ounce gold districts found in the State of Nevada, U.S.A (“Carlin-districts”). The USGS has identified the so called “Golden Triangle”, consisting of the provinces in which the Company is focused (Guangxi, Guizhou and Yunna), as having similar style mineralisation to the Carlin deposits in Nevada.

To date, five highly ranked areas in Guangxi Province have been identified by Caledon’s team. Applications for mineral titles have been submitted on all five districts and joint ventures are being negotiated where applicable.

Recognising the need for foreign mining investment, in parallel with China’s entry into the World Trade Organisation, the country has adopted a number of sweeping changes that have recently been enacted in their mining legislation. In the country’s bid to attract foreign investment and mend the fractured structure of their mining industry, the Chinese government, through powers delegated to the provinces, allows foreign ownership of up to 90% in mineral titles and producing gold assets. In addition, various tax incentives exist to help foreign gold explorers and producers.

Perhaps the most relevant change recently enacted in China, involves the evolution towards complete transparency within the Chinese gold markets. Companies can now buy and sell gold on the Shanghai Gold Exchange, which quotes gold prices in line with the London Gold Fix rates. Additional mechanisms are currently in place to allow for repatriation of profits from Chinese-based, foreign-operated gold mining operations. Further enhancements are expected within the year.

The group now has all of the key primary ingredients in place in order to position the group for maximum returns.

Those key ingredients are:

highly experienced, South East Asia based technical management with proven exploration abilities,
acquisition / title lock on a number of properties hosting potential multi-million ounce disseminated gold deposits, and
an appropriate amount of financing in place allowing the group to conduct a meaningful first-pass exploration program within these districts.
Given the sweeping changes that China’s mining law has recently undergone, Caledon is well positioned to maximise gold exploration opportunities that exist in the country.

It is likely that many of the Carlin-type Au ore districts in China, when fully developed, could have resource potential comparable to the multi-1,000-tonne Au resource in northern Nevada.”

These are not my words, but the words of the US Geographical Survey or the (USGS). To read there full report on Carlin Deposits you need to go to the link -
http://geopubs.wr.usgs.gov/open-file/of02-131/OF02-131.pdf

The Projects
Hengxian Gold Mine - The Hengxian project is a classic example of a sediment
hosted disseminated gold system ("Carlin-type"), with considerable exploration
potential. At Hengxian, gold is being mined in a north-east trending zone
measuring up to 3 kilometres long and up to 800 metres wide. Gold occurs in
steeply dipping, high grade feeder structures (> 4.5 g/t gold avg.), feeding
flat-lying moderate grade (1-4 g/t avg.) stratiform zones. To date, at least
four sub parallel feeder structures have been defined. The gold mineralisation
occurs on a major regional structure that can be traced for more than ten
kilometres away from the existing workings. Access and infrastructure in the
area is excellent - Hengxian is a two hours drive from Caledon's office base
situated in the Guangxi Provincial capital, Nanning.

Previous exploration has been almost entirely focused on shallow oxide zones.
Gold resources at Hengxian are reported to be 310,000 ounces (Inferred category)
grading approximately 4.6 g/t gold - with those resources having been defined by
only a limited amount of shallow focused drilling, concentrated on the surface
oxide zones (0-60 m depth). Exploration to date has only been focused on a small
- 2.5 kilometre long - portion of the entire 10 kilometre long structure,
initiated on obvious outcropping oxidised sulphides.

Summary results from drilling conducted on Hengxian Hill by Caledon's minority
partners, Taifu Mining, defining the near surface limits of the deposit, include
the following:

Section Hole Number Depth (m) Intercept (m) Grade g/t Au
44 ZK 14 13 50.6 2.02
435 ZK 4351 25 10.1 8.0
ZK 4351 49 14.5 5.03
43 ZK 432 45 41.4 6.44
ZK 5 49 31.0 8.8
ZK 19 102 27.0 4.0
425 ZK 251 50 42.5 3.91
ZK 4255 103 29.1 6.93
ZK 4252 72 12.8 6.16
ZK 4252 90 18.6 4.02
415 ZK 152 42 20.7 3.0
ZK153 65 13.9 4.68
41 ZK 16 10 11.1 3.79
ZK 411 33 24.6 4.0

Intervals between known areas of higher grade mineralisation carry significant
disseminated gold mineralisation, typical of such gold deposits. For example,
drill hole ZK19 reported a 27 metre wide interval grading 4.0 g/t gold,
occurring within a much wider down-hole interval reporting a width of 133 metres
grading 3.24 g/t Au.

Gaolong Gold Mine - Gold has been actively mined at Gaolong by Caledon's
minority partners, Guangxi Tianlin Gaolong Gold Mine Ltd Co for over 10 years.
At Gaolong, surface and limited underground mining can be traced in a
semi-continuous manner over a strike length in excess of three kilometres, with
mining widths averaging 10 to 30 m, to a maximum of 60 m wide.

The Gaolong mine itself is ranked in the top two gold producers in the province
and has been cited by the United States Geological Survey (USGS) as having
distinct similarities to the 15+ million ounce Betze ore body situated in
Northern Nevada, USA (USGS OP 02-131).
Results from past drilling performed at shallow depths immediately adjacent to
zones being mined by the Chinese at Gaolong, are a testament to the bulk minable
nature of the Gaolong ore bodies themselves (i.e. Section #30 - 4.1 g/t over
10.8 m, 3.2 g/t over 33.4 m, 4.7 g/t / 31.3 m). The immediate extensions of
these open-ended zones will form the focus of gold exploration to be undertaken
in 2004.
In the 4th Quarter, 2003, Caledon reported results from a preliminary channel
sampling program at Gaolong, as part of the effort to identify drill targets on
the project. The following is a summary of results from this initiative:

Channel # Sampled Width Gold Grade
Channel 1 44 meters 2.5 g/t
Channel 2 10 meters 3.9 g/t
Channel 3 14 meters 2.4 g/t
Channel 4 28 meters 2.7 g/t
Channel 5 22 meters 2.3 g/t
Channel 6 12 meters 3.3 g/t

Badu Gold Mine - Small scale mining is in progress at the Badu Mine, situated 12
kilometres North East of the Gaolong mine. The Badu mining and exploration
tenements are included within the Gaolong master agreement. The GTGGML's
open-pit mining operations at Badu can be traced in a semi-continuous manner for
over four kilometres along strike, with mining widths averaging 20 to 40 m. Gold
is recovered in the heap leaching of oxide ores, with average head grades of 1
to 2 g/t gold. Caledon is aware of only 1-2 shallow drill holes having being
completed over the entire four kilometre strike length.

Mojiang Gold Mine - A letter of intent has been signed regarding Mojiang Gold
mine. Active mining has been underway at Mojiang since the late 1970s by the
Mojiang Mining Limited Company. The mining at Mojiang was based on reserves of
32 tonnes of gold (>900,000 oz) at a grade of 4-6 g/t Au. At present, the
majority of the gold mining operation is focused on gold production from open
pits and underground mining, with plant head grades consistently reporting above
4 g/t gold. To date, approximately 70% of the initial reserves have been mined.
At Mojiang, individual veins, averaging up to 12 metres wide, have been shown to
host grades in excess of 15 g/t. Individual veins sometimes exhibit bonanza
grades (in-excess of 30 g/t gold), typical of such systems. The veins are hosted
in sediments and acid volcanics, near the contact between thrusted Cambrian
sediments and metamorphosed ultra-mafic volcanics belonging to a regional scale
ophiolite complex, within the Red River Suture Zone.
Examples of diamond drill intercepts at Mojiang highlighted from the earlier
Chinese work include:

Section # Drill Hole Mineralised Intercept
Section 50 DDHZ50-6 41.62m @ 3.34 g/t
Section 51 DDHZ51-16 28.22m @ 4.89g/t
Section 52 DDHZ52-10 53.98m @ 2.72g/t
Section 40 DDHZ93-1 7.93m @ 13.67g/t
Section 40 DDHZ93-1A 8.39m @ 9.00g/t
Section 40 DDHZ94-3 12.35m @ 15.05g/t

Contact Information
London Office
18 Upper Brook Street
London W1K 7PU
United Kingdom
Tel: + 44 20 7318 5780
Fax: + 44 20 7318 5781
Stephen Dattels - Chairman
sdattels@caledonresources.com

Donal Douglas - Deputy Chairman
ddouglas@caledonresources.com
George Salamis - Managing Director
gsalamis@caledonresources.com
Manish Kotecha - Company Secretary
mkotecha@caledonresources.com

btd+ 36%, afk- 10%, dyg- 8.33%.

No 1 percentage gainer to day

In my expert opinion, the mm looking after this stock is a complete muppet.

afk+29.63%, dyg+6.06%

afk now + 40.74%.

jpon, on advfn
TSX Venture Exchange-trading halt-Butler Developments Corp-BTD 17:18 EDT Friday,April 29,2005.Could be letter of intent is done and dusted,should be a very interesting week ahead.

That was some trade

Excellent Results

May 10, 2005

Caledon Resources plc: Phase-2 Drill Programme at Mojiang - Partial Results
Indicative of Excellent Continuity of Gold Mineralisation,Strike Length Extended

2252 metres of RC drilling and 960 metres of diamond drilling completed
in Phase-2

Wide zones of gold mineralisation continue to be intersected in
parallel with localized bonanza grade sections. Assay highlights: 6 m @
63.70 g/t, 41m @ 1.96 g/t, 48 m @ 1.91 g/t, 15 m @ 17.25 g/t, 8 m @
10.02 g/t

Strike length of gold mineralisation extended beyond previous
estimates through current drilling

Assays pending from 3 deep diamond drill holes

Caledon Resources ('Caledon' or 'the Company') is pleased to
announce partial results from the Phase-2 drill programme at the Mojiang gold
project in south-western Yunnan province. The Phase-2 programme was designed as
a follow-up to the Company's highly successful Phase-1 drill programme
completed in January, 2005 (see January 24th and January 27th press releases
for results).

In summary, the Phase-1 drill programme successfully highlighted consistent and
broad zones of epithermal-style gold mineralisation on the project, with bonanza
grades reported in some instances. At the time of the Phase-1 programme
announcements, the company reported a corridor of gold mineralisation roughly
defining a strike length of 750 metres, over 100 metres in width and hosting an
average thickness of 30 to 60 metres. The recently completed Phase-2 programme
has exceeded all expectations, intercepting similar grades and widths, in
addition to extending the limits of the targeted corridor of mineralisation well
beyond the 1 kilometer mark. Also as was the case with Phase-1, this recent
drilling also identified selected sections hosting bonanza grade mineralisation,
in some instance in excess of 50 g/t gold over economic widths.

The Phase-2 programme has so far produced the following significant results:

Hole Id from to Intersection
MJRC014 37 43 6 m @ 63.70 g/t
MJRC015 29 42 13 m @ 2.03 g/t
including 29 32 3m @ 6.80 g/t
MJRC018 50 59 9 m @ 1.35 g/t
MJRC021 31 72 41m @ 1.96 g/t
including 44 47 3 m @ 9.32 g/t
including 57 61 4 m @ 6.05 g/t
MJRC022 4 12 8 m @ 1.16 g/t
MJRC023 4 28 24 m @ 1.12 g/t
MJRC024 36 65 29 m @ 1.03 g/t
MJRC025 1 21 20 m @ 1.24 g/t
MJRC025 36 42 6 m @ 1.68 g/t
MJRC026 0 8 8 m @ 1.42 g/t
MJRC026 36 62 26 m @ 0.99 g/t
MJRC027 5 34 29 m @ 1.41 g/t
MJRC028 0 48 48 m @ 1.91 g/t
including 0 14 14 m @ 3.10 g/t
MJRC029 28 40 12 m @ 1.28 g/t
MJRC030 8 16 8 m @ 2.65 g/t
MJRC030 60 75 15 m @ 17.25 g/t
MJRC031 48 84 36 m @ 1.36 g/t
MJRC034 32 40 8 m @ 10.02 g/t
MJDDHS001 140 152 12 m @ 1.24 g/t


These Phase-2 assay results correspond to a programme consisting of 2252
metres of reverse circulation ('RC') drilling and approximately 960
metres of diamond drilling. The twenty four RC drill holes were drilled
along an approximate strike length of 2050 metres. The drill holes were
largely positioned as fences of three holes at a distance between fences
of approximately 120 metres. Due to the interpreted geometric
configuration of the gold mineralisation, the gold mineralised
intercepts may be considered to represent true widths.

Assay results are pending from the remaining three deeper diamond holes.
Drilling on the last diamond hole is nearing completion.

The objective of this latest programme was to infill previous diamond
drilling and to extend the economic gold mineralisation along strike and
down dip. The recent drilling has confirmed Caledon's belief that
Mojiang is a significant gold system with considerable untested
potential.

George Salamis Caledon's CEO comments, 'In view of these recent results,
the Company is confident that a significant gold resource can be defined
at Mojiang. We are also encouraged by the fact that the potential
mineralised strike length has been opened up beyond previous estimates
as a result of this latest drilling. Our field crews are currently
compiling drill information from the two drill programmes, along with
previous drilling conducted by our Chinese partners, with the goal of
defining a plan for follow-up drilling to be conducted over the summer
months'.

BONANZA GRADE STRIKE!
Caledon Resources today announced partial results from the Phase-2 drill programme
at the Mojiang gold
project in south-western Yunnan province.
The recently completed Phase-2 programme has exceeded all expectations,
intercepting similar grades and widths, in addition to extending the limits of the
targeted corridor of mineralisation well beyond the 1 kilometer mark. Also as was
the case with Phase-1, this recent drilling also identified selected sections
hosting bonanza grade mineralisation, in some instance in excess of 50 g/t gold over
economic widths.

More to follow...

Minews Story
Date: May 17, 2005

Caledon Resources Has Re-invented Itself As A Consolidator Of Projects In China As Well as A Successful Explorer.

At the beginning of March we published a piece entitled Riddarhyttan May Not Retain Its Independence as Swedens Foremost Gold Explorer For Much Longer It was not a tip as tips are not our business, but it was a comment on the obvious. Riddarhyttan had drilled on and on at its Suurikuusikko gold project; the resource was approaching 3 million ounces; and the company was giving no sign that production was a priority. It was becoming a dead cert that the Canadian mid-cap producer Agnico Eagle, already an 18 per cent shareholder in Riddarhytan, would make a move sooner rather than later.

The company, which is one of the very few gold explorers listed on the Stockholm Stock Exchange, had just come out with another resource estimate and things were getting serious. The new estimate, using 2.0 g/t as cut -off , showed that the total resource at Suurikuusikko had increased to 17.2 million tonnes grading 5.1 g/t to give 2.8 million ounces. Of this total 9.6 million tonnes is in the indicated category grading 5.6 g/t and the rest in the inferred category with an average grade of 4.4 g/t. The resource is based on all the holes drilled up to February 2005 on the 4.5 kms long part of the Suurikuusikko Trend that has undergone detailed investigation.

The other bit of good news was that a new high grade zone has been identified in the Central Rouravaara zone which is a continuation of the Kuukkeli zone. . Up to January 2005 the Central Rouravaara zone had only been investigated by shallow drill holes which showed that the gold-bearing zone in the surface near parts generally is narrow and low-graded. To investigate the depth continuation of the zone an additional hole was drilled in January. At a depth of approximately 280 metres it intersected the gold bearing zone which, at this position, has high grade and considerable width. The mineralised core section representing the zone is 36.7 metres wide, which corresponds to approximately 24 metres in true width, with an average gold grade of 5.6 g/t This intersection included a high grade interval of 11.6 metres grading 8.6 g/t gold.

Time was drawing close for Agnico Eagle to make its move. It is what exploration is all about. Nurse a project along to the stage when big money has to take it through bankable feasibility and development and then sell it on to a major for the maximum possible. In the best of all worlds the project itself is sold and the company divis up some of the money to shareholders and prioritises another project. In the case of Riddarhyttan the whole company goes, but the good news for the London market is that this will free up George Salamis who took as over as chief executive from Stephen Dattels at Caledon Resources a few months ago.

He became involved with Riddarhyttan back in 1999 when trying to put a deal together with the company on behalf of Cameco Gold which is now Centerra Gold. George Salamis could see just how much potential the deposit had and left Cameco to join Riddarhyttan. Starting on the exploration side, he joined the board in 2001 and during his time the resources increased ten-fold. George also brought in some North American institutions at an early stage during the low point in the gold cycle and they have made a significant profit. Maybe they will follow him now at Caledon

The timing could be good as the shares have lagged since floating on AIM just over two years ago, but a cohesive policy has now been introduced whereby the company has become a consolidator of projects in China as well as continuing with its own exploration programmes. The first two companies in which it has taken shareholdings of just under 20 per cent are Afcan Corporation and Dynasty Gold, both of which are listed in Canada. Afcan is an emerging gold producer in China and owns 85 per cent of the TJS Project at Tanjianshan in Qinghai Province. A bankable feasibility study has been completed on the project and detailed design has commenced. There are an additional 23 anomalies on the licence area of 341 sq kms that are being explored. All eyes are now on the company to see how it raises the development finance and what assistance is forthcoming from Caledon and RAB Capital, which is another big shareholder. In the meantime Afcan is seeking a listing on AIM.

Dynasty Gold recently announced its 2005 exploration programme over its projects in north west China when it intends to define and expand the target potential of the resource at the Hatu project in Xinjiang province as well as follow up on anomalies delineated last year. It is also hoping to enlarge the gold and trace element anomalies at the Red Valley project in Qinghai province and expects to be awarded a business licence for the Wild Horse project in Gansu province in a few weeks time.

Caledon itself recently announced that particle results from the Phase2 drilling programme at Mojiang indicated excellent continuity of gold mineralization with the strike length extended beyond previous estimates. Wide zones of mineralization continue to be intersected in parallel with localized bonanza grade sections. The Phase 1 drilling was completed in January and it highlighted consistent and broad zones of epithermal-style gold mineralisation on the project, with bonanza grades reported in some instances. Under the new management this is one to watch.

From Today's Guardian

Finally, keep an eye on Caledon Resources, 0.25p firmer at 4.1p yesterday. Caledon has a 17% stake in Afcan Holdings, a Canadian mining company, which traders believe has abandoned plans for a London listing in favour of a takeover. The bid is said to put a value of 5m on Caledon's stake. Caledon's market value is currently just over 13m.

Caledon also has one warrant for every two subscribed shares which, if exercised, would increase its overall % holding of Afcan.

Article of Interest - May 13, 2005
Continued Coverage of Dynasty Gold
Author - Lawrence Roulston
Publication - Resource Opportunities Newsletter
"...at the current share price, Dynasty is valued at just $6 per ounce of gold in the ground. That value should move higher as work continues on the project. There is also significant potential to expand Hatu and the potential for another deposit at the Red Valley project."

Read the rest of this article at: Lawrence Roulston Updates Coverage on Dynasty

Article of Interest - May 13, 2005
Editorial - Looking Forward
Author - Lawrence Roulston
Publication - Resource Opportunities Newsletter
"No matter how quiet the markets may appear on the surface, a lot of savvy investors are steadily accumulating the high-quality companies, knowing that their values will increase over the coming weeks."

Read the rest of this article at: Lawrence Roulston mining stock editorial on Looking Forward

For more information on Dynasty Gold please contact
Christine Norcross or Dwayne Yaretz
1-888-899-9669
www.dynastygoldcorp.com

31 May 2005


Press Release - Support of eldorado gold's combination with afcan mining

Caledon Resources plc announces its support of gold producer Eldorado
Gold's combination with Afcan Mining;


The bid comes at a significant premium to Afcan's 30 day average share
price and represents an investment return of over 60% on Caledon's
shareholding in Afcan over a period of six months;


Caledon's management views the Eldorado acquisition of Afcan as positive
endorsement for the Chinese mining sector representing the first major
direct investment in the Chinese gold sector by a mid-tier gold producer


The Board of Directors of Caledon Resources plc ('Caledon' or 'the Company') is
pleased to announce that they have formally signed a support agreement with
mid-tier gold producer Eldorado Gold Corporation ('Eldorado') (TSX:ELD) who
have announced their intention to bid for all of the issued and outstanding
shares and warrants of Afcan Mining Corporation ('Afcan') (TSX:AFK). Caledon is
a major share holder of Afcan, currently owning 19% of the issued shares or 26%
of the issued shares on a partially diluted basis.

Vancouver based Eldorado has mining assets in Brazil and Turkey. Eldorado's
Turkish projects, Kisladag and Efemcukuru, have a combined multi million ounce
resource of gold, and they are aggressively pursuing plans to establish mines in
2005 and 2007. In addition, Eldorado has a strong balance sheet with cash
reserves of in excess of $US 120 million as of 31 March 2005. In past public
releases, Eldorado have announced their view of China as an integral part of
their company's growth strategy in the gold sector.

On 31 May 2005, Eldorado announced their intention to combine with Afcan Mining.
Eldorado and Afcan's management, supported by their major-shareholders have
agreed to a share exchange ratio of one share of Eldorado in exchange for six
and one-half (6.5) shares of Afcan. The offer, which applies to existing shares
and warrants, values each Afcan share at approximately Cdn $0.42 cents
representing a significant premium over the company's 30 day average share price
of Cdn $0.35 cents per share and values Caledon's stake at approx Cdn $10.5
million.

As a major Afcan shareholder, Caledon's board of directors has voted unanimously
to support the transaction given its obvious benefits to the Company and its
shareholders.

History

On November 19th, 2004 the Company subscribed Cdn $6 million for 23,852,117
units (each unit equal to one Afcan share and one-half warrant) of Afcan
representing 19% of the issued and outstanding shares of the company
post-closing on an undiluted basis and 26% on a partially diluted basis assuming
exercise of its warrants. The investment was made by Caledon following a
thorough due diligence of Afcan and their Tanjianshan ('TJS') gold deposit
situated in Western China.

As a lead-up to our investment in Afcan, Caledon's management had concluded that
TJS, which at the time had hosted resources of approximate 750,000 ounces, was
capable of substantial upside potential for further discoveries and that the
projected financial returns of future mining would be suitably robust. Afcan,
through their subsequent on-going studies, concluded a Bankable Feasibility
Study on their gold project in March 2005 announcing a 70% increase in gold
resources in China and projected rate of return on future mining of more than
25%.

Caledon's management viewed the investment as a starting point for its bid to
consolidate the fragmented Chinese gold sector. The Afcan investment was in
keeping with the company's broadened growth strategy, focusing more towards
advanced stage exploration and strategic investments in other China focused gold
explorers owning advanced stage assets.

Deal Commentary

George Salamis, the company's Chief Executive Officer comments: 'We are
delighted that our technical assumptions regarding the upside potential of
Afcan's TJS gold project proved to be well founded. Though our initial intent
was to initiate a corporate deal with Afcan, we welcome the mine development
expertise, operational capability and balance sheet strength of Eldorado into
the Chinese mining sector. This is a positive endorsement of our own efforts in
China, and the Chinese resource investment scene in general, and we wish
Eldorado success in their endeavors.' Mr. Salamis further comments; 'The premium
being offered by Eldorado, showing a six-month return on our investment of more
than 60%, presented an attractive and liquid exit strategy for the company.
Given our current cash reserves and the upside we see in holding Eldorado stock
in the short-term, the company would have no immediate plans to liquidate its
investment. However, long-term, we view that the returns generated from this
investment will serve to support Caledon's efforts going forward in China,
specifically on Mojiang and other opportunities currently being considered by
the company'.

On behalf of the board,


Robert Alford George Salamis
Chairman Chief Executive Officer

Caledon Resources Plc is a junior precious metals explorer quoted on the
Alternative Investment Market Stock Exchange (AIM: 'CDN'). The company has
amassed a portfolio of four advanced stage gold exploration projects situated in
Southern China's 'Golden Triangle' region. All sites are actively being mined by
the company's Chinese partners on a small scale, in geological settings
typically associated with disseminated, multi-million ounce ore bodies.
Management believes that the potential for discovery remains high in the
immediate vicinity of the small scale mining, through the application of Western
exploration techniques and philosophies.


For further information, please visit our website at

Dynasty Gold is pleased to announce the results of the Resource Estimate completed by SRK Consulting for their Hatu Project, NW China. For more information please follow the link:

http://www.dynastygoldcorp.com/s/NewsReleases.asp?ReportID=109243

Nice 1 mill buy.
Is it waking up ?????????
Stevie

Yes Stevie,

We have seen some nice trades since the 3rd. 250k,200k,250k again and now 2 x 500k.

Wonder if it's the same buyer accumulating.

Like you say, It may be warming up.


Regards,


BossmanUK

I genuinely fear that this will do little to lift CDN out of the quagmire. NO real volume to speak of. Results are slow to come and the reality is this has a way left to hit the bottom. Share is in serious danger of becoming completely illiquid. Seriously avoid.

Looks like new drill results have been leaked.

Some strange trades today, they don't look like retail trades.