trading in Toronto as CAL.to at 3 x less than 5 UK analysts forecast it's current value at

http://www.lse.co.uk/ShareBrokerTips.asp?shareprice=CMCL&share=caledonia_min

Not without risk - Blanket mine in Zimbabwe, (with potential projects elsewhere) but certainly worth consideration in any well spread portfolio

http://www.caledoniamining.com/pdfs/CALPres-0531b2013.pdf

Jan 2013 ...we value Caledonia's shares at 292 Canadian cents (188P). at an average gold forecast price of US $1448.00 gold. Even at a gold price of $1350.00 our valuation is still 263c (170p) and at US$1000.00 231c (149p)

CMCL is currently trading at 47p so substantially below even their $1000.00 gold valuation (like a third of), and with production increasing substantially this year too.

The $4m refund will go a long way towards assuaging concerns about Zimbabwes govt.

Their 6% dividend is the highest I've found quoted in the top 30 in the USA