Caledonian Executive President/Chairman's Address to the Shareholders at the Forth Annual General Meeting.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 16, 1999--

Caledonian Pac. (VSE:CDM.) (AUSTRALIAN STOCK EXCHANGE:CDN.)

As I stated in my report to Shareholders in the 1999 Annual Report, it has been a year of success and positive consolidation for your Company despite one of the most challenging times ever experienced by explorers and miners worldwide.

     Firstly, let me run through our corporate highlights:

     * Issued Capital 46,085,005 (ordinary shares)
     * Cash in Bank A$9.0M
     * Investor exposure now extended into USA
     * Base has paid a further $3M since 1 July 1999
     * Directors exercise options to raise $1,130,000
     * Shareholders exercise options to raise $105,000
     * New corporate office

     It is important that against this background of achievement we
put 1999 into perspective:

     * Gold - 20 year low
     * Copper - 10 year low
     * Nickel - 10 year low
     * Gold, however, remains Australia's second largest commodity
export
     * Mineral exploration expenditure fell 21% last financial year
     * Biggest industry shakeout since the 1970's
     * Only 10% of the listed gold stocks actively exploring
     * 40% of junior explorers convert to cyberspace for survival
(Internet)
     * 3500 qualified geologists unemployed
     * Company mergers and mine closures
     * World's population reaches 6 billion

Look at the recent rationalization in our industry. There have been 9 recent mergers or takeovers, the latest ones being AngloGold's play for Acacia Resources and Guinness Peat's takeover offer for Otter Gold Mines.

The exploration clock shows "cash takeovers" as the next step, this should lead to boom times for exploration companies.

Your company is now in a strong position to take advantage of new opportunities and an upturn in the resources sector. We look forward to the new millennium with great optimism and confidence.

Your Board recognizes that people are the key to success. I would like to personally thank our employees and consultants for their dedication and effort and to our shareholders, thank you for your continued loyalty and support during the year.

At the conclusion of the meeting, I will invite Graeme Rabone, our Chief Operating Officer, to present a review of our operations.

On behalf of Caledonian Pacific Minerals NL

Sarah J L Morris, Company Secretary

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.