MONTREAL, Oct. 18, 2011 /PRNewswire/ -- Caldera Resources Inc. (TSX-V: CDR) (OTC: CAEFF) ("the Company" or "Caldera") has received an Exploration License No. 106 from the Ministry of Energy and Natural Resources ("MENR") for the property located west of the Marjan Project (referred to as "Marjan West"). The License was issued to Caldera's Armenian subsidiary Biomine LLC on October 14, 2011 and is valid till October 14, 2016. The new license area covers an area of 19 square kilometers and is not subject to the JV Agreement.
"The application for a new license area is part of our corporate strategy to build a portfolio of prospective properties in Armenia," stated Mr. Bill Mavridis, President and CEO of Caldera. "This particular License area just west of the Marjan Gold and Silver polymetallic deposit represents an opportunity for Caldera to add value to our Company."
Caldera's independent geologist and Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., identified the potential target of the Marjan West property by completing the interpretation of a satellite photo kit purchased from SatPhoto in Vancouver. Mr. Valls, together with the local staff in Armenia, visited and sampled selective outcrops within the limits of the license in June 2011. The property has never been systematically explored in the past but from reading Armenia geological records and maps, the area is considered to be prospective for opalites.
Caldera's review of the license area indicates that the Marjan West property has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. Caldera has 5 months to prepare an exploration plan and present it to the MENR.
The Coordinates of the License area are listed below.
UTM Zone 38 N (WGS 84)
Update on Arbitration
Mr. Bill Mavridis, President of Caldera Resources Inc. ("Caldera"), is pleased to provide an update on the Arbitration process instituted against Global Gold Corporation ("GBGD") and Mr. Van Krikorian its CEO, Chairman, Director and General Counsel. Additional hearing dates have been set for October 25, 26, 27 and October 31, November 1, 2 and 3.
After completion of Mr. Mavridis' testimony it is expected to call Mr. Van Krikorian as a witness to the stand on October 31, 2011.
The Clastic Unit
Caldera announced in its press release of October 4, 2011, the results from its drilling program on the Clastic Unit at the Marjan Project. Caldera confirmed intercept of 48 meters returning 0.95 g/t gold, with two separate 6 meter intervals grading 3.23 g/t gold and 2.99 g/t gold. Individual intervals returned grades as high as 7.86 g/t gold (for more information please see our news release at http://bit.ly/clastic_unit_results ).
Mr. Mavridis stated, "This new development at the Clastic Unit has created an opportunity for Caldera to explore the potential of developing an open-pit target that can be used to propel the development of the entire Marjan ore field, and significantly expand the historic Soviet-era gold and silver resources."
The Marjan Project
The Northern Zone and the Central Zone were explored during the soviet-era and contain a total C1 and C2 soviet category historical resources of 405,147 oz of Gold and 14.2M oz of Silver and an additional 647,152 oz of Gold and 37.1M oz of Silver soviet category P1 historical resource. The Clastic Unit Zone was never explored during the soviet-era and has no reported historical resources.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Mr. Ricardo Valls, M.Sc., P.Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
Caldera is engaged in advancing its silver and gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan Polymetallic Gold and Silver Project with a purchase obligation to acquire 100% of the project from Global Gold Corporation ("GBGD"), by making certain payments by December 2012.
Caldera has filed a complaint with the American Arbitration Association against GBGD who unilaterally and illegally terminated the JVA between the parties. The binding arbitration hearing is currently underway in New York.
For additional background information and details relating to the Joint Venture and Arbitration, please see our press releases of October 12, 2010, October 22, 2010, November 21, 2010, March 1, 2011, May 11, 2011, June 14, 2011, August 2, 5 and 9, 2011, and September 6, 2011 on our website at www.calderaresources.com or on SEDAR.
The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Former Soviet country estimates are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Additional information related to the Corporation is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
For additional information:
President, Marjan-Caldera Mining LLC (Delaware)
2711 Centerville Road, Suite 400
Wilmington, Delaware, USA
Mr. David Goldman
Envoy Strategic Partners
SOURCE Caldera Resources Inc.