Symbol: TSX-V: CDR
MONTREAL, April 12 /CNW Telbec/ - Caldera Resources Inc. (the "Corporation") announced today that it proposes to complete a non-brokered private placement to raise $742,500. A finder's fee of 8% cash and 10% broker warrants may be paid to certain arm's length parties. It is anticipated that insiders of Caldera will subscribe for approximately $350,000 of the private placement.
The Corporation will be offering investors up to 550 Units (the "Units") priced at $1,350 per Unit. Each Unit is comprised of 10,000 common shares of the Corporation (the "Shares") priced at $0.1350 each, and 10,000 share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional Share at a price of $0.20 for 24 months from issuance. All shares issued from this financing are subject to a 4-month hold. Completion of the private placement is subject to approval by the TSX-V.
The proceeds from the financing will be used for general working capital, the completion of certain obligations under the joint venture with Global Gold Corporation and the anticipated summer work program on the Marjan gold and silver deposit located in the Republic of Armenia. The focus of the summer program will be to work towards qualifying the historical Soviet-era gold and silver resources on the Marjan Central zone, under NI 43-101.
Marjan Gold Silver Project JV
Caldera announced on March 24th, that it concluded a joint venture with Global Gold Corporation. Under the terms of the joint venture agreement, Caldera will own 55% of the shares of a newly created joint venture company and become the operator of the project. To maintain its 55% interest, Caldera will issue 500,000 shares from treasury and make a payment of US$ 100,000 and invest US$ 3,000,000 on the Property towards a feasibility study.
Also under the joint venture agreement Caldera will own 100% in the Project by paying Global Gold US$ 2,850,000 by December 30, 2012 (with extensions provided until December 30, 2014). Global Gold will retain a 1.5% NSR on all production on the Central zone and a 2.5% NSR on all production on the Northern zone.
The Marjan Gold-Silver deposit is located in Armenia, some 28 km south-west of the village of Sisian and a 6 hour drive from the capital, Yerevan. Global Gold, through its wholly owned subsidiary Marjan Mining Corporation, LLC, holds a twenty-five year special mining licence HA - L - 14/526 and License Agreement 411, for the Marjan Gold-Silver property. The license was issued April 22, 2008 and expires April 22, 2033. The license area covers approximately 18.5km2.
The Marjan property has historical mineral resources, categorized under the Soviet GKZ standards as C1 and C2, of 4,772,757 tonnes grading on average 2.64 g/t gold and 92.67 g/t silver. The property also has mineral resources categorized as P1 of 3,211,843 tonnes grading 2.35 g/t gold and 93.42 g/t silver.
The resource estimate was published by Poghosyan N. F. in a 1995 report titled Marjan Gold - Silver - Polymetallic Property, State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, Armenia. Blocks of all categories are defined using a dry density of 2. 87 g/cm3, a minimum thickness of 0.4 metres, and a cut-off of 1.2 g/t of Gold.
The Central zone of the Marjan Project was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
Resources tones Gold Silver Gold oz Silver oz
C1 and C2
resources 4,772,757 2.64 g/t 92.67 g/t 405,147 14,211,588
P1 resources 3,211,843 2.35 g/t 93.42 g/t 242,696 9,647,922
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated" and "inferred" resources (http://www.crirsco.com/guidelines_consultation_draft20100312.pdf). Resources identified as P1 and P2 in the same report can be considered in the "Inferred" and "Mineralized Zone" categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document "Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines" (http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
The project was reviewed by Ricardo Valls, P. Geo, independent geologist for Caldera. He visited the company's offices, core-shack and staff during his recent trip to Armenia in December 2009. Mr. Valls, P. Geo, has been engaged to write a NI 43-101 report which has been completed and deposited with the TSX Venture Exchange for review.
Mr. Jim Steel, MBA P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
The Company's main business is the acquisition, exploration and development of gold projects in South-eastern Europe and Armenia.
The Company is also seeking to acquire and develop the Lichkvaz-Tey gold property, located in the Republic of Armenia with its strategic partner, Bactech Mining Corporation Inc. (tsx-v:BM). The project is currently owned by the Armenian government.
Caldera is also pursuing the acquisition of the Lichkvaz-Tey gold project, also located in southern Armenia. For more information please see our press release of December 8, 2009 at http://www.newswire.ca/en/releases/archive/December2009/08/c9236.html.
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 estimations are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities and not to be understood as indicating the existence of reserves or resources.
Additional information related to the Company is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE CALDERA RESOURCES INC.
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