Symbol: TSX-V: CDR
YEREVAN, REPUBLIC OF ARMENIA, May 25 /CNW Telbec/ - Caldera Resources Inc. (the "Company") announced today that its management and technical team have arrived in Armenia to commence the summer work program.
Mr. Jim Steel, VP Mining and Development of Caldera resources will be responsible for overseeing the Company's summer exploration program on the Marjan Gold-Silver project. The goal of the program is to complete the groundwork necessary to quantify gold and silver resources on the property.
The program will commence with the assimilation of all previous exploration/development works into a block model of Marjan mineralization, upon which a scoping study will be based. The Corporation will also resample veins in the Central and Northern zones on surface to develop drill targets with the goal of bringing existing Soviet C1, C2 and P1 resources into NI 43-101 compliant resources.
The summer development program will also include exploration on new target gold and silver vein zones outlined in the Corporation's recently completed Marjan due diligence program. The Corporation plans to collect approximately 6 tonnes of samples and include up to 2000 meters of drilling.
The program is budget at approximately $250,000, not including drilling costs. Results will be released as they become available and final results will be published in a technical report in late August.
While in Armenia, Mr. Bill (Vasilios) Mavridis, President and CEO of Caldera will be meeting with various government officials in Yerevan to discuss the Company's projects and organize local staff. Caldera will also be discussing with local contractors and suppliers the potential of establishing an independent and ISO certified assaying lab and the creation of a wholly owned drilling company to manage the Company's future drilling needs.
The Corporation's main business is the acquisition, exploration and development of gold projects in South-eastern Europe and the Republic of Armenia. Caldera is currently developing the Marjan Gold-Silver Project in southern Armenia.
You can learn more about the Company's projects by watching recent interviews with the President of Caldera by visitng our website www.calderaresources.com.
The Marjan Project is a Joint Venture with Global Gold Corporation of Greenwich, Conecticut. Under the terms of the JV that was signed on March 23, 2010, Caldera becomes the operator of the project and holds a 55% interest in the JV. Caldera also has a clear path to acquire the balance of the JV for payments totalling US$2.85M. Please see our press release of March 24, 2010 for more information (http://cnw.ca/en/releases/archive/March2010/24/c4645.html).
Caldera is also pursuing the acquisition of the Lichkvaz-Tey Gold Project with its strategic partner, BacTech Mining Corporation (tsx-v: BM). The gold resources of the Lichkvaz-Tey project are refractory and require the use of BacTech's proprietary bioleaching technology to enhance recovery. The project is currently owned by the Armenian government.
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 NI 43-101.
Historical Soviet-era Resources at the Marjan Gold and Silver Project
The Marjan Gold-Silver project has two distinct zones, referred to as the Northern Zone and the Central Zone. The Northern Zone was extensively explored by the previous operator, investing US$3.5M in exploration on the property, between 2006 and 2009. These resources do not qualify under NI 43-101 rules as post 2001 historical resources and cannot be reported until they are independently reviewed. Resources from the Northern Zone will be reviewed during the summer work program and reported in updated resource calculation at the end of the summer. The Northern Zone was also explored between 1991 and 1992 by the Sisian Geological Exploration Group, Yerevan, Armenia.
The Central Zone of the Marjan Project was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
Zone only tonnes 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
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.
In our recent review of historical resources on the Northern Zone, Mr. Ricardo Valls, P.Geo., independent geologist for the Company, has also confirmed a historical Soviet-era GKZ standard resource, calculated by State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, as follows:
Zone only tonnes Gold Silver Gold oz Silver oz
------------------- --------- -------- ---------- ------- ----------
P1 resources 5.77M 2.18 g/t 148.46 g/t 404,456 27,543,865
The total C1 and C2 historical resources of the Marjan project outlined above are equivalent to 405,147 oz of Gold and 14M oz of Silver. The total P1 historical resource of the Marjan project are equivalent to 647,152 oz of Gold and 37M oz of Silver.
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 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 Marjan Gold-Silver Project was reviewed by Mr. Ricardo Valls, P.Geo., independent geologist for Caldera during his trip to Armenia in December 2009 and follow-up trip in April 2010. Mr. Valls, P.Geo. visited Global Gold's core-shack and staff, as well as both the Central and Northern Zones of the Marjan Gold-Silver Project.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE CALDERA RESOURCES INC.
For further information: For further information: Bill Mavridis, President & CEO, Caldera Resources Inc., Cell: (514) 813-9200, email@example.com; Renmark Financial Communications Inc.: Barry Mire, (514) 939-3989, firstname.lastname@example.org; John Boidman, (514) 939-3989, email@example.com