Symbol: TSX-V: CDR
MONTREAL, June 22 /CNW Telbec/ - Caldera Resources Inc. is pleased to announce that as part of the closing for its acquisition of a 55% interest in the Marjan Gold and Silver project that it has issued today 500,000 shares to Global Gold Corporation. As part of the acquisition and joint venture agreement, Caldera has also made payments totalling US$150,000. The shares issued today are subject to a 4 month hold-period.
Under the terms of the joint venture agreement, Caldera is the operator of the Marjan Gold and Silver Project and upon making certain payments over a two year period will have the right to own 100% interest in the Project.
For more information on the joint venture agreement between Global Gold Corporation and Caldera Resources Inc., please refer to our press releases of December 21, 2009 at http://cnw.ca/en/releases/archive/December2009/21/c4944.html and March 24, 2010 at http://cnw.ca/en/releases/archive/March2010/24/c4645.html.
The President and CEO of Caldera, Mr. Bill Mavridis stated: "We continue to meet all our milestones in positioning Caldera to becoming a potential gold mining company. My business strategy was to focus our Company on potential near term projects rather than exploring geophysical and geochemical gold anomalies. By focusing on projects with Soviet-Era historical mineral resources, we are meeting that strategic goal and creating value for our shareholders. We have already completed the first phase of our sampling program which will be used to confirm the Soviet-Era gold and silver resources on the project. Samples are being shipped out to the UK-based Alex Stewart Group's certified laboratory in Moscow, and we expect results by early August. By that time we hope to have also updated our maps and completed a ground electro-magnetic survey to confirm drilling targets for our drilling program which is expected to commence in late summer. This work is being performed to confirm the gold and silver hosting potential of the Marjan Deposit and to establish a 43-101 qualified resource. We are excited about the future prospects for Caldera and for our shareholders."
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 Central Zone of the Marjan Project was extensively explored between 1964 and 1989. The Northern Zone was also explored between 1991 and 1992 by the Sisian Geological Exploration Group, Yerevan, Armenia.
The Soviet-Era mineral resources, categorized as C1 and C2, indicates that the Marjan Project contains 405,147 oz of Gold and 14M oz of Silver. The Soviet-Era mineral resources, categorized as P1, indicates that the Marjan Project contains an additional 647,152 oz of Gold and 37M oz of Silver.
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. For more information on the Historical Soviet-Era Resources on the Marjan Project, please see our NI 43-101 Report published on SEDAR our on our web site at: http://www.calderaresources.com/investor-relations/regulatory-fillings/43-101-technical-report-for-the-marjan-gold-silver-project-armenia.
The Corporation's main business is the acquisition, exploration and development of gold projects in South-eastern Europe and Armenia. Caldera is currently developing the Marjan Gold-Silver Project in southern Armenia.
Mr. Jim Steel, MBA, P.Geo., Vice-President Mining and Development for the Corporation, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
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 Global Gold's and Caldera's choices for its business activities and not to be understood as indicating the existence of reserves or 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.
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, firstname.lastname@example.org; Renmark Financial Communications Inc.: Barry Mire, (514) 939-3989, email@example.com; John Boidman, (514) 939-3989, firstname.lastname@example.org