Symbol: tsx-v CDR
MONTREAL, Oct. 6 /CNW Telbec/ - Caldera Resources Inc. (TSX.V: CDR) announced today that its Armenian subsidiary, Biomine LLC, has received permission from the Ministry of Nature Protection of the Republic of Armenia, to conduct geological studies to evaluate the Lichkvaz-Tey gold property.
The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of copper.
All numbers are historical and there is no NI 43-101 compliant report prepared for this project. The data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986. Caldera is in the process of obtaining these historical reports so as to establish a sampling and exploration program in order to create a NI 43-101 compliant report. The references to the GKZ mineral resource estimates appear in independently prepared technical reports which are now in government archives and were prepared for the former property owners. According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated" and "inferred" resources.
The property was explored during the Soviet era resulting in 18 km of drives and tunnels on 8 underground levels, spaced 40m to 100m apart vertically and in numerous raises. The property is located 380 km south of Yerevan with access to power, water and to the main highway serving the area.
The project is being pursued jointly with BacTech Mining Corporation (TSX.V: BM). BacTech has the option to acquire a 40% interest in Caldera's subsidiary, Biomine LLC, in return for providing technical support and test work for the project.
Bill Mavridis, President of Caldera stated that "We are pleased that our strategy to develop projects in Southeastern Europe and the Caucuses is paying off. The opportunity to introduce modern bioleaching technology to treat the Lichkvaz refractory gold project in Armenia is the first step for Caldera in establishing its model of economic environmental remediation and mining in the region."
Caldera is assembling a geological team to retrieve samples from Lichkvaz-Tey deposit which will allow for the bioleach test work to begin. BacTech will undertake bioleach test work at the University of Toronto to confirm the recoveries when using bioleaching to liberate the gold, copper associated with the deposit.
Armenia sits in a geological formation know as the Tethyan Belt, which contains some of the world's largest gold porphyry deposits. The Tethyan Belt is a major porphyry-related mineralized zone that extends across central and South-eastern Europe, Turkey, Armenia, Iran, Pakistan, through the Himalayan region into Burma, Malaysia, Indonesia and Papua New Guinea.
There are currently several mining companies extracting copper, zinc, molybdenum and gold in Armenia. Dundee Precious Metals operates the Kappan polymetalic mine, extracting zinc, copper, silver and gold. On the exploration front, Lydian Resources is drilling a 1 million plus oz gold resource in its Amulsar project.
BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals as well as stabilizing harmful metals such as arsenic.
Caldera Resources Inc. is focusing on projects amenable to utilizing bioleaching or chloride leaching technology for the economic recovery of base metals and precious metals from mine waste and tailings with a focus on Southeastern Europe and the Caucuses.
André Laferrière, 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 National Instrument 43-101.
Certain exploration results referred to herein are historical in nature and were compiled before NI 43-101. Caldera and has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. Caldera and BacTech believe these historical results provide an indication of the potential of the properties and are relevant to ongoing evaluation of the project.
THIS NEWS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS". ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED IN THIS RELEASE INCLUDING FUTURE PLANS AND OBJECTIVES OF CALDERA, ARE FORWARD- LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS 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, Caldera Resources Inc., Direct Line: (514) 813-9200, www.calderaresources.com