Symbol: TSX-V: CDR
MONTREAL, April 30 /CNW Telbec/ - Caldera Resources Inc. (the "Corporation") announced today that it has closed the second tranche of its non-brokered private placement. Gross proceeds from this tranche total $369,900. The order book for the financing is presently closed and the Corporation expects to close 889.61 Units for total gross proceeds of $1,200,973. The final closing is expected to be completed on Monday May 3, 2010. A finder's fee of 8% cash and 10% broker warrants may be paid to certain arm's length parties.
The closing announced today is for a total subscription of 274 Units. Each Unit is priced at $1,350 and is comprised of 10,000 common shares (the "Shares") at $0.1350 per Share and 10,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to acquire one additional share at a price of $0.20 for 24 months from closing. A total of 2,740,000 Shares and equal number of Warrants will be issued for this tranche.
Upon completion of the three tranches of this non-brokered private placement, the Corporation will issue 8,896,100 Shares and an equal number of warrants. The total issued and outstanding shares after the final closing will be 26,723,333 Shares.
The proceeds from the financing will be used for the closing of the joint venture agreement with Global Gold Corporation, commence the summer work program on the Marjan Gold-Silver Project in Armenia, proceed with the potential acquisition of our second gold project in Armenia and for general working capital. Completion of the private placement is subject to final approval by the TSX Venture Exchange.
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.
The Marjan Gold-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, 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 Northern Zone and Central Zone were also explored by the previous operator, who spent over US$3M on the project between 2005 and 2008. Resources from the Northern Zone will be reviewed by an independent geologist and will be reported on the completion of the summer work program.
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.
For more information please see our press release of March 24, 2010 at http://www.newswire.ca/en/releases/archive/March2010/24/c4645.html .
Marjan Gold-Silver Project Summer Work Program
The Corporation will embark on a summer development 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 include the assimilation all previous exploration/development works into a block model of Marjan mineralization and subsequent development of a mine plan and initial project economics as part of a scoping study. Also the Corporation will resample known vein zones on surface; develop drill targets to bring existing Soviet P1 prospecting resources into 43-101 compliant inferred resources.
The summer development program will also include exploration on a new target zones outlined in our recently completed Marjan due diligence program. The program will collect approximately 6 tonnes of samples and up to 2000 meters of drilling.
Lichkvaz-Tey Gold Project
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 so as to increase recovery. The project is currently owned by the Armenian government.
For more information please see our press release of December 8, 2009 at http://www.newswire.ca/en/releases/archive/December2009/08/c9236.html .
These projects were reviewed by Ricardo Valls, P.Geo., and independent geologist for Caldera during his trip to Armenia in December 2009. Mr. Valls, P.Geo. visited Global Gold's core-shack and staff, with respect to the Marjan Gold-Silver Project, and also visited the Lichkvaz-Tey Project, where he collected 350kg of samples for analysis. Mr. Valls, P.Geo., has been engaged to write both NI 43-101 reports. The report on the Marjan Gold-Silver Project 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 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 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.
Please note the Company has moved its offices to:
Caldera Resources Inc.
1155 René-Lévesque Blvd. West
Montreal, Quebec H3B 2K4
SOURCE CALDERA RESOURCES INC.
For further information: For further information: Bill Mavridis, President & CEO, Caldera Resources Inc., (514) 813-9200, email@example.com; Renmark Financial Communications Inc.: Barry Mire, (514) 939-3989, firstname.lastname@example.org; John Boidman, (416) 644-2020, email@example.com