CALDERA TO FILE MOTION TO OVERTURN
Arbitrator Annuls Joint Venture Agreement for Marjan Project
Symbol: TSX-V: CDR
OTC: CAEFF
Shares: 59,333,333
Montreal, Canada – Thursday, April 5, 2012 – Caldera Resources Inc. (the “Company” or “Caldera”) received a negative decision from the Arbitrator on its claim filed against Global Gold Corporation relating to the joint venture agreement between the parties.
The Board has received advice that there are elements in this case, which include misconduct, partiality and exceeding authority by the Arbitrator, that could give rise to a successful application to vacate (or overturn) the award. Under New York law Caldera has 90 days from the date of the “final” award to move to vacate.
In light of this, Caldera will be making arrangements to file a motion to vacate or modify the award. More details will be forthcoming over the next few days. Arbitration awards must be confirmed by a Court to become effective. Once Caldera’s motion to vacate is filed, the Court will need to settle the claims before an award can be confirmed. Caldera thus maintains its rights to the Marjan Project in Armenia under the Joint Venture Agreement, pending a Court hearing of its anticipated motion.
Meanwhile, Caldera’s President and CEO, Mr. Bill Mavridis has tendered his resignation as officer and Director of the Company. He has agreed to assist the Board during this transition period.
Caldera’s Board of Directors is working to ensure that this transition period is properly managed for all of the Company’s stakeholders. Caldera will review additional opportunities in Canada and elsewhere and intends to continue to explore its 100% owned Marjan West Project in Armenia.
The 19 kilometer square Marjan West Project is an excellent exploration target as it has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. The license for the project is held by Biomine LLC, which is owned 91% by Caldera. This project is not subject to this arbitration.
The Arbitration Award
The Arbitrator’s Award which was issued on March 29, 2012 focused on whether the precedent conditions for establishing the joint venture were met. The Arbitrator’s award states that:
(1) The property should revert to GGM within thirty (30) days from the date hereof. Obviously, GGM may cause the appropriate governmental bodies in Armenia to register the property in GGM’s name.
(2) Any sums actually paid by Caldera to GGM, should be returned to Caldera. Said sums should be returned within thirty (30) days from the date hereof. (3) As to any sums spent by Caldera on the property, Caldera shall be entitled to a Net Smelter Royalty 0.5 % for each tranche of $1,000,000 actually spent on the property.
The Marjan West Project
Caldera’s independent geologist and Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., identified the potential target of the Marjan West property by completing the interpretation of a satellite data. Mr. Valls, together with the local staff in Armenia, visited and sampled selective outcrops within the limits of the license last exploration season. The property has never been systematically explored in the past.
The Qualified Person’s review of the license area indicates that the Marjan West Project has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. Caldera has presented an exploration plan to the MENR and is waiting for final approval.
Cautionary Statement
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 Company is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
The security symbol, CAEFF, is part of the OTC Grey Market, where Caldera does not provide any reports and has no obligation to do so. There are no market makers under this symbol of this security. It is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor’s bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult. Caldera is not a filer on EDGAR. (see http://www.otcmarkets.com/otc-101/otc-market-tiers).
For additional information:
Anthony Soliman
Consultant
Tel: 514-380-5310 xt 2
asoliman@newhousecounsel.com