Symbol: TSX-V: CDR
OTC: CAEFF
Shares: 59,333,333
Montreal, Monday, February 27, 2012 - Caldera Resources Inc. ("Caldera" or the "Company") confirms that that a Cassation Court ruling was issued on February 21, 2012. Its lawyers in Armenia only received a copy of the Cassation Court ruling last Friday, February 24th, 2012.
Having reviewed the ruling by the Cassation Court, it is clear that it has absolutely no bearing on the ownership rights to the Marjan project. Caldera currently owns and continues to own 55% of project through the Joint Venture and is the Operator of the Marjan project. The "status quo" remains.
Caldera initiated an arbitration proceeding against Global Gold Corporation ("GBGD") and GBGD has fully participated in this binding arbitration and has agreed that an independent Arbitrator will settle the dispute relating to the ownership under New York law, pursuant to the rules of the AAA/ICDR. The "status quo" shall remain unchanged, as per the judicial orders issued to date. The damages phase of the arbitration will take place after the liability ruling, where Caldera has determined that it will be seeking approximately $4 million dollars in damages.
Bill Mavridis, President and CEO of Caldera stated: "The Arbitration process has been long and thorough and Global Gold and its subsidiaries are subject to a final ruling of the Arbitrator and the orders which have been issued to date including those ordering that there be no change in the ownership interests of the Marjan Project."
Caldera's Armenian legal team is of the opinion that this decision is improper and Caldera is advised to file a petition with the Cassation Court to introduce new evidence and request to hear our full appeal, as required under the law. It is further advised that it should file a petition with the European Court against the Government of Armenia, represented by the Ministry of Justice of the Republic of Armenia. Caldera has also been advised that, pursuant to the laws of Armenia, Armenian authorities and Courts will respect the decision of the Arbitrator on the Marjan Project and the Joint Venture Agreement.
For the moment, the Cassation Court ruling on the claim by GBGD against the office of the State Register, upholds the verdict of the Administrative Court which ruled that there were technical deficiencies in the registration process by the State Register.
No where in the rulings of the Administrative Court, Appeal Court and Cassation Court are there any findings that Caldera, Marjan-Caldera, or its representatives Bill Mavridis or Azat Vartanian acted illegally, as GBGD has asserted falsely in its press releases and its SEC filings. A copy of the verdict can be accessed at http://bit.ly/Administrative_Court_Ruling .
For additional comments related to the original Administrative Court ruling, please refer to Caldera's press releases of August 5, 2011 by going to the following link at http://bit.l/CDR_NR_AUG_5-2011.
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:
Mr. Bill Mavridis
President and CEO, Caldera Resources Inc.
Direct line: 514-813-9200
Email: bmavridis@calderaresources.com
www.calderaresources.com
Monday, February 27, 2012
Thursday, February 23, 2012
Caldera Receives Press Release from Global Gold Claiming the Marjan Project Reverts to Them
Symbol: TSX-V: CDR
OTC: CAEFF
Shares: 59,333,333
Montreal, Canada - Thursday, February 23, 2012 - Caldera Resources Inc. ("Caldera") received late today a press release issued by Global Gold Corporation ("GBGD") stating that the Cassation Court in Armenia has rejected Caldera's appeal with respect to the Administrative Court ruling and that the Marjan Project reverts to GBGD. The news release was issued at 2:58 pm EST, which was midnight in Armenia. Unfortunately it is impossible to confirm receipt of any such ruling at this time. A review of www.datalex.am website, the Judiciary Portal of the Ministry of Justice of Armenia, found no such ruling posted either, as claimed in GBGD's press release (see GBGD NR http://bit.ly/GBGD-NR-FEB232012 ).
Bill Mavridis, President and CEO of Caldera stated "I am disturbed by GBGD's press release especially their comment that the Cassation Court ruling somehow grants them control and ownership of the Marjan Project. It is a shame that the Board and Management of GBGD did not see fit to wait until the Arbitrator's pending ruling on ownership, before making such claims. Only the Arbitrator of the current dispute before the AAA/ICDR can decide the ownership rights in this case. Furthermore there are proceedings pending in Armenia, supported by a US Federal Court Order that prohibits either party to make any changes to the shares of Marjan Mining Company, the joint venture agreement or the mining license. If GBGD continues on the course it states in the press release, such action will be considered a breach of various orders concerning the maintenance of the status quo."
More information will be issued, as it is available.
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:
Mr. Bill Mavridis
President and CEO, Caldera Resources Inc.
Direct line: 514-813-9200
Email: bmavridis@calderaresources.com
www.calderaresources.com
Tuesday, February 21, 2012
Caldera Files Motion for Standstill Order Against Global Gold Corporation in Armenia While Arbitration Ruling is Pending in New York
Symbol: TSX-V: CDR
OTC: CAEFF
Shares: 59,333,333
Montreal, Canada - Tuesday, February 21, 2012 - On November 17, 2011, the Arbitrator issued an order to Caldera Resources Inc. (the "Company" or "Caldera") and Global Gold Mining and its parent Global Gold Corporation ("GBGD" ), (together referred to as the "Parties"), which restricts the Parties from altering their share ownership and membership in the Joint Venture Agreement ("JVA") and in the Armenian subsidiary Marjan Mining Company ("MMC"), or affecting any changes to the Marjan License. (See Caldera NR November 21, 2011 - Arbitrator Issues Standstill Order in Caldera vs. Global Gold Dispute). That order was recently updated.
On February 14, 2012 Caldera filed a petition at the General Jurisdiction Court in Yerevan, Armenia, case no. M-I-2826 (see www.datalex.am), seeking that the Arbitrator's order be enforced in Armenia, under the UNCITRAL 1958 - Convention on the Recognition and Enforcement of Arbitral Awards, which Armenia is a signatory. A Certified copy of the Arbitrator's confirmed order has been delivered to Caldera's Armenian subsidiary, MMC, and will be attached to that petition.
On or about February 8, 2012, GBGD's representatives in Armenia made statements to local Government authorities, that the project ownership and rights will revert to them based on a ruling of the Administrative Court of Armenia and that they contemplate to sign certain agreements to effect control. These statements are not new and have been echoed in GBGD's news releases of August 2, 2011 and December 12, 2012. (See Caldera NR, August 5, 2011 - Caldera Provides Additional Disclosure on Marjan and GBGD Misleading and False Statements). The Arbitration hearing in New York is the only jurisdiction that can rule on the ownership rights of the Marjan project, as per the JVA signed between the Parties on March 24, 2010.
Caldera has appealed the Administrative Court ruling to the Cassation Court in Armenia on January 13, 2012. The Cassation Court in Armenia has not announced whether they will accept the appeal as of yet. Based on the actions of GBGD's representatives in Armenia, Caldera believes that GBGD has anticipatorily breached the order of the Arbitrator and will attempt to take ownership control of the Marjan Project, and Caldera is justified to take all actions to protect its interests in the Marjan Project. Caldera has also filed a request with the American Arbitration Association to seek their assistance in clarifying the status of the pending ruling of the Arbitrator.
It has been 33 days since the close of the arbitration hearing on January 19, 2012.
For more background on the case please visit our website at www.calderaresources.com
The Project
The Marjan Polymetallic Gold and Silver project contains a Soviet-Era historical resources totaling 405,147 oz of Gold and 14.2M oz of Silver, classified as C1 and C2, which is equivalent to measured and indicated resource and an additional Soviet-Era historical resource 647,152 oz of Gold and 37.1M oz of Silver, classified as P1, which is equivalent to inferred resources.
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:
Mr. Bill Mavridis
President and CEO, Caldera Resources Inc.
Direct line: 514-813-9200
Email: bmavridis@calderaresources.com
www.calderaresources.com
OTC: CAEFF
Shares: 59,333,333
Montreal, Canada - Tuesday, February 21, 2012 - On November 17, 2011, the Arbitrator issued an order to Caldera Resources Inc. (the "Company" or "Caldera") and Global Gold Mining and its parent Global Gold Corporation ("GBGD" ), (together referred to as the "Parties"), which restricts the Parties from altering their share ownership and membership in the Joint Venture Agreement ("JVA") and in the Armenian subsidiary Marjan Mining Company ("MMC"), or affecting any changes to the Marjan License. (See Caldera NR November 21, 2011 - Arbitrator Issues Standstill Order in Caldera vs. Global Gold Dispute). That order was recently updated.
On February 14, 2012 Caldera filed a petition at the General Jurisdiction Court in Yerevan, Armenia, case no. M-I-2826 (see www.datalex.am), seeking that the Arbitrator's order be enforced in Armenia, under the UNCITRAL 1958 - Convention on the Recognition and Enforcement of Arbitral Awards, which Armenia is a signatory. A Certified copy of the Arbitrator's confirmed order has been delivered to Caldera's Armenian subsidiary, MMC, and will be attached to that petition.
On or about February 8, 2012, GBGD's representatives in Armenia made statements to local Government authorities, that the project ownership and rights will revert to them based on a ruling of the Administrative Court of Armenia and that they contemplate to sign certain agreements to effect control. These statements are not new and have been echoed in GBGD's news releases of August 2, 2011 and December 12, 2012. (See Caldera NR, August 5, 2011 - Caldera Provides Additional Disclosure on Marjan and GBGD Misleading and False Statements). The Arbitration hearing in New York is the only jurisdiction that can rule on the ownership rights of the Marjan project, as per the JVA signed between the Parties on March 24, 2010.
Caldera has appealed the Administrative Court ruling to the Cassation Court in Armenia on January 13, 2012. The Cassation Court in Armenia has not announced whether they will accept the appeal as of yet. Based on the actions of GBGD's representatives in Armenia, Caldera believes that GBGD has anticipatorily breached the order of the Arbitrator and will attempt to take ownership control of the Marjan Project, and Caldera is justified to take all actions to protect its interests in the Marjan Project. Caldera has also filed a request with the American Arbitration Association to seek their assistance in clarifying the status of the pending ruling of the Arbitrator.
It has been 33 days since the close of the arbitration hearing on January 19, 2012.
For more background on the case please visit our website at www.calderaresources.com
The Project
The Marjan Polymetallic Gold and Silver project contains a Soviet-Era historical resources totaling 405,147 oz of Gold and 14.2M oz of Silver, classified as C1 and C2, which is equivalent to measured and indicated resource and an additional Soviet-Era historical resource 647,152 oz of Gold and 37.1M oz of Silver, classified as P1, which is equivalent to inferred resources.
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:
Mr. Bill Mavridis
President and CEO, Caldera Resources Inc.
Direct line: 514-813-9200
Email: bmavridis@calderaresources.com
www.calderaresources.com
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