Symbol: TSX-V: CDR
Shares: 59,333,333
Montreal, Canada - Monday, June 11, 2012 - Caldera Resources Inc. (the "Company" or "Caldera") announced today that it has signed a Letter of Intent ("LOI") to conclude an option agreement for 50% interest of the Red Spring Copper-Silver Project. The Project is 100% owned and privately held by Decoors Mining Inc. and Mr. Farshad Shirvani, (the "Optionors").
The Red Spring Copper-Silver Project (the "Project") is located approximately 117 km. north of Hazelton, B.C. The Project is also known as the "SPING" in BCGS database, Minfile No. 094D 104.
The Project was discovered in 1972 by Canadian Superior Exploration Limited ("CSE") and only partially drilled in 1973. From work performed by CSE on the property, a non-compliant National Instrument 43-101 resource of 5,000,000 tons (4,500,000 tonnes) grading 0.50% Cu and 0.35 opt Ag (11.9 g/t Ag) (Ryznar, 1994) was estimated. (The In-situ resource is calculated at 49.6MM lbs of copper and 1.67 MM oz of silver).
Estimates are presented for historical reporting purposes. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the historical estimates should not be relied upon or understood to indicate the existence of reserves or resources.
Terms
Under the terms of the LOI, Caldera will execute an option agreement to acquire 50% of the project from the Optionors upon completing $555,000 in exploration expenditures on the property in 2012.
The proposed exploration program for 2012 is designed to confirm the historical resource and identify new drill targets for the Project in 2013.
Upon completion of the 2012 exploration expenditures the parties will then enter into a Joint Venture Agreement to finance and support the exploration and development of the Project. The Joint Venture agreement will require Caldera to commit to invest $450,000 on the project in 2013, and thereafter, the parties will share the costs on the project 50-50 basis.
The Optionor will remain the operator of the project but all proposed exploration and development work on the project would require consensus of the Parties.
The formal option agreement and completed initial NI 43-101 report on the project are expected to be completed within the next 30 days. The agreement is subject to TSX-Venture Exchange approval.
Historical Resources
Much of the available information concerning the Red Spring property is contained in technical reports prepared in 1991 and 1994 by G. Ryznar, P. Eng. and filed with the BC Ministry of Energy, Mines and Petroleum Resources (now Ministry of Mines) as assessment reports #20364 and #23227.
The property is underlain by Hazelton Group rocks of Jurassic age consisting of volcanic and volcaniclastic sedimentary rocks that appear to overlie a sediment hosted (carbonate) copper, silver deposit with minor but significant values in gold. A dolomitic limestone unit, centrally located on the property carries disseminated chalcopyrite with associated gold and silver mineralization. (Ryznar, 1994)
The Project was first staked by Canadian Superior Exploration Limited ("CSE") in 1972. CSE completed geological, geochemical and geophysical surveys and 2,972 feet of diamond drilling in 1973 (Ryznar, 1991).
A summary of the 1973 drilling results is presented in the table below.
Drill Interval Length CU Ag
Hole (ft.) (ft.) (%) (oz./t)
-------------------------------------------
73-2 10-140 130 0.56 0.32
73-3 6-142 136 0.54 0.61
73-5 5-170 165 0.47 0.16
73-6 3-150 147 0.47 0.28
73-7 3-160 157 0.30 0.14
73-9 11-50 39 0.59 0.39
The drill core samples were not analysed for gold.
To determine the grade of concentrate that might be achieved by flotation, Bacon Donaldson and Associates, consulting metallurgists, performed a simple metallurgical test, in August 1990. A 10-foot sample from hole 73-3 was taken from interval 24 to 34 and a concentrate grading 24% copper, 7.99 g/t gold and 1043 g/t Ag was produced (Ryznar, 1990).
Qualified Person
Mr. Erik Ostensoe, P.Geo., consulting geologist, the Qualified Person within the meaning of NI 43-101 for the Red Spring project, has reviewed and approved the information contained in this news release.
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. Historical 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 estimates as current mineral resources and the historical estimates 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.
For additional information:
Anthony Soliman
Corporate Secretary
Caldera Resources Inc.
Tel: 514-380-5310 xt 2
asoliman@newhousecounsel.com
-------------------------------------------
73-2 10-140 130 0.56 0.32
73-3 6-142 136 0.54 0.61
73-5 5-170 165 0.47 0.16
73-6 3-150 147 0.47 0.28
73-7 3-160 157 0.30 0.14
73-9 11-50 39 0.59 0.39
The drill core samples were not analysed for gold.
To determine the grade of concentrate that might be achieved by flotation, Bacon Donaldson and Associates, consulting metallurgists, performed a simple metallurgical test, in August 1990. A 10-foot sample from hole 73-3 was taken from interval 24 to 34 and a concentrate grading 24% copper, 7.99 g/t gold and 1043 g/t Ag was produced (Ryznar, 1990).
Qualified Person
Mr. Erik Ostensoe, P.Geo., consulting geologist, the Qualified Person within the meaning of NI 43-101 for the Red Spring project, has reviewed and approved the information contained in this news release.
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. Historical 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 estimates as current mineral resources and the historical estimates 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.
For additional information:
Anthony Soliman
Corporate Secretary
Caldera Resources Inc.
Tel: 514-380-5310 xt 2
asoliman@newhousecounsel.com
