Lichkvaz-Tey Gold Project

The Lichkvaz-Tey gold 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. The project belongs to the government of Armenia.

Mr. Ricardo Valls, M.Sc., P.Geo. independent geologist for Caldera, has completed his review of the GKZ (the Russian State Commission on Mineral Reserves) reports on the property that were received from the Ministry of Energy and Mines and has confirmed the following published mineral resources:

Estimated Resources of the Lichkvaz deposit by the GKZ in 1986*

Element Unit C 1 Unit Grade C 2 Unit
Ore KT 1,291 1,490
Gold Kg 10,144 g/t 7.85 7,063 g/t
Silver T 49.7 g/t 38.5 45.4 g/t
Copper KT 6.2 % .48 5.3 %
Sulphur KT 240.3 %
Zinc KT 23.6 %
Lead KT 15.1 %
Selenium T 15.1 g/t
Tellurium T 23.7 g/t
Bismuth T 195.2 g/t
Element Grade P 1 Unit Grade P2 Unit Grade
Ore 4,700 2,000
Gold 4.74 21,360 g/t 4.5 10,000 g/t 5
Silver 30.5 87 g/t 18.5 30 g/t 15
Copper .35
Sulphur 8.64
Zinc 0.85
Lead 0.54
Selenium 5.4
Tellurium 8.5
Bismuth 0.0038
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1″ and “C2″ classifications are equivalent to “indicated” and “inferred” resources. Resources identified as P1 and P2 in the same report can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines”.
Mr. Valls P.Geo. stated in his report, that taking into consideration the solid geological and structural control on the distribution of the mineralization within the Lichkvaz-Tey project that he agrees with such classification.

The table below prepared by Mr. Valls P.Geo., presents the same GKZ data by metal and category using CIM classifications.

Summary of Total Metal by Category based on 1986 GKZ data* November 13th, 2009
Category Au (oz) Ag (oz) Cu (lb) Zn (lb) Pb (lb)
Measured 325,827 1,598,003 13,661,603
Indicated 227,068 1,461,090 11,497,105 27,921,541 17,738,391
Total 522,894 3,059,093 25,158,709 27,921,541 17,738,391
Inferred 679,988 2,795,505
Mineralized Zone 321,507 964,522
* All numbers are historical and there is no NI 43-101 compliant resource prepared for this project. Data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.

Qualified Person

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 National Instrument 43-101.

Additional information related to the Company is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR).

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