received approval by the Ministry of EnergyCaldera Receives Modification For The Marjan Project License
Jul 19, 2011 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
Caldera Receives Modification For The Marjan Project License
- New Trench Samples, Grab Samples and Additional Drill Core Samples Delivered to Lab
- Satellite Imagery Data identifies New Exploration Targets
- Envoy Strategic Partners Engaged for IR Services
Symbol: tsx-v: CDR
Shares: 56,533,333
Montreal, July 19, 2011 - Bill Mavridis, President and CEO of Caldera Resources Inc. (the "Company" or "Caldera") is pleased to announce that it has received approval by the Ministry of Energy and Natural Resources of the Republic of Armenia (the "MENR"), on it's request to modify the Mining License related to the Marjan Pollymetallic Gold and Silver Project (the "Project").
The current request relates to modifying the license to allow for an exploration program on the territory covered by the concession of the Marjan Project. This modification will allow Caldera to meet its obligations to invest $3MM on the Project, as anticipated in joint venture agreement ("JVA"). The JVA was signed with Global Gold Mining ("GBGD") on March 24, 2010 and approved by the TSX Venture Exchange on June 18, 2010.
Additionally, the Mining Act, which was originally issued to Global Gold Hankavan (a subsidiary of GBGD), was finally registered to the JV's Armenian subsidiary, Marjan Mining Company LLC.
Caldera has also filed a request to reduce the mining requirements on the Mining License Agreement, from 50,000 tonnes of ore per year to 5,000 tonnes of ore per year. This reduction will allow Caldera to focus its time and energy to define additional reserves on the Project and commence a feasibility study on the Project. All modifications to the Mining License Agreement, are expected to be approved by the MENR, over the next few weeks.
Project Update
Caldera is continuing its field-work on the Marjan Polymetallic Gold and Silver project. The work includes geological mapping of the Clastic unit, a drilling-trenching program of the veins in Marjan North and geochemical sampling of the property and the region.
Caldera currently prepares all its samples at SGS laboratory in Kappan, Armenia, and ships pulps for analysis to Activation Laboratories, in Ancaster, Ontario, significantly reducing shipping costs to Caldera.
A total of 340kg of pulp samples from trenching in Marjan North and from additional drill core samples from the 2010 drill program, were shipped to Canada and delivered for analysis. Results from the analysis will be announced as they are received.
Analysis of recently obtained Satellite Image Interpretation data, obtained from PhotoSat of Vancouver, has allowed for mapping of the property and nearby areas and significantly increased our teams understanding of the Project's overall mineral potential. This imagery also allowed for the identification of new exploration targets, which were recently visited and sampled by our team. All work on the property was conducted under the supervision of our independent geologist and QP, Mr. Ricardo Valls, M.Sc., P.Geo.
Additionally, Mr. Valls, M.Sc., P.Geo has outlined a 3,000 meter drill program which should allow for the delineation of measured and indicated resources, on the eastern most section of the Central Zone. Drilling will commence in the fall, following the arbitration hearing.
Other News
Envoy Strategic Partners ("Envoy") of Toronto, Ontario, was engaged for investor relations services to Caldera Resources. The agreement shall remain in full force and effect for a period of 3 months from the date of execution. The agreement is automatically renewed on a month to month basis without prior written notice to the contrary with at least thirty days (30 days) notice by either party. The agreement compensates Envoy with monthly fees of $4,000, including incentive stock options. The Company has granted Envoy in the amount of 50,000 stock options exercisable at
.15 per share on the TSX Venture Exchange. All options are subject to cancellation 30 days after termination of the IR contract as dictated by the TSX Venture Exchange for Tier 2 Issuers.
Investor Relation account will be handled by Mr. Jay Bedard and Mr. David Goldman, of Toronto, Ontario. Envoy Strategic Partners provides customized Financial and Corporate communications to small and mid cap Canadian resource and technology companies.
Board also approved the issuance of options under the Company's Stock Option Plan to its Directors and Management, for a total of 900,000 new options at
.15 per share. A total of 2,400,000 have been issued in total under the plan, from a limit of 2,800,000 options.
At the last Board meeting, it was approved to modify the stock option plan to 10% of the outstanding and issued shares as opposed to the fixed 2,800,000 currently available. The matter will placed for shareholder approval at the Company's next annual meeting.
About Caldera
Caldera is engaged in advancing its silver and gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan project with a purchase obligation to acquire 100% of the project from Global Gold Corporation, by making certain payments by December 2012. You can learn more about the Company's projects by watching recent interviews on our website www.calderaresources.com.
For additional background information and details relating to the Joint Venture and Arbitration, please see our press releases of October 12, 2010, October 22, 2010, November 21, 2010, March 1, 2011, May 11, 2011 and June 14, 2011, on our website at www.calderaresources.com or on SEDAR.
About the Marian Project
The Marjan Project is a polymetallic vein system with high-grade gold and silver mineralization, with three distinct zones. The Marjan Central Zone consists of multiple silicified veins in a zone of propylitic and argillic alteration some 500 meters wide east-west and over 1000 meters vertically. The Marjan North Zone consists of parallel sulphide veins and alteration zones that outcrop over a 400 by 400 meter area as well as a potentially mineralized Clastic Unit some 1.6 km long by some 600 meters wide.
The Marjan Project was extensively explored during the Soviet-era between 1962 and 1989, with over 14 km of adits, 12,700 meters of drilling, 5,000 meters of trenching and over 400 kg of samples used for metallurgical testing.
Historical Soviet-era Resources at the Marjan Gold-Silver Project The Marjan Central zone was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
Historical Resources
Marjan Central
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 Marjan Northern zone was explored between 1991 and 1992 by the Sissian Geological Exploration Group, and published by the State Committee for Reserves of Armenia, Yerevan, has historical Soviet-era GKZ standard resource, as follows:
Historical Resources
Marjan Northern
Zone only tonnes Gold Silver Gold oz Silver oz
------------------- -------- -------- ---------- ------- ----------