Caldera Appoints Vice-President Mining & Development

Updates Historical Resources on Northern Zone of the Marjan Gold-Silver Project

    
    Symbol: TSX-V: CDR
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MONTREAL, May 17 /CNW Telbec/ - Caldera Resources Inc. (the "Company") announced today that it has appointed James S. (Jim) Steel, MBA P.Geo., as the Company's Vice President, Mining & Development.

"I am pleased to have Jim join our team. Jim Steel has the right skills and experience for the Company as it moves forward with the development of the Marjan Gold and Silver deposit in Armenia. Caldera is poised for significant growth, with the opportunity to become a gold and silver producer and continue to acquire new gold projects in Armenia. Jim Steel's skills will be invaluable in guiding Caldera to achieving these goals" said, Bill Mavridis, President and CEO of Caldera Resources Inc.

As a mining geologist with an MBA from London School of Business, Mr. Steel has over 25 years of experience in global surface and underground exploration as well as both buy-side and sell-side investment analysis and asset management. He has experience in mine development projects, property valuations and corporate acquisitions as well as mineral resource estimation in the context of scoping studies and preliminary economic assessments. He was an integral part of the exploration team that discovered the Ujina copper deposit at the giant Collahuasi complex in Chile, now in production. Mr. Steel also has experience in analyzing Soviet-era gold and silver deposits and has a working knowledge of the Russian language.

He has also worked as an analyst in international equity investment and mining corporate finance in Europe, and was a co-manager of the TD Greenline Precious Metals and Resource mutual funds in Canada. For the past ten years, he has been the Managing Director of Mining Insights Inc., a research firm specializing in buy-side mining equity research, portfolio risk analysis, independent value assessment in mergers and acquisitions, and in value-oriented geoscientific and analytical consulting. He is fluent in English, French, and Spanish. Mr. Steel also chairs the registration committee of the Association of Professional Geoscientists of Ontario (APGO).

Mr. Steel will be responsible for overseeing the Company's summer exploration program on the Marjan Gold-Silver project. The goal of the program is to complete the groundwork necessary to quantify gold and silver resources on the property.

The program will commence with the assimilation of all previous exploration/development works into a block model of Marjan mineralization, upon which a scoping study will be based. The Corporation will also resample veins in the Central and Northern zones on surface to develop drill targets with the goal of bringing existing Soviet C1, C2 and P1 resources into NI 43-101 compliant resources.

The summer development program will also include exploration on new target gold and silver vein zones outlined in the Corporation's recently completed Marjan due diligence program. The Corporation plans to collect approximately 6 tonnes of samples and include up to 2000 meters of drilling.

    
    Historical Soviet-era Resources updated on the Marjan Gold and Silver
    Project
    ---------------------------------------------------------------------
    

The Marjan Gold-Silver project has two distinct zones, referred to as the Northern Zone and the Central Zone. The Northern Zone was extensively explored by the previous operator, investing US$3.5M in exploration on the property, between 2006 and 2009. These resources do not qualify under NI 43-101 rules as post 2001 historical resources and cannot be reported until they are independently reviewed. Resources from the Northern Zone will be reviewed during the summer work program and reported in updated resource calculation at the end of the summer. The Northern Zone was also explored between 1991 and 1992 by the Sisian Geological Exploration Group, Yerevan, Armenia.

The Central Zone of the Marjan Project was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:

    
    Historical Resources     tonnes      Gold     Silver  Gold oz   Silver oz
    Marjan Central
     Zone only
    --------------------  ---------  --------  ---------  -------  ----------

    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 resource estimate was published by Poghosyan N. F. in a 1995 report titled Marjan Gold-Silver-Polymetallic Property, State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, Armenia. Blocks of all categories are defined using a dry density of 2. 87 g/cm3, a minimum thickness of 0.4 metres, and a cut-off of 1.2 g/t of Gold.

In our recent review of historical resources on the Northern Zone explored between 1991 and 1992 by State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, we have confirmed a historical Soviet-era GKZ standard resource, calculated as follows:

    
    Historical Resources     tonnes      Gold     Silver  Gold oz   Silver oz
    Marjan Northern
     Zone only
    --------------------  ---------  --------  ---------  -------  ----------

    P1 resources            5.77M    2.18 g/t  148.46 g/t 404,456  27,543,865
    

The total C1 and C2 historical resources of the Marjan project contains 405,147 oz of Gold and 14M oz of Silver. The total P1 historical resource of the Marjan project contains 647,152 oz of Gold and 37M oz of Silver.

According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated" and "inferred" resources (http://www.crirsco.com/guidelines_consultation_draft20100312.pdf).

Resources identified as P1 and P2 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" (http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).

The Marjan Gold-Silver Project was reviewed by Mr. Ricardo Valls, P.Geo., independent geologist for Caldera during his trip to Armenia in December 2009 and follow-up trip in April 2010. Mr. Valls, P.Geo. visited Global Gold's core-shack and staff, as well as both the Central and Northern Zones of the Marjan Gold-Silver Project.

    
    About Caldera
    -------------
    

The Corporation's main business is the acquisition, exploration and development of gold projects in South-eastern Europe and Armenia. Caldera is currently developing the Marjan Gold-Silver Project in southern Armenia.

Caldera is also pursuing the acquisition of the Lichkvaz-Tey Gold Project with its strategic partner, BacTech Mining Corporation (tsx-v: BM). The gold resources of the Lichkvaz-Tey project are refractory and require the use of BacTech's proprietary bioleaching technology to enhance recovery. The project is currently owned by the Armenian government.

    
    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 NI 43-101.

    
    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 Corporation is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

%SEDAR: 00004575E

For further information: Bill Mavridis, President & CEO, Caldera Resources Inc., Cell: [phone], [email protected]; Renmark Financial Communications Inc.: Barry Mire, [phone], [email protected]; John Boidman, [phone], [email protected]