Caldera Financing Oversubscribed. First Tranche Completed
Symbol: TSX-V: CDR
Shares: 17,827,233
MONTREAL, April 19 /CNW Telbec/ - Caldera Resources Inc. (the "Corporation") announced today that it has closed the first tranche of its non-brokered private placement. Gross proceeds from this tranche total $440,923.50. The financing is presently oversubscribed and the Corporation expects to close up to 780 Units for total gross proceeds of approximately $1M. The final closing is expected to be completed later this week. A finder's fee of 8% cash and 10% broker warrants may be paid to certain arm's length parties.
Mr. Bill Mavridis, President and CEO of Caldera commented: "The success of this financing is a function of the value of our property and investors' strong interest in Armenia, which has recently become a new global destination for gold and mineral exploration companies. The completion of our non-brokered private placement not only allows us to commence work on our Gold Project, but also positions us to commence the process for the acquisition of our second gold project in Armenia."
The financing announced today is for a total subscription of 326.61 Units. Each Unit is priced at $1,350 and is comprised of 10,000 common shares (the "Shares") at $0.1350 per Share and 10,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to acquire one additional share at a price of $0.20 for 24 months from closing. A total of 220 Units were from insiders for total gross proceeds of $297,000. A total of 3,266,100 Shares and equal number of Warrants will be issued for this tranche.
It is anticipated that the Corporation will hold a final closing later this week for an additional 453 Units. Upon completion of the two tranches of this non-brokered private placement, the Corporation will have a total of 25,623,332 Shares issued and outstanding. The maximum gross proceeds from the financing are estimated to be $1,052,473.50.
The proceeds from the financing will be used for the closing of the joint venture agreement with Global Gold Corporation, commence the summer work program on the Marjan Gold-Silver Project in Armenia, proceed with the potential acquisition of our second gold project in Armenia and for general working capital. Completion of the private placement is subject to final approval by the TSX Venture Exchange.
About Caldera
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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.
The Marjan Gold-Silver Project
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The Marjan Gold-Silver project has two distinct zones, referred to as the Northern Zone and the Central Zone. 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
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 Northern Zone and Central Zone were also explored by the previous operator, who spent over US$3M on the project between 2005 and 2008. Resources from the Northern Zone will be reviewed by an independent geologist and will be reported on the completion of the summer work program.
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.
For more information please see our press release of March 24, 2010 at http://www.newswire.ca/en/releases/archive/March2010/24/c4645.html.
Lichkvaz-Tey Gold Project
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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 so as to increase recovery. The project is currently owned by the Armenian government.
The Lichkvaz-Tey gold project has a Soviet-era GKZ mineral resource as outlined below.
Historical
Resources tonnes
Lichkvaz-Tey (000's) Gold Silver Copper
------------ ----------- ----------- ----------- -----------
C1 Resources 1,291 7.85 g/t 38.5 g/t 0.48%
C2 Resources 1,490 4.74 g/t 30.5 g/t 0.35%
------------ ----------- ----------- ----------- -----------
C1&C2 Resources 2,781
P1 Resources 4,700 4.5 g/t 18.5 g/t
Historical
Resources Copper
Lichkvaz-Tey Gold oz Silver oz (lbs)
------------ ----------- ----------- -----------
C1 Resources 325,827 1,598,003 13,661,603
C2 Resources 227,068 1,461,090 11,497,105
------------ ----------- ----------- -----------
C1&C2 Resources 552,895 3,059,093 25,158,708
P1 Resources 679,988 2,795,505
All numbers are historical and there is no NI 43-101 compliant report prepared for this project. The data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.
For more information please see our press release of December 8, 2009 at http://www.newswire.ca/en/releases/archive/December2009/08/c9236.html.
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 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" (http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
These projects were reviewed by Ricardo Valls, P.Geo., independent geologist for Caldera during his trip to Armenia in December 2009. Mr. Valls, P.Geo. visited Global Gold's core-shack and staff, with respect to the Marjan Gold-Silver Project, and also visited the Lichkvaz-Tey Project, where he collected 350kg of samples for analysis. Mr. Valls, P.Geo., has been engaged to write both NI 43-101 reports. The report on the Marjan Gold-Silver Project has been completed and deposited with the TSX Venture Exchange for review.
Qualified Person
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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
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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 clasify 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., (514) 813-9200, [email protected]; Renmark Financial Communications Inc.: Barry Mire, (514) 939-3989, [email protected]; John Boidman, (416) 644-2020, [email protected]
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