Caldera to commence sampling Armenian gold project

News provided by

Caldera Resources Inc.

Nov 17, 2009, 13:01 ET

    
    SPECIAL AND ANNUAL MEETING TO BE HELD ON DECEMBER 23, 2009

    SYMBOL: TSX-V: CDR

MONTREAL , Nov. 17 /CNW Telbec/ - Caldera Resources Inc. announced today that it has engaged the services of Mr. Ricardo Valls , M.Sc., P.Geo, to supervise and collect fresh surface and underground samples at the Lichkvaz-Tey refractory gold project in Armenia . Mr. Valls is an independent geologist and member of the Ordre du Géologues du Québec and the Association of Professional Geoscientists of Ontario.

All samples collected will be shipped to SGS Lakefield for preparation and analysis. Samples from SGS will be shipped to BacTech Mining Corporation for bioleach analysis at the University of Toronto . Results of the bioleaching study will provide firsthand data, confirming that the refractory ore at Lichkvaz-Tey gold project is amenable to bioleaching. All sampling is expected to be completed before the end of November 2009 .

Mr. Bill Mavridis , President of Caldera stated: "The commencement of our sampling program at the Lichkvaz-Tey project next week, is a significant step towards completing our evaluation of the project. The ore of the Lichkvaz-Tey gold project is refractory and requires pre-treatment before the gold can be recovered economically. We are confident that bioleaching analysis to be performed on these samples will be instructive, allowing us to successfully pursue this project."

Mr. Ricardo Valls , M.Sc., P.Geo. has also 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:

    
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      Estimated Resources of the Lichkvaz deposit by the GKZ in 1986*
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    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         %     0.48        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        %
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    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      0.35
    -------------------------------------------------------------------------
    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".

(http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).

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.

Other News

The Special and Annual Meeting of the Shareholders of the Company will be moved from December 4, 2009 to December 23, 2009 . The extra time is needed to allow for the closing of the private placement, which was announced November 13, 2009 , and to prepare and print materials for the meeting. On another note Caldera has received the resignation of Chris Reindler, Director, effective immediately. The Board thanks Mr. Reindler for his service.

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.

About Caldera

The Company's main business is the acquisition, exploration and development of natural resource properties with a focus on sulphide projects that are amenable to bioleaching. The Company is seeking to acquire and develop the Lichkvaz-Tey gold property, located in the Republic of Armenia . The project is currently owned by the Armenian government.

Certain exploration results referred to herein are historical in nature and were compiled before NI 43-101. Caldera and has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. Caldera believes these historical results provide an indication of the potential of the properties and are relevant to ongoing evaluation of the project.

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

THIS NEWS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS". ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED IN THIS RELEASE INCLUDING FUTURE PLANS AND OBJECTIVES OF CALDERA, ARE FORWARD- LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS 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; www.calderaresources.com

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Caldera Resources Inc.