updated 3/1/2011 8:16:17 AM ET 2011-03-01T13:16:17

MONTREAL, March 1, 2011 (GLOBE NEWSWIRE) -- Caldera Resources Inc. (TSX-V:CDR) (OTCBB:GBCD) reports that it has received a letter from the Chief of Staff of the Minister of Energy and Natural Resources of the Republic of Armenia ("MENR") addressed to its subsidiary Marjan Mining Company, LLC, the holder of the Marjan License. The letter dated February 16, 2011, states that the warning notice of October 13, 2010 has been terminated and the obligations under the mining license for the Marjan Gold and Silver project have been fulfilled.

Bill Mavridis, President and CEO, stated: "Today's announcement confirms our position that the warning notice was used by Global Gold simply as a pre-text to attempt to unilaterally and illegally terminate our joint venture.

"Our team in Armenia was able to easily address the deficiencies mentioned in the warning letter to the satisfaction of the MENR.  Caldera has demonstrated it is willing and able to meet its commitments under the joint venture agreement and under the mining license.

I firmly believe that the Arbitration case will be settled in our favour."

A copy of the original letter in Armenian and a certified translation, along with supporting documents, are part of the public filings on SEDAR and the Corporation's website at www.calderaresources.com .

The Arbitration Case

In the Arbitration claim Caldera is seeking a declaratory judgment, inter alia that Caldera did not breach any terms of the Joint Venture Agreement, that there are no provisions for the unilateral termination of the JV, as illegally declared by Global Gold on October 7, 2010. Caldera is also seeking an order restraining and enjoining Global Gold from engaging in any conduct to the detriment of the parties' joint venture or violating any terms of the JVA. Caldera is claiming damages from Global Gold in the amount of $4.5 million dollars, for breach of JV agreement, breach of LLC agreement and costs and expenses continuing to accrue thereon.  

About Caldera Resources Inc.

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, please see our press releases of October 12, 2010, October 22, 2010 and November 21, 2010 on our website or on SEDAR.

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 .

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.

CONTACT: Caldera Resources Inc.
         Bill Mavridis
         President and CEO

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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