YEREVAN, Armenia, Nov. 5, 2010 (GLOBE NEWSWIRE) -- Bill Mavridis, President and CEO of Caldera Resources (TSX-V:CDR), is pleased to announce that the Company has entered into an agreement with a local drill contractor and will start its anticipated diamond drill program at the Marjan Gold-Silver Project, located near Sissian, Republic of Armenia, the week of November 8, 2010.
The Company will drill up to a total of 10,000 meters over the length of the contract, but will commence with a 3,000 meter program for the months of November and December, on targets defined through previous sampling and mapping, as well as historical resource blocks that form the basis for Soviet-era resources defined below.
Drilling from the 2470m level will target the down dip extent of gold and silver mineralization discovered in Trench 2, where initial sampling returned an interval of 3.2m grading 17.20 g/t gold and 344.0 g/t silver, including 0.8m of 51.3 g/t gold and 627 g/t silver.
Holes are planned to intersect specific data points on the Soviet-era vein longitudinal sections in order to confirm resource blocks in the context of NI 43-101. Drill holes may be up to 500m deep, which would allow the testing of both C1 and C2 resource blocks in five of the 11 vein systems at the Marjan Central gold-silver project. Drilling is then planned to test the relatively unexplored extent of the veins at lower elevations on the Marjan Central zone.
"This is the next exciting step in our confirmation of the underlying Soviet-era gold and silver resource," said President and Chief Executive Officer Bill Mavridis, "with additional step-out drilling and new target drilling planned for early 2011."
In the new year, Caldera will also test the Clastic unit on the Marjan North zone, where initial sampling and mapping returned 0.7 g/t gold in two contiguous samples, in addition to areas of favourable geology and structure.
The Marjan Gold and Silver Project
The total C1 and C2 historical Soviet-era resources of the Marjan project are equal to 405,147 oz of Gold and 14.2M oz of Silver. The total P1 historical Soviet-era resources of the Marjan project are equal to 647,152 oz of Gold and 37.1M oz of Silver.
Mr. Ricardo Valls, P.Geo., independent geologist for Caldera, reviewed the Marjan Gold-Silver Project. The NI 43-101 Technical Report on the project was filed on SEDAR on June 17, 2010 and can also be viewed on our website at .
Mr. Jim Steel, MBA, P.Geo., Vice-President, Mining and Development for the Company, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
About Caldera Resources Inc.
Caldera is engaged in advancing its gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan Gold-Silver project with a purchase obligation to acquire 100% of the project from Global Gold Corporation (OTCBB:GBGD). 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 and October 22, 2010 on our website.
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 514-813-9200 firstname.lastname@example.org Investor Relations Peter Jaimes 514-380-5310 x 222 email@example.com