Exhibit
99.1
Caldera
Resources Inc.
910
Peel Street, 9
th
Floor
Montreal,
Qc H3C 2H8
Canada
Tel: (514)
235-2259
Fax:
(514) 221-3469
www.calderaresources.com
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|
Global
Gold Corporation
45
East Putnam Ave.
Greenwich,
CT 06830
USA
Tel: (203)
422-2300
Fax:
(203) 422-2330
www.globalgoldcorp.com
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|
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JOINT PRESS
RELEASE
CALDERA
RESOURCES INC. AND GLOBAL GOLD CORPORATION ANNOUNCE JOINT VENTURE ON THE MARJAN
GOLD PROJECT IN ARMENIA
Symbols:
OTCBB:
GBGD
TSX-V:
CDR
December
21, 2009 – Caldera Resources Inc. and Global Gold Corporation are pleased to
announce that they have entered into a letter agreement outlining the terms of a
Joint Venture, whereby Caldera shall, subject to terms and conditions, earn a
55% interest in the Marjan Gold-Silver-Polymetallic Project after completing a
bankable feasibility study on the project or spending US$3.0M on the
property.
As
additional consideration, Caldera will be making a non-refundable US$50,000
deposit and issue 500,000 shares of the company on a post-consolidated basis.
Caldera will also make a payment of US$100,000 no later than March 30, 2010
following the execution of final documents. A definitive agreement will be
signed as soon as possible, upon completion of due diligence review, respective
board approvals and any regulatory approval that may be required.
Bill
Mavridis, President of Caldera and Van Krikorian, Chairman of Global Gold
commented jointly: “We are pleased to make this announcement today. We have been
working hard to generate value for our respective companies and develop the
Marjan Project in a responsible way. This JV will do just that.”
Mr.
Mavridis commented further: “Our joint venture on the Marjan project with Global
Gold Corporation marks a major step toward realizing our goal in becoming a
successful gold company. We look forward in executing the final JV documents on
this project early in the New Year, and developing our projects in
Armenia.”
The
Project
The
Marjan Gold-Silver-Polymetallic deposit is located in Armenia, some 28 km
south-west of the village of Sisian and a 6 hour drive from the capital,
Yerevan. Global Gold, through its wholly owned subsidiary Global Gold Haknavan
LLC, holds a twenty-five year “special mining license” for the Marjan property.
The license was issued April 22, 2008 and expires April 22, 2033. The license
area covers approximately 18.5km
2
.
The
Marjan property has a Soviet-era GKZ mineral resource, categorized as C1 and C2,
of 3.84 million tonnes grading on average 2.68 g/t Au, 97.3 g/t Ag. This
translates to approximately 330,000 oz of gold, 12 million oz of
silver.
All
numbers are historical and there is no NI 43-101 compliant report prepared for
this project. According to the Committee for Mineral Reserves International
Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to
"measured" and "indicated" resources.
The
project was reviewed by Ricardo Valls, P. Geo, independent geologist for
Caldera. He visited the company’s offices, core-shack and staff
during his recent trip to Armenia. Mr. Valls, P. Geo, has been engaged to write
a NI 43-101 report which will be ready in the first quarter of
2010.
Caldera
is also pursuing the acquisition of the Lichkvaz-Tey gold project, also located
in southern Armenia. For more information please see our press release of
December 8, 2009 at
http://www.newswire.ca/en/releases/archive/December2009/08/c9236.html
.
Background on
Marjan
The
deposit was discovered in 1951 and was explored between 1964 and 1993 by the
Soviets and more recently by Global Gold. The Soviets completed 12,500 metres of
underground workings and 3,500 of core drilling for a total of 8,000 samples.
Global Gold took 5,100 samples from some 7,000 m
3
of
trenches and 4,000 metres of drilling between 2006 and 2009. Global Gold
Corporation has invested over US$3.0M since 2006.
Marjan
Resources
Within
the Marjan project there have been identified two sectors, the more advanced one
is the Central sector, where measured and indicated resources have been
established, and the Northern sector, where only inferred resources has been
identified.
Mr.
Ricardo Valls, M.Sc., P. Geo. has completed his review of the GKZ (the Russian
State Commission on Mineral Reserves) reports on the property that were received
from Global Gold and has confirmed the following published mineral resources,
using a dry density of 2. 87 g/cm
3
, a
minimum thickness of 0.4 metres, and a cut-off of 1.2 g/t of Au *:
|
Category
|
Sector
|
Mt
|
Au,
g/t
|
Ag,
g/t
|
Pb,
%
|
Zn,
%
|
Cu,
%
|
|
Measured
|
Central
|
2.20
|
2.72
|
100.94
|
0.95
|
1.00
|
NA
|
|
Indicated
|
Central
|
1.64
|
2.62
|
92.54
|
0.86
|
0.76
|
NA
|
|
Total
|
Central
|
3.84
|
2.68
|
97.34
|
0.91
|
0.90
|
NA
|
|
Inferred
|
Central
|
3.70
|
2.05
|
88.10
|
1.12
|
1.40
|
NA
|
|
Inferred
|
Northern
|
6.50
|
2.17
|
94.90
|
1.20
|
1.27
|
0.80
|
|
Total
Inferred
|
Marjan
|
10.20
|
2.13
|
92.43
|
1.17
|
1.32
|
0.80
|
|
Category
|
Sector
|
Mt
|
Au,
oz
|
Ag,
oz
|
Pb,
lbs
|
Zn,
lbs
|
Cu,
lbs
|
|
Measured
|
Central
|
2.20
|
191,864
|
7,125,781
|
46,016,561
|
48,474,076
|
NA
|
|
Indicated
|
Central
|
1.64
|
138,516
|
4,883,065
|
31,136,381
|
27,317,912
|
NA
|
|
Total
|
Central
|
3.84
|
330,381
|
12,008,847
|
77,152,942
|
75,791,988
|
NA
|
|
Inferred
|
Central
|
3.70
|
243,891
|
10,480,179
|
91,333,760
|
114,167,200
|
NA
|
|
Inferred
|
Northern
|
6.50
|
453,537
|
19,832,188
|
171,912,000
|
181,940,200
|
114,608,000
|
|
Total
Inferred
|
Marjan
|
10.20
|
697,428
|
30,132,367
|
263,245,760
|
296,107,400
|
114,608,000
|
* These
mineral resources estimates were prepared in accordance with the “CIM Standards
on Mineral Resources and Mineral Reserves, Definitions and Guidelines” adopted
by CIM council on August 20, 2000, using classical and geostatistical methods.
There are no known environmental, permitting, legal, taxation, political, or
other relevant issue that would materially affect these estimates. These
resources have reasonable prospects for economic extraction, but have not yet
had complete formal evaluation.
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.
About Global Gold
Corporation
Global
Gold Corporation www.globalgoldcorp.com is an international gold mining,
development, and exploration company headquartered in Greenwich,
CT. Global Gold has mining properties in Armenia and
Chile.
Cautionary
Note to U.S. Investors — All mineral reserves have been estimated and disclosed
in accordance with the definition standards on mineral resources and mineral
reserves of the Republic of Armenia State Natural Resources Agency as provided
by the Republic of Armenia's Regulation for Applying Reserves Classification for
Gold Deposits. U.S. reporting requirements for disclosure of mineral properties
are governed by the United States Securities and Exchange Commission "SEC"
Industry Guide 7. Armenian, International, and Guide 7 standards may not be
consistent. The United States Securities and Exchange Commission limits
disclosure for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use terms such as "reserves,"
"resources," "geologic resources," "proven," "probable," "measured,"
"indicated," or "inferred," which may not be consistent with the reserve
definitions established by the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 10-K. You can review and obtain copies of these
filings from our website or at www.sec.gov/edgar.shtml. Investors are cautioned
not to assume that any part or all of mineral resources will ever be confirmed
or converted to Guide 7 compliant "reserves."
Forward-looking
Statements — To the extent that statements in this press release are not
strictly historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions, goals,
future financial conditions, future collaboration agreements, the success of the
Company's development, events conditioned on stockholder or other approval, or
otherwise as to future events, such statements are forward-looking, and are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
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 estimations are presented for
historical reporting and to provide a basis for assessing Global Gold's and
Caldera’s choices for its business activities and not to be understood as
indicating the existence of reserves or resources.
No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
For
further information:
Bill
Mavridis
President
& CEO
Caldera
Resources Inc.
(514)
813-9200
bmavridis@calderaresources.com
Courtney
Fellowes
VP,
Business Development and Investor Relations
Global
Gold Corporation
(203)
422-2300
cfellowes@globalgoldcorp.com
