MONTREAL, Dec. 13, 2011 /PRNewswire/ -- Caldera Resources Inc. (TSX-V: CDR) (OTC: CAEFF ) (the "Company") provides the following update on the current arbitration claim it filed against Global Gold Corporation ("GBGD") for unilaterally terminating the JV between the parties on October 7, 2010.
The testimony in the Arbitration Hearing, filed under the rules of the American Arbitration Association in New York, NY, will close today with the completion of the cross examination of Global Gold's CEO, Mr. Van Krikorian.
"The testimony in the first phase of the arbitration will be over later today. I hope the Arbitrator, Ret. Justice Herman Cahn, can expedite the procedure for closing arguments and reaches a verdict before the Christmas holidays. After the verdict the ownership dispute will be settled and the shares of Marjan Mining Company, LLC, the holder of the Marjan Gold and Silver Project, will be registered, accordingly, in Armenia. The arbitration process will resume again for the damages phase later," stated Bill Mavridis, President and CEO of Caldera.
In Armenia, the Administrative Court of Appeals announced yesterday that the appeal filed by the Company was rejected and the decision of the previous court stands. Please see the Company's news release of August 2, 2011 and August 5, 2011.Caldera remains the holder of the license and the Operator of the Marjan Project, as defined in the JV agreement signed with GBGD, Caldera's estranged joint venture partner. Contrary to GBGD's news release, issued at the market close yesterday, nothing reverts back to GBGD and the ownership issues will be settled in Arbitration in NY and not in Armenia. The New York Arbitrator's decision trumps the Administrative Appeals Court decision on the mater relating to the ownership and registration of the shares of Marjan Mining Company, the license holder of the Marjan Gold and Silver Project. "GBGD continues to make false and misleading statements in their press releases and SEC filings, in an effort to defame Caldera's management and to avoid self incrimination in their illegal actions in the US and Armenia," stated Bill Mavridis. At the time of the filing of this press release, Caldera has not received a copy of the verdict from the Administrative Appeals Court and awaits a translation and review of the verdict by its Armenia legal counsel later this week. Additional reply to the GBGD's misleading and defamatory comments will be addressed after the Company completes its review. 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 Company 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. The security symbol, CAEFF, is part of the OTC Grey Market, where Caldera does not provide any reports and has no obligation to do so. There are no market makers under this symbol of this security. It is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult. Caldera is not a filer on EDGAR. (see http://www.otcmarkets.com/otc-101/otc-market-tiers) For additional information: Mr. Bill Mavridis President and CEO, Caldera Resources Inc.Direct line: 514-813-9200Email: email@example.com www.calderaresources.com President, Marjan-Caldera Mining LLC ( Delaware)2711 Centerville Road, Suite 400 Wilmington, Delaware, USATel: 302-482-8121 Mr. David Goldman Envoy Strategic PartnersTel: 416-977-7778 firstname.lastname@example.org SOURCE Caldera Resources Inc.