Montreal - Friday, March 1, 2013 – At a meeting of the Board of Director’s of Caldera Resources Inc. (the “Company” or “Caldera”) on February 14, 2013, it was decided to approve the transfer of the Company’s shares from the TSX Venture Exchange (the TSX-V”) to the NEX exchange (the “NEX”). The TSX-V will be transferring the Company’s listing effective March 1, 2013, under the new symbol CDR.H. The Board’s decision to move to the NEX will allow the company to reorganize its affairs under the more flexible rules of the NEX.
In support of the Company’s continued efforts in its restructuring, the Board also approved that management develop and propose a “Share for Debt” deal to present to its creditors. It is anticipated that no new control person will be created and no share roll back will take place in this process.
Caldera will continue to seek opportunities for exploration and development of gold and base metal projects in Armenia and Canada.
Update on Litigation with Global Gold Corporation (“GBGD”)
While the Arbitration Award is final and not appealable, under the United States Code, Title 9, article 10(a)(4) on arbitral award can be vacated if arbitrators so “exceed their powers” or “imperfectly executed them” that a “mutual, final and definite” award is not possible. Caldera has filed a motion to vacate the Partial Final Award under USC 9, Article 10(4)(a) and the non-statutory ground under the doctrine of “manifest disregard of the law”. Caldera is also seeking to vacate the award and recuse the Arbitrator due to his ex parte communications with Caldera.
A ruling by US District Court of the Southern District of New York on our motion to vacate (overturn) the Arbitrator’s award of March 29, 2012 is pending.
Meanwhile, Caldera has presented a claim for US $272,427.02 (the “Claim”) representing the amounts it advanced to GBGD. The Arbitrator’s Partial Final Award (the “Award”) stated that GBGD must return all funds advanced by Caldera and issue an 0.50% NSR on the Marjan Project, for every $1,000,000 Caldera invested in the Marjan Project. Under the Award, Caldera is claiming an NSR of a minimum of 0.50% on the Marjan Project. GBGD is contesting these claims even though the Partial Final Award is non-appealable.
Assuming the US District Court upholds the Arbitrator’s Award of March 29, 2012, GBGD can only take legal possession of the property after it repays all funds advanced by Caldera and issue an NSR in Caldera’s favour. GBGD is contesting Caldera's position.
Further information on this matter can be viewed on our website www.calderaresources.com on the tab labeled "News".
Material documents relating to the Arbitration case (No. 50 180 T 00674 10) filed by Caldera against GBGD can be accessed on the Caldera website under the tab "Arbitration".
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.
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, the NEX nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
For additional information:
Caldera Resources Inc.
1155 Rene-Levesque Blvd. West
Montreal, Qc., H3B 2K4
new email: Bill.Mavridis@calderaresources.com
web site: http://www.calderaresources.com