CALDERA FOCUSING ON GOLD EXPLORATION

The Company’s main business is the acquisition, exploration and development of gold projects in South-eastern Europe and Armenia.

The company has entered into a letter agreement with Global Gold Corporation to form 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.

The Company is also 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.

The Marjan Gold Property
The Marjan Gold 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 Hankavan 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 18.5km2.

The Marjan deposit has a Soviet-era mineral resource, categorized as C1 and C2, of 4.77 million tonnes grading on average 2.64 g/t Au and 92.67 g/t Ag. This translates to approximately 405,000 oz of gold and 14.2 million oz of silver. There are an additional 3.211 million tonnes grading on average 2.35 g/t Au and 93.42 g/t Ag. This translates to approximately 243,000 oz of gold and 9.6 million oz of silver. The combined resource is approximately 647,000 oz of gold and 23.8 million oz of silver.

The data presented above was referenced from Poghosyan N. F. 1995 Marjan Gold – Silver – Polymetalic Property, State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, Armenia.

The Lichkvaz-Tey Gold Property
The Lichkvaz-Tey project is presently owned by the Armenian Government and is being pursued jointly by Caldera and BacTech Mining Corporation. BacTech is the owner of the patented BACOX Bioleaching Technology. BacTech has the option to acquire a 40% interest in Caldera’s subsidiary, Biomine LLC, in return for providing technical support and test work for the project.

The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of copper. The Lichkvaz-Tey property is considered to be a refractory gold deposit and requires bioleaching technology to treat the ore to release the gold.

Data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.

According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1″ and “C2″ classifications are equivalent to “indicated” and “inferred” resources. Resources identified as “P1″ and “P2″ in the same report can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines”.

The exploration results referred to above are historical in nature and were compiled before NI 43-101. Caldera has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. Caldera Resources believes these historical results provide an indication of the potential of the properties and are relevant to potential exploration.