MONTREAL, Aug. 2, 2011 (GLOBE NEWSWIRE) -- Caldera Resources Inc. (TSXV:CDR) announces that in a Press Release issued by Global Gold Corporation (Global Gold) earlier today, they falsely stated that "Marjan Mine and Marjan Mining Company, LLC in Armenia to Revert to Full Global Gold Ownership and Control After Court Confirms Illegal Acts by Caldera Resources, Inc."
Mr. Bill Mavridis states that "Legal Counsel advises me that this press release issued by Global Gold is false and misleading. From a report from Caldera's legal counsel in Armenia we have been advised that the decision of the Administrative Court in Armenia is not effective and should be appealed. We are still awaiting a complete and final translation of this decision."
Caldera's legal counsel in Armenia also advised that, contrary to the Global Gold press release, the judgment contains no allegations of any wrong-doing by Caldera and its officers. The judgment of the Armenian Administrative Court confirms that the ownership of the shares of Marjan Mining Company LLC is a matter of New York Law and that the matter is the subject of Arbitration proceedings in New York.
Under Armenian law, this decision is not enforceable and is not considered as final, and State Authorities or third parties may not refer to non-final judicial decisions in their decisions and actions. Due to the pending appeal, this decision will not be considered final by any legal authority in Armenia. This decision is explicit, and it does not interpret the joint venture agreement between the parties. There will be no change in ownership or control because of this decision.
Additional disclosure will be made upon receipt of a full translation of the judgment and a legal opinion thereon from Armenian legal counsel.
The issue of the illegal termination of the joint venture by Global Gold is pending before the American Arbitration Association in New York City. The Arbitration hearing is scheduled to commence on August 23, 2011.
Bill Mavridis further states: "This press release is nothing more than a continuation of the scheme by Global Gold and its president, Mr. Van Krikorian, to take back what we bargained. My personal belief is that their spurious and false statements are meant to cause damage to Caldera, and I consider this part of an ongoing pattern of intimidation and extortion that they have used in this matter. Global Gold's press release is nothing more than an another act of desperation to take back the project. I am confident, as always, that we will prevail in the Arbitration process."
About Caldera
Caldera is engaged in advancing its silver and gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan project with a purchase obligation to acquire 100% of the project from Global Gold Corporation, by making certain payments by December 2012. 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 and Arbitration, please see our press releases of October 12, 2010, October 22, 2010, November 21, 2010, March 1, 2011, May 11, 2011 and June 14, 2011, on our website at www.calderaresources.com or on SEDAR.
Cautionary Statement
Caldera has filed a complaint with the American Arbitration Association against Global Gold Corporation who unilaterally and illegally terminated the JVA between the parties. The binding arbitration hearing is schedule to start on August 23, 2011.
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.