Caldera Resources Confirms Status Quo Pending Ruling on Ownership of Marjan Mining

- March 1st, 2012

On a conference call with Global Gold Corporation (GBGD) on February 28, 2012, Caldera Resources Inc. (TSXV:CDR), the Arbitrator, was advised that irrespective of the ruling of the Cassation Court, the status quo remains pending a ruling by the Arbitrator. The Arbitrator instructed GBGD that the only thing they were allowed to do was to register the Cassation Court ruling with the lower Court. GBGD was directed not to take any action to affect the transfer of the shares of Marjan Mining Company in Armenia. Consequently, Caldera continues to remain in charge of the Marjan Project.

On a conference call with Global Gold Corporation (GBGD) on February 28, 2012, Caldera Resources Inc. (TSXV:CDR), the Arbitrator, was advised that irrespective of the ruling of the Cassation Court, the status quo remains pending a ruling by the Arbitrator. The Arbitrator instructed GBGD that the only thing they were allowed to do was to register the Cassation Court ruling with the lower Court. GBGD was directed not to take any action to affect the transfer of the shares of Marjan Mining Company in Armenia. Consequently, Caldera continues to remain in charge of the Marjan Project.

GBGD announced that it won the Cassation Court appeal and published a press release on February 23, 2012 announcing that it would “be circulating the corrected ownership certificate and charter, complying with the mining license, and taking other steps to reassert control over the company in accordance with the reversion”. Caldera’s Legal Counsel and the Arbitrator agree that these actions would contravene the Arbitrator’s Order issued on January 19, 2012 which was confirmed by the US District Court of the Southern District of New York, on February 2, 2012.

Click here to read the Caldera Resources Inc. (TSXV:CDR) press release
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