Caldera issues update on claim against Global Gold Corporation

PanARMENIAN.Net - Caldera Resources Inc. (the "Company") provided 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, closed on December 13 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 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, 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.

Caldera has not yet 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.