Caldera Resources refutes Global Gold Mining false announcement

PanARMENIAN.Net - A Canadian Caldera Resources Inc. company refutes information falsely stated by a U.S. Global Gold Mining (GGM) company, that Marjan Mine and Marjan Mining Company, LLC in Armenia will be reverted to full Global Gold ownership and control after court confirms illegal acts by Caldera Resources, Inc.

“Legal Counsel advises me that this press release issued by GBGD 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,” said Mr. Bill Mavridis, President of Caldera Resources Inc.

Mavridis also said that Caldera’s legal counsel in Armenia also advised that, contrary to the GBGD 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.

The Arbitration hearing is scheduled to commence on August 23, 2011.

“This press release is nothing more than a continuation of the scheme by GBGD 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,” Mavridis further stated.

In 2008, Global Gold Mining got license for operating Marjan gold-silver mine in Sisian, near Arevis village. In March 2010, GGM concluded agreement with Caldera on creation of a joint venture, in which Caldera was supposed to hold a 55% interest in the Marjan project, while GGM was to own 45%.

Presently both companies accuse one another of Marjan mine illegal acquisition attempts.