Caldera maintains status quo as Marjan project operator

PanARMENIAN.Net - Caldera Resources Inc. (“Caldera” or the “Company”) confirms that a Cassation Court ruling was issued on February 21, 2012. Its lawyers in Armenia only received a copy of the Cassation Court ruling last Friday, February 24th, 2012.

Having reviewed the ruling by the Cassation Court, it is clear that it has absolutely no bearing on the ownership rights to the Marjan project. Caldera currently owns and continues to own 55% of project through the Joint Venture and is the Operator of the Marjan project. The “status quo” remains.

Caldera initiated an arbitration proceeding against Global Gold Corporation (“GBGD”) and GBGD has fully participated in this binding arbitration and has agreed that an independent Arbitrator will settle the dispute relating to the ownership under New York law, pursuant to the rules of the AAA/ICDR. The “status quo” shall remain unchanged, as per the judicial orders issued to date. The damages phase of the arbitration will take place after the liability ruling, where Caldera has determined that it will be seeking approximately $4 million dollars in damages.

Bill Mavridis, President and CEO of Caldera stated: “The Arbitration process has been long and thorough and Global Gold and its subsidiaries are subject to a final ruling of the Arbitrator and the orders which have been issued to date including those ordering that there be no change in the ownership interests of the Marjan Project.”

Caldera’s Armenian legal team is of the opinion that this decision is improper and Caldera is advised to file a petition with the Cassation Court to introduce new evidence and request to hear full appeal, as required under the law. It is further advised that it should file a petition with the European Court against the Government of Armenia, represented by the Ministry of Justice of the Republic of Armenia. Caldera has also been advised that, pursuant to the laws of Armenia, Armenian authorities and Courts will respect the decision of the Arbitrator on the Marjan Project and the Joint Venture Agreement.

For the moment, the Cassation Court ruling on the claim by GBGD against the office of the State Register, upholds the verdict of the Administrative Court which ruled that there were technical deficiencies in the registration process by the State Register.

No where in the rulings of the Administrative Court, Appeal Court and Cassation Court are there any findings that Caldera, Marjan-Caldera, or its representatives Bill Mavridis or Azat Vartanian acted illegally, as GBGD has asserted falsely in its press releases and its SEC filings, Caldera press service reported.