April 27, 2012 - 12:01 AMT
PanARMENIAN.Net - Caldera Resources Inc. reports during a scheduled arbitration hearing on Wednesday April 25, 2012, the Arbitrator issued an order to suspend the implementation of his arbitral award to May 22, 2012; therefore the transfer of the Marjan Property will not be effective at least prior to May 22, 2012. Caldera advised the Arbitrator that it intends to file a motion to overturn the Arbitrator's ruling of March 29, 2012.
In addition, Judge Kenneth Karas, of the United States District Court, Southern District of New York, issued a "Scheduling Order" in the current arbitration case.
Caldera advised the Court that it intends to petition to overturn and/or modify the award. A hearing on the merits has been scheduled for June 28, 2012 or soon thereafter. Caldera will be presenting its grounds to contest the Arbitrator's award on elements that include misconduct, partiality, manifest disregard of the law and exceeding authority by the Arbitrator.
On the corporate front, the Company is continuing its operations after the set-back related to the Marjan Project arbitration. While the Company continues to defend its rights, the board of directors is seeking additional opportunities in Canada and elsewhere. Given its expertise and knowledge of the area, Caldera will continue to look at opportunities in the area covered by the Tethyan Belt, including its Marjan West Project in Armenia.
A 43-101 compliant technical report on the Marjan West Project is currently being updated by Caldera's Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., and will be published shortly.
Caldera's independent geologist and Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., identified the potential target of the Marjan West property by completing the interpretation of a satellite data. Mr. Valls, together with the local staff in Armenia, visited and sampled selective outcrops within the limits of the license last exploration season. The property has never been systematically explored in the past.
The Qualified Person's review of the license area indicates that the 19 kilometer square Marjan West Project is an excellent exploration target as it has kaolinitic alteration and copper mineralization. The license for the project is held by Biomine LLC, which is owned 91% by Caldera. This project is not subject to this arbitration.
Caldera has presented an exploration plan to the MENR and is waiting for final approval. A 43-101 compliant technical report on the Marjan West Project is currently being updated by Caldera's Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., and will be published shortly, according to a press release.