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Caldera Resources Completes First Round of Arbitrating

Wednesday, September, 14, 2011


Caldera Resources is currently arbitrating a dispute with the Global Gold Corporation.  Caldera, a precious metals mining company is currently pursuing a project in Armenia.  When Global Gold unilaterally cancelled a negotiated agreement known as a Joint Venture and Arbitration with them, Caldera filed a notice with the American Arbitration Association.  The binding arbitration is taking place in New York; the first two scheduled sessions have already happened. 

 

Mavridis Satisfied with Progress Seen Arbitrating

 

It has been reported that Bill Mavridis, who serves as president of Caldera Resources, commented that he was "very pleased with the progress of the arbitration hearing so far.  I believe that in the next round of arbitration hearing dates enough evidence will be presented to settle the main issue of this dispute."

 

Those coming dates will take place in mid-September with additional sessions to be scheduled as needed.  Caldera currently holds a majority (55%) interest in and a purchase obligation to buy 100% of the Marjan Polymetallic Gold and Silver Project operating in the Republic of Armenia.  The purchase must be completed, including the delivery of all payments, by December of 2012.

 

The future of the project is currently in doubt until the financial arbitration process comes to a conclusion.  Caldera and the Global Gold Corporation are using a binding arbitration procedure that will require each side to comply with the decision of the arbitration panel hearing the case.