Oct 26 2010
Caldera Resources Inc. (TSX-V:CDR) announced today that it has filed a request for arbitration in accordance with the terms and conditions set forth in the joint venture agreement with Global Gold Corporation (OTCBB:GBGD) directed to the Marjan Project.
Under section 7 of the JVA, the parties' recourse for resolving "disputes" and "controversies" amongst themselves is limited to Arbitration.
Bill Mavridis, President and CEO, stated: "By filing for arbitration we are taking positive steps to eliminate the confusion caused by Global Gold in relation to Caldera's rights as 55% owners of the Marjan Project under the JVA. Caldera has complied with the letter and spirit of the JVA and will continue to do so. The facts and laws clearly support our position, and at the same time I confirm that Caldera is working towards amicably resolving this situation with our JV partner."
Caldera confirms it received a letter from the Chief of Staff of the Ministry of Energy and Natural Resources of the Republic of Armenia (MENR), dated October 11, 2010, that the Marjan Mining license is in order. Caldera was also advised on October 18, 2010, by its representatives in Armenia, that they received a letter dated October 13, 2010, from the MENR advising of certain deficiencies that occurred under the tenure of Global Gold; this letter is a notice of the deficiencies with the license with an invitation to Caldera, through its Armenian subsidiary, Marjan Mining Company LLC, to address them. The Company is currently taking all the necessary steps to address the deficiencies, and, from the feedback it has received, is confident that they will be resolved favourably.
Caldera confirms that it is and remains the operator of the Marjan project and that it continues to actively work toward the project's success.
Source: Caldera Resources Inc.