Business
Caldera Resources' subsidiary receives permit to evaluate gold property in Armenia
Caldera Resources' subsidiary receives permit to evaluate gold property in Armenia
About this update from Dpm Metals Inc.
[{"type":"text","content":"\n\n\n\nOct. 6, 2009 (Canada NewsWire Group) -- MONTREAL, Oct. 6 /CNW Telbec/ -- Caldera Resources Inc. (TSX.V: CDR) announced today that its Armenian subsidiary, Biomine LLC, has received permission from the Ministry of Nature Protection of the Republic of Armenia, to conduct geological studies to evaluate the Lichkvaz-Tey gold property.The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of copper.All numbers are historical and there is no NI 43-101 compliant report prepared for this project. The data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986. Caldera is in the process of obtaining these historical reports so as to establish a sampling and exploration program in order to create a NI 43-101 compliant report. The references to the GKZ mineral resource estimates appear in independently prepared technical reports which are now in government archives and were prepared for the former property owners. According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), \"C1\" and \"C2\" classifications are equivalent to \"indicated\" and \"inferred\" resources.The property was explored during the Soviet era resulting in 18 km of drives and tunnels on 8 underground levels, spaced 40m to 100m apart vertically and in numerous raises. The property is located 380 km south of Yerevan with access to power, water and to the main highway serving the area.The project is being pursued jointly with BacTech Mining Corporation (TSX.V: BM). BacTech has the option to acquire a 40% interest in Caldera's subsidiary, Biomine LLC, in return for providing technical support and test work for the project.Bill Mavridis, President of Caldera stated that \"We are pleased that our strategy to develop projects in Southeastern Europe and the Caucuses is paying off. The opportunity to introduce modern bioleaching technology to treat the Lichkvaz refractory gold project in Armenia is the first step for Caldera in establishing its model of economic environmental remediation and mining in the region.\"Caldera is assembling a geological team...