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Caldera: Arbitration Still Suspended; GBGD owes $150,000 and 0.50% NSR
Update on Caldera Resources December 24, 2013: Arbitration Still Suspended; GBGD Continues to Owe Caldera US$150,000 and 0.50% NSR on the Marjan Project in Armenia, 12/29/2013 - Montreal, December 24, 2013 - Caldera provides the following Update on the current status of the Arbitration.

As of this Christmas eve, Arbitrator Herman Cahn, continues to keep the Arbitration suspended pending payment of his arbitral fees which are estimated at US$226,720. Caldera has already advised the Arbitrator that it does not have any funds to pay its share of the costs to continue the Arbitration. It is not definitively known if Global Gold Corp., headed by Mr, Van Z. Krikorian, has any funds currently available to pay the arbitration fees either, but for more than 8 months fees are unpaid and the Arbitration hearing remains suspended.

Global Gold Corp. (otcmarkets: GBGD) also owes CALDERA a total of US$150,000 and a 0.05% Net Smelter Royalty (NSR) from all future production from the Marjan Mine. Global Gold claims the Marjan Mine has approved reserves as per its Mining License of:

- 593.2 thousand tons of C1 class minerals and 4114.6 thousand tons of C2 class minerals

- C1 class Au 1776.2 - kg, Ag - 50.1 t, Cu – 0.64 thousand t., Zn – 5.2 thousand t., Pb – 7.7 thousand t.

- C2 class Au - 10221,4 kg, Ag -385.1 t, Cu – 5.6 thousand t., Zn – 41.5 thousand t., Pb –

49.2 thousand t.

During the time that Caldera held the license it discovered that the ming license is in default and that the reserves listed in the Mining License issued on April 22, 2008 do not exist. There is no official resources issued by the State Committee for Reserves (also know as the "GKZ").

During the arbitration hearings Caldera discovered in fact that Mr. Van Krikorian the CEO, Director, Chairman and Corporate Counsel for GBGD, fraudulently hid material correspondence with the GKZ which refused GBGD's subsidiary its application for reserves at the Marjan Mine on December 2008.

There are currently no official reserves as of this date on the Marjan Mine which means that the license is illegal and can be terminated by the state at anytime. This opinion was also made public by the former Minister of the Environment, Mr, Vardan Ayvazyan, and current Member of Parliament of the National Assembly of the Republic of Armenia (see blog: Fraudulent Misrepresentation).

You can learn more about this by reading the following blog: ALERT: Fraud and Corruption at the Marjan Mine in Armenia

It is clear that GBGD has engaged in fraudulent misrepresentation by entering into an agreement with Caldera in December 2009 by knowingly withholding material information that proves the license was issued illegally to GBGD. Upon the termination of this Arbitration, Caldera will continue its filings of complaints with the appropriate authorities in Canada and the USA against GBGD and Mr. Van Krikorian.

Calder still maintains its rights to the US$150,000 and the 0.50% NSR as awarded.

For more information please contact


Bill Mavridis


Caldera Resources Inc.

Tel: 514-813-9200


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