Caldera Resources Inc.

Caldera Resources Inc.

March 03, 2005 09:00 ET

Caldera Resources Inc.: Additional High Interest Chrome Spinels Recovered From Runton Drill Program


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CALDERA RESOURCES INC.

TSX SYMBOL: CDR

MARCH 3, 2005 - 09:00 ET

Caldera Resources Inc.: Additional High Interest
Chrome Spinels Recovered From Runton Drill Program

SOUTH PERTH, WESTERN AUSTRALIA--(CCNMatthews - March 3, 2005) - Caldera
Resources Inc. (TSX:CDR) is pleased to provide shareholders with an
update on progress at its two diamond projects that are located in the
Paterson Mobile Belt of the Pilbara region in Western Australia.

Runton Diamond Project - 100% owned

Further encouraging mineralogical results have been received from drill
material obtained from the 2004 drill program, which tested a low
amplitude dyke-like anomaly, several kilometres long and up to 200
metres wide.

Dr. Wayne Taylor has reported that chrome spinels which have been
recovered from two previously untested depth intervals, 64-66m and
71-72m, of drill-hole R2-2, are of high interest and their compositions
resemble kimberlitic spinels. This opinion confirms the findings of
Caldera's consultant, Martin Jackson, who also considers the previously
reported chrome spinels to be of high interest, the majority of which
are indicative of a diamond stability field source. Additional chrome
spinels have also been recovered from a composite sample collected from
46-90m in the same drill hole. A pyroxene with an inclusion of
perovskite, a mineral commonly found in kimberlites and some lamproites,
has been recovered from 64-66m.

During November and December 2004, the Company reported the recovery of
one pale yellow micro-diamond from a 4.4 kg caustic fusion sample
obtained from 88-90m, and high interest chrome spinels from 46-48m and
88-90m, in drill-hole R2-2. The chrome spinel chemistry suggests that
the majority have been sourced from the diamond stability field.

Modeling of 200m line-spaced aeromagnetic data by Barrett Geophysical
Exploration Consultants indicates a minimum depth extent of 600 metres
and almost vertical inclination for the anomaly drilled. Hole R2-2 was
completed to a depth of 91 metres and the Company plans to complete a
deeper drill program during 2005 to intersect fresher material.

The drill material recovered at 91 metres is too fine for petrological
identification. The intersection of "fine-grained" material from which
abundant chemically high interest chrome spinels and micro-diamond have
been recovered, suggests the possible presence of crater facies material
forming part of a large and deep intrusive complex.

All drill samples have been processed by Diatech and Western Geolab,
both of Perth, Western Australia, and electron microprobe analysis has
been completed at the University of Western Australia. The caustic
fusion sample was processed by Striker Resources' laboratory in Perth.

Caldera continues to investigate the merits of joint-venturing this
project, which covers an area of 200 square kilometres, or to retain
100% project ownership.

Cromer Cone Diamond Project - Caldera 50%/ Mr. Ronald Winston 50%

This project adjoins the Runton Project to the south and west, and is
held 50% by Caldera and 50% by Mr. Ronald Winston, Chairman of Harry
Winston Inc., on an equal contributing basis.

A further three Exploration Licence's covering 600 square kilometres,
which adjoin the Runton Project to the south, will be incorporated into
the Cromer Cone Project to give a project area of 1,750 square
kilometres.

A 100 metre infill airborne magnetic survey will be completed in the
second quarter of 2005 over areas identified from the 400 metre
line-spaced aeromagnetic survey of 2004 as having potential to contain
kimberlite or lamproite intrusives. This high resolution survey will
provide the necessary definition of magnetic anomalies to complete a
sampling program, and subject to positive results, a drill program.

The Paterson Orogen is a Proterozoic mobile belt setting, which is
considered to be analogous to the Halls Creek Mobile Zone of Western
Australia, and which hosts the Argyle Diamond Mine, a 47 hectare olivine
lamproite pipe. The recovery of diamond and abundant spinels of
interpreted diamond association from drilling at Runton, suggests the
broader region to be highly prospective for kimberlites and lamproites.

Martin Jackson, a member of the Aus.I.M.M is the qualified person
responsible for the technical information in this news release.

Other Activities.

Caldera is engaged in diamond exploration in Australia through five
projects. Two projects are located in the Pilbara region of northern
Western Australia, one of which is joint ventured with Mr. Ronald
Winston of Harry Winston Inc. The Company also has two projects located
adjacent to the Ellendale Lamproite Field in the Kimberley region of
Western Australia. Both of these projects are also joint ventured under
separate arrangements with Mr. Ronald Winston. One project is located on
the Yilgarn Craton of Western Australia which is joint ventured with
SouthernEra Diamonds Inc. (TSX:SDM).

Caldera also has four base metal/gold projects in South Australia. One
of these projects is the Mt. Carulina Project which is an Olympic Dam -
style base metal/gold target.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. This News
Release includes certain "forward-looking statements". All statements
other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of Caldera, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially form those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Caldera's expectations are exploration risks detailed
herein and from time to time in the filings made by Caldera with
securities regulations.



Canada

Suite 3100
40 King Street West
Toronto. Ontario. M5H 3Y2
Telephone: 416-865-6605
Facsimile: 416-865-6636
Website: www.calderares.com

Australia

1 Charles Street
Suite 8
South Perth. Western Australia.
6151
Telephone: 011-618-9367-7728
Facsimile: 011-618-9367-7705
E-mail: calderares@bigpond.com


Cusip: 1287D 105

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Caldera Resources Inc.
    Chris Reindler
    President
    011-618-9367-7728
    011-618-9367-7705 (FAX)