Caldera Resources Inc.

Caldera Resources Inc.

May 07, 2007 09:34 ET

Caldera Resources Inc.: New South Australian Joint Venture

PERTH, WESTERN AUSTRALIA--(CCNMatthews - May 7, 2007) - Caldera Resources Inc. ("Caldera" or the "Company") (TSX:CDR) is pleased to announce that a letter of intent ("LOI") has been signed with Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) in relation to the Company's Mt. Sarah Project located in South Australia and which is owned 50% by Caldera and 50% by Ellendale Resources NL ("Ellendale"), an Australian public listed company.

Pursuant to the terms of the LOI, Simberi will have the option to earn up to a 60% interest in the EL 2958 Exploration Licence (the "Mt. Sarah Licence") leaving Caldera and Ellendale with a residual 20% interest each, by completing the following:

1. Simberi will issue 1,500,000 Common Shares to Caldera, as to 750,000, and Ellendale, as to 750,000, upon the signing of a formal agreement; and

2. Simberi will spend or cause to be expended C$1.25M on exploration over a three year term, and will commence a ground gravity survey on the Mt Sarah property, to earn its 60% interest.

The Mt. Sarah Licence contains a target that is a large magnetic anomaly with an intense and coincident gravity anomaly that shows similar geophysical characteristics to the massive uranium/gold/copper Olympic Dam deposit. The Mt. Sarah Licence lies within the structurally significant O'Driscoll G2 Corridor, which also hosts the Olympic Dam deposit. Simberi plans detailed ground follow-up geophysics on the property to identify and delineate potential drill targets on the property.

Dr. Greg Pooley, 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. The Company also has two projects located adjacent to the Ellendale Lamproite Field in the Kimberley region of Western Australia, one of which is also ventured with Resource and Investment NL, an associated company of Kimberley Diamond Company Limited.

Caldera also has two 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.


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 Australia
Suite 3100 1 Charles Street
40 King Street West Suite 8
Toronto, Ontario M5H 3Y2 South Perth, Western Australia
Telephone: 416-865-6605 6151
Facsimile: 416-865-6636 Telephone: 011-618-9367-7728
Website: Facsimile: 011-618-9367-7705

Cusip: 1287D 105

Contact Information

  • Caldera Resources Inc.
    Chris Reindler
    +61-8-9367-7705 (FAX)
    Caldera Resources Inc.
    Robert Levitt
    Investor Relations
    (514) 242-1852