Caldera Agrees to Acquire CanBiomine Resources to Diversify in Southeastern Europe
SOUTH PERTH, WESTERN AUSTRALIA–(Marketwire – Sept. 25, 2008) – Caldera Resources Inc. (TSX:CDR) announced today that it has entered into an agreement to acquire CanBiomine Resources Inc. (“CanBiomine”), a private Canadian mining company developing bioleach projects in Southeastern Europe.
Chris Reindler, President of Caldera commented that “This transaction will add a new dimension to Caldera, by diversifying our geographic operations outside of Australia and diversify our diamond exploration portfolio into base metals and precious metals.”
CanBiomine is focused on recovering base metals and precious metals from mine waste dumps and tailings dams using bioleaching technology. CanBiomine has signed a strategic alliance with BacTech Mining Corporation (TSX VENTURE:BM) whereby BacTech will provide technical support and know-how on projects sourced by CanBiomine in certain countries in southeastern Europe. The company is currently undertaking a scope study on the former Gjegjan Copper Mine located in North East Albania. CanBiomine is also evaluating projects in Serbia, Macedonia and Armenia.
CanBiomine’s business model of focusing in low capital and small footprint projects in former Soviet umbrella countries will allow Caldera to bring potential projects to market within a relatively short time period as opposed to traditional mining exploration models.
Bill Mavridis, the president of CanBiomine, will be invited to join the Board of Directors of the company and become Caldera’s Executive Vice-President, reporting to the President of Caldera.
The transaction is priced at $625,000 and will be completed through the issuance of twenty-five million (25,000,000) shares of Caldera common stock at $0.025 per share, representing 23.82% of the issued capital of Caldera. After the transaction is completed, Caldera will have 129,960,279 shares outstanding, where shareholders of CanBiomine will hold 19.24% of the outstanding shares of Caldera. The transaction is subject to regulatory approval and due diligence. Closing is anticipated to be on or before October 10, 2008.
Caldera is engaged in diamond exploration in Australia. Three 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. Caldera also has three 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.
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