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Gold/Mining/Energy : CALDERA RESOURCES - CDR.T

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To: geoffb_si who started this subject	11/1/2001 8:11:30 PM
From: geoffb_si	of 16

NR: Caldera has JV'd Mt. Carulina Olympic Dam-style target (Australia) with Inco. Inco must drill within 12 months to earn interest. ---------------- Caldera Resources Inc - News Release Caldera signs South Australia option agreement Caldera Resources Inc CDR Shares issued 42,637,878 Oct 25 2001 close $.070 Monday Oct 29 2001 News Release Mr. Chris Reindler reports An option agreement has been signed between Caldera Resources' wholly owned subsidiary, Laura Holdings Pty. Ltd., in conjunction with Ellendale Resources NL (Laura/Ellendale Group) and PlatSearch NL. The equity in the Laura/Ellendale group is held as to 75 per cent by Caldera and 25 per cent by Ellendale. The parties have signed an option agreement with a wholly owned subsidiary of Inco Limited, a leading Canadian mining and metals company, to investigate geophysical targets in northern South Australia considered to have potential for Olympic Dam-style mineralization. The Mt. Carulina tenement covers a 450-square-kilometre area and embraces a number of geophysical targets considered to have potential for Olympic Dam-style mineralization. Of particular interest is a large magnetic anomaly with a concomitant gravity anomaly located approximately 20 kilometres due west of Oodnadatta (the Mt. Carulina anomaly). The Mt. Carulina anomaly is situated on a major NW-trending structure evident in regional magnetic and gravity data and also is located within the O'Driscoll G2 NNW-trending continental scale lineament corridor. Based on its geophysical expression and its regional structural setting, the Mt. Carulina prospect is regarded as a classic Olympic Dam-style target. The area is completely covered by recent sediments and drilling to approximately 400 metres depth will be required to test the basement rocks in this area. Inco must drill test the Mt. Carulina target within the first 12 months of the option agreement. Inco can earn a 60-per-cent interest in the project through expenditures of $1-million (Australian) within three years of completion of statutory native title access and site clearance requirements. PlatSearch and the Laura/Ellendale Group may then each participate with 20-per-cent interests or each convert to 10-per-cent carried interests to completion of a positive bankable feasibility study. If they elect the 10-per-cent carried interest, then PlatSearch and the Laura/ Ellendale Group can each finance their respective 10-per-cent interests after completion of each study or each convert to a 1-per-cent net smelter royalty interest. Platsearch will be the operator until Inco earns a 60-per-cent interest. Caldera remains committed to diamond exploration and continues to review other potential diamond projects in Australia. However, if base metal/gold targets are identified from the company's regional airborne magnetic database, joint venture partners will be sought for these opportunities. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com

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