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Gold/Mining/Energy : Caldera Resources Inc.

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To: Imran who wrote (1)	2/19/1997 9:24:00 PM
From: Kelvin Leeting	of 39

Here's the stuff on Caldera Resources Inc. MSE - CDR Corporate Profile In its short history, Caldera Resources Inc. has, through its Australian subsidiaries, discovered a new lamprioite/kimberlite field at Abminga in central Australia. The pipes in this field are essentially unevaluated and Caldera holds title to almost the entire 4,000+ square kilometer field. The work to date has identified over 250 targets and first pass drilling has been completed on 18 targets. The results have confirmed that at least 6 of these are underlain by ultrabasic pyroclastic tuffs, generally of lamproitic affinity and that the pipes are essentially uneroded. Further deep drilling will be required to fully investigate the 6 known pipes. This will be carried out in the 1997 exploration season. Results on the other 12 drill tested targets are inconclusive and further investigative work will be undertaken on the drill samples. Abundant chromite grains have been recovered from processing of samples from the drilling Microprobe analyses of these chromite grains has confirmed that the pipes have high potential to host diamond and to have been incorporated into the near surface tuffaceous material. The scene is set for an exciting year in 1997 as the Company proceeds with further drill testing of its highest priority targets to determine the size and shape of the lamproite and kimberlite pipes and obtain samples of sufficient size to test for the presence of diamonds. Press Release/News Final plot of magnetic and radiometric data from the Edward Creek airborne geophysical survey have been received from the contractor. Caldera has the right to earn a 70% interest in exploration licenses 1929 and 2105 at Edward Creek from Reedy, Lagoon Corporation NL. These licenses are approximately 200km southeast of the company's Abminga property and are also in South Australia. Preliminary interpretation has identified 22 anomalies that have a magnetic response similar to that seen over kimberlitic pipes. Only five of these features have been recognized by previous explorers who have completed one or two shallow drill holes on each without success. From Caldera's knowledge at the Abminga project, the shallow drill hoes are not likely to provide an meaningful results, due to the extreme weathering regime. The largest feature is known as the Gauntlet anomaly. The subtle feature is roughly circular, 1km in diameter and is evident on both the magnetic and radiometric datasets. The Gauntlet anomaly is about 3km northwest of the site where previous exploration efforts found diamonds from surface sampling. It is significant that chromites recovered from a Caldera sampling program at this general locality indicated that these chromites had traveled no further than 3-5km from their source. Probe analysis results has indicated that some of these chromites were formed within the diamond stability field. The company is continuing to study the date using image processing techniques. It is likely that enhancement of various images and presentation styles will allow the identification of other more subtle but possibly important features. The next step in the evaluation of these anomalies will be field checking of each site and sampling where appropriate. The anomalies will then be priority ranked for drilling. Drill confirmation of a kimberlite or lamproite source at any of these anomaly sites would result in an immediate bulk sampling program to test for diamonds. For More Information: Jason Shepard International Corporate Development Phone: 250-717-1910 jay@direct.ca

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