ALL,
Caldera Resources Inc. Company Announcement
TORONTO--(BUSINESS WIRE)--Dec. 15, 1997--Caldera Resources Inc. (ME:CDR. - news) wishes to announce that, through its Australian subsidiary, Caldera Resources N.L., it has reached agreement with Astro Mining N.L., an Australian Stock Exchange listed diamond exploration company, for that company to conduct a due diligence assessment whereby at the completion of that assessment Astro can elect to farm in to Caldera's interests in the Abminga Diamond Project in South Australia.
Caldera identified the Abminga Project from a conceptual exploration model developed by management, secured the land position and conducted the initial exploration. Over Aust. $2,000,000 as been spent, primarily on exploration drilling of 15 pipe targets one of which has so far been found to be diamondiferous. Caldera has identified at least 235 additional targets that requires a partner with strong financial resources. This association with Astro is considered to be of major benefit to the project.
Astro will immediately commence the processing of 3 tonnes of Caldera drill samples for diamonds, will carry out 1000m of core drilling and review data as part of a 6 month due diligence period. Thereafter, if Astra elects to proceed it will pay Aust. $100,000 to Caldera and complete an Aust. 1.0 million exploration program over the next 12 months. If Astro elects to proceed after fulfilling these requirements, Astro must pay Caldera Aust. $500,000 and complete an Aust. $16.0 million exploration program to earn a 60 percent interest in the Project. If the 60 percent interest is earned,a joint venture is formed and Astro will have the right to earn an additional 10 percent interest in the Project by funding the costs of a bankable feasibility study for the Project. The formal documentation is subject to approval by Astro's Board and regulatory approval.
Astro Mining was formed in 1983 and is one of the most active diamond exploration companies presently operating in Australia having extensive diamond exploration interests in Western Australia nd in China. Exploration in Western Australia is concentrated in the Archaean Yilgarn Block and the adjacent Nabberu Basin. The Company's China exploration interests are located in the Xinjiang, Liaoning and Shandong Provinces.
Astro maintains a strong technical team and has its own diamond testing laboratory in Perth. Access to this technical support and laboratory facilities will allow much more rapid assessment of samples and will greatly accelerate development of the Abminga Diamond Project.
Caldera is engaged in diamond exploration in the Abminga region of northern South Australia. Caldera is the major tenement holder in the region and is exploring a potentially world class
kimberlite/lamproite field.
Note to Editors: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein
************
Well ... it looks like we have been diluted somewhat, but we have some financial feet under us .... in this market there is certainly something to be said for that; assuming they pass the dd.
MB |
