Bill Mavridis, President & CEO

Caldera Resources Inc. is the operator of the Marjan Gold and Silver Project located in the Republic of Armenia. Caldera owns 55% of the JV with a clear path to acquire the balance of the project for US$2.85M. The project has two zones that contain Soviet-era C1 and C2 resources totaling 405,147 oz of Gold and 14.2M oz of Silver. The project also contains Soviet-era P1 resources of 647,152 oz of Gold and 37.1M oz of Silver.

The qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The issuer is not treating the historical estimate as current mineral resources or mineral reserves, therefore the historical estimate should not be relied upon. According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1" and “C2" classifications are equivalent to “indicated” and “inferred” resources. Resources identified as P1 and P2 can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines".