Caldera Resources Inc.: Ellendale East Diamond Project-Western Australia

Business Wire, Feb 27, 2006

SOUTH PERTH, Western Australia -- CALDERA RESOURCES INC. (TSX:CDR) -

ELLENDALE HEADS TO MAJOR PROJECT STATUS.

Caldera Resources Inc. (TSX:CDR) is pleased to announce results and interpretation of the July 2005 drill program carried out on the Ellendale East Project. The project area covers 246 square kilometres and is located 25 kilometres along strike from the Ellendale 4 Mine which is owned and operated by Kimberley Diamond Company NL.

Mr. Ronald Winston, Chairman of Harry Winston Inc. New York, has a right to farm-in arrangement on the Ellendale East Project, whereby Mr. Winston may elect to earn 50% interest in the project by reimbursing the company A$400,000 and expending A$3Million on further development exploration over 2 years. A further 10% interest can be earned by paying Caldera A$1Million and expending a further A$7Million over a three year term.

Mr. Winston has been provided with a project report and has 30 days from February 14, 2006 to decide if he accepts the right to farm-in. The company is extremely encouraged by the results, particularly as most targets were drilled with only a single hole, and believes that the project will develop into a significant and important asset for the future.

The following are the key points of interest. A more detailed report by Dr. G. Pooley is also included for readers with a technical background.

- Volcanoclastic quartz tuff, which is one of the predominant diamond bearing rocks in the Ellendale Lamproite Field has been identified at six of the targets drilled by Caldera. This includes one target which was believed to be two separate targets, prior to the 25 metre airborne magnetic data becoming available.

- Caldera's work has established a southern extension of the Ellendale Lamproite Field as a potential diamond bearing entity in its own right.

- One large target, of in excess of 200 hectares has similar dimensions to those of the Ellendale 4 and 9 Pipes which are currently being mined by Kimberley Diamond Company NL. Geophysical modelling of this target indicates a body with large depth extent.

- Micro-diamonds have been identified in drill chip thin sections from the large Caldera target.

- One 170 micron diamond fragment from a larger stone was recovered from a 19.8 kilogram caustic fusion sample in the 100 -300 sieve fraction.

- Chrome spinel chemistry indicates potential for an additional two pipes to be diamondiferous.

- The drill program achieved its objective of identifying at least six new volcanoclastic/intrusions even though most targets were only drilled with single drill holes.

- Excellent potential for discovery of additional pipes in southern part of the same Exploration Licence.

- Further drilling with large diameter holes is required to determine the areal and depth extent of the bodies and to undertake a bulk sampling program.

Sample processing was completed at North Australian Diamond Laboratory, Diatech Heavy Mineral Services and Diamond Recovery Services, all of Perth, Western Australia.

Mineral grain identification including diamond was carried out on the Scanning Electron Microscope at CSIRO.

Electron Probe analyses of chrome spinels was carried out at UWA. Geophysical work was done by Barrett Geophysical Exploration Consultants Pty Ltd of Western Australia.

Dr. Greg Pooley, a member of the Aus. I.M.M. is the qualified person responsible for the technical information in this news release. Dr. J. Daniels, Chairman and technical director also offered advice as to the various interpretations.

Other Activities.

Caldera is engaged in diamond exploration in Australia through five projects. Two projects are located in the Pilbara region of northern Western Australia, one of which is joint ventured with Mr. Ronald Winston of Harry Winston Inc. The Company also has two projects located adjacent to the Ellendale Lamproite Field in the Kimberley region of Western Australia, one of which is also joint ventured with Mr. Ronald Winston. One project is located on the Yilgarn Craton of Western Australia which is joint ventured with SouthernEra Diamonds Inc. (SDM:TSX). The SouthernEra tenements also include a joint venture with BHP Billiton Limited on a nickel/platinum project.

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.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Caldera, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Caldera's expectations are exploration risks detailed herein and from time to time in the filings made by Caldera with securities regulations.