Global Gold Corp. (GBGD)

[sergi0s]

A fresh look at the Tukmanuk model may explain based on what investors were defrauded of their money if it was the fabricated resource model that made them invest into the project. Link below:
https://geo-logaritmica.com/tukhmanuk-mine.html

[fink]

Went Current to trade today.
11k float.
Why did they need a R/S?
Business sucks or is this now a shell.

Too many to DD
Thanks.

[Longer Than Most]

GBGD added sub $2

[Drigue]

Reinstated

[Renee]

GBGD one for 251 reverse split:

http://otce.finra.org/DLSymbolNameChanges

[BMAV]

GBDG Manipulates Gold Grades: Scam is not as big as BRE-X but it's still fraud.

On July 5, 2013, GBGD and Mr. Van Krikorian (President and CEO) signed a deal with Linne Mining to act as the CONTRACT MINER for the development of its Toukhmanuk Gold Mine, in Armenia.

By November 2015, Van Krikorian announced in its SEC quarterly filings (10-Q), that the Toukhmanuk project was delayed because the contract miner "requested" to be relieved of its obligations under the mining contract agreement.

To this date, Van Krikorian has failed to post a copy of Linne Mining's letter or provide any clarification to investors, why Linne Mining requested to be "relieved" of it obligations.

Three months later, the reason for Linne Mining's actions have started to become crystal clear. Linne has been swindled by Van Krikorian and GBGD. There is no gold worth mining at the Toukhmanuk Gold Mine. Here is the proof.

Two documents, which were prepared for Linne Mining, surfaced on the web last week. These two documents outline that the database provided by GBGD and used to calculate the gold resources and to develop the resources models are "fake". GBGD's claim that it has over 2 million oz of gold appears to be overstated by at least 1.9 million ounces.

see: http://www.geo-logaritmica.com/2dataSets.pdf
see: http://www.geo-logaritmica.com/WHAT_IS_WRONG_WITH_RESMODEL.pdf

A third document, which was published today (click here), the author published that he reviewed the resource models, used by Behre Dolbear and published in the Independent Technical Report of the Toukhmanuk Mine Project And Getik Prospect, Armenia, In Conformance with NI 43-101 Guideline, on October 17, 2011. The author determined that the data in the models were corrupted in a way that certain gold grades were switched with the silver grades. The net effect is that the gold resources were overvalued, making the resource models worthless. This is the worst type of fraud in mining, manipulating data to create the appearance of a valuable gold mine. Not as blatant as seeding samples with gold as in BRE-X case in 1997, but up there.

From my experience it is difficult to accept that this is an error. I have discovered that Van Krikorian and GBGD have published suspect data on the MARJAN project. and I have been reporting this since 2011.

I hope that the SEC finally shuts GBGD down and deals with this clear and apparent fraud.

(PS Don't forget, Van Krikorian and GBGD scammed their previous JV Partner, CRA. After receiving USD$7 MM investment, Van Krikorian claimed that GBGD was defrauded, Now GBGD has swindled Linne Mining out of $3.4MM)

[BMAV]

GBGD FRAUD? Tukhmanuk Mine is DEAD!

In 2015 the company announced that their "contract" miner, Linne Mining, who was hired to put the Tukhmanuk Gold Mine in Armenia in to production walked away and is demanding over $3 million in payments. Global Gold Corp did not disclose the reasons.

From my research and analysis, It appears the reason that Linnw Minnig walked away from the Tukhmanuk Gold Mine project, was because the data provided by GBGD and used to build the mining plan, is invalid, if not fraudulent.

My analysis is supported by the following 2 documents (see links below) which I discovered posted on the internet. These documents indicate that the data set is suspect and that the data used in the 3D resource model was invalid. (i.e. fraudulent)

See:
http://www.geo-logaritmica.com/2dataSets.pdf

http://www.geo-logaritmica.com/WHAT_IS_WRONG_WITH_RESMODEL.pdf

The data indicated that GBGD's Tukhmanuk Gold Mine can only recover about 60,000 oz of gold over 5 years from the stated 2 million oz of resource that it has published.

The GBGD, Tukhamanuk Gold Mine appears to be dead.

Read more at: GBGD Announces Toukhamnuk Mine in Armenia "Delayed"... Is this the end of GBGD?

[BMAV]

AARHUS: Global Gold Referred For Criminal Investigation

On December 22, 2014 The Armenian based environmental NGO, EcoRight, filed a request with the Ministry of Nature Protection of the Republic of Armenia to commence a criminal investigation against Mego-Gold (Global Gold subsidiary that operates the Toukhmanuk Gold Mine) for violating the laws of Armenia, and more specifically:

* embezzlement of state property through fraud;
* tax evasion through false entrepreneurship, hiding overpayments and other gained material benefits, which has caused major damage to the citizens of the Republic of Armenia;
* Performing illegal commercial activities without a special permit (license) to carry out entrepreneurial activities subject to licensing;
* violation of rules in implementing environmental safety activities;
* features of crimes in violation of rules of mineral resources conservation and use.

On January 16, 2015, The AArhus website (http://aarhus.am) published a confirmation letter dated December 26, 2014 issued by the Ministry of Nature Protection (Environment) confirming that "no inspections were conducted in the area of the (Toukhamnuk) mine, and thus no environmental impact assessment was made."

The letter from the chief of staff of the Ministry of Nature protection goes on to say that the "Tukhmanuk mine violations (have been forwarded to the law enforcement authorities for initiating criminal proceedings."

English Translation of Original Complaint to the Ministry December 22, 2014:

English Translation of Reply from the Ministry December 26, 2014:

Armenian version of Original Complaint to the Ministry December 22, 2014:

Armenian version of Reply from the Ministry December 26, 2014:

[BMAV]

Does Global Gold Corp. Have any Gold Reserves at TOUKHMANUK?


The AARHUS Centre of Armenia published analysis showing the gold reserves issued by the Armenia GKZ under Decree No. N234 are effectively null and void. Pretty much what I have been echoing for some time.

Read below or go to link: http://aarhus.am/?page_id=1383


About Toukhmanuk gold mine or Decree No. 234 being null and void



The Ministry of Energy and Natural Resources of the RA is Confessing.

The Ministry agrees to declare that the “approved reserves” resulted by the supplementary exploration of Mego-Gold’s Toukhmanuk gold mine in 2006-2008 have not been registered in the balance sheet as a result of which has not been formed new right on Mineral Resource Management.

The web is untangling or about the Decree No. 234 to be null and void.

Through the letter addressed to the Ministry of Energy and Natural Resources of the RA 23.09.2013, we wanted to get a clarification regarding the fact already discussed many times refer to the contradiction in the clauses1 and 4 of the Decree No. 234, dated in 30.10.2009 of the Agency for Mineral Resources of the Ministry of Energy and Natural Resources of the RA on the revaluation of Toukhmanuk gold mine reserves in the Aragatsotn Province by the “Mego-Gold” LLC in 2006-2008.

Because according to the clause 1 of that decision the Agency for Mineral Resources made ??decision:
to approve the reserves of the Central Area of Toukhmanuk gold mine of Aragatsotn Province as of 01.01.2009, in accordance with the Annex 1 to this decision as well as with the data of following table:

According to the 4th clause of the decision:
4. to offer the “Republican State Geological Fund” SNCO to refrain from making amendments in the republican balance sheet of the mineral deposits arising from the clause 1 of the decision until the implementation of the works mentioned in the previous clause.
The issue was worded as follows:
a. if the above mentioned approved reserves have been registered in the republican balance sheet of mineral reserves by the “Republican State Geological Fund” SNCO or not.
The response is the following:
In response to your above mentioned letter, the reserves of Toukhmanuk gold mine in Aragatsotn Province approved by the Decree No. 234, 30.10.2009 have not been registered in the balance sheet of the mineral deposits, in accordance with the demand of the 4th clause of the same decision.

Here we consider necessary to present some of the requirements set by the RA Code on mineral recourses:

Article 63
State registration of geological exploration works, mineral resources reserves, mines, developments
1. Geological exploration works are subject to state registration.
2. It is prohibited to implement geological exploration works without public record.
3. Mineral resources reserves, mines and mineral resources developments are subject to the state registration of the balance sheet, as well as in the form of mineral deposits and developments inventory.
4. On the basis of public records data on mineral resources reserves, mines, developments and geological studies is shaped the fund of mineral resource management.
5. Expert opinion on mineral resources reserves is a basis for registration in the balance sheet
7. As a result of re-establishment mineral resources reserves relevant amendments are made in the state registration


In its response the ministry actually confirms that the requirements of the paragraphs 1 and 2 of Article 63 of the reserves state registration are overlooked by the competent authority, if the reserves were really approved in accordance with the paragraph 1 of the decision.

Or in contrary to the logic and the requirement of the laws the competent authority had approved incomplete explored reserves under the paragraph 1 of decision No. 234, so the Agency for Mineral Resources of the Ministry of Energy and Natural Resources of the RA has committed violation of the law protecting interests of Mego-Gold.

The logic requires making any conclusion based on the legal requirement, therefore, if in 2006-2008 the mine reserves based on the supplementary exploration results were not registered by Mego-Gold, then, proceeding from the above-mentioned paragraphs 1 and 7 of the Article 63, we can conclude that these resources cannot be called approved or reestablished, since relevant amendments were not made in the balance sheet.

“Confirmed” or “unconfirmed” concepts as separate concepts are not included in the Code. In the RA Code on Mineral Resources are commented the concepts “Resources” and “Accounting”.
It is worthy to speak about not registering the resources under the paragraph 4 of the decision N 234 which makes meaningless or null and void the paragraph 1 of the same decision.

Let’s take a few concepts that are commented in the code.

In accordance with the RA Code on Mineral Resources:
Article 3: the main concepts used in the Code:
11) Useful mineral resources- accumulation of useful minerals which volume, quantity, quality, and the position and shape are determined.
12) Mine – a part of the underground, which contains useful mineral which have got geological- economical evaluation.
15) Balance of Mineral Reserves – form of state registration of found mineral resources for each year as of January 1, which contains data on researched mines resources quantity, quality and degree of it exploration, as well as the change during the reporting period
The next question of our letter:
b. Whether the company has carried out the works mentioned in the paragraph 3 of the decision No. 234 or not.

Let us remind that the 3rd paragraph of the decision N 234 is the following; to underline the fact of incomplete exploration of the Central Area of Toukhmanuk gold mine of Aragatsotn Province and the strict necessity to solve the problems mentioned in the paragraph 2.1 of this Decision during the second phase of its supplementary exploration.

The answer is as follows:
“The economic entity has not presented report on the activities planned by the paragraph 3 of the decision of Agency for Mineral Resources of the Ministry of Energy and Natural Resources of the RA as a result of which has not formed new rights on Mineral Resource Management.

The only “valuable” information in the response letter is that the ministry, however, reported that defective works have not been continued, and therefore have not formed new rights on Mineral Resource Management. This honest part of the answer we qualify as an acquisition, this is a news, perhaps unwittingly confession, because at the all response letters distracting from the issues the Ministry tried to disguise through the decision N 234 the fact of operating Mego-Gold illegally without a project and by open cast method and allegedly after revaluation and reestablishment of reserves the geological-economical new conditions predicted the effectiveness of the mine development by the open cast method.
It remains to ask the ministry if a new mineral right has not been formed then in this case how had been confirmed only open pit ore mining in accordance with the mining license agreement No. 287 dated 31.07.2006, and land allocation act 086 for underground mining, and on what legal basis in 12.28.2012 have been reformulated the mineral rights act already suspended by the licensing agreement in 01.11.2008, on what ground mentioned only open pit mine and land allocation established until 2017, when, according to the Ministry’s response letter addressed to us was mentioned that “Until today, the economic entity is implementing exploration activity in accordance with the PV -184 contract, which is valid until January 31, 2015.”

Maybe it is the same kind of misprint as the exploration license granted to Mego-Gold in 02.07.2013, issued for 4 years, instead of 3 years determined by the law. Somebody is prolonging the terms of the Mego-Gold documents by misprints; it is worthy to find out who is that unfortunate benefactor.
Besides making controversial analysis refer to the decision No. 234 we should clarify why the Ministry of Energy and Natural Resources of the RA closes eyes in favor of Mego – Gold which does not fulfill the duties required by law and is carrying out illegal mining.

18.10.2013
Greta Gaboyan

[BMAV]

Armenian NGO Demands Criminal Investigation against Global Gold

On December 12, 2014, EcologicalRight, an Armenia based environmental NGO, sent a letter to the Minister of Nature Protection of the Republic of Armenia, demanding that a criminal investigation be opened on Mego-Gold, a subsidiary of Global Gold Corp and owner and operator of the Toukhmanuk Gold project.

See Copy of the translated Letter as published on the ARHUS Website of Armenia by clicking here

See Original Armenian Version by clicking here

Ecological-Right lists the following as grounds of criminal investigation and charges against Mego-Gold/Global-Gold.

* embezzlement of state property through fraud;
* tax evasion through false entrepreneurship, hiding overpayments and other gained material benefits, which has caused major damage to the citizens of the Republic of Armenia;
* Performing illegal commercial activities without a special permit (license) to carry out entrepreneurial activities subject to licensing;
* violation of rules in implementing environmental safety activities;
* features of crimes in violation of rules of mineral resources conservation and use.

The letter is signed by the Chairman of Ecological Right NGO in Armenia, Mr. Arthur Grigorian.

Mr. Grigorian can be reached at:
tel: [phone]
mob: [phone]
e-mail: [e-mail]

[BMAV]

GBGD Gold Mine Expansion Rejected In Armenia

Local Armenian NGO, Ecolur.org , published an article today on its website that GBGD's flagship gold mine in Armenia, the Toukhmanuk Gold Mine owned and operated by its subsidiary Mego-Gold, had its mine plan REJECT by the Ministry of Nature Protection (MNR).

In April 2013 the MNR rejected the tailings dam expansion and changed that ruling in June 2014 after the minister was changed. GBGD may still get an approval next year based on a new application. The problem is that GBGD is in technical default of its mining obligations and their mining license expires in February 2015; they may be out of time to make this gold mine work. GBGD has failed to make this gold mine work over the last 6 years during the biggest gold bull market. Now GBGD has $14M in current debt with little or no cash, and gold prices are sinking.

Read articles below:

Armenia full versions: http://ecolur.org/hy/news/officials/nature-protection-ministry-denied-tukhmanuk-deposit-exploitation-project/6885/

English summary Versions: http://ecolur.org/en/news/officials/nature-protection-ministry-denied-tukhmanuk-deposit-exploitation-project/6885/

Google translate of Armenia full version of article:
Nature Protection Ministry Turned Down Tukhmanuk Mining Project

18:29 December 15, 2014

The Ministry of Environment, "Environmental Expertise" is nixes "Mego Gold" is represented by the surface of the gold / Central station / deposit revised work plan.

Experts from the Ministry justification for the negative findings are as follows.

"- Adjusted to the situation map can not be verified due to lack of open and distance from the mine dumps economy and the possible impact on hydrological

- Hydrogeological and geological conditions in the area around the mine is not a full examination of the missing information and sources of groundwater, groundwater resource protection measures, if necessary, wet blasting and drilling program. In addition, the first stage of the operation of the center will be running mine Getik river bed changes, but the material is missing as a result of environmental impact assessments, exposure prevention, elimination or reduction measures for

- Design documentation is missing so far by the company's operations and planned activities on the environment as a result of all the possible positive and negative impacts of integrity, as well as their interaction. In addition, under the project "Environmental" of paragraph 9.1, the operation is completed, reclamation of the subject, again only to be violated as a result of the open pit areas - 4.39 hectares, dumps - 4.34 hectares, serving pit road - 4.4 hectares, was necessary for the implementation of the reclamation expenditures without justification, however, by drawing materials, pile economy under to be sold to a larger area of ??land than is represented in the project documents. In this case there is a particular area on the company's environmental impact for a full and complete picture of conclusions

- According to the "Geological, Mining, lernatekhnikakan, labor protection" brittle rock volume of 3.7 point in the first round of pit contour is hoghabusakan layer 109.82.0 cubic meters remaining aparnerine` 1328913.0 and 1897672.0 cubic meters of rock overburden rock volume that is not corresponds to the "environmental" groups Table 3.2 presents data missing hoghabusakan layer volume and its storage and use of the procedure in accordance with the Government on 08.09.2011. Decision No. 1396-N requirements

Modified the first phase of the project includes pit ore reserves established for only 4.8 percent of the full deposit is required for the design of complex documents including mine the remaining 95.2% of the reserves, the second stage of the design phase of a project to make the enlarged

- Mine does not have to limit emissions / MPE / norms scale / permissions, the waste from the company's activities are not registered, registration, normavorvel, as well as not fully implemented "Soil" The Code of paragraph 3 of Article 59 and Article 13 The requirements of paragraphs 17

- The design documents for technical assignment, open the first phase extraction productivity filed from 2010 onwards, at first it made 120.0 thousand tons in 2011, at 150.0 thousand tons, while in 2014 it will reach 180.0 million tons, followed by 2015 The first stage performance was scheduled to be open to 300.0 thousand tons, while the "environmental impact" part of the operation of a mine expansion project. However, the finalization of the revised design documentation is not clear what changes have been made to date and the date of deposit. the number of resources are included. In addition, the Ministry of Energy and Natural Resources Minister 18.11.2014 No. 01 / 29.3 / 5190-14 notified in writing that "Mego Gold" LLC will provide the Ministry of Energy and Natural Resources Agency OHP 2009 year. No. 234 dated October 30, 3rd paragraph reserves terusumnasirvats problem solving performance requirement of additional exploration, mining stocks as a result of the re-establishment of the balance is not registered

- Mined ore is planned to develop a company owned by a maximum of 100.0 thousand tons per year capacity plant, which does not correspond to the mine production capacity and has no positive conclusion

- It is necessary to introduce the company's activities in the area of ??financial and environmental impact assessment

- It does not work out of the stock as of the date they are and are not listed as a separate hankamarminneri, which is fixed to the working professional opinion of the conclusion of this defect does not provide a complete guarantee "Environmental Impact Assessment" Law 5 Article 1, paragraph "a" sub-paragraph 4 of the full implementation of the requirement,

- Working draft submitted to the alternative solutions, which might not provide the "Environmental Impact Assessment" of Article 5 § 1 of the Part "B" of the Rule requires full implementation. "

Note that on June 30, the Ministry of Environment approved the "Mego Gold" in gold extracting plant tailing dump project, which is still the same ministry in 2013 was rejected.

[BMAV]

Hey TDASH whats going on?
All this great news you were touting about GBGD and now its trading at $0.02.
Go in there and buy some of this great stock you love so much.
I'm sure you can close it up before the bell.

[BMAV]

Stock closed at $0.04
and it did not move in price.

But why should it move? From November to April 2015 there are no operations at Toukhmanuk because of the winter season and spring thaw...nothing will happen there in terms of mining or developing cashflow.

The only thing that may happen is that GBGD sells its Marjan Gold project. And even if they get any cash for it the company is saddled with $14 Million in debt.

CRA entered into a JV with GBGD to invest and develop the Toukhmanuk Gold Mine. CRA invested $5 Million cash to get 49% of the JV and further made $1.5M in loans to the JV to support the project. The loans are guaranteed by GBGD and CRA claims GBGD has defaulted on the loans.

CRA and GBGD both agree that the JV has failed. CRA is now suing GBGD to liquidate the JV and get a court appointed liquidator to sell the Toukhmanuk Gold mine so that it can recover $7 million investment plus damages.

What will drive value for this company? i.e. Why should anyone buy a company that may lose its key gold property in a lawsuit filed by its JV partner?

[Tdash]

Now, right back up this morning.. We can keep doing this. I'm just saying this will eventually go up. Or do you want me to come back and post when this is 0.06?

[BMAV]

Someone bought 1200 shares for $48 of GBGD stock and the price closed up 60%.
Who buys $48 worth of stock? The commission must be more than that!

[BMAV]

Hey Tdash stock down again this morning.
GBGD last trade was $0.025 cents, on 8,500 shares. It is now lower than the level it was before that great news you were touting. What gives?

[BMAV]

Hey Tdash stock lost all its gains today...stock closed down 1 penny on 86,667 shares.

It took 610,000 shares to move this baby up 1 penny and 87,000 shares to move it back down. Too much overhang...this stock is probably not going anywhere considering the ongoing lawsuits in the Royal Court of Jersey and the possible court ordered liquidation of the companies assets if it loses.

I am not bashing...these are the realities that have to be taken into consideration when buying or selling this stock.

[BMAV]

There is no logic to what you are saying,

Why would the stock go up? This company has no cash, $12 million in debt, a pending lawsuit of $7 million dollars plus damages, a claim seeking the sale of GBGD's assets and an overhang on the stock 5 Million plus shares.

[Tdash]

Hired??? I wish! Yes the stock is currently down. But like any traded/investor who reads that news, I believe it will eventually go up.. And you will soon see.. the ask is still above .04 one hit and its in the +++ so relax and stop bashing.

[BMAV]

Hey Tdash....

After a supposed great news and 610,000 volume this penny stock ticked up 1 penny to $0.04.
Today it is down again to $0.035 with 51,000 volume.

While I believe you are nothing but a hired gun for someone to promote this penny stock, just look at the facts.

GBGD has $12 million in debt and all of it is current.
GBGD has no CASH.
GBGD has no Gold Mining operation active anywhere.
GBGD defaulted on $1.6Million in loans to its other JV partner Consolidated Resources. (CRA)
GBGD is being sued by CRA to recover its $7Million investment
CRA is requesting a court ordered liquidation of the JV and the Toukhmanuk Mine.

This is not getting better. Caldera has no money to pay, John Ulander has no money to pay. There is no MONEY or PROFIT for GBGD. GBGD has no revenue sources except lawsuits, which it can't collect. But GBGD does have $12Million of debt and it owes its lawyers over $1M. How long before the lawyers start suing GBGD to collect their fees.

There only small hope for GBGD to sell MARJAN to get some CASH. But with all the NGOs in Armenia screaming bloody murder and even LYDIAN (TSX:LYD) , which is a real mining company, is having a hard time moving their project forward, I don't know who would buy it.

Caldera even found that GBGD core shack and data was not reliable and that the ming license was issued illegally.

So I don't think it will end well for GBGD.

[Tdash]

The stock is improving is whats happening.. Thats whats stocks like this is all about.. Growing and getting better. winning cases, profit.

[BMAV]

What's to be excited about a penny stock, with no liquidity, no cash and $12 million in debt. Not to mention a lawsuit in the Royal Court of Jersey demanding the termination of the Toukhmanuk JV and a court ordered liquidation of the JV's assets. GBGD is far from out of the woods. http://gbgd-armenia-mining.blogspot.ca/2014/09/cra-seeks-court-ordered-liquidation-of.html

[BMAV]

CALDERA RESOURCES is bankrupt and has no money to pay. This was a default judgement of sorts, since CALDERA never filed a defence. Caldera has not operated since 21012. So its a hollow victory. GBGD wont see one red scent and they have $12 million in debt and no cash.

So is it good news or just a close of chapter in their business dealings? They are still facing a law suit in the Royal Court of Jersey after they took $7Million dollars from their Joint Venture partner, Consolidated Resources Armenia. The lawsuit in Jersey may force GBGD to liquidate their Toukhmanuk Gold Mine by Court Order.

The Marjan Gold mine is not anywhere near production and has no approved reserves. I feel sorry for any investor who will buy the Marjan project. IMO its just another lawsuit waiting to happen. The Marjan project was issued illegally without reserves and has a mining license, so who ever buys it has to mine it. The license expired July 2014..but they may get another extension.

[Tdash]

This will run. Don't worry the NEWS hasnt post everywhere yet. People will be lucky to get in now.

[SPARK]

You'd think more people be excited over this news..oh well~

[mgland]

International Arbitration Issues Final Award, Granting Over $10.8 Million Damages and Additional Relief in Favor of Global Gold Against Caldera Resources Related to Marjan Gold Mine in Armenia
10:31a ET November 12, 2014 (GlobeNewswire) Print

Global Gold Corporation (OTCQB:GBGD) is pleased to announce that in an International Centre for Dispute Resolution Final Award Retired Justice Herman Cahn as the sole arbitrator ruled in favor of Global Gold on damages and a range of other outstanding issues. The total damage award is $10,844,413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 million is punitive damages for the defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and its principals. This Final Award terminates the arbitration proceedings which Caldera instituted against Global Gold in 2010. Global Gold prevailed in the first, liability phase of the arbitration and four prior court cases, as summarized and reported in April 2013. Global Gold again thanks outside counsel Brian Cousin and his team at Dentons www.Dentons.com --particularly for their tenacious work in uncovering Caldera's securities law violations. With all the legal processes complete, Global Gold is now continuing with the development of the Marjan property and enforcement of the rulings issued. A full copy of the 42 page Final Award as well as the other rulings is available at the Global Gold website: www.globalgoldcorp.com.

Previous rulings in this matter included that Montreal based Caldera Resources, led by the brothers John Mavridis and Bill Mavridis, failed to make agreed payments to Global Gold despite having raised almost $5 million, failed to issue stock due, misrepresented the approval of the Toronto Stock Exchange of the parties' contract, and otherwise breached the joint venture agreement. Caldera through its Biomine, LLC subsidiary also acquired a "Marjan West" license area which it claimed was adjacent to Marjan but in fact overlapped with Marjan. Armenian Courts at three levels found that Caldera had deceptively and illegally registered full control over the Marjan Mining Company to itself without the signatures or authorization of Global Gold, and a U.S. Federal Court confirmed the phase 1 arbitration findings while rejecting Caldera's arguments to vacate the award. The November 10, 2014 Final Award resolved all other outstanding issues with the following specific findings and rulings requiring Caldera to:

-- turn over to Global Gold at its offices in Rye, New York all books, records, contracts, communications, and property related in any way to the Marjan property in Armenia and the Marjan Mining Company, including specifically the Armenian Marjan Mining Company seal, and shall pay Global Gold $50,000 plus $250 per day for every day following issuance of this Final Award that such materials are not delivered;

-- turn over to Global Gold at its offices in Rye, New York communications Caldera and/or Mr. Mavridis has had with third parties concerning Global Gold its officers, agents, directors and business...Without limitation, the following shall also be turned over to Global Gold: all direct and indirect (for example through a translator or agent) communications with the following individuals and organizations: Azat Vartanian, Petros Vartanian, ..., Joseph Borkowski, Jeffrey Marvin,... Prem Premraj..., Rasia FZE, Johan Ulander, Ecolur,... Tom Prutzman, ..., Stockhouse, Investor's Hub, shareholders of Global Gold, and any governmental or regulatory authorities-- Caldera shall pay Global Gold $100 per day for every day following issuance of this Final Award that such materials are not delivered;

-- issue a press release correcting the April 30, 2013 Caldera release ...stating that the original release is retracted with all property books and records (including all exploration data) related to the Marjan property transferred to Global Gold and that neither Caldera nor its successors retain rights to the Marjan mine in Armenia and shall pay Global Gold $50,000 plus $100 per day for every day following issuance of this Final Award that such correcting release is not issued;

-- Caldera did not spend the minimum $1 million threshold necessary to be eligible for an NSR Royalty interest and therefore Caldera has no NSR Royalty or any other interest in the Marjan property;

-- the $150,000 which Caldera paid to Global Gold was not pursuant to the JV Agreement (which did not become effective) but pursuant to the December 2009 Agreement therefore Global Gold is not obligated to make any payments to Caldera;

-- pay Global Gold $115,000 for Caldera's refusal to turn over 500,000 shares of stock in 2010;

-- pay Global Gold $3,174,209 for Caldera's failure to make agreed payments to Global Gold;

-- pay Global Gold $577,174 for legacy governmental liabilities concerning the Marjan property and shall indemnify and hold Global Gold harmless (including attorney fees) from any governmental claims or liabilities associated with the time they control the seal of the Marjan Mining Company;

-- pay Global Gold $967,345 for violating Paragraph (1) of the Final Partial Award requiring turnover of property and [for] interference in Global Gold's development of Marjan and shall relinquish the portions of the Marjan West license which overlap or in any way impinge on Marjan;

-- Caldera is liable for defamation and tortious interference with contractual and business relations with regard to Global Gold and its related personnel and so shall (i) pay Global Gold $3 million in compensatory damages..., (ii) pay Global Gold $1 million in punitive or exemplary damages..., (iii) remove all the materials and websites controlled in any way by them which were admitted as exhibits on defamatory publications in this case from the internet and other locations, (iv) remove and be permanently enjoined from using Global Gold's trading symbol without permission; (v) not share those materials with others or arrange to have them posted anonymously or otherwise- (vi) independently, ... Global Gold and those who have been named by Caldera and Bill Mavridis in the admitted exhibits on defamatory publications as well as their attorneys [are granted] the authority to contact internet service providers, search engine firms, social media sites, stock discussion boards (including but not limited to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing) to use this Final Award to remove the material as defamatory;

-- for the breaches of the Confidentiality Stipulations and Orders in this case, ...all publications of "confidential" or attorney eyes only material [shall] be removed from the internet and any other locations and that their substance not be republished and ...Global Gold and its attorneys [are granted] the authority to contact internet service providers, search engine firms, social media sites, stock discussions board (including but not limited to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing) to use this Final Award to remove the material-- Caldera shall pay Global Gold for $100 per day every day that persons associated with Caldera remain in violation of the Confidentiality Stipulation and Order following the issuance of this Final Award including for each day until full disclosure of all emails and other communications with third parties that the information was shared with or discussed;

-- pay $1,822,416 for attorney fees and costs;

-- reimburse Global Gold $88,269 paid to the arbitration association and for the compensation and expenses of the arbitrator;

The Final Award was certified for purposes of Article I of the United Nations New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and for purposes of the Federal Arbitration Act.

Despite having raised substantial funds to pay Global Gold and develop Marjan as agreed, Caldera began to renege on its commitments in late summer of 2010, and attempted to acquire Global Gold's other mining assets in Armenia. "No accounting or substantiation of Caldera's expenditures has been provided.... Global Gold has provided evidence of how much Caldera's non-payment has damaged its operations and ability to function. In addition, Global Gold provided evidence that Caldera and Bill Mavridis understood that non-payment was damaging to Global Gold's operations and actively tried to take advantage of that to acquire Global Gold's assets and harm it."

Regarding the defamatory attacks, the Final Award also states: "the evidence showed that Caldera and Bill Mavridis were acting with spiteful intent by publishing defamatory materials through the course of the arbitration in an attempt to create leverage for their own commercial advantage to harm the Global Gold side and acquire their mining assets at reduced prices. (Exs. 413 and 414). I have also been able to observe the demeanor of the concerned parties and find that the Caldera side acted with actual personal malice toward the Global Gold side, to the extent that a security guard had to be included at several points during the hearings based on the behavior of Bill Mavridis. While, some of the publications such as those making complaints to the SEC, PCAOB and other regulators purport to be in the public service, I find that they were issued maliciously to gain improper personal and business advantages, and without any regard to the truth."

"Further, the undisputed evidence showed that there is no difference between what Caldera published on its website, www.calderaresources.com and what Bill Mavridis published on his personal and other websites including the www.gbgd-armenia-mining-blogspot.com site and the www.protestgbgd.com site. While in some instances he claimed to be acting as a whistleblower and in others as a goodwill ambassador of an Armenian environmental organization, he was in fact acting in his and Caldera's own commercial and personal interests and in bad faith. The Caldera side's unauthorized use of the Global Gold trading symbol in internet addresses, search terms and other places was improper and designed with the intent to more broadly spread defamatory material. The scope of these defamatory attacks truly is too great to recount in detail here.... These publications have defamed the following: Van Krikorian, Jan Dulman, Ashot Boghossian, the members of the Global Gold Board (including Ian Hague, Harry Gilmore, Drury Gallagher, Lester Caesar, Nicholas Aynilian), Firebird Management, Brian Cousin, Hrayr Ghoukassian, the RBSM accounting firm, and others named in the admitted exhibits."

The Marjan mining property is located in Southwestern Armenia, along the Nakichevan border in the Syunik province, and Global Gold now holds a mining license to the 19.6 sq. km property valid until April 2033. The property is divided into central and northern sections with a saddle section in between. 60 km of road have been created on the sites by Global Gold alone. Global Gold has worked in Armenia since 1995, and further information is available on the Global Gold Corporation website www.globalgoldcorp.com.

Forward-looking Statements -- To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

Global Gold Corporation www.globalgoldcorp.com is an international gold mining, development, and exploration company headquartered in Rye, NY with operations in Armenia and Chile. The Company is committed to building shareholder value and maintaining social and environmental responsibilities.


CONTACT: Global Gold Corporation
International Corporate Center at Rye
555 Theodore Fremd Avenue, Suite C208
Rye, New York 10580
Tel: [phone]
Fax: [phone]
Email: [e-mail]
www.globalgoldcorp.com



http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAxMDc4NTIjMTYwNTc=

[PressureWasherGuy]

Thanks for all that hard work per info herein. Update?
16.8 mill judgement obtained by GBGD ?

[PressureWasherGuy]

No GBGD news OTC, nor IHUB. See yahoo Finance news items especially 7/1/14 8K wherein judgement rec'd in favor of 16.8 million + costs/fees for GBGD who has arbitrary judgement & now needs collect on it. Van Krikorian @ 914 925-0020.
GBGD a ski slope since 5/8/2006 has dropped to 3 cents 7/21/14 all-time low. Needs till Q3 IMO.

[BMAV1]

WOJE

You should keep away from any deals with GBGD to pump this stock....lots of crap here that you won't want to step in and get your paws full of poop....

GBGD lost their GETIK Gold project in Armenia because of non performance of their License agreements but have failed to file an 8-K to disclose this material event. Who knows, but if they can lose this license, then there other two licenses are at risk too...Marjan and Toukhmanuk...because of non-performance of under their License Agreements.

Read my last blog: toukhmanuk.blogspot.ca/2014/02/global-gold-loses-getik-exploration.html

Global Gold Loses GETIK EXPLORATION LICENSE but says nothing, WHY?
You heard it here first......

Saturday, February 22, 2014

Global Gold Corp's (GBGD) subsidiary GETIK LLC, has been issued a TERMINATION DECREE, cancelling their two Gold/Copper Exploration Licenses in Armenia, referred to as the Getik project.

The Termination Decree was signed into force by MINISTERIAL DECREE N 04-A and signed by the Minister of Energy and Natural Resources of the Republic of Armenia, Minister Armen Movsissyan.

Unofficial Translation of Decree N 04-A - MENR

[SEAL]

MINISTRY OF ENERGY AND NATURAL RESOURCES
MINISTERIAL
DECREE

22.01.2014 year N 04-A

On the application for extending permission deadlines provided to "Getik Mining Company" LLC in Getik River "Amrots" gold manifestation and "Aygut" copper manifestation of RA Gegharkunik Province, ore geological investigation 22.05.2012 year number Geological Exploration Permit– 29/034 (formerly No. 85) and Geological Exploration Permit -29/035 (formerly No. 86) .

Examining the "Getik Mining Company" LLC (hereinafter referred to as Company) provided for Getik River "Amrots" gold manifestation and "Aygut" copper manifestation of RA Gegharkunik Province, geological mineral exploration right dated on 22.05.2012 and Geological Exploration Permit– 29/034 (formerly No. 85) and Geological Exploration Permit- 29/035 (formerly No. 86) permit application 06.12.2013 - No G-28/128 of the company on 2 year renewal period of 22.05.2012 year number Geological Exploration Permit– 29/034 (formerly No 85) and Geological Exploration Permit -29/035 (former No 86) and comparing them with the requirements of contracts 06.11.2012 - No PV-034 and No PV-035 signed between the company and the authorized body, found that in accordance to the documents submitted by the company (33 pages) the Company did not implemented work plan scheduled activities for a part of activities in accordance with the above-mentioned contracts.

In particular, the Company did not make at all geophysical sampling and mapping activities and not implemented column drilling volumes approximately by 90 percent, which has already led to non fulfillment of contractual schedule failure: filing implementation of contractual obligations (proposed schedule). Therefore, there is a base according to Mining Code, 42 Article, 3 Point for not prolong validation permit period provided to mining company for geological investigation of subsoil mineral extraction, because the mining company requested an extension due to the breach of contractual duties.

In addition, by the application request for prolonging of Geological Exploration Permit -29/034 permission on investigation (Amrots area), refusal from separated non prospective site required by the legislation (not less than half of the allocated area) to do not comply with the law by refusing the space share (portion), which is also in accordance with the Mining Code, Article 42 § 4, is a base for not prolonging the period of permit validity.

Besides these, the Company presented surface of "Amrots" gold manifestation by 2.2 km3 out from the area given to them in the past, which should be considered as an expansion of mining rights for which the company did not apply and did not present documents required by the Mining Code, Article 43.

Thus, guided by the Mining Code 30 Article 5, paragraph 1, item 6, Article 42, paragraph 3 and 4 parts:

I HEREBY

1. Reject the application on extending for 2 years permits period of "Getik Mining Company" LLC in Getik River "Amrots" gold manifestation and "Aygut" copper manifestation of RA Gegharkunik Province, ore geological exploration 22.05.2012 year of Geological Exploration Permit– 29/034 (formerly No 85) and Geological Exploration Permit -29/035 (formerly No 86);

2. Define that geological exploration for the purposes of minerals extraction 22.05.2012 of Geological Exploration Permit-29/034 (formerly 85) and Geological Exploration Permit-29/035 (formerly 86) permits and sub-soil investigation of minerals for extraction purposes 06.11.2012 year No PV-034 and No PV-035 and the end of validity time of mining contracts 10.12.2013 year, terminate the right on Getik River "Amrots" gold manifestation and "Aygut" copper manifestation geological mineral investigation given to "Getik Mining Company" LLC in RA Gegharkunik Province, and resolve (terminate) mining contracts 06.11.2012 year No PV-034 and No PV-035;

3. This order may be appealed by the administrative order after 6 months period of its entry into force or by court in 2 years period of its entry into force.

4. The control of this order is reserved to the Chief of Staff of the Ministry of Energy and Natural Resources.

Armen Movsisyan


While the translation is a little rough, it should be clear from reading that GGC's subsidiary, GETIK LLC;

1. Applied for an extension for its two exploration permits, Geological Exploration Permits 29/034 and 29/304 (formerly referred to as exploration permits No. 85 and no. 86) on December 6, 2013 under application number No G-28/128;

2. The application was rejected and the exploration permits terminated along with the exploration license agreements, by ministerial decree on January 22, 2014.

3. Termination was the result of the Company failing to fulfil its contractual obligations under Exploration License Agreement PV-034 and PV-035 by failing to implement their work plan and scheduled activities as filed (33 page document) in accordance to the license agreements; In particular the Company failed to perform required drilling volume by 90%, surface exploration/trenching and mapping.


But why has Mr. Van Krikorian, Chairman, Director and Corporate Counsel for GBGD failed to file a form 8-K disclosing this material event to the PUBLIC?

According to SEC rules, a Form 8-K must be filed within 4 business days of knowledge of a material event. It is now 30 days since the issuance of this Ministerial Decree, terminating GBGD's exploration license on the GETIK project.

Why has Mr. Van Krikorian failed to report this? Is it because he does not consider it important? Does he consider that losing one of GBGD's gold exploration license immaterial?

OR, is GBGD and Mr. Van Krikorian trying to hide the fact, that IF the Government of Armenia can TERMINATE the GETIK license for non-performance, can they also TERMINATE GBGD's TOUKHMANUK and MARJAN mining license too?

It is a fact, that GBGD and Mr. Van Krikorian have been desperately trying to mislead investors, through GBGD's SEC filings that the TOUKHMANUK and the MARJAN mining projects are seriously in default of their contractual obligations as filed under Toukhmanuk Mining License Agreement No. 287 and Marjan Mining License Agreement No. 144.

OR is it because GBGD and Van Krikorian are trying to hide this fact from their Joint Venture partner Consolidated Resources Armenia (CRA), who they have partially embezzled and misappropriated $7 million dollars of funding for the JV project?

This misappropriation of funds committed by Mr. Van Krikorian and his CFO, Mr. Jan Dulman, includes over $500,000 which was earmarked for exploration on the GETIK project in 2011, which clearly has been misappropriated 100%, and is now evidenced by the fact that GETIK licenses has been TERMINATED by Ministerial Decree.

GBGD's Principal Executive, Mr. Van Krikorian, and his CFO, Mr. Jan Dulman, have gotten away too long for failing to report material and adverse events affecting GBGD's investments in Armenia because there is no transparency with what happens in Armenia due to investor's lack of understanding Armenian language and understanding local regulations. Mr. Van Krikorian and Mr. Jan Dulman have failed to fully disclose in their SEC filings the process of obtaining and maintaining license and permits in Armenia, and have purposefully done so to avoid disclosing material adverse events.

Investors and Joint Venture investors rely on GBGD's SEC disclosures. If all the material facts were disclosed in GBGD's SEC filings, as they should be by law, investors would see the RED flags and not rely as much on Mr. Van Krikorian's and GBGD's deceptive disclosures. If I knew 10% of what I discovered of the status of GBGD's crumbling investments in Armenia, I would have never entered in a deal with them on the Marjan project.

I urge the US SEC, PCAOB and the department of Justice, Foreign Corrupt Practices Act (FCPA) division to investigate GBGD, Mr. Van Krikorian and stop this serial fraudster from continuing to make willfully false and misleading statements and omitting material facts in his SEC filings to deceive his investors and using corruption and undue influence in Armenia to silence his detractors.

[woje]

Are you still long and strong here?

[BMAV1]

Van Krikorian and GBGD Accused of Misappropriating Funds From Investor

It appears that a disgruntled employee of Global Gold Corp. (otcmarkets: GBGD) from Armenia, (which there are many of) decided to expose his former employers and dropped off some files to my attention. In that file was a copy of a "Derivative Action Complaint" which was prepared by Consolidated Resources Armenia (CRA), GBGD's latest victim.

The COMPLAINT outlines that Mr. Van Krikorian, the President, Director and Corporate Counsel of GBGD, and Mr. Ian Hague, independent director and controlling shareholder of GBGD (and founder of FireBird Management) conspired to defraud its investor, CRA, of $5MM capital investment and $2MM Note and retain the benefit of the capital infusion for GBGD. Evidence of this complaint supports what I discovered in the past, that GBGD (aka "GGC") was trying to defraud CRA out of their $7MM investment made on the Toukhmanuk and Getik gold properties in Armenia. CRA owns 49% of the Joint Venture known as Global Gold Consolidated Resources (GGCRL), and GBGD ("GGC") owns 51%. Mr. Ian Hague and Mr. Van Krikorian abused their powers as directors of GGCRL and GBGD in order to commit the worst kind of fraud – specifically blocking receipt by GGCRL and depriving CRA investors of all of its Armenia mining assets while seeking to extort millions of dollars in cash and equity illicitly from CRA in exchange for allowing the obligatory asset transfer to occur.

This COMPLAINT was prepared on behalf of CRA by DORSEY & WHITNEY LLP, which is one of America's top 100 LAW FIRMS.

A full copy of the complaint is posted at here

Some of the more egregious items outlined in the COMPLAINT accuse Mr. Ian Hague and Mr. Van Krikorian of the following:

"Krikorian and Hague have refused without justification to bring about the transfer of key assets to GGCRL, assets essential for it to conduct its business and deliver shareholder value. Krikorian and Hague have failed to assist in the transfer of these assets, as a means to coerce egregious employment terms for Krikorian and to alter the terms of the joint venture for the benefit of GGC and themselves personally, at the expense of the other joint venture partner, CRA. Krikorian and Hague have perpetuated a series of improper actions undermining GGCRL’s business, including:
(i) concealment and misrepresentation of substantial GGC liabilities, including tax liabilities that posed material risks to the assets to be transferred to GGCRL;
(ii) fraudulent transfers of corporate funds to personal bank accounts of GGC officers;
(iii) misappropriation and misuse of corporate funds, and
(iv) self-dealing. (2)"

"Rather than take steps as directors of GGCRL to ensure that the Closing took place, Krikorian and Hague have caused GGC to block the Closing and have attempted to extract more value for GGC and themselves, at the expense of CRA and GGCRL. (62)"

"Krikorian even expressly indicated at a GGCRL board meeting that he and Hague intend to persist in blocking the Closing until they “get what they want”—simply ignoring their duties as directors of GGCRL. (64)"

"Throughout these delays, Krikorian has repeatedly sought to negotiate an employment agreement with GGCRL for himself, with terms egregiously favorable to him personally. In particular, as a portion of his executive compensation to be paid by GGCRL, Krikorian has demanded that he personally receive a minimum of 5% of the shares of GGCRL in addition to significant salary increases, annual bonuses, and a golden parachute providing for a huge windfall payment of accelerated compensation equating to millions of dollars (66)"

"and with Hague’s full knowledge and unconditional support, Krikorian has blocked completion of the Closing and both prevented and severely damaged the Public Listing process in part as a ploy to attempt to force GGCRL to agree to Krikorian’s egregious terms of employment. (67)"

"Throughout the delays, acting in their capacities as directors of both GGC and GGCRL, Krikorian and Hague have attempted to force a wholesale alteration of the material terms of the Joint Venture Agreement, to secure terms more favorable to GGC, at the expense of CRA. (68)"

"Holding out for egregious and damaging employment terms and a wholly reshaped joint venture deal, Krikorian and Hague also refused to go forward with negotiations on two reverse merger opportunities, which would have brought significant value to GGCRL and its shareholders. (69)"
"Krikorian and Hague systematically delayed the Closing at every step laid out in the Joint Venture Agreement. Krikorian made it an overt strategy to abuse his role and signing authority as interim executive chairman, using the routine signing of GGCRL corporate documents necessary for developing its business as bargaining chips to exact special favors for GGC and Hague and himself.( 72)"

"Krikorian and Hague have stated that, by preventing the Closing of the joint venture, they intend to retain the benefit of the capital infusion GGC received from CRA—which made it possible for GGC to stay in business—(76) "

"As a part of their ongoing effort to avoid tax liabilities to the Armenian government, upon information and belief Krikorian and Hague have supported and encouraged fraudulent transfers of GGCRL funds. In particular, Krikorian and Hague have knowingly transferred corporate funds to personal bank accounts—including without limitation accounts in the name of the Country Manager, Ashot Boghossian—in order to evade Armenian tax authorities. (81)"

"Krikorian and Hague misappropriated and misused substantial corporate funds, repeatedly using funds advanced by CRA for purposes other than those disclosed. For example, a substantial portion of the $5 million advanced by CRA, as well as the $2 million of addition interim funding, was intended to be used for plant expansion and balance sheet cleanup. Instead, Krikorian and Hague directed GGC to use a substantial portion of those $5 million of funds for other unapproved purposes, and diverted substantial portions of those funds to GGC obligations, to the detriment of GGCRL and its shareholders, all while blocking the intended plant expansion and balance sheet cleanup. In other words, Krikorian and Hague have authorized GGC to use those funds for unapproved purposes instead of forcing GGC to use those funds as otherwise agreed, or have themselves blocked GGCRL from using those funds for high-priority purposes. (85)"

[BMAV1]

IAN HAGUE’S DUBIOUS GBGD SHAREHOLDINGS & SELF-DEALING DEPRIVES FIREBIRD LIMITED PARTNERS AND GBGD SHAREHOLDERS OF POTENTIAL INVESTMENT RETURNS

Link ot original BLOG

In early 2008 things were not going so well for Global Gold Corp. (otcmarkets: GBGD) in Armenia and they were running out of money, so Mr. IAN HAGUE, the "independent director", became GBGD's personal banker.

From February 7, 2008 to December 28, 2009, Mr. IAN HAGUE made personal loans totalling $4,230,000 at 10% interest, convertible into GBGD shares. [The conversion for $3,210,367 of these loans was set at a floor of $0.43 per share.] These loans were from Mr. Ian Hague's "personal cash", not cash from the managed funds of FireBird Management.

Below are the details of the Director Loans made by IAN HAGUE:

February 7, 2008. . . . . . . . . . . $ 260,000
March 10, 2008. . . . . . . . . . . . $ 280,000
April 14, 2008. . . . . . . . . . . . . $ 300,000
May 12, 2008. . . . . . . . . . . . . $1,500,000
July 7, 2008. . . . . . . . . . . . . . . $ 800,000
------------------------------------------------
Total $3,140,000
Total+accrued intrest to July 31 $3,210,367.12


The loans above were consolidated in to one loan totalling $3,210,367.12, as of July 31, 2008, as further outlined in the Chilean Mining Asset Sale Agreement. (See GBGD Letter to Ian Hague and Don Laguardia related to Chilean Mining Assets Sale of July 31, 2008 - link to SEC Filing).

The Acquisition of the Chilean Assets was terminated on September 16, 2008 (see 8-K - Termination of a Material Definitive Agreement - link to SEC filing) and Mr. Ian Hague's advances of $3,210,367 were automatically converted to loans, carrying 10% annual interest with an option to convert the entire loan to GBGD stock at no less than $0.43. The loans made by Mr. Don Laguardia's, totalling $150,000, were never returned by GBGD and its principle executive, Mr. Van Krikorian, claiming it was forfeited.

On September 23, 2008 Mr.Ian Hague made an additional loan to bring the new consolidated loan to $3,500,000 as outlined in the RE: Loan to Global Gold Corporation and Royalty Letter (link to SEC filing)



September 23, 2008. . . . . . . . . . $ 289,632.88
---------------------------------------------------
Total $3,500,000



The strangest thing about this new loan of $289,632.88 is that Mr. Van Krikorian and Mr. Ian Hague negotiated new terms for the advances, instead of 10% interest per annum and a conversion to GBGD shares at a floor price of $0.43, the loan was changed to 10% interest per annum, no conversion and 1.75% Net Smelter Royalty (NSR) on gold produced from GBGD's interest in the Chilean Assets.

Mr. Ian Hague went from attempting to acquire GBGD's Chilean Assets for $5,000,000 and paying Global Gold a 2.5% NSR, to becoming a lender to GBGD and receiving a 1.75% NSR.

Assuming that there are 5,000,0000 ounces of gold on the property, as GBGD believes, and assuming the price for gold at $800 oz, Mr. Ian Hague can now potentially receive more than $35,000,000 in cash flow from this 1.75% NSR over the life of the mine. That's a very rich return for just making an additional $289,632.88 loan, for anyone, but especially for an "independent director" of GBGD.

If this is not the definition of self-dealing, I do not know what is. The rules for Private Companies are a little different, but public companies and their directors have a higher set of standards to meet when taking into consideration and accepting such deals. This deal negotiated between GBGD CEO, Mr. Van Krikorian, and the "independent" director, Mr. Ian Hague, to give away a 1.75% NSR of their Chilean Assets, for receiving an additional loan of $289,632,88, smacks of self-dealing.


Mr. Ian Hague continued to act as the personal banker for Global Gold while continuing to be elected "independent director". Including the new consolidated loan of September 23, 2008 of $3,500,000, Mr. Ian Hague made additional director loans to GBGD for a grand total of $4,230,000 of loans from his personal account.


September 23,2008 . . . . . . . . . . $3,500,000
May 13, 2009. . . . . . . . . . . . . . . $ 500,000
September 14, 2009. . . . . . . . . . $ 50,000
October 29, 2009. . . . . . . . . . . . $ 60,000
November 12, 2009 . . . . . . . . . . $ 10,000
December 28, 2009 . . . . . . . . . . $ 110,000
------------------------------------------------
Total Loans $4,230,000

TOTAL TO OCT. 25, 2010 + INTEREST . . $5,052,262


On October 25, 2010 Mr. Ian Hague converted his loans plus accrued interest, totalling $5,052,262 to shares of GBGD at a shocking conversion price of $0.15 per share (see 8-K Sec filing of October 19, 2010), when his own FireBird managed funds purchased shares at an average price of $0.398

Mr. Ian Hague's loan of $3,210,367.12 related to the Chilean Agreement of July 31, 2008, had an original conversion price of $0.43 per share. This should have provided Mr. Hague with 7,465,970 shares of GBGD and an additional 5,481,747 on the balance of the loans and accrued interest, for total conversion of 12,947,717 GBGD shares.

Instead Mr. Ian Hague received an additional 20,734,031 GBGD shares for total consideration of 33,681,748 GBGD shares pocketing an extra shares valued at $3,110,105.


THIS EQUATES TO A 160% INCREASE IN THE NUMBER OF SHARES BEING ISSUED TO MR. IAN HAGUE. SPECIFICALLY, 20,734,031 EXTRA SHARES WERE ISSUED TO MR. IAN HAGUE, HIGHLIGHTING HIS DUBIOUS GBGD SHAREHOLDING AND GENEROUS NSR OF 1.75% FOR MAKING AN ADDITIONAL $289,632.88 LOAN ON SEPTEMBER 23, 2008, ALL WHICH CAUSED ENTIRELY AVOIDABLE YET DEVASTATING DILUTION OF 48% (FROM 40.98% to 21.29%) TO THE GBGD SHAREHOLDING BENEFICIALLY OWNED BY FIREBIRD LIMITED PARTNERS.

Furthermore, Between Mr. Ian Hague's personal shareholdings and the shareholdings of the FireBird Funds, Mr. Ian Hague, GBGD's independent director, controlled approximately 64% of the outstanding shares of GBGD.

Mr. Ian Hague became a controlling shareholder and wielded considerable power in GBGD's affairs. Mr. Ian Hague was now "too close to management" (ie Mr. Van Krikorian) to be considered "independent" even though he still sits as an independent director on the Board of Global Gold Corp..

[BMAV1]

Part I: US Judge Blasts Van Krikorian / Global Gold Corp (GBGD) and Overturns his $37MM Default Judgement Against Former Minister of the Republic of Armenia, Mr. Vardan Ayvazyan



I finally received a complete copy of the ruling handed down by Justice Paul Oetken, relating to the overturning of the Vardan Ayvazyan default judgement, that awarded Global Gold Corp. (otcmarkets: GBGD) $37MM. for a copy of the ruling click here.The order was overturned on November 21, 2013 by the same Judge who issued it, on the grounds stated below:

Because this Court lacks personal jurisdiction over Ayvazian, the default judgment is void and must be set aside. Equitable factors also support this outcome. Global Gold has had its day in court and has also had its day before the Tribunal that it contracted for, from behind a veil of ignorance, before the dispute arose. Faced with consistent adverse decisions, it now seeks to change the rules of the game. This is the rare case where the interests of finality and the interests of protecting a defaulting defendant are aligned: Global Gold may not circumvent the decision of the ICA Tribunal by returning to this Court, which lacks jurisdiction over Ayvazian.

For the foregoing reasons, Defendant Ayvazian’s motion to vacate default judgment (Dkt. No. 15) is GRANTED, and the default judgment entered in this case on July 11, 2012 (Dkt. No. 9) is hereby VACATED.

The complaint is hereby dismissed without prejudice.
The Clerk of the Court is directed to close this case.

SO ORDERED
Dated: New York, New York
November 21, 2013
J.Paul Oetken
United States District Judge

Since 2006, GBGD has been attempting to impugn the character of Mr. Vardan Ayvazyan by making outrageous and unsubstantiated declarations of corruption, all in an apparent scheme to gain advantage in negotiations with the representatives of the Government of the Republic of Armenia, so as to secure and maintain his exploration and mining licenses on the Marjan and Hankavan gold deposits.

No less than 3 times have the International Chamber of Commerce Court of Arbitration ("ICA Tribunal") and the United States District Court have ruled that Mr. Krikorian's dispute with SHA, LLC does not involve the former Minister of the Environment, Mr. Vardan Ayvzyan, since he was not party to his dealing with SHA, LLC or mentioned anywhere in his agreements.

Judge Paul Oetken, not only reversed his own decision that issued a default judgement in favour of GBGD, it slammed Van Krikorian and Global Gold, for abusing the legal system by trying to aggressively and repeatedly pursue Mr. Vardan Ayvazyan so as to get the ruling that it wanted.

Judge Paul Oetken states: "Global Gold has had its day in court and has also had its day before the Tribunal . . . Faced with consistent adverse decisions, it now seeks to change the rules of the game . . . Global Gold may not circumvent the decision of the ICA Tribunal by returning to this Court, which lacks jurisdiction over Ayvazian."


More on The CONSISTENT ADVERSE DECISIONS that GBGD received and tried to circumvent by abusing the ICA Tribunal and the US District Court, in my next blog, Part II.

[BMAV1]

OSCE Confirms that the TOUKHMANUK Tailings Dam Application Rejected by Ministry of Nature Protection of Armenia

The official newsletter of the OSCE office in Yerevan, Armenia, reports that the Ministry of Nature Protection has rejected Mego-Gold's application to build its 3rd tailings dam as part of the expansion of the Toukhmanuk Gold Mine. (Mego-Gold is a subsidiary of Global Gold Corporation otcqb: GBGD).

A copy of the newsletter can be accessed at: https://app.box.com/s/fxqcyvx6xozq64jthlpx

The Article, under the heading Economic / Environmental Security reads:

The Ministry of Nature Protection rejected the Toukhmanuk tailing project submitted by Mego Gold Company for the construction of a new (3rd) tailing dump near the village of Melik (Aragatsotn province).

The local community had raised concerns over possibilities that pre-existing negative health and environmental impacts, which had begun in 2006 when the company developed the gold mine, would be exacerbated. At the request of the community, the Aparan Aarhus Centre, together with other civil society organizations, organized numerous awareness-raising activities and public discussions, which involved all stakeholders. Articles highlighting environmental concerns and expert analyses were published by the Centre and submitted to the government.

At the public hearings organized by the Ministry of Nature Protection mining's impact on health and the environment, as well as seismic risks, were discussed.
The Environmental Impact Assessment undertaken by the Ministry proved that the request to construct the tailing dump construction should be refused.

The Aparan Aarhus Centre is continuing to contribute to Melik's community security through the provision of expert data and legal assistance in order to further improve the environmental and health security of the local population.


Mr. Van Krikorian, the President, CEO, Director and Corporate Counsel for Global Gold Corporation has failed to disclose this material information in their financial reports. There was no mention of the rejection of the tailings dam even in GBGD's recent 10-Q for the period ending June 30, 2013.

The rejection occurred on April 26, 2013. See my blog of June 13, 2013
http://gbgd-armenia-mining.blogspot.com/2013/06/global-golds-application-for-new.html

[BMAV1]

TO THE BOARD OF GLOBAL GOLD CORPORATION AND ITS SHAREHOLDERS

The Toukhmanuk Gold Mine has been challenged by local communities and various Environmental NGO's. I believe Mr. Ashot Poghossyan and Mr. Van Krikorian have been under-reporting to the Board and its shareholders of the challenges and material facts related to this project.


I have provided articles published by ECOLUR below. From reading these articles it is clear that:

1. The Local Community and the MELIQ Village opposes the Tailings dump/dam construction
2. Global Gold falsified minutes of the Local Community Meeting village and tried to claim the community accepted the dam
3. Complaints have been filed with authorities regarding the falsification of the minutes in March 2013
4. New Meeting rejected the Application of the Tailing Dam
5. The Area for the proposed tailings dam is in a 9 magnitude earthquake zone
6. There are apparently heavy metal contamination in the are area due to the activities of Mego-Gold
7. NGO representing 50 groups have filed a letter with the President of Armenia's Office opposing the project
8. NGO have filed criminal complaints against Global Gold/Mego-Gold


Its time that your company change its local management and remove Mr. Van Z. Krikorian as officer of the company for failing to provide timely information on the material events in Armenia. Failure to report these material events in 10K, 10Q and 8K filings is a serious breach of securities legislation potentially placing all directors of Global Gold at risk.

I have also provided to you proof that Global Gold has been keeping two accounting records in Armenia related to the mining at Toukhmnauk. Global Gold has over reported mining levels by 104% including gold grades and gold production. This information clearly puts in question the valuation of the inventory of ore and concentrate on the balance sheet of Global Gold valued currently at $559,525 on December 31, 2012.

As usual I have filed this complaint with the SEC Enforcement and the PCAOB.

Sincerely

Bill Mavridis
514-813-9200



ARTICLES: http://www.ecolur.org/en/
{ Note: ECOLUR is and Armenia Language NGO based in YErevan, Armenia. The English Translations are provided by ECOLUR}

Soil of Meliq, Rya Taza and Miraq Villages is Polluted with Heavy Metals and Toxic Elements from Tukhmanuk Gold Mine
14:02 June 13, 2013

EcoLur

Heavy and exotoxic elements such as As, Sb, Pb, Cd, Cu, Mn, V, Cr, Co, Ni, Zn, Sn, Bi are spread from Tukhmanuk gold mine via different pipes, which get accumulated in Meliq, Rya Taza and Miraq Villages, Aragatsotn Region, and other land areas, as well as in bottom sediments of Halavar and Qasagh Villages. This is what “Ecochemical Analysis of Tukhmanuk zone land and river bottom sediments” work says implemented by “ArmEcoMonitoring” SNCO Deputy Director Seyran Minasyan on “BLEJAN” NGO’s order.

According to this work, the total concentrations of potentially hazardous 17 elements and metals (Sr, Ba, Mn, V, Cr, Co, Ni, Fe, Cu, Zn, Sn, Bi, U, As, Sb, Pb, Cd) have been determined in the samples. It turned out that the concentration of the studied elements of the observation sites located above Meliq Village and below Miraq Village and interim territory of Rya Taza-Meliq exceeds MCP by 12.-2.5 times.

Reminder: Tukhmanuk gold mine is developed by “MegoGold” LLC.



EcoLur Opinion on Tailing Dump Construction Project in Meliq Village
15:16 April 25, 2013

EcoLur

“EcoLur” Informational NGO has sent its opinion on Tailing Dump Construction Project in Meliq Village to the Ministry of Nature Protection.

The opinion says, “The tailing dump construction project in Meliq village proposed by Mego Gold Company should be turned down on the following grounds: the project doesn’t reflect the factual risks and the project is isolated from complex issues of extraction, production and maintenance of industrial wastes.

The tailing dump should be the third one in the territory of Meliq village. It should collect the tails of Mega Gold gold-extracting production. The plant processes gold-bearing ore of Tukhmanuk gold mine. The data submitted in the project about the composition of tails don’t comply with the composition of ores, the data about the presence of toxic metals and toxic elements left after gold extraction are missing in the project. The assessment of background pollution of water and land areas caused by two operating tailing dumps is also missing in the project. It’s possible to indirectly judge about the pollution based on the results of the analysis carried out by the Center for Ecological Noosphere Studies of NAS RA presented to the public and by the research articles about the composition of ore in Tukhmanuk mine. The data about the probable impact on human health are missing. As Health Ministry response shows their specialists haven’t carried out any examinations in the village and they relied exclusively on the project documentation, which doesn’t reflect the real situation.

What about environmental expertise experts’ opinion, in the course of specialized hearings at Nature Protection Ministry held on 19 April, they confirmed that they relied not on the studies of the situation, which already has sharply negative background, but on the data in literature, i.e. they don’t handle the situation. The minutes of the public hearings held in Meliq Village on 27.11.2012 don’t comply with what public representatives and the locals said at the hearings proved by the video recording made by EcoLur in the course of the public hearings. In the course of the discussions held at Nature Protection Ministry on 19 April 2013 Mego Gold Company Director Ashot Poghosyan stated many times when answering to the questions that the final replies to the questions about risks raised by public can be given only when a new project for Tukhmanuk mine development will be submitted.

We propose to consider the problem of keeping industrial wastes of Tukhmanuk mine development in complete documentation package, where not only the tailing dump project will be submitted, but also the projects of mine development and gold-extracting production.”


“EcoRight” NGO Demanding Criminal Investigation for Tukhmanuk Mine Tailing Dump Project
14:21 March 12, 2013

EcoLur

“EcoIravunq” NGO (“EcoRight”) has sent a letter to Public Prosecutor Aghvan Hovsepyan on crime commission, signed by NGO Chairman Arthur Grigoryan. The letter particularly says, “On 27 November 2012 Mego Gold Company organized public hearings in Meliq Village, Aragatsots Region, on the construction project of the third tailing dump for the disposition of wastes of Tukhmanuk mine it develops. The project mentions that the tails contain the following chemical compounds, SiO2 – 46,23%; AL2O3 – 10,81%; MgO – 5,17% ; TiO2 – 0,82 %; CaO –6,41%; MnO – 0,15%; Fe2O3 – 6,4%; FeO -3,62%, but the project doesn’t say a word about heavy metals. The Center for Ecological-Noosphere Studies conducted laboratory analysis, which says that the tails contain arsenic, cadmium and lead. The divergence of the data with the project causes to suspect that the company and Lernametalurgiakan Institute intentionally misled the public by concealing the composition of the tails and their impact on the community and people’s health. The aforementioned facts point out the existing deviations of mine development from the confirmed project, which may contain the features of Articles 281 and 284 of the Criminal Code of Armenia. We think that criminal investigation needs to be carried out to reveal the creditability of the information presented in the project and to reveal to what extent the company and Lernametalurgiakan Institute intended to mislead public with this information, to what extent the activities of Tukhmanuk mine development deviates from the confirmed project and whether there are features of Articles 281 and 284 of the Criminal Code of Armenia.”


Public Demanding to Annul Minutes of Hearings on Tailing Dump Construction in Meliq Village
19:34 March 11, 2013

EcoLur

Public representatives have applied to Nature Protection Ministry demanding to annul the minutes of the hearings on the construction project of a new tailing dump in Meliq Village. The tailing dump will be the third, which Mega Gold Company, the developer of Tukhmanuk gold mine, intends to construct in the village. The application particularly says, “…In the course of the public hearings on 27 November, Meliq Village Head stated he would present the opinion of the village a month later. Nevertheless, the minutes of the hearings are dated 27 November and signed by the village head and company director. The minutes say, “The village has no objections in regard with the construction of a tailing dump…A decision was reached to approve the environmental part of Tukhmanuk dressing plant…” It’s falsification, as during the hearings many opinions were expressed about the impermissibility of constructing the third tailing dump in the village. The minutes don’t reflect the viewpoints of the villagers and public representatives. The company representatives and the project developer, who worked on the project development by company’s order, expressed their positive opinions. We demand to annul the minutes of the public hearings held by Mega Gold Company on the construction project of a new tailing dump for Tukhmanuk dressing plant in Meliq Village,” the application says. The application is corroborated with the minutes of the public hearings for 27 November and the video recording.



Public Environmental Alliance to Armenian PM: Asking to Stop “MegoGold” Company Activities
12:37 January 18, 2013

EcoLur

Public Environmental Alliance, an alliance of 50 NGOs, has addressed a letter to Armenian PM Tigran Sargsyan, which particularly says, “On 20.11.2012 the Public Environmental Alliance has filed a proposal to Nature Protection Ministry, the National Assembly Standing Committee on Agriculture and Environment to set up a working group in regard with the activities of “MegoGold” LLC in Meliq Village. We would like to ask you to assign Nature Protection Ministry, Health Ministry and Ministry of Emergency States, in the frames of their terms of reference, to conduct examination of the situation and to present the findings to the public…At present “MegoGold” Company intends to construct the third tailing dump in Meliq Village. We are asking to stop the activities of the company till the assessment of the situation on the spot.” The proposal filed to Nature Protection Ministry dated on 20.11.2012 is attached to the letter, “…According to the project (construction of a tailing dump), Meliq Village is located in the zone of nine-point seismic risks.” “MegoGold” Company intends to construct a new tailing dump in the territory of 7 ha…The company is the subsidiary of “Global Gold” Company and has been developing Tukhmanum gold mine since 2006. Ore dressing is conducted directly in the territory of Meliq Village. The village itself is in a hard situation. Numerous breakdowns of operating tailing dumps has led to the default with the water pipe of the drinking water in the village, because drinking and irrigation waters get mixed…The dust blown off the tailing dump, accumulates on the ground, which villagers cultivate and contaminate them with heavy metals. All this lead to decrease in crop productivity and caused huge damage, which hasn’t been studied and assessed. According to the villagers, they incur material and moral damage from the development of the mine and the tailing dump. Villagers’ health has been deteriorated, birth rate had reduces, cancer diseases have increased. The villagers have filed complaints to the state bodies, but to no avail,” the letter says.


Public Thinks that Mego Gold Company Should Present New Complex Project of Tukhmanuk Mine Development
12:44 December 04, 2012

EcoLur

The NGOs having taken part in the public hearings on the construction project of the tailing dump of Mego Gold Company in Meliq Village on 27 November think that a new complex project should be presented on the development of Tukhmanuk gold mine.

In their statement to Aram Harutyunyan, Minister of Nature Protection, they noted, “On 27 November 2012 “Mego Gold” Company organized public hearings on the construction project of a new tailing dump in Meliq Village, Aragatsotn Region. The public hearings were participated by Meliq villagers and Village Head Hakob Mkrtchyan, “Mego Gold” LLC Director Ahsot Poghosyan, “Mego Gold” LLC Deputy Director Henrikh Mkrtchyan, Nature Protection Ministry “Environmental Expertise” SCNO Expert Laura Balayan, Head of Environmental Department of “Lernametalurgiakan Institute” Hovik Nikoghosyan, public representatives – Greens Union Chairman Hakob Sanasaryan, “Shogher” Union Chairman Hasmik Aslanyan, Yerevan Aarhus Center Coordinator Silva Ayvazyan, Aparan Aarhus Center Coordinator Natalya Manukyan, Lawyer of Aarhus Centers Arthur Grigoryan, expert-hydrologist Qnarik Hovhannisyan, Editor of http://www.ecolur.org/ Victoria Burnazyan and mass media. Nevertheless, the minutes of the public hearings were not drawn up on the spot.

The participants put their signatures on a separate sheet of paper, which should be attached to the minutes. Meanwhile, a part of the participants, such as the representative of the Environmental Expertise Laura Balayan and Developer Hovik Nikaghosyan left the hall before the end of the hearings. Meliq Village Head Hakob Mkrtchyan stated that the villagers will express their opinions within a month.

We, public representatives, were not acquainted with the text of the minutes and think that the procedure of hearings minutes taking was violated, and consequently, the minutes, as an official document, should be recognized null and void.

Then, under the project:

1. We consider it necessary that Mego Gold Company to meet the demand of the local population and introduce it into the project:

a) the plan of reclamation of two tailing dumps with diagrams and cost of actions. If the company intends to extract the gold it contains, the activities of tail processing should also be included into the project.

b) an alternative of Tukhmanuk gold mine development in closed method,

c) to estimate the damage caused to farms in Meliq Village or plan of actions for consequence minimization,

d) in case of production expansion, to present a plan for forced resettlement.

2. In the course of the public hearings in Meliq Village on 27 November, Company Director Ashot Poghosyan stated that there are plans to expand production and mining volumes, while the issue of new tailing dumps may arise. For the purpose of correct assessment of risks for hazardous objects and supposed actions of Mego Golf Company we think it’s necessary for the company to present a complex project, where the integral part of the project will be the construction of new tailing dumps. The project should also present measures on prevention of environmental pollution.

3. In the presented project the components of tails don’t comply with scientific data (Sh. Khachatryan, “Geochemical characteristics of Tukhmanuk Gold Mine (Aragatsotn Region)”, “Procs of Yerevan State University, 3 (223), 2010). We would ask the developer company to submit the methodology and experimental findings.

4. Developer Hovik Nikaghosyan has tightly connected the construction of a new tailing dump and employment at the plant. “If there is no tailing dump, there will be no mine operating, if there is no mine operating, there will be no plant operating… Everything depends on you, if you don’t want, you can reject, and the mining industry will be closed down in Meliq Village…” We value this statement as misinformation, as the company is able to present an alternative, for example, to conclude an agreement with other ore processing plant.”

Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos)
17:35 November 28, 2012

EcoLur

Meliq villagers have to decide whether or not they agree “Mego Gold” Company to construct a new tailing dump in the territory of the village. This is what Meliq Village Head said in the course of public hearings on the project on 27 November. Like the previous tome, the minutes of the public hearings were not drawn up. It’s still unknown when the minutes will be drawn up as an official document and passed to the environmental expertise. It’s also not clear, what these minutes will include out of the expressed opinions. The public representatives considered this to be a violation of the procedure and didn’t sign under the list of participants, while the villagers expressed their extreme concern with project risks. First of all, these risks include two non-cultivated tailing dumps and a damaged irrigation system, as a result of which 60 families lost their harvest of the potatoes. People complain of bad ecology and problems with birth rate. The NGOs expressed such an opinion that the village is on the verge of resettlement, as these land areas will stop to be fertile, while after several months it won’t be possible to cultivate these land areas.

But this is not all. Besides the designed construction of the third tailing dump, the company intends to construct another tailing dump, as Mego Gold Company is going to expand its mining volumes in Tukhmanuk gold mine despite the accumulated debts.

More details about all this, about questions and answers raised in the course of the public hearings will be provided in upcoming news by EcoLur.


MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos)
15:29 November 01, 2012

EcoLur

Meliq Village hasn't yet made a decision on the construction of a new tailing dump. 'It's early to speak about a new tailing dump, unless the first tailing dump is recultivated,' Said Meliq Village Head Hakob Mkrtchyan. The public hearings on the construction project of a new tailing dump for Megogold Company was held in Meliq Village on 30 October. Nevertheless, the villagers didn't know anything either about the project or the public hearings. Only after half an hour after the appointed time, about 20 people came to participate in the hearings and presented their problems concerning the company activities. An interesting fact: one of the participants, Karen, who had declared about the company owing him money, over 500,000 AMD as a salary, is at the same time the shareholder of American 'Global Gold Mining' Company. The certificate is issued for 250 USD. 'When the company's business was good, about 30 employees received such certificates. I still don't know, what I will gain, but I'm not going to sell it,' Karen said.

The main problem is that the company intends to take new territories from the village, but it hasn't recultivated old tailing dumps, which cause essential damage to the village.

One tailing dump is mentioned in the list of 19 tailing dumps known to the Ministry of Emergency States. The characteristics of the tailing dump are as follows: distance from Meliq Village – 2 km, projected volume – 90,000 cubic meters, fullness – 45,000 cubic meters. The second tailing dump is missing in the list.

EcoLur working group asked to help them to get familiar with the spot of new tailing dump construction and the state of the old tailing dump. Nevertheless, the official representative of the company Henrikh Mkrtchyan left and took with them the representative of Nature Protection Minister Laura Balayan and projector Hovik Nikaghosyan.

A local resident agreed to take us to the place. Outwardly, the tailing dump complied with what the residents said about it during the hearings. Water flew out of one of them through the dug out canal. There were no dams or concrete fortifications. Unfortunately, there was nobody we could ask a question about what we had seen, while the workers having come to the spot after us just forces us out of the territory. “Go away, you don't have any right, this is our territory…”, they said. The explanations that the company is the organiser of the hearings and shouldn't hinder to examine the project on the spot didn't help.

The hearings were held in tense atmosphere. In near future you can watch the video by EcoLur, which shows the Q&A session between residents and Hovik Nikaghosyan and Henrikh Mkrtchyan.


Tailing Dump To Be Constructed in Meliq Village, 9-magnitude Seismic Zone
17:35 October 29, 2012

EcoLur

“MegoGold” LLC intends to construct a tailing dump in the territory of 7 ha in Meliq village (Aragatsotn Region), a 9-magnitude seismic zone. Public hearings on the tailing dump project will be held in the administration building of Meliq Village at 12:00 p.m. on 30 November. “MegoGold” LLC is registered in Armenia and is the subsidiary of Global Gold Company. The tailing dump will be located in a distance of 1600 meters far away from the plant. “…The volume of dumps will make up 88.6 % of all the processing volume...The composition of the tails include SiO2 – 46,23%; AL2O3 – 10,81%; MgO – 5,17% ; TiO2 – 0,82 %; CaO – 6,41%; MnO – 0,15%; Fe2O3 – 6,4%; FeO -3,62%…

Emissions into atmosphere will make up 277.27 tons during construction works… Main polluting substances in the emissions near settled areas are within standards…There are two deep tectonic fractures in the territory…According to the standards of seismic construction, the territory is located in 9-magnitude seismic zone… The volume of ores taken out during the construction works will make up 3342235 tons… Risks at construction works – elimination of vegetation, pollution of territory with construction garbage… Economic damage will make up 733.117 million AMD... The presented sum is not a ground for financial liability… The total amount of damage for environment – air, water and soil, will make up 4,426,620 AMD…”, - the report says.

The report doesn’t say how many tons of raw materials mined from Tukhmanuk mine per year will be processed at the factory and how many tons of tails will be dumped into the tailing dump. Let’s make a reference to the information provided by ArmInfo News Agency in 2008, “…The data of the State Committee on Reserves say that the level of reserves in Tukhmanuk mine make up 12.1 tons of gold with gold ratio 6.74 gr per ton and 30.79 grams of silver per ton.”


“MegoGold” Proposing to Construct New Tailing Dump in Aragatsotn Region
18:27 October 16, 2012

EcoLur

The official website of Nature Protection Ministry informs that “MegoGold” LLC proposes to construct a new tailing dump for the processing plant in Aragatsotn Region. “MegoGold” LLC is developing Tukhmanuk gold mine. The tailing dump, sized 1.53 ha, shall be located next to Melik village. The insoluble part of the tails consists of SiO2 – 46,23%; AL2O3 – 10.81%; MgO – 5.17% ; TiO2 – 0.82 %; CaO – 6.41%; MnO – 0,15%; Fe2O3 – 6.4%; FeO -3.62%... During the functioning of the tailing dump, dust emissions will make up 25.6 tons per year or 0.128 tons per day...”

Photo by www.yerkirmedia.am

[BMAV1]

GBGD Overstates Mining Volumes by 104%

I recently received copies of a letter including a summary of production reports filed by MEGO-GOLD LLC, a Global Gold subsidiary for production at the TOUKHMANUK GOLD MINE in Armenia.

The letter was issued by the Chief of Staff of the Minister of Energy and Natural Resources, Mr. Karen Kagramanyan, (MENR) following an access to information request by Mr. Arthur Grigoryan, the President of “ECOLOGICAL RIGHT", an Armenian Environmental NGO.

I have compiled the data and have compared it with the mining volumes published by GBGD in its December 31, 2012 annual 10-K report. The report is signed by Mr. Van Z. Krikorian as CEO and the rest of the Board of Directors and audited by RBSM LLP of New York.

Since 2006, GLOBAL GOLD CORP (otcqb: GBGD) has overstated its mining volume by 104% from its Toukhmanuk Gold Mine located in Armenia.

In the 10-K report, as filed with the United States Securities and Exchange Commission (SEC), for the year ending December 31, 2012, Mr. Krikorian and his board certified the following statement:

The Company has mined mineralized rock of approximately 52,000 tonnes in 2006 with content of approximately 1.27 g/t gold and 6.37 g/t silver, no mining in 2007, approximately 82,000 tonnes in 2008 with content of approximately 1.85 g/t gold and 5.21 g/t silver, no mining in 2009, approximately 21,000 tonnes in 2010 with content of approximately 2.08 g/t gold and 5.68 g/t silver, approximately 21,400 tonnes in 2011 with content of approximately 0.92 g/t gold and 3.32 g/t silver, and no mining in 2012.

The production records filed by Global Gold in Armenia paint a different story. Below is the translation of the table received from the MENR. This table is drawn from the official reports of production at the TOUKHMANUK GOLD MINE filed by MEGO-GOLD, since 2006.

TABLE 1

Converting the GBGD data to conform to the Table provided by the MENR we see a different picture emerging.

TABLE 2

Converting the Armenian data to conform to the GBGD data published in its 10-K we get the following table:

TABLE 3

In 2006, GBGD claimed it mined 52,000 tones of ore when it actually mined 12,100 tones of ore. In 2008, GBGD claimed it mined 82,000 tones of ore when it actually mined 45,660 tones of ore. Meanwhile the GOLD content remains the same, at approximately 66 kg, even-though the volumes differ dramatically. This implies the grade of the ore for 2006, as filed with the MENR, graded for Gold was approximately 5.45 g/t but the grade for Gold reported by GBGD in its SEC filings was 1.27 g/t. The ore for 2008, as filed with the MENR, graded approximately 3.34 g/t, but GBGD reported in its SEC filings that it was 1.85 g/t.

In 2010, GBGD claimed it mined 21,000 tones of ore with a Gold grade of 2.08 g/t, equivalent to 43.68 kg of Gold content. The official Armenian records show that GBGD mined 16,800 tones of ore with Gold content of 18.31 kg of Gold content, equivalent to 1.17 g/t. Global Gold overstated Gold mined in 2010 by 24.1 kg in its SEC filings.

In 2011, GBGD claimed it mined 21,400 tones of ore with a Gold grade of 0.92 g/t, equivalent to 19.69kg of Gold content. The official Armenian records show that GBGD mined 11,860 tones of ore with Gold content of 18.31 kg of Gold content, equivalent to 1.54 g/t. Global Gold overstated Gold mined in 2011 by 1.38 kg in its SEC filings.

No investor can now TRUST what the real grade of the TOUKHMANUK Gold Mine is. Global Gold reports one grade with the MENR and a different grade in their audited financial statements filed with the SEC. This is a huge problem for Global Gold since investors rely on published grades to evaluate the value of gold assets. Have investor's in Global Gold been misled?

Is Global Gold Corp. (GBGD), Mr. Van Z. Krikorian and Mr. Ashot Poghossyan willfully and knowingly conspired to file false and misleading statements in their 10-K Audited Financial Statements or have they actually filed false reports with the Ministry of Energy and Natural Resources of the Republic of Armenia (MENR)?

There clearly has to be an investigation by the SEC, PCAOB and the MENR to find out what the real truth is.

[mdmn_rocks]

Ulander/Amarant - Medinah Minerals Termination of the Altos de Lipangue Mining Claims Purchase & Sales Agreement

Medinah Minerals, Inc.
Shareholder Update
Termination of the Altos de Lipangue Mining Claims Purchase & Sales Agreement Dated July 10, 2012 – Amarant Mining, Ltd.
May 11, 2013

http://www.medinah-minerals.com/shareholder_current.html

Dear Medinah Shareholders:

Medinah Mining Chile has advised Medinah Minerals, Inc. that formal notice was given, the receipt of which was acknowledged on February 10, 2013, to Amarant Mining Ltd., and Johan Ulander, that certain contractual payments were due under the terms and conditions of the Purchase and Sale Agreement. Thereafter, Amarant Mining Ltd., and Johan Ulander were given formal notice of default and demand for cure, under the terms of the Agreement, which was acknowledged on April 10, 2013. Amarant Mining Ltd., and Johan Ulander have been advised that as of 12:01 a.m. May 11, 2013, the Purchase & Sales Agreement has been formally terminated. Effective May 11, 2013, the July 10, 2012 Purchase & Sale Agreement, among parties, has expired without performance.

Medinah Mining Chile will now seek other sales and/or partnership opportunities relating to the 1508 Altos de Lipangue mining claims.

Señor Juan José Quijano Fernández
Medinah Minerals, Inc.

[BMAV1]

GBGD Tailings Damn Request Denied in Armenia

On May 7, 2013, local Armenian environmental NGO, ECOLUR, published a report that the Ministry of Nature Protection of the Republic of Armenia rejected the applications of Environmental Impact Study (EIP) to three companies, including that by Mego-Gold, Global Gold Corp's Armenia subsidiary operating the Toukhmanuk Gold Project. (link to ECOLUR site: http://www.ecolur.org/hy/news/officials/nature-protection-ministry-issued-negative-opinion-to-mining-projects/4844/)

Without an EIP GBGD can't build a new tailings damn. Without local community support and the support of the Village of Melik, which is against the tailings damn, GBGD can't build a new tailings damn. Without an approved tailings damn, GLOBAL GOLD CORP is not able to operate its mine. The Toukhmanuk Gold mine is GBGD only active gold mine which has been shut down since 2012.

Global Gold has failed to report in tis financial statements with the SEC that its applications for tailings damn have been rejected now 3 times. This a major material disclosure which can impact the ownership of Global Gold's license on the Toukhmanuk Gold Mine.

What is even more of an important disclosure is how will Global GOld keep its license in good standing if it can't operate and mine 168,500 tonnes a day, as is requored under it submitted and approved mine plan.

This brings us to another major misstatement (ie lie) that GBGD has been making.

GBGD has also been misleading its investors over the last 4 years, claiming they only needed to mine 80,000 tonnes of ore a year at the Toukhmnauk Gold Mine. GBGD only disclosed the truth recently in their 10-K for the period of December 31, 2012, filed with the SEC on April 16, 2013, which states:

"The Company is required to pay annual governmental fees of approximately $32,000. The Company is also required to spend annually approximately $1,200,000 on exploration work and mining annually 168,500 tonnes of mineralized rock at the property as submitted and approved in its mining plan in order to maintain the licenses in good standing"

Prior to this new disclosure statement on the Toukhmanuk Gold Mine, GBGD had been misrepresenting the fact (ie lying) to their investors and the SEC by stating:

"The Company is required to pay annual governmental fees of approximately $32,000. The Company is also required to spend annually approximately $1,200,000 on exploration work and mining annually 80,000 tonnes of mineralized rock at the property as submitted and approved in its mining plan in order to maintain the licenses in good standing."

GBGD has to mine 168,500 tonnes of ore per year since 2006, bringing the total to 1,011,000 tonnes at the end of 2012. GBGD has only mined 176,000 tonnes so far and is in technical default of their "approved " mine plan.

Global Gold has also failed to invest $1,200,000 a year in exploration, another default of the mining license/contract.

Why GBGD shares are trading at $0.15 and a market cap of $12MM is beyond me. If you look at the trading price you will note that it is artificially supported, which is evidenced with high trading close price.

[BMAV1]

Liar Liar Pants on Fire

What else can you say about Global Gold Corp. (otcqb: GBGD) when you read their latest 10-K filing, which was published on April 16, 2013.

GBGD's only real asset, the Toukhmanuk Gold Project in Northern Armenia, was refused the renewal of its exploration license, yet GBGD fails to disclose this in their 10-K filing. Mr. Van Z. Krikorian likes to spin words which are clearly designed to mislead investors. Instead of admitting that their application to renew their exploration license was refused, they state:

On May 22, 2008, the government of Armenia issued a “special exploration license” to the Company for the Toukhmanuk mining property. The license was effective May 13, 2008 to expire on May 13, 2010 was extended for an additional two years and as a matter of right pursuant to the Armenian Mining Code is being extended until May 13, 2015.

As a matter of right? Defined by who? The exploration license was not renewed in 2012 and this should have been disclosed in their 10Q filings and their 10-K. To claim the license is BEING extended is wishful thinking not fact. It appears that GBGD is fighting the Government of Armenia to get the exploration license back, but that does not appear to have happened yet. Is this a material fact? You bet your stock price it is!

GBGD can not even operate the Toukhmanuk Gold Mine in Armenia because their application for their 3rd tailings damn has not been approved. Even the local residents of the Village of Meliq refuse their support, which is required under the law, for such a permit to be issued. The Environmental NGO's in Armenia are out in full force demanding the project be stopped and have even sent Mr. Van Krikorian a letter demanding this (information as reported in local Armenian media). Yet they never disclosed this in their 10Q or 10K filings. Is this material? You bet your stock price it is!

You can't operate a mine without a tailings damn. They may eventually get approval but they have failed to disclose their application was refused.

When is GBGD going to come clean and disclose they have lost the ability to operate in Armenia. Time for Global Gold management, Mr. Van Z. Krikorian, the Principal Executive Officer to leave, along with his well trained manager and fixer in Armenia, Mr. Ashot Poghossyan, and get some new faces in their to operate and that know something about corporate governance and compliance.

Unfortunately GBGD relied on the help of their corrupt government friend Mr. Koryoun Hagobyan, the Head of the Concessions Department of the Ministry of Energy and Mines of the Republic of Armenia. Mr. Hagobyan is an undisclosed shareholder of RAKE LLC, an Armenia based mineral services firm, which was established in 2005 and became GBGD's largest supplier. RAKE has received millions of dollars of contracts from GBGD, and RAKE had absolutely no operating history. Mr. Hagobyan's magic obviously doesn't work anymore for GBGD or else they never would have lost their exploration license or tailings damn permit. What is clear is that GBGD should be investigated for FCPA violations.

Right now GBGD's subsidiary in Armenia is being investigated for tax fraud and money laundering in Armenia. Its not as if GBGD does not know this. Their offices were raided in January 2012 by police investigators. SO what does GBGD disclose?

"On January 12, 2012, the Armenian Court of Cassation confirmed prior trial and appellate court rulings rejecting a proposed tax assessment against the Company’s Mego-Gold subsidiary by the Armenian State Revenue Agency related to an incorrect claim concerning gold production at Toukhmanuk as well as incorrect applications of relevant law. Subsequently, the State Revenue agency has continued investigations and intimated that it is investigating and may make further claims against the Company based on the same matters previously adjudicated in the Company’s favor.."

It took GBGD a full year to disclose that it has problems with the tax authorities in Armenia.

Lets not forget the biggest disclosure change I have seen related to the TOukhmanuk Gold Project....they need to mine 168,500 tonnes of ore per year. This is a new disclosure. Since 2009 GBGD has been misleading investors it had to mine 80,000 tonnes per year. Now the truth comes out and the fact they only have mined approximately 124,000 tonnes over the last 6 years. GBGD fails to disclose to investors how they are going to make up the difference of nearly 1 million tonnes of production shortfall by 2015. THis license is technically in default and GBGD fails to disclose this in their 10K filing.

Hopefully oversight organizations in the US such as the SEC and the PCAOB will finally expose what really is going on with GBGD in Armenia.

[BMAV1]

Global Gold NOT Operational

Global Gold Corp. (otcqb: GBGD) finally released its annual report for the year ending December 31, 2012 and admits it has no active mining operations in Armenia.


Toukhmanuk Not Operational

GBGD's flagship property did not operate in 2012 and the Company had NO REVENUE in 2012. Global Gold admits it can't operate until a new tailings pond/damn is built at its Toukhmanuk Gold Mine in Armenia.

On page 34 of their Annual 10-K Financial Report GBGD States:

"During the twelve-month period ended December 31, 2012, the Company did not have any revenue which represented a decrease of $81,702 from $81,702 in the same period last year. The decrease in revenue is attributable to a decrease in sales of gold concentrate of $81,702 from the Toukhmanuk property because of operational funding delays, needing a new tailings damn, and the status and funding of the Consolidated Resources joint venture."

Local Environmental NGO's have also been lobbying the Government of Armenia and rallying the public opinion to stop mining at the Toukhmanuk site too. (see my other blog at at: http://toukhmanuk.blogspot.com/2013/04/ngos-are-all-out-in-full-force-to-stop.html )

As of December 31, 2012, GLOBAL GOLD CORP had debts of US$ 8,319,727 and only US$ 3,391of cash and no prospect for cash generation at the Toukhmanuk site until the tailings damn is built and funding comes in to operate the mine.

Auditor's Raise Concern About GBGD Ability to Continue to Operate

The Auditor's for GBGD, RSMB LLC (http://www.rbsmllp.com) issued a warning in their letter to shareholders of GBGD, that the Company's financial condition raises serious doubt about their ability to continue to operate. RSMB States:

"...The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses as more fully described in Note 2. These issues raise substantial doubt about the Company's ability to continue as a going concern.

/s/RBSM LLP

New York, New York

April 15, 2013"


Toukhmanuk also in Default of its Mining Obligations

To make things worse for Global Gold they now have disclosed they have been misleading investors for the last 4 years about their mining requirements at Toukhmanuk Project.

Global Gold since 2009 has been informing investors that it must mine 80,000 tonnes of minarealized rock every year and invest $1,200,000.

In their recent financial statement they now state that they must mine 168,500 tonnes per year of mineralized rock.

On page 10 of GBGD's financial statements the Company states:

"...The Company is required to pay annual governmental fees of approximately $32,000. The Company is also required to spend annually approximately $1,200,000 on exploration work and mining annually 168,500 tonnes of mineralized rock at the property as submitted and approved in its mining plan in order to maintain the licenses in good standing."

Company admits that it has only mined a total 124,400 tonnes since 2008 (last 4 years) significantly less than the required 674,000 tonnes it had to mine over 4 years at 168,500 tonnes of mining per year, as further described below:

Excerpt from 10-K page 11

"... The Company has mined mineralized rock of approximately 52,000 tonnes in 2006 with content of approximately 1.27 g/t gold and 6.37 g/t silver, no mining in 2007, approximately 82,000 tonnes in 2008 with content of approximately 1.85 g/t gold and 5.21 g/t silver, no mining in 2009, approximately 21,000 tonnes in 2010 with content of approximately 2.08 g/t gold and 5.68 g/t silver, approximately 21,400 tonnes in 2011 with content of approximately 0.92 g/t gold and 3.32 g/t silver, and no mining in 2012. "

[Note:
Year: Tonnes
2008: 82,000
2009: zero
2010: 21,000
2011: 21,400
2012: zero
Total: 124,400 tonnes]

The Global Gold is definitely in technical default of its obligations under their mining license and mine plan and faces serious and real risk that it may loose its only real asset, the Toukhmanuk Gold Mine. A RISK they have failed to fully disclose in their financial statements or what actions they have to take to resolve this technical default.

see original post at http://toukhmanuk.blogspot.com/

[BMAV1]

GBGD under investigation for embezzlement?

In a recent News Release from Caldera, information was brought forward that Mr. Van Krikorian, as CEO of GBGD, and his Lieutenant in Armenia have been involved in the misappropriation and embezzlement of investor funds destined to gold ming projects in Armenia.

Excerpt:
Bill Mavridis, the President of Caldera commented: “While this communiqué dates back to July of 2011, I recently received new information from a third Party confirming that this criminal investigation, which began on March 23, 2011, has now morphed into a much larger investigation. The investigation now includes elements related to the misappropriation of millions of dollars of investor funds, which were destined for GBGD’s gold mining projects in Armenia.

“The source states that the investor funds were substantially misappropriated and partially embezzled at GBGD through the actions of Mr. Van Z. Krikorian, GBGD’s Chairman, CEO, and Corporate Counsel, by Mr. Ashot Poghosyan, GBGD’s General Manager in Armenia and by Mr. Jan Dulman, GBGD’s Chief Financial Officer. Mr. Ian Hague, Member of the Board of Directors of GBGD and GBGD’s controlling shareholder, apparently supported the alleged misappropriations. Mr. Hague is also a founder of Firebird Management LLC ( http://www.fbird.com), a hedge fund manager operating out of New York, NY, which is a major investor of GBGD.”

Full NR at:

[BMAV1]

Republic of Armenia Politician Claims the Marjan License is Illegal

Small victories for Global Gold are turning into big problems now. While Mr. Van Krikorian of GBGD claimed he won the arbitration on the Marjan Project against Caldera, it tuns out it was all for nothing.

The Marjan Project which Van Krikorian secured through a license issued to GBGD on April 22, 2008 turns out to be be issued illegally.

Caldera put out a News Release earlier to day. You can read it at:

http://www.calderaresources.com/2012/12/republic-of-armenia-politician-claims.html

Caldera is still waiting to see if the Arbitral award will be confirmed.

[BMAV1]

GBGD Fails to Disclose Problems at Tailings Dam in Armenia

Hey Mr. Van Z. Krikorian, Chairman, Director and Corporate Counsel of Global Gold!
Why did you fail to disclose this material event related to the Tailings Dam at your Toukhmanuk Project, owned by your subsidiary MEGO-GOLD, you primary asset?
What else have you failed to disclose or conveniently omit?

It appears your employees and local villagers at Meliq are opposed to your plans.

READ THE ARTICLE BELOW OR LINK TO IT HERE:

Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos)

EcoLur

Meliq villagers have to decide whether or not they agree “Mego Gold” Company to construct a new tailing dump in the territory of the village. This is what Meliq Village Head said in the course of public hearings on the project on 27 November. Like the previous tome, the minutes of the public hearings were not drawn up. It’s still unknown when the minutes will be drawn up as an official document and passed to the environmental expertise. It’s also not clear, what these minutes will include out of the expressed opinions. The public representatives considered this to be a violation of the procedure and didn’t sign under the list of participants, while the villagers expressed their extreme concern with project risks. First of all, these risks include two non-cultivated tailing dumps and a damaged irrigation system, as a result of which 60 families lost their harvest of the potatoes. People complain of bad ecology and problems with birth rate. The NGOs expressed such an opinion that the village is on the verge of resettlement, as these land areas will stop to be fertile, while after several months it won’t be possible to cultivate these land areas.

But this is not all. Besides the designed construction of the third tailing dump, the company intends to construct another tailing dump, as Mego Gold Company is going to expand its mining volumes in Tukhmanuk gold mine despite the accumulated debts.

More details about all this, about questions and answers raised in the course of the public hearings will be provided in upcoming news by EcoLur.

[BMAV1]

MUZAL TOV GBGD, you got re-listed to the OTCQB

It is amazing how one can move between tiers of the OTCMarkets. From Pink Sheets Limited to OTCQB.

But what is really amazing is all the stuff I read in their 10Q about not being able to produce gold at the Toukhmanuk project for a year now because the tailings dam was not ready.

Really?

What about producing inventories from the stockpile of ore at Toukhmanuk? You have kept in your inventory a stockpile of ore valued at over $500,000 for over 3 years. IS there really gold in there? Why was it not all processed, considering your running under capacity, according to your records?

Since you could not produce gold all year why not extract it from the ore in inventory? Why? Is it because you don't have a tailings dam? What dam have you been using since 2006?

Since 2006 you only processed 176,000 tones or ore, and you have been advertising in your press releases since 2008 that you will be moving to 200,000+ tones a year production, and your tailings dam is full?

How come you never disclosed this problem with your tailings site before?

Since 2010 in you 10K you have been advertising you are building a new tailings dam in Toukhmanuk. It doesn't take 2+ years to build one. I also recently read in the Armenian newspapers that you just recently held a community meeting on October 30, 2012, to get approval for the new tailings dam from the community. It appear the community is against it. Why not disclose this?

See: Ecolur News on Global Gold Toukmanuk Project

EXCERPT: Meliq Village hasn't yet made a decision on the construction of a new tailing dump. 'It's early to speak about a new tailing dump, unless the first tailing dump is recultivated,' Said Meliq Village Head Hakob Mkrtchyan. The public hearings on the construction project of a new tailing dump for Megogold Company was held in Meliq Village on 30 October. Nevertheless, the villagers didn't know anything either about the project or the public hearings. Only after half an hour after the appointed time, about 20 people came to participate in the hearings and presented their problems concerning the company activities.

Talking about full disclosure, why have you not mentioned since March 2011 you are under criminal investigation by the Revenue Department for potential financial crimes in Armenia and that in January 2012 your offices were raided by the Tax investigation department?

Also why did you not mention you have done absolutely no work on the Marjan project which you control since February 2012?

Have you paid all the annual concession fee and license fee for the Marjan project 2012? Last I asked around you did not pay $25,000 in concession fees, putting the license at risk for cancellation.

Is the license in good standing? Yes or No? Is there a risk that it can be cancelled.

Are you also at risk of losing the Toukmanuk and Getik project licenses due to non performance?

These are material issues that should be disclosed.

PLEASE NOTE MR. VAN KRIKORIAN:
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

[BMAV1]

GBGD Filed Notice of Late Filling...

Wow, took them long enough. So it looks like they will file their September 30, 2012 financials after all. I hope they disclose everything?

PLEASE NOTE MR. VAN KRIKORIAN:
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

It would be nice to have clarity on the following:

1) Why did they stop production in Armenia?
2) Why are they under criminal investigation by the State Revenue Department since March 2011?
3) Why have they not started mining Marjan since they control and announced they own it after the arbitration in March 2012?
4) Have they paid all their concession and license fees for all their properties?
5) Is the Toukmanuk License in good standing? And if not what are they going to do to rectify it?
6) Is the Marjan license in good standing? And if not What are they going to do to rectify it?

Mr. Van Krikorian, as the Chairman, Director, and Corporate Counsel for GBGD...just should state clearly to all the investors and the SEC that the license as per the your agreements with the Ministry of Energy and Natural Resources are in GOOD STANDING, but you don't.

The reason you never state this, because you know it is not true.

You do state in your previous filings that you have to mine 80,000 tones per year of ore and invest $1,000,000 per year. If we read your financial statements it is clear you have not done that! Therefore they are not in good standing. SO what are you going to do to rectify the situation?

Same for you Marjan Project. You have not invested $9MM on the property, you have not mined 50,000 tones of ore a year, you have not build a test processing plant or infrastructure to operate. All this is clear from reading you filings. This means your are in default. SO waht are you going to do rectify this?

[BMAV1]

GBGD downgraded to OTC PINK Limited


Click here to see: GBGD tier Change Confirmation

[BMAV1]

WARNING: GBGD has been downgraded to OTC PINK Limited!

GBGD is no longer a reporting issuer. This should be a huge warning to any and all investors. It should also raise questions on what is Mr. Van Z. Krikorian been doing with GBGD over the last few years that it is unable to continue as a reporting issuers.

You can get a quote at: GBGD

The Quote comes with a warning: YIELD: OTC Pink Limited Information

This warning reads: Designed for companies with financial reporting problems, economic distress, or in bankruptcy to make the limited information they have publicly available. The OTC Pink Limited Information® category also includes companies that may not be troubled, but are unwilling to meet OTC Markets Group's Guidelines for Providing Adequate Current Information. Companies in this category have limited financial information not older than six months available on the OTC Disclosure and News Service or have made required filings on the SEC's EDGAR system in the previous six months.

So what is the next step for GBGD? Bankruptcy? maybe worse? THere are things worse than bankruptcy....

[BMAV1]

Is GBGD Bankrupt? What no 3rd Quarter Filing? What Gives? Is Van Krikorian afraid to disclose his company is under criminal investigation in Armenia by the Tax Authorities?

It is November 20, 2012 and the Sept. 30, 2012 Q3 filings were due November 14, 2012.
GBGD is usually late but always files a Late Notice. This time they did not even file the late notice.

What Gives Mr. Van Z. Krikorian, Director, Chairman and Corporate Counsel for Global Gold Corporation? Why are you no longer a reporting issuer? What are you hiding in Armenia?

I hope you rectify this situation quickly, because I love reading your financial statement which include numerus missrepresentations.

I love reading how you claim the Toukhmanuk Mine in Armenia has reserves of 2.6 million oz of Gold and 17.7 million oz of Silver grading 2.07 g/t Gold and 14.07 g/t Silver yet you can barely produce anything at the mine. What you actually produce is less that 1 g/t per tone Gold.

I look forward to you financial statements eventually being release so that I can see if you disclosed everything.

So what is really going on with the Criminal Investigation against Global Gold instigated by the State Revenue Department of The Republic of Armenia. Why have you not disclose this?

[BMAV1]

Hey eom7 I miss you ! Did Van Krikorian stop paying You to pump his stock on this board?

Just to keep you up to date. Here is a recent online news story on GBGD and Van Krikorian, on Lurer.com

http://lurer.com/?p=49846&l=en

A few days ago Lurer.com published an article, in response to which the "Global Gold Mining" company presented some documents, which we have also published. The speech is about the problem between "GGM" company and Canadian businessman of Greek origin Mr Vasilios (Bill) Mavridis.

On October 19 Mr Vasilios (Bill) Mavridis again contacted Lurer.com and presented his reply to documents presented by "GGM" company. Below is his letter:

"The Arbitrator's ruling has not been confirmed by a US Court and it is not effective. Furthermore, Caldera has filed a motion to overturn the Arbitrator's order on elements that include misconduct, partiality, manifest disregard of the law and exceeding authority by the Arbitrator. (see attachments).

Mr. Van Krikorian, the President of Global Gold and its Legal Counsel, is a lawyer looking for angles to re-interpret agreements and gain advantage rather than do the business we agreed to. Its like the story of a multi-millionaire who marries the most beautiful women in Yerevan, and after 1 year with her and taking her beauty away, he returns her back to her family saying that the contract is not effective because one of the documents was not filed properly.

If you read the Arbitrator's Order it says that the March 27, 2010 agreement never came in to effect and the parties in the Arbitration are brought back to the date before signing the agreement. The original agreement to start the JV was signed on December 19, 2009, this agreement is still effective and it states that the parties will enter into a JV agreement as soon as possible. I will fight for this right.
On another note, Mr. Krikorian appears to have corrupted elements of the Ministry of Energy and Natural Resources, namely Mr. Koryoun Akopyan, head of the Concession Department, to get a false termination notice issued on September 28, 2010. Mr. Van Z. Krikorian used this termination notice as the main excuse to cancel the agreement with Caldera on October 7, 2010. This termination notice was later annulled in May 2011 by Ministerial decree, because it was illegally issued.

Mr. Van Z. Krikorian and Mr. Ashot Poghossyan, his General Manager in Armenia, appear to have made false and misleading statements to the US Embassy in Armenia, compelling the US Ambassador, Ms. Marie L. Yovanovitch to visit Prime Minister Tigran Sargsyan to support Global Gold. The US Embassy also sent a letter to PM Tigran Sargsyan on June 14, 2011, requesting help for Global Gold, and on June 16, 2011, Judge Ruzanna Hagobyan of the Administrative Court abruptly terminated the court case and ruled in favor of Global Gold, to terminate the registration of the transfer of the shares to the joint venture. See my facebook page: www.facebook.com/InvestigateGBGDCorruptionInArmenia

Mr. Van Z. Krikorian authorize his legal counsel in Armenia, Mr. Hrayr Gukhassyan to file a criminal complaint in September 2010, and then appeared to corrupt Mr. A. Afandyan, Deputy Prosecutor, to start a criminal investigation. Mr. A. Afandyan is either corrupt or an idiot, for filing this decision to instigate a criminal investigation on November 3, 2010, which had no legal foundation.

Unfortunately this pattern of deceit has been repeated many times by Mr. Van Z. Krikorian in Armenia. He does not pay his employees in Armenia and then when they sue to get their pay Mr. Van Z. Krikorian authorizes his agents in Armenia to counter-sue them, claiming they did not do their job or worse, Mr. Van Z. Krikorian authorizes the filing criminal complaints against his employees.

Please note Global Gold, Van Krikorian and Ashot Poghossyan are all under criminal investigation for tax fraud and other financial crimes. More information can be found on my blog at: http://toukhmanuk.blogspot.ca/2012/06/mego-gold-under-criminal-investigation_07.html

[BMAV1]

GLOBAL GOLD MARJAN LICENSE ILLEGALLY ISSUED?
http://extortion-in-armenia.blogspot.com/2012_10_01_archive.html

Mr. Van Z. Krikorian, the Chairman and CEO of Global Gold Corporation (otcqb: GBGD) and its Corporate Counsel, now can add fraudulent representation as an apparent criminal act to all the other apparent criminal acts he has committed as corporate counsel and CEO of Global Gold.

I have written much about my apparent extortion claims against Mr. Van Z. Krikorian and Global Gold, but now the Former Minister of the Environment of the Republic of Armenia confirms what I discovered during the Arbitration case: THE MARJAN MINING LICENSE WAS ILLEGALLY ISSUED to Global Gold and that Mr. Van Krikorian and Mr. Ashot Poghossyan, his right hand in Armenia, were aware of this.

Mr. Vardan Ayvazyan indicates that the Global Gold failed to finalize reserve calculations of the Marjan deposit and that without reserves the issuance of the license was done illegally. Armenian Mining Law is very clear on this matter.

So where does the FRAUDULENT REPRESENTATION come into play?

First of all, a definition of what fraudulent representation is required here:

Definition: Fraudulent representation means making of a false statement about a material fact, with the knowledge that such statement is false, to another person with an intention that such other person to whom that statement is made must believe it as true and must act upon it resulting in an injury to the person to whom such false representation is made.

In December 2009 Global Gold, and more specifically its CEO, Mr. Van Krikorian, made certain representations and signed a Letter Agreement with me, when I represented Caldera Resources Inc., to develop the Marjan Gold and Silver project in southwestern Armenia. The representations in question, is that he had a valid mining license on the Marjan Project, when he knew there were problems.

During the Arbitration and the additional review of additional legal documents in Armenia, I discovered that the mining license was probably issued illegally, because there were no approved GKZ reserves. Mr. Van Z. Krikorian concealed these issues and mislead and misdirected Caldera's representatives with incomplete documents and false claims including that they have the GKZ approval when they did not.

This appears to be fraudulent representation by Mr. Van Z. Krikorian.

Mr. Vardan Ayvazyan, the former Minister of the Environment, currently a sitting member of the National Assembly of the Republic of Armenia and Chairman of the Standing Committee on Economic Affairs.

The documents related to this claim were distributed by Mr. Vardan Ayvazyan at a recent press conference. Copies of these documents in the original Armenian language can be acces at:

http://hetq.am/static/content/pdf/v-ayvazyan.pdf

In 2012 Global Gold's manager demanded that the Controller's Office of the Ministry of Energy and Natural Resources investigate Caldera's handeling of the project. The Controller's Office not only reviewed the handeling fo the file during the time it was managed by Caldera, it decided to investigate the entire file from its inception.

I understand that Global Gold and Mr. Van Z. Krikorian have received a report, but have kept the damaging contents private.

More news and details to follow.