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GLOBAL GOLD COMMITS FRAUD JV FOR TOUKHMANUK GOLD PROJECT
Global Gold filed an 8K claiming they cleared up all their problems with their JV partner. Sources in Armenia have informed me this is an outright lie and an apparent SWINDLE.
VAN KRIKORIAN has outdone himself, he has conned CARALAPATI PREMRAJ to sign resolutions to accept the transfer of MEGO-GOLD shares to the JOINT VENTURE, with resolutions which apparently contradict the JV Agreement. CARALAPATI PREMRAJ is not authorized to sign resolutions for the transfers.
Apparently the illegal representations by Mr. Premraj will cause millions dollars in damages to the JV partner, enrich personally Van Krikorian.
None of the resolutions are either Apostiled as required under Armenia law and there is no Power of Attorney for to execute this transaction in Armenia.
All you need to know is the "Dilbert" Report would never be approved by any investment bank in the world because it has many flaws. The Big one is that it just regurgitates what GBGD told them. They did not do any independent sampling. The other no-no here is that they accepted GKZ issued resources as NI 43-101 qualified resources. YOU CAN'T DO THAT and the author should retract this publication. I heard from a good source, that they took samples of the historic core later, after the report was made, and found NOTHING, ZERO, Gold. Same thing for some drilling, But Global Gold is hiding that information.
PROVE ME WRONG GBGD. Publish your drilling on the Toukhmanuk project in 2011 and the re-assaying of the historic core. ALL OF IT.
I also understand that:
A) None of the work on the property was ever done by independent and qualified geologist (as per CIM) and the results of the labs in Armenia did not match the results from SGS, as per GBGD news release of January 11, 2008. Please take note the following excerpt:
[I]n addition, the Company is pleased to announce that it has received international, ISO, certification for its laboratory at the Toukhmanuk site.
[E]ven with control checks in labs outside Armenia, results were inconsistent, and a re-assaying program was undertaken with the new lab.
B) Former employees have provided me with evidence that the numbers are not real. See my blog: What Are the Real Gold Grades at Toukhmanuk Gold Mine in Armenia.
http://toukhmanuk.blogspot.com/2012/06/is-there-fraud-going-on-at-toukhmanuk.html
C) Is Global Gold at risk of losing the license for non-performance. See my blog Is the TOUKHMANUK License at RISK of being CANCELLED? at:
http://toukhmanuk.blogspot.com/2012/06/is-toukhmanuk-license-in-good-standing.html
Global Gold has failed to invest $1,200,000 annually at its Toukhmanuk Project, and mine 80,000 tones a year of ore.
D) Global Gold is under Criminal Investigation by the State Revenue Police and they have not denied or commented on this publicly. See my blog: MEGO-GOLD Under Criminal Investigation? at:
http://toukhmanuk.blogspot.com/2012/06/mego-gold-under-criminal-investigation.html
E) Misrepresentations in their SEC Filings: See my blog: Global Gold Should Lose the Rights to the Toukhmanuk Gold Project in Armenia at:
http://toukhmanuk.blogspot.com/2012/07/global-gold-should-lose-rights-to.html
There is more here not including the fact they cancelled their deal with Consolidated Resources after they screwed them out of a $5+ million investment.
Who would trust these guys ever...They should go back and finish the deal with Consolidate Resources...That's the best thing they can ever do now.
Nope just a stockholder who can see through your sour grapes.
All you need to know is this:
For the 2011 Behre Dolbear Independent Technical Report on Toukhmanuk and Getik
http://globalgoldcorp.com/docs/20111017_J11_163_Global_Gold_Toukhmanuk_and_Getik_43_101_report.pdf
Or is Behre Dolbear in cahoots too? lol
Last reply to you BTW!
I was wrong....This default judgement against the Former Minister of the Environment and Mining in Armenia, on the unfounded and unsubstantiated claims made by Van Krikorian and Global Gold, that were never proven in court or in Arbitration, do have an effect on Global Gold. It proves they can't do business in Armenia.
Who is going to trust Mr. Van Krikorian, an American lawyer and CEO of Global Gold, who has sued his way through Armenia to get his way? In my opinion no one will ever do business again with this guy in Armenia, he attacks everyone that challenges him with the courts and the police. What kind of message is he sending to future partners?
They screwed Caldera out of a deal on Marjan.
They screwed Consolidated Resources out of $5MM and killed a deal on Toukhmanuk.
They haven't even closed their Chili deal yet.
But in every case they squeezed cash out of their "partners".
SO what is GBGD going to do?
They don't seem to have a good track record except not following through with their deals.
So VAN is paying you off to spread his misinformation on this board.
I did do my Job, and I will keep doing it, making sure the truth about Van Krikorian and Global Gold are known by everyone.
IF Global Gold wants to be a successful mining company they should get people involved in the company that know something about mining. Instead of using you and your collaborator's to PUMP and DUMP the stock on this Board.
I will stop telling the truth about Van and Global Gold and he stops telling lies about me.
For more details visit my blogs:
http://extortion-in-armenia.blogspot.com/2012/06/partiv-van-krikorian-tarred-and.html
and
http://toukhmanuk.blogspot.com/2012/06/is-there-fraud-going-on-at-toukhmanuk.html
The Truth speaks for its self.
Actually... I don't. But thanks for your "TERRIFIC" insight.
Maybe you should stop ripping on Van and look in the mirror... you should of just done your job right in the first place and then we'd all be in a better place.
Spare me the rest of your salty comments. TIA
DON'T GET YOUR HOPES UP THAT GBGD WILL GO UP IN PRICE:
Turns out this decision has absolutely little value to Global Gold.
According to an online article on HETQ.am, "This new decision will probably not impact Ayvazyan since the United State and Armenia have no treaties regarding the seizure of assets.
The only practical implication is tat Ayvazyan will be barred from entering the States."
Don't get your hope un that the stock will go up.
Hey EOM7...Do you think GBGD will see a penny of this money ever?
Ayvazian is a former Minister of the Environment of the Republic of Armenia and a siting Member of Parliament who probably does not make more than $2000 a month. This is unenforceable in Armenia, how will he cough up $37MM.....
GBGD has a better chance of making money on extracting gold at their closed down Toukhmanuk Mine. If there is gold there to mine and if they don't lose their license for non-compliance.
GBGD .19 - 8k $37,537,978.02 award!
Item 8.01 Other Events
On Thursday September 6, 2012, the United States Marshal Service for the Southern District of New York filed for service a Writ of Execution to be enforced against Mr. Vardan Ayvazyan in favor of Global Gold Mining, LLC, a wholly owned subsidiary of the Company (“GGM”). The Writ of Execution was issued by the United States District Court for the Southern District of New York following the order and judgment of Judge J. Paul Oetken and final entry of that judgment (No. 12,1260), without appeal. The terms of the Writ of Execution and the Thirty Seven Million Five Hundred Thirty Seven Thousand Nine Hundred Seventy Eight dollars and Two cents ($37,537,978.02) amount of the judgment in favor of GGM are more particularly described in the attachment hereto.
In 2006, a subsidiary of the Company which was the license holder for the Hankavan property was the subject of corrupt and improper demands and threats from the now former Minister of the Ministry of Environment and Natural Resources of Armenia, Vardan Ayvazyan. The Company reported this situation to the appropriate authorities in Armenia and in the United States; eventually, the Company lost control of the Hankavan property as a result of Ayvazyan. The Company engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary. On November 7, 2006, the Company initiated the thirty-day good faith negotiating period (which is a prerequisite to filing for international arbitration under the applicable 2003 Share Purchase Agreement) with the three named sellers/shareholders and one previously undisclosed shareholder and the principal directing the other shareholders, Ayvazyan. The Company filed for arbitration under the rules of the International Chamber of Commerce, headquartered in Paris, France ("ICC") on December 29, 2006. On June 25, 2008, the Federal District Court for the Southern District of New York ruled that Ayvazyan was required to appear as a respondent in the ICC arbitration. On September 5, 2008, the ICC International Court of Arbitration ruled that Ayvazyan shall be a party in accordance with the decision rendered on June 25, 2008 by the Federal District Court for the Southern District of New York. Subsequently, in December 2011 the ICC Tribunal decided to proceed only with the three named shareholders; in March 2012, GGM filed an action in Federal District Court pursuant to that Court’s prior decisions for damages against Ayvazyan and/or to conform the ICC Tribunal to the precedents. Based on the evidence of the damages suffered as a result of Ayvazyan’s actions, the final $37,537,978.02 federal court judgment in favor of GGM is comprised of $27,152,244.50 in compensatory damages plus $10,385,734.52 of interest at 9% from 2008. The Company has notified the ICC that the pending arbitration against the other three shareholders should be terminated as moot, considering the final judgment against Ayvazyan.
JUST READ GBGD 10-Q...from What I understand they essentially....
- Cancelled their JV deal on Toukhmanuk Gold Project and deprived their partners of $5MM
- Cancelled the deal with the other JV partners on Marjan Mining and deprived them of $1.6MM
- Cancelled their deal with Coventus/ Amarant / Alluvia depriving them of about $1,000,000
- Cancelled their deal with Madre Gold depriving them of $150,000
And every time they cancelled their projects, they blame their partners.
Are these guys con artists or just incapable of entering a deal and making it work?
I also hear in Armenia, that:
- Global Gold is being investigate for Tax Evasion and other financial crimes
- Their Licenses in Toukmanuk, Getik and Marjan are under investigation for non-compliance
- They missed payments to their Guaranteed loan to the ABB bank in Armenia secured by the shares of Mego Gold
They had $150,000 in the bank in JUNE and now appear to be penniless. How are they going to raise any money for any of their projects. They need millions of dollars to do anything in Armenia. Are they going to try to JV these assets again to someone else? Are they going to screw them too?
This company appears to me to be nothing more than a giant clusterfuck trading at $0.16 and a market cap of $14MM...what is it really worth? not $0.16 , that is for sure.
Will GBGD Lose the Toukhmanuk Project in Armenia?
Not only should Global Gold lose their license to the Toukhmanuk and Getik projects in Armenia, they KNOW that it is a real risk, and have failed to disclose as much, in their financial statements and their SEC filings.
Global Gold does state in their 10-K filing for December 31, 2012 the following:
The Toukhmanuk property is a lode deposit which is being mined using an open pit method. The Company has one National exploration license #15, as extended, covering approximately 10,915 acres for sub-surface exploitation of gold.The Company also has one National mining license #HA-L-14/356 which covers the central section of the property and is approximately 446 acres for mining gold and silver. 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.
Global Gold has failed to disclose to investors that they have not met these license requirements and that the license is currently not in good standing.
These misrepresentations are a breach of SEC regulations and probably constitute FRAUD by Global Gold, Mr. Van Z. Krikorian, CEO and Corporate Counsel, Jan Dulman, CFO and registered CPA, and its Directors, Ian Hague (of FireBird LLC and the largest Shareholder of GBGD), Nicholas J. Aynilian, (Owner of Vanick Properties in NJ), Harry Gilmore, (Career US Foreign Services employee and the First Embassador to Armenia for the USA) and Drury J. Gallagher, the Chairman Emeritus of GBGD and one of its original Managers.
Every Board Member and all the management of Global Gold know these facts but they fail to make adequate disclosure to investors so that it can be clear that GBGD has not met the license requirements and currently is not in good standing and the Armenian Government has every right to cancel their license for non-performance.
For the average investor to figure this out, he would have to go through the whole 10-K and find one little sentence buried in a paragraph on page 11 of the 10-K report that reads:
In 2008, GGM upgraded the plant and lab, installed a new gold room, recommenced mining and production of concentrate, and continued its analysis of the prior year’s drill results. Also, the Company compiled its reserve report and submitted it to the state committee on reserves of Armenia in March 2009 (please refer to the “Cautionary Note to U.S. Investors” on page 3 of this report). The Company has generated minimal sales from gold and silver concentrate from the property. Sales were approximately $6,000 in 2006, $10,400 in 2007, nothing in 2008, $136,600 in 2009, $358,400 in 2010, and $81,702 in 2011. he 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, and approximately 21,400 tonnes in 2011 with content of approximately 0.92 g/t gold and 3.32 g/t silver. As of December 31, 2011, the Company has spent approximately $10,260,000 on mining and exploration activities at this property, excluding acquisition and capital costs.
Nowhere in the the SEC filing, 10-K report of December 2011 does it state the anything like this:
THE COMPANY HAS FAILED TO MEET MINIMUM PRODUCTION REQUIREMENTS UNDER THE MINING LICENSE AND AS SUCH IS NOT IN GOOD STANDING. IF THE COMPANY DOES NOT CORRECT THIS OR MAKE OTHER ARRANGEMENTS WITH THE AUTHORITIES OF GOVERNMENT OF ARMENIA, THE LICENSES MAY BE AT RISK OF CANCELLATION DUE TO NON-PERFORMANCE OF LICENSE REQUIREMENTS.
Now that would be proper disclosure !
Below is a table of the actual production recorded by Global Gold on the Toukhmanuk Gold Mine from 2006 to 2011. This information has been compile form GBGD's SEC filings.
Link to Blog and Table
** I am not sure if the 2006 production number is true it may only be 30,000 tonnes considering the 10KSB filed in 2006 states:
In 2006, Global Gold Mining drilled over 10,000 meters of exploration for gold and polymetallic mineralization at Tukhmanuk, mined approximately 30,000 tonnes of ore, and engaged in small scale, experimental processing of concentrate at the pilot plant. **
GBGD is not evil.......they are acting against SEC regulations by making false statements in their filings, using a foreign criminal justice system to gain advantage in civil lawsuits, corrupting government officials in Armenia.
This is not "evil" it is illegal.
Now they screwed their last Joint Venture partners out of $5,000,000 and it is never their fault. How unlucky are these guys or how corrupt are they? You decide!
The ringleader is Mr. Van Z. Krikorian, a member of the New York Bar, Corporate Counsel for Global Gold and its Chairman, CEO and Director. And probably not too far behind is hedge fund opertor, and majority shareholder, Mr. Ian Hague, of FireBird LLC, who was out of pocket $5,000,000 in loans that he converted to stock. It is interesting that Consolidated Resources got scammed out of $5,000,000 the same amount that Ian Hague was out. A coincidence? I think not.
See 8-K filed by GBGD on October 19, 2010
As of October 15, 2010, Global Gold Corporation (the "Company") has outstanding loans plus accrued interest totaling $5,312,642.95 from three of the Company’s Directors, Mr. Ian Hague ($5,052,262.27), Mr. Nicholas J. Aynilian ($154,030.68), and Mr. Drury Gallagher ($106,350). On October 19, 2010, the Company’s non-interested members of the Board of Directors approved a restructuring in aid of settlement of all this debt to extinguish and convert this outstanding debt. Pursuant to the restructuring, the loans were cancelled and became convertible into shares of the Company’s common stock at $0.15 per share. As of October 22, 2010, the Company has been given acceptance for the entire conversion. The transaction will benefit the Company by reducing the current debt by $5,312,642.95 and eliminating the interest from continuing to accrue on these debts. The Company will issue a total of 35,417,620 shares of the Company’s common stock which will be restricted in exchange for the debt cancellation. The conversion of debt by Mr. Hague will not impact his 1.75% NSR royalty on the Pureo property in Chile and will remain in force.
We get it buddy.... GBGD is EVIL!
IS GBGD A CORRUPTING FORCE IN ARMENIA?
WHO IS MR. KORYUN HAKOPYAN?
Mr. Koryun Hakopyan is the Head of the Subsoil Concession Agency of the Ministry of Energy and Natural Resources of the Republic of Armenia (MENR).
From my experience in Armenia I believe Mr. Koryun Hakopyan appears to be corrupt and people like Mr. Van Z. Krikorian and Mr. Ashot Poghossyan of Global Gold Corporation (GBGD) are enabling corrupt officials like Mr. Koryun Hakopyan to continue operating, business as usual.
Corruption is hard to prove from my side of the fence, I don't have the smoking gun, but this circumstantial evidence is enough to spark a full investigation by authorities in Armenia and in the USA against Global Gold and Mr. Van Z. Krikorian.
This is a profile of RAKE LLC published online.
RAKE LLC
RAKE LLC was established in 2006 and its first and largest client was Global Gold Mining. Millions of dollars in contracts for drilling, trenching, sampling, mapping and geophysical surveys and mine planning were given to this company by Global Gold Mining.
As is typical in corruption prone Armenia, government officials own many businesses through their relatives or friends. In this case it is a well known secret that Mr. Koryun Hakopyan, the Head of the Subsoil Concession Agency of the Ministry of Energy and Natural Resources of the Republic of Armenia has an interest in RAKE.
This type of link of Business and Corruption in Armenia is not uncommon, as further discussed by the Business Anti-Corruption Portal:
http://www.business-anti-corruption.com/country-profiles/europe-central-asia/armenia/show-all/
"The US Commercial Service 2010 evaluates the relationships between high-ranking government officials and the emerging private business sector as encouraging influence peddling. According to this source, powerful officials at the national, district or local level acquire direct, partial or indirect control over emerging private companies. Such control is exercised through a hidden partner or through majority ownership of a prosperous private company. This involvement can also be indirect, through close relatives and friends."
And that's how the cookie crumbles in Armenia.
Koryun Hakopyan makes sure Global Gold maintains its concession, clears the red tape, or covers for Global Gold Mining at the Ministry and you give RAKE a drilling contract.
Koryun Hakopyan issues a bogus termination notice and Global Gold keeps doing business with RAKE.
Rake LLC was a new mineral exploration firm established in 2006, it had no history of operations yet Global Gold hires them to do drilling, trenching, mapping and pays RAKE millions of dollars for work performed.
Why does a "professional" organization like Global Gold hire unproven operators like RAKE to do serious geological exploration work for them?
Why is Global Gold, RAKE's first client and its largest client till this date?
Because Mr. Koryun Hakopyan is the Head of the Subsoil Concession Agency of the Ministry of Energy and Natural Resources of the Republic of Armenia and Global Gold needs to keep him happy by doing business with RAKE.
But this relationship can work the other way too. In this case Mr. Van Z. Krikorian and Mr. Ashot Poghossyan demand favors from Mr. Koryun Hakopyan in exchange for continuing to do business with RAKE.
What Favor?
The MENR issues a "termination" notice on September 28, 2010 and Global Gold uses it as a ruse to terminate the JVA with Caldera Resources Inc.
Termination Notice pg 1
Termination Notice page 2
Here is a "purported" termination notice signed by the Chief of Staff of the Minister of Energy and Natural Resources, Mr. K. Gharhamanyan.
Mr. Gharhamanyan is a very busy man and depends on his departments to do their work properly, so when Mr. Koryun Hakopyan authorizes the issuance of a "termination notice" the chief of staff signed it. Little did the Chief of staff knwo that this letter was illegally prepared by the Concessions office which headed by Mr. Hakopyan.
On October 7, 2010, GBGD terminated the JVA and issued a press release on October 18, 2010 claiming that: "Caldera has advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 day termination notices from the government and the October 7, 2010 joint venture termination notice from Global." This statement is false and part of the scheme of Mr. Krikorian to discredit Caldera and cancel the JVA. Caldera has filed a complaint with the SEC against Mr. Krikorian.
GBGD’s claims and the purported “termination” notice, which was used as a trigger to illegally terminated the JVA, appear to be contrived, considering that the Minister of Energy and Natural Resource of the Republic of Armenia annulled the notice by way of Ministerial Decree on May 11, 2011.
The Minster’s decree states that reasons for the annulment of the notice was that there were no facts to support it and that proper procedures were not followed. Here is the Minster's Decree annulling the "termination" notice that was illegally issued along with the minutes/protocols of the administrative hearing.
Ministers Decree
Minutes of Administrative Hearing pg 1
Minutes of Administrative Hearing pg 2
Minutes of Administrative Hearing pg 3
The “termination” notice of September 28, 2010 was clearly contrived, considering that the Minister of Energy and Natural Resource of the Republic of Armenia annulled the notice by way of Ministerial Decree on May 11, 2011.
This is evidence of corruption considering this notice was delivered to Ashot Poghossyan and used by Van Krikorian and Global Gold as a trigger to unilaterally terminate the JVA with Caldera on October 7, 2010.
It appeared too conveniently, and was illegally issued, to be anything else but evidence of corruption.
Now Van and Ashot can claim they don't deal with Koryun Hakopyan but in 2009 I received an email from Van and Ashot relating to comments from a "friend of theirs in the ministry", Koryun, who was assisting them in interpreting issues related to the Lichkvaz Tey project.
Here is the email.
Van Z. Krikorian vkrikorian@globalgoldcorp.com
04/02/2009
to me
-----Original Message-----
From: Ashot Boghossian [mailto:aboghossian@ggm.am]
Sent: Tuesday, February 03, 2009 10:29 AM
To: Van Z. Krikorian
Subject: [Fwd: Concession Law without amendments]
This is the old version, but look at Article 66. Note that they changed
the law afterwards, to say that Mineral Rights means the license and the
license agreement. Koryun says Sipan has not signed the license
agreement, and the term provided for entering the agreement after the
license was issued already expired. I told Koryun that the initiative
for signing was the government's, so they can have an excuse. Also, they
changed the law after the license to Sipan was issued, so legally that
could be argued to, that the change of law (Mineral Right means license
agreement included) does not have a retroactive effect, and can not
affect the Mineral Right held by Sipan. The Ministry has honored this
argument while re issuing the Getik license to us, and they also said
they had a similar precedent. Let me know.
If it walks like duck,
quacks like a duck,
it's "corruption"
VISIT THE VIDEO PAGE ON MY BLOG
AND SEE SCATHING VIDEO REPORTS
FROM ARMENIA AGAINST GLOBAL GOLD
News Reports on GBGD from Armenia
Global GOld is in the whole for $+10MM and owe their former partners $5MM for cancelling the deal.
What did they do with the $5MM?
Their financial statements for Dec 2011 (10-K) show:
General and administrative $ 3,302,010
Mining and exploration costs $ 1,925,781
--------------------------------------
$ 5,227,791
General and Administrative of $3.3MM? This is ridiculous.
Total Liabilities $10,866,044 which includes Proceeds from the sale of minority interest in joint venture pending of $5,000,000. I guess they have to return.
see 10-K at:
http://sec.gov/Archives/edgar/data/319671/000143774912003907/globalgold_10k-123111.htm
I guess it is a matter of time they stop being a fully reporting issuer and go to the pinks.
Who the hell is supporting this stock? It is still trading at $0.15 and a Market Cap of $12.5MM!
They got a $5Million dollar investment for the 49% interest the Toukhmanuk and Getik projects, in Armenia. Unfortunately Global Gold killed that agreement for non-performance. Sounds like Caldera 2.0 to me.
I guess they owe that $5MM back. What an f'n mess.
I DID PLEASE FOLLOW THE BREAD CRUMS
Bill Mavridis is no longer the President of Caldera, management or Director. He resigned from Caldera on March 30, 2012.
I guess there was nothing newsworthy to post from GG SHMG? Time to "boot the scoot",,,, alert ROFLMAO
please post anything significant from the SHM
TIA
Ask the Folks of Medinah Minerals. They think today you guys GG will change their lives
YOU HEARD IT HERE FIRST....Global Gold (GBGD) has not disclosed if there are any risks associated with its pending application for a a new licence for the Toukhmanuk Project under the new mining code in Armenia. Nowhere in their SEC filings do they talk about this!
The new Mining Code of Armenia took effect January 1, 2012.
Link to New Mining Code-Armenian: https://www.box.com/s/2083ad2443addcef34de
Link to New Mining Code-English: https://www.box.com/s/67f0d8905e6bb6876337
The law requires that all license holders apply within 12 months (Article 80(5)) for a new agreement with the Ministry of Energy of Natural Resources. If the MENR does not re-issue the new license/agreement, then operating the mine will be illegal (Article80(6)).
Can the new license for Tukhmanuk be refused? What are the RISKS?
Please disclose this Global Gold!
TRANSITIONAL AND FINAL PROVISIONS
ARTICLE 80
Transitional Provisions
1. Present Code shall apply to legal relationships arising during mining activities after the Code enters into force, unless provided otherwise by present Code.
2. Contractual or other legal relationships arising during mining activities carried out before the present Code enters into force shall be subject to the same rights and responsibilities, which shall apply after the Code enters into force.
3. Mining rights provided before present Code enters into force shall remain in force.
4. Those mining operators, which by the date when present Code enters into force do not have registered rights over the land plots that are necessary for mining, may apply to the head of respective community in the established manner for land allocation.
5. Mining licenses provided before shall stay in force until receiving a permit pursuant to new Code. In case of reissuing the right of mining, period for provision and effect of the new permits are deemed as periods established under licenses granted before this law entered into effect.
6. Within 12 months after this law enters into effect, mining operators shall apply to the authorized body for reissuing their mining right (license, contract, act on mining site allotment). In case of reissuing the right, additional payments from mining operator shall not be levied.
7. In case if mining right (license, contract, act on mining site allotment) is not reissued within 6 months after the new Code enters into effect, activities of a mining operator shall be deemed as illegal entrepreneurship, whereby the respective sanctions shall apply.
visit my blog at http://toukhmanuk.blogspot.ca/
Yes read the report and you will be confused like any professional in the mining industry will be.
1. Can you really transfer GKZ style reserves to resources? (NOT REALLY, it still needs Confirmation!)
2. Can you use the data compiled by Global Gold after 2001, since none of the work was supervised by a Qualified Person as defined by CIM and the NI 43-101
Much of this data must be reviewed by a Qualified Person, (local Armenian Geologists are not Qualified under CIM) before it can be accepted as a qualified NI 43-101 report.
Also , the author of this report does state that Global is required to mine 80,000 tonnes a year and invest approximately $1,200,000 a year in exploration. Global Gold has not done this and appears to be in default.
see my blog: Is the TOUKHMANUK License at RISK of being CANCELLED?
LOL
READ MY BLOG and READ the 43-101.
Is there any Gold in the Toukhmanuk Mine in Armenia, worth mining?
Yes i believe i have,however time will tell.It will be very exciting. Perhaps if anyone goes to the SHM in New York friday they could learn alot and report back?? I am not a shareholder here,but we will have alot in common soon. Chow for now and ignore the nay sayers.
Here are the Chilean properties GBGD sold to AMARANT:
http://www.amarantmining.com/valdivia.html
What purchase agreement is this referring to?
"On April 13, 2012, the Company entered into an "Amended Joint Membership Interest Purchase Agreement" with Amarant Mining Ltd. ("Amarant") to amend the parties' December 2, 2011 "Joint Membership Interest Purchase Agreement" as follows: the 1 million dollar payment from Amarant due the Company on December 15, 2011 shall be paid by April 20, 2012; the three "Additional Payments" of 1 million dollars due on each of December 15, 2012, December 15, 2013, and December 15, 2014 shall all be paid in a lump sum of three million dollars prior to May 31, 2012, as further described in Exhibit 10.49."
There have been rumors that it concerns the purchase of property in Chile owned by Medinah Minerals (MDMN) who state on their website that they have entered into an agreement and funding is "imminent", but doesn't name the partner(s).
Thoughts?
Did we find out what that 5 mil is on their financials?
https://plus.google.com/107735317203111603192/posts
President of Caldera
lol! Read this... should answer all your questions:
2011 Behre Dolbear Independent Technical Report on Toukhmanuk and Getik
http://globalgoldcorp.com/docs/20111017_J11_163_Global_Gold_Toukhmanuk_and_Getik_43_101_report.pdf
THIS IS WHAT I FOUND OUT.....
Read my blog about the truth of Global Gold's Toukhmanouk Gold Mine and the unethical tactics employed or I shoud say deployed in Armenia by GBGD's Chairman, CEO and Corporate Counsel, Van Krikorian.
Is there any Gold in the Toukhmanuk Mine in Armenia, worth mining?
Global Gold Corporation (GBGD) and Van Krikorian Tried to Send Me to Jail in Armenia
Let us know what you find out.
knock knock knock??? Whats the 5 million dola future joint venture Global has pending. Anyone?? Its on there latest financials.
17. SUBSEQUENT EVENTS
In accordance with ASC 855, “Subsequent Events” the Company evaluated subsequent events after the balance sheet date of December 31, 2011 through the date of this filing.
On February 6, 2012, the Company received consent from shareholders representing a majority over 65% of its outstanding Common Stock to transfer the 100% interest in Mego-Gold, LLC and Getik Mining Company, LLC into GGCR Mining, LLC, a Delaware limited liability company, owned by a joint venture company, Global Gold Consolidated Resources Limited, a Jersey Island private limited company (“GGCR”), per the terms of the April 27, 2011 Joint Venture Agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA“). The JVC will issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a) 51% of the equity of JVC, or (b) $40.0 million in newly issued stock of JVC, calculated based on the volume weighted average price ("VWAP") of such shares over the first 30 (thirty) days of trading following the IPO, assuming issuance of all shares issuable in the IPO, and assuming issuance of all shares issuable as management shares and conversion of the Notes issued under the Instrument (as defined) and all other convertible securities and exercise of any warrants or other securities issued in connection with the IPO, such that if following any reverse merger or IPO, the value of $40.0 million in newly issued shares based on VWAP of JVC shares is greater than the Global Gold's 51% equity ownership in JVC valued as above, new shares in JVC will be issued to the Global Gold such that the aggregate value of Global Gold's ownership in JVC is shares having a value of $40.0 million based on VWAP, and the Company shall remain in control of the JVC following the public listing, all as further described in exhibit 10.34 below. The Board of Directors of Global Gold Corporation previously approved the same transaction, discussed above, on January 5, 2012.
Based on the approval of the Board of Directors of Global Gold Corporation (“GGC” and “the Company”) received on January 5, 2012 and on receiving consent from its shareholders representing over a 65% majority of its outstanding Common Stock on February 6, 2012, as the Company reported on Form 8-K dated February 9, 2012, to transfer the 100% interest in Mego-Gold, LLC (“Mego” and “MG”) and Getik Mining Company, LLC (“Getik”) into GGCR Mining, LLC, a Delaware limited liability company (“GGCR Mining”), owned by a joint venture company, Global Gold Consolidated Resources Limited, a Jersey Island private limited company (“GGCR”), per the terms of the April 27, 2011 Joint Venture Agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”). The Company entered into the following agreements on or about February 19, 2012 updating previous agreements, all as further described in the exhibits attached, on the following dates:
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Shareholders Agreement for GGCR dated February 18, 2012 (Exhibit 10.36)
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Supplemental Letter dated February 19, 2012 (Exhibit 10.37)
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Getik Assignment and Assumption Agreement dated February 19, 2012 (Exhibit 10.38)
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MG Assignment and Assumption Agreement dated February 19, 2012 (Exhibit 10.39)
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Guaranty dated February 19, 2012 (by GGC to CRA) (Exhibit 10.40)
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Guaranty dated February 19, 2012 (by GGCR Mining to CRA) (Exhibit 10.41)
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Security Agreement dated February 19, 2012 (by GGCR and GGCR Mining to CRA) (Exhibit 10.42)
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Action by Written Consent of the Sole Member of GGCR Mining, LLC dated February 19, 2012 (Exhibit 10.43)
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Certificate of Global Gold Corporation dated February 19, 2012 (Exhibit 10.44)
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Global Gold Consolidated Resources Limited Registered Company No 109058 Written resolutions by all of the directors of the Company (Exhibit 10.45)
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Action by Written Consent of the Board of Managers of GGCR Mining, LLC (Exhibit 10.46)
Key terms include that Global Gold Corporation will retain 51% of the shares of GGCR, which will be a subsidiary of the Company, per the terms of the April 27, 2011 Joint Venture Agreement as approved and described above. The Board of Directors of GGCR Mining will be comprised of Van Krikorian, from GGC, Caralapati Premraj, from CRA, and three non-executive independent directors to be selected in the future. Management of the Joint Venture shall consist of: Van Krikorian, Executive Chairman; Jan Dulman, Chief Financial Officer; Joseph Borkowski, Executive Vice President; Ashot Boghossian, Managing Director Armenia; and a Chief Operating Officer for Armenia to be named.
In a final, non-appealable decision issued and effective February 8, 2012, the Armenian Court of Cassation affirmed the July 29, 2011 Armenian trial court and December 12, 2012 Court of Appeals decisions which ruled that Caldera Resources, Inc.'s ("Caldera") registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership rests fully with Global Gold Mining, LLC (a wholly owned subsidiary of Global Gold Corporation). The official versions of the Armenian Court decisions are available through http://www.datalex.am/ .
F-26
Based on Caldera's report of TSX-V approval, on June 17, 2010, Global Gold and Caldera announced they were proceeding with their March 24, 2010 joint venture agreement to explore and bring the Marjan property into commercial production. In late August 2010, Global learned that Caldera had circumvented the agreement by unilaterally and illegally registering changes to the Armenian project company's charter to Global's detriment. Such changes could only have been properly made with the signature of one of three authorized Global officers. However, Caldera was somehow able to register changes without Global's consent or knowledge. Without even advising Global that it had made those changes to take control, Caldera tried to have Global sign a resolution that would have authorized Caldera's illegal acts. Global refused. In addition, Caldera advised that it would not be performing the mining license requirements, failed to perform, and materially breached the agreements in other ways.
After a detailed notice sent on September 2, 2010 and attempts to work out a solution failed, Global filed an action in the appropriate Armenian court to rescind the illegal registration on September 22, 2010, and terminated the joint venture with Caldera on October 7, 2010. Global had agreed to keep the termination notice confidential until October 15, 2010, all as previously reported in Global's SEC filings.
On October 10, 2010 Caldera wrote to Global that "any claims of illegal registrations and request for changes must be addressed to Administrative Court in Armenia." Later, Caldera intervened in the Armenian case as a third party. After trial, court examination, and a 22 page opinion, the July 29 verdict reinstated Global as the sole shareholder of Marjan Mining Company. The lower court specifically identified both Caldera's President Vasilios (Bill) Mavridis and its country representative Azat Vartanian as responsible for Caldera's actions in this case.
Caldera appealed the Armenian Administrative Court decision. In a December 12, 2011 decision, the 54 page opinion concluded that the "Court of Appeals found that all material evidence necessary for the resolution of this case have already been duly examined and evaluated by the Administrative Court." Further, the "Court of Appeals found that the conclusion made by the Administrative Court that the application by Marjan Caldera Mining, LLC to make changes of the ownership of shares of Marjan Mining Company, LLC was made by the person not having such authorities is valid," and that the appeal filed by Caldera Resources, Inc aimed at revoking the Administrative Court's decision "is not substantiated and shall be rejected."
Caldera appealed again to the highest court with jurisdiction in Armenia, and the February 8, 2012 Court of Cassation decision recited its standards for accepting appeals-- when the case is important to uniform application of law in Armenia or is one that involves a material violation of substantive or procedural rights. Caldera had actually filed three separate appeals in the names of Caldera Resources, Inc., Marjan Caldera Mining, LLC and the Marjan Mining Company, LLC. None of the Caldera arguments were meritorious, and the Court of Cassation decision concluded that "the decision becomes effective as of the moment of its passing [February 8, 2012], and is not subject to being appealed."
On March 2, 2012, in accordance with the time limit imposed by Armenian law, the State Registry of the Republic of Armenia issued a new certificate reinstating Global Gold Mining, LLC, a wholly owned subsidiary of Global Gold Corporation, as the 100% owner of the Marjan Mining Company and Mr. Ashot Boghossian as the General Director of Marjan Mining. The online summaries of the Registry's corrected records are available at www.e-register.am/en/companies/73713 .
On March 29, 2012, in the independent New York City arbitration case Global Gold received a favorable ruling in its arbitration proceeding in New York with Caldera, see Exhibit 10.48. The arbitrator issued a Partial Final Award which orders the Marjan Property in Armenia to revert to Global Gold Mining based on the two failures to meet conditions precedent to the March 24, 2010 agreement. First, Caldera failed and refused to deliver the 500,000 shares to Global. Second, Caldera did not submit the final joint venture agreement to the TSX-V for approval until the middle of the arbitration proceedings, instead relying on superseded versions in its regulatory submissions and submitting “Form 5Cs” to the TSX-V which were false representations of Caldera’s obligations to Global. The Partial Award states “By misrepresenting its payment obligations to the TSX-V, Caldera painted a false financial picture to the TSX-V and the investing public.” In addition, the arbitrator found that had he not come to the conclusions above, “Caldera and its officers effectively breached the JV Agreement and the terms of the Limited Liability Agreement” in multiple ways, including Caldera’s failure to make quarterly payments to Global. The award orders reversion of the Marjan property to Global, return of amounts paid to Global by Caldera returned as the JV Agreement did not go into effect, an Net Smelter Royalty to Caldera of 0.5% for each tranche of $1 million actually spent on the property, and further proceedings on Global’s claims for damages with a preliminary hearing set for April 25, 2011. As previously reported, Global’s records establish that Caldera did not spend $1 million on the Marjan property. The parties' arbitration agreement further provides that the award “shall be final and non-appealable” and for the award of attorney fees, arbitrator’s fees, and other costs.
As of the filing date of this report, Global has reestablished control of Marjan Mining Company and the Marjan property, is proceeding with plans to mine in compliance with the mining license, and is implementing additional exploration.
On February 24, 2012, Jeffrey Marvin resigned as a Director from the Global Gold Corporation for personal reasons. Mr. Marvin did not hold any positions on any committee of the board of directors for Global Gold Corporation.
On April 13, 2012, the Company entered into an "Amended Joint Membership Interest Purchase Agreement" with Amarant Mining Ltd. ("Amarant") to amend the parties' December 2, 2011 "Joint Membership Interest Purchase Agreement" as follows: the 1 million dollar payment from Amarant due the Company on December 15, 2011 shall be paid by April 20, 2012; the three "Additional Payments" of 1 million dollars due on each of December 15, 2012, December 15, 2013, and December 15, 2014 shall all be paid in a lump sum of three million dollars prior to May 31, 2012, as further described in Exhibit 10.49.
On April 13, 2012, the Company also received a guaranty from Contender Kapital of Stockholm Sweden that if Amarant fails to make the 1 million dollar payment to the Company on or before Friday April 20, 2012, Contender Kapital will satisfy the 1 million dollar payment, as further described in Exhibit 10.50.
The Marjan project is located in southern Armenia and has Soviet-Era historical resources classified as C1 and C2, which is equivalent to measured and indicated resources, totaling 405,147 oz of Gold and 14.2M oz of Silver. The project also contains Soviet-Era historical resource classified as P1, which is equivalent to inferred resources, totaling 647,152 oz of Gold and 37.1M oz of Silver.
GBGD - huge - Caldera Receives Negative Decision From Arbitrator on Joint Venture
(via Thenewswire.ca)
Symbol: TSX-V: CDR
OTC: CAEFF
Shares: 59,333,333
Montreal, Canada - Thursday, March 29, 2012 - Caldera Resources Inc. (the "company" or "Caldera") at 5:00 pm on Thursday afternoon, received a negative decision from the Arbitrator on the claim filed against Global Gold Corporation ("GBGD") relating to the joint venture agreement between the parties.
The decision is currently being reviewed by legal counsel in the US and Canada and more news will be forthcoming. Meanwhile, Caldera will be requesting the halt of trading of the shares of the company pending further announcement on Friday.
Cautionary Statement
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. Former Soviet country estimates are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Additional information related to the Company is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
The security symbol, CAEFF, is part of the OTC Grey Market, where Caldera does not provide any reports and has no obligation to do so. There are no market makers under this symbol of this security. It is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult. Caldera is not a filer on EDGAR. (see http://www.otcmarkets.com/otc-101/otc-market-tiers)
For additional information:
Mr. Bill Mavridis
President and CEO, Caldera Resources Inc.
Direct line: 514-813-9200
Email: bmavridis@calderaresources.com
www.calderaresources.com
Copyright (c) 2012 Thenewswire.ca - All rights reserved.
Go Time? 250k bid just popped up at .14
It looks good on first sight,
but it's not good enough for such a great news,
the wont let us fly jet,
This is shaking week hands again,imho
Just sold some for same price,not happilly of course,
It looks to me like Global Gold is finally beginning to get noticed.
close above .23 equals a break out of a three year consolidation...
Hi eom7 ,
0.23, not bad for today
.231 - this is as thin as I have seen L2 on this stock
.205 gone... nice buying
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IBOX UNDER CONSTRUCTION:
Global Gold Corporation (Global Gold) is an international gold mining and exploration company that acquires and develops properties with low production costs and substantial upside potential. We currently operate three properties in Armenia and are the largest gold exploration license holder in the country. We also hold a 100% interest in an alluvial gold property in Chile. At every level, we are committed to best practices, building shareholder value, and maintaining social and environmental responsibilities in the communities where we work. More information can be found at www.globalgoldcorp.com.
Our mission is to establish ourselves as a mid-tier gold producer by maximizing potential of our properties and bringing them into production as soon as possible and in increasing scale. We recognize that the new global market environment and robust gold price present us with a unique opportunity to build shareholder value.
Global Gold's strategy is to generate revenues not only through production but also through royalty agreements and development. We may also seek to form operating partnerships to bring assets into production more quickly and generate cash flow. Our focus is on a few key high growth assets with balanced country risk.
Global Gold has a portfolio of gold and silver projects at early and advanced stages of exploration and development in Armenia and Chile.
We have one mine in the early stage of production in Armenia
We have one property in pre-production stage in Chile:
We have two promising exploration properties in Armenia:
Based in Greenwich, Connecticut, Global Gold has offices in Yerevan, Armenia, and in Santiago, Chile. Our management's strong knowledge of the local markets and our on site presence enable us to hire and retain the best local technical talent and give us first mover advantage in identifying and securing prospective properties.
Global Gold, incorporated in 1980, is a public company traded on the OTCBB in the US under the symbol GBGD. As of November 2010, we have 79,190,475 shares outstanding and approximately 1,300 shareholders. Our largest shareholders include Firebird Management (which holds approximately 20%), and Management holds approximately 57%.
Disclaimer: To the extent that statements 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. Former Soviet country or "GKZ" estimations are presented for historical reporting and to provide a basis for assessing Global Gold's choices for its business activities and not to be understood as indicating the existence of reserves or resources.
KEY DOWNLOADS
DOWNLOADS |
Behre Dolbear Independent Technical Report on Toukhmanuk Mine Project and Getik Prospect, Armenia in Conformance with NI 43-101 Guidelines 9 MB PDF Document [Requires Adobe PDF Reader] Read the associated press release: Click here | |
Verdict For The Republic of Armenia - Unofficial Translation 1.99 MB PDF Document [Requires Adobe PDF Reader] Read the associated press release: Click here | |
2011 Investor Presentation (February) 3.69 MB PDF Document [Requires Adobe PDF Reader] | |
Armenian State Natural Resources Agency Decision N234 on the Recalculation of Reserves for Toukhmanuk - Friday, November 13, 2009 Official - 1.8 MB PDF Document [Requires Adobe PDF Reader] Unofficial Translation - 4.6 MB Word Document [Requires Adobe PDF Reader] | |
October 2009 Armenian State Natural Resources Agency Reserve Approval for Toukhmanuk-Official Version and Unofficial Translation Official - 164 KB PDF Document [Requires Adobe PDF Reader] Unofficial Translation - 39 KB Word Document [Requires Microsoft Word] | |
Technical and Economic Summary for Tukhmanuk Central Section Submitted to Armenian Agency for Natural Resources March 2009 427 KB PDF Document [Requires Adobe PDF Reader] | |
ROA Certificate of Conformity 4.98 MB PDF Document [Requires Adobe PDF Reader] | |
ISO Lab Certification - Armenian 1.42 MB PDF Document [Requires Adobe PDF Reader] | |
ISO Lab Certification 24 KB PDF Document [Requires Adobe PDF Reader] | |
Moscow CIS Precious Metals Summit, February 12-13, 2009 2.82 MB PDF Document [Requires Adobe PDF Reader] | |
The Wall Street Transcript - Company Interview 117 KB PDF Document [Requires Adobe PDF Reader] | |
Defoe Capital Analyst Coverage of Global Gold Corporation 380 KB PDF Document [Requires Adobe PDF Reader] | |
Armenia - Positive Outlook for Mineral Sector Growth 924 KB PDF Document [Requires Adobe PDF Reader] | |
Armenia - Mining Journal Special Publication 2.44 MB PDF Document [Requires Adobe PDF Reader] |
STOCK INFORMATION
Authorized Shares: 100,000,000
par value: $.001 per share
Shares Outstanding: 79,190,475
Fully Diluted: 84,434,642
Share Holders: 1,284
MAJOR SHAREHOLDERS
Management 56.9%
Ian Hague
(member - board of directors) 42.5%
Other Management 14.4%
Firebird Management 20.1%
chart compliments of our friend tony from mi, give him a membermark if you will :)
http://investorshub.advfn.com/boards/profile.asp?user=31439
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These charts are compliments of JT options, member mark for him too!
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