Global Gold Corp. (GBGD)

[BMAV]

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.

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