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GBGD re-listed on the OTCQB with USD$20,350,985 in Debt

Global Gold Corp (GBGD) shares have finally been re-listed on the OTCQB from the PINK sheets. GBGD shares were dropped because it failed to timely file their year-end and quarterly financial statements.

Now that the F/S are filed, here are some highlights for GBGD:

  • The company has $54,164 in cash and $20,350,985 in debts
  • Its Armenian subsidiary (Mego Gold LLC) that owns their Toukhmanuk Gold Mine has been declared bankrupt by Armenia's Cassation Court
  • JV partner Linne Minning at Toukhmanuk, has filed a creditor claim of $30,000,000 in the bankruptcy of Mego Gold
  • They need $5,000,000 to fund their Marjan Project in southern Armenia
What can one say about a company run by Mr. Van Z. Krikorian, President, CEO, Director and  Lawyer, and Mr. Ian Hague, Director and Principal of hedge fund Firebird LLC (

Mr. Ian Hague had made director loans to Global Gold which amounted to $5,052,262, including interest. In order to clean up the books of the company, in 2010 Mr. Hague converted his cash advances to shares of the company at $0.15 now worth about $0.015. 

Mr. Hague owns and controls a total of 44,869,915 common shares of GBGD, representing 48.78 % of all outstanding shares.

Since 2011 the company has managed to fund its operations with JVs that all have ended in lawsuits, but not before Mr. Van Z. Krikorian organised for GBGD to scam its investors out of over $11 million dollars using deceptive and fraudulent gold resource models that showed that the Toukhmanuk Gold Mine contained 2 million ounces of gold, which evidence exists now that this was a FRAUD.   Read my previous blogs for more information.

Additional funding for GBGD comes from the former President, Secretary and Chairman Emeritus of Global Gold, Mr. Drury Galagher.  He has made cash advances to GBGD totalling $3,125,114 to support a "technically" bankrupt compnay that is carrying $20,350,985 of debts. Why? What is he trying to hide by supporting GBGD? Or, is he just a bad investor?

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Clear and Apparent Fraud at GBGD and Toukhmanuk Gold Mine

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 contractagreement.

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…


That's what Mr. Van Z. Krikorian said to me and my brother (John Mavridis) in October 2010 while we were trying to resolve the dispute between Global Gold and Caldera.  Little did I know that he was serious and that his scheme was already put in place weeks before!

Mr. Van Z. Krikorian, the Corporate Counsel of Global Gold Corporation, authorized his lawyer in Armenia Mr. Hrayr Ghukassyan, to file a criminal complaint against me for theft and fraud on September 15, 2010, for allegedly stealing the shares of Marjan Mining Company.

Below is the signed complaint filed by Global Gold Mining, the subsidiary of Global Gold Corporation (GBGD) that was filed with the Prosecutor of Yerevan City, Mr. Badalyan.

Translated from Armenian

To: Mr. Badalyan,
Prosecutor of Yerevan city

From: Hrayr Ghukasyan
Global Gold Mining LLC
Representative of the Armenian Branch

Address: 2a/2 Tumanyan, Yerevan, Republic of Armenia Tel: 010 52-94-18, 093 988-797
Consider and report to: