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Showing posts from 2014

Armenian NGO Demands Criminal Investigation against Global Gold

On December 12, 2014, Ecological Right, 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 a

Ecolur Reports That Toukhmanuk Gold Mine Expansion Rejected by the Armenian Government

Local Armenian NGO, , 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 in Armenia, Mego-Gold, had its mine plan REJECTED by the Ministry of Nature Protection (MNP). In April 2013 the MNP 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.  GBGD is also being sued by its 49% joint venture partner of the Toukhmanuk Gold mine, Consolidated Resources Armenia (CRA), in the Royal Cour

Armenian Government Expert States Global Gold Corp Operating Illegally at Toukhmanuk Gold Mine.

Ecolur Reports: National Assembly Expert: Mego Gold LLC Implementing Illegal Activities 16:47 September 17, 2014 EcoLur:  SEE VIDEO BELOW Hermine Poghosyan , Expert at the National Assembly Standing Committee on Agriculture and Environment, stated that “Mego Gold” LC is implementing illegal activities. She made this statement at the public hearings on Tukhmanuk gold mine project held in Meliq Vellage, Aragatsotn Region, on 10 September. Hermine Poghosyan: The National Assembly Standing Committee on Agriculture and Environment is very interested in this issue. We have applied to competent bodies many times expecting expert opinions on the information and any other additional information. You don’t have an expert opinion for open pit mining. The opinion you have is issued for closed mining. We have an official letter that you don’t have the opinion of the e

Caldera Died in 2012 and After 2 years of Delays, Arbitrator issues a "Default" Judgement for Damages Against Caldera

November 12, 2014 Proverbs 24:16-18 says that  "For a righteous man falls seven times, and rises again, But the wicked stumble in time of calamity." I was advised by Caldera that the Arbitrator issued a "default" judgment against the Company on November 10, 2014 with respect to the damages phase of the counter claims filed by Van Krikorian and Global Gold Corp ("GBGD"). Caldera has not been operating since 2012, is delisted and is technically bankrupt, with no assets and millions of dollars in current liabilities. Caldera's lawyers resigned in 2012 due to non payment and the company could not hire a lawyer to present the company and assist it in a defence  during the recent damage phase. The Arbitrator refused to allow me, Bill Mavridis, to represent the company since I am not a lawyer. This is why I refer to this ruling as a "default" judgement, Caldera did not participate because it could not afford to pay for a lawyer.   Th

Global Gold Corp. Threatening YEZIDI Community with Toukhmanuk Gold Mine

ECOLUR reports : Yazidis Applied to OSCE Yerevan Office Head for Toukhmanuk Tailing Dump 11:20 September 25, 2014 EcoLur Ambassador Andrey Sorokin , the Head of the OSCE Office in Yerevan , received “Sinjar” Yezidi National Unity representatives and discussed the construction of the third tailing dump for Tukhmanuk ore dressing plant by “Mego Gold” Company. “The ambassador attached much importance to this issue and said they will work in this direction within their competencies,” said Boris Tamoyan, Chairman of “Sinjar” Yezidi National Unity. Because of tailing dump construction these villages will be deprived of any opportunity to deal with husbandry and will directly emigrate from Armenia, as they won’t have any chance for earning their living,” Boris Tamoyan said and added that these villages are not recognized as project affected, which is a gross violation

Local Villagers at MELIQ, OPPOSE Global Gold Corp's gold mining project in Armenia

The TOUKHAMNUK GOLD MINE License is coming up for renewal on February 28, 2015 and Global Gold Corp (OTCmarkets:GBGD) may lose the license. Frankly they should lose the license since they have failed to meet their contractual obligations under the terms of their mining contract. GBGD, has failed to mine 153,000 tones of ore through open pit operations and 1,095,250 tones od ore through underground mining operations. In fact, according to Government of Armenia RECORDS, GBGD only mined 86,400 tones of ore from open pit operations at the Toukhmanuk gold mine between 2006 - 2012. Nowhere near the 1,259,400 tones of ore required to be mined under the terms of the mining license issued in 2006. Even the local community opposes GBGD's subsidiary, Mego-Gold, to build a third tailings dam in the area to support future plans to operate the mine exclusively as an open pit operation. They failed to follow the terms of the first mining contract and now they want to be rewarded with

CRA Seeks Court Ordered Liquidation of JV and Toukhmanuk Gold Mine: Jersey Court Orders Trial To Commence On An Expedited Basis

Consolidated Resources is suing Global Gold Corp. (otcmarkets:GBGD) and Van Krikorian to recover $2 million in defaulted debt and force the sale of the Toukhmanuk Mine. A significant amount of background on this issue can be found by reading the Judgment issued by the Royal Court of Jersey on September 11, 2014. (see links below).  Here is brief overview:  On April 27, 2011, Consolidated Resources Armenia (CRA) concluded a joint venture agreement with Global Gold Corp. (GBGD) for the development of the Toukhmanuk Gold Mine, called Global Gold Consolidated Resources (GGCRL). The JV received $5 million cash from CRA, and CRA received a 49% interest in the Toukhamnuk Gold Mine.  In 2012 CRA made an additional loan to the JV, which was guaranteed by GBGD, of approximately $1.5 million cash to support the project. On March 7, 2014, Van Krikorian , as Manager of the JV, called an illegal meeting of the shareholders and directors of the JV in attempt (1) pass fraudul

Armenian Environmental NGO Blasts Global Gold, Armenian Minister of the Environment and Urge the CONVERSE BANK to Approach the Toukhmanuk Gold Mine Project with Caution.

On September 2, 2014 a press conference was held in the capital of Armenia, Yerevan, regarding the objections by civil society against the development of a new 3rd tailings dam at the Toukhmanuk Gold Mine, located at the Meliq Village. A report of the conference was broadcast by and covered by the newspapers Aravot and the independent news agency ARM-INFO. Below is Armenian TV news report as broadcasted on Kentron TV on September 2, 2014 .  (transcript below). On April 26, 2013 the Minister of the Environment rejected Global Gold's subsidiary (Mego-Gold) application for the building of a 3rd tailings dam at the village of Meliq to support mining at the Toukhmanuk Gold Mine.  (see: BLOG: Global Gold's Application for A New Tailings Dam REJECTED by Ministry of Nature Protection of the Republic of Armenia ). The new approval came on June 30, 2014, two months after the appointment of a new minister of the Environment.  Word of the approval was hidden by the

Global Gold Corp. and Van Krikorian sued by Joint Venture Partner and Investor of $7MM

You heard it here first..... According to the court roll published by the Royal Court of Jersey on March 28, 2014, Global Gold Corp and its CEO, Chairman, Director and Corporate Counsel, Mr. Van Krikorian,  are being SUED by Consolidated Resources Armenia (CRA).  CRA has invested approximately $7,000,000 in acquiring a 49% interest in GBGD's Armenian assets, namely the Toukhmanuk Gold mine and the Getik copper and gold exploration property. And now CRA is suing GBGD. Why? I took the liberty to check the SEC filings for GBGD and there is no Form 8-K filed disclosing this lawsuit. By law GBGD must disclose material events, like a lawsuit, in 4 business days from having knowledge. There was no disclosure. Global Gold did file a Form 8-K on February 3, 2014 stating that they have not closed Binding Heads of Agreement to merge GBGD's Armenia assets with Signature Gold of Australia. ( see GBGD 8-K filing of September 5, 2013 ). It will be curious to see how GBGD

Van Krikorian and Global Gold Corp 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 Go