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Showing posts from September, 2014

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