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Showing posts from December, 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