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Showing posts from 2016

Were GBGD's subsidiaries in Armenia declared Bankrupt?

I received a call today from my contact in Armenia confirming that this is actually the case. Not only that a declaration of bankruptcy was issued in  April  against all GBGD subsidiaries, but that a court appointed liquidator has been named too. It is a holiday on Monday in Armenia and I expect to get actual court case numbers and other information by mid week. Nevertheless, in typical Van Krikorian fashion The only reference to this potential bankruptcy was announced in the 10-K, which was filed on May 2, 2016.  No mention of the actual bankruptcy in subsequent events, and no mention of bankruptcy claims ever filed against GBGD's subsidiaries in Armenia, ever. Mr. Krikorian discloses the following in the last 10-K: edgar/data/319671/ 000143774916030518/ gbgd20151231_10k.htm Page 37 " General The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuisance

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  contract   agreement. 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 d