Monday, May 27, 2013

Armenian NGO calls for Criminal Investigation of Global Gold Corp. (otcqb:GBGD)

The "ECO-Alliance" has sent a formal request to the General Prosecutor's Office of Yerevan, Armenia, demanding a criminal investigation against MEGO-GOLD, a subsidiary of Global Gold Corp. related to their activities at the TOUKHMANUK GOLD Mine.

A copy of the Letter Can be found At the AARHUS Website (for now only in Armenian) or At this LINK .

The TOUKHMANUK GOLD MINE is the flagship of Global Gold Corp., listed on the OTC-Markets in the USA (symbol otcqb: GBGD). The PResident of the Company is Mr. Van Z. Krikorian, who is also an active member and a TRUSTEE of the Armenian Assembly of America (AAA).

The Toukhmanuk Gold Mine has not operated since 2012 due to lack of funding and the inability for the company to secure a new tailings dam permit. Current global Gold currently has a negative working capital of $ 7,797,618 ($ 7,805,327 = liabilities - Cash $ 7,709) and only $ 7,709 Cash in the bank  as of March 31, 2013 Global Gold's financials Can be accessed on the SEC Website .

Global Gold Corp. (Otcqb: GBGD) official statement as to the status of the TOUKHMANUK GOLD MINE, as filed in the SEC records states:

The Toukhmanuk Property is a lode DEPOSIT Which is Being an open pit mined Using method. The Company has one National exploration License # 15, as Extended, covering approximately 10,915 acres for sub-surface exploitation of Gold. The Company also has one National mining License # HA-L-14/356, since replaced under the new 2012 Armenian Mining Code with License # 29/184 (Available on the Company's Website), Which covers the Central Section of the Property and is approximately 446 acres for mining Gold and Silver . On December 28, 2012, the Company received the new, renewable mining license through August 5, 2017. The Company is required to pay annual governmental fees of approximately $ 32,000. The Company is also required to spend annually approximately $ 1,200,000 on exploration work and mining annually 168,500 tonnes of mineralized rock at the property as submitted and approved in its mining plan in order to maintain the licenses in good standing

In May 2012, GBGD was denied the Renewal of their EXPLORATION LICENSE # 15, by the MENR, yet in their statements they Official SEC Claim That it is "as Extended" . Nothing appears to have been extended. 

Mr. Van Z. Krikorian attempts to claim that the EXPLORATION LICENSE is extended, not because it has been authorized by the MENR, but because it is a "matter of right pursuant to the Armenian Mining Code". His SEC filing states:
On May 22, 2008, the government of Armenia issued a "special exploration license" to the Company for the Toukhmanuk mining property. The License was effective May 13, 2008 to expire on May 13, 2010 was an Extended for Additional Two years and as a matter of right Pursuant to the Armenian Mining Code is Being Extended until May 13, 2015.

That Statement clearly reading above, it says it is " Being Extended " , ipso facto, it is not Extended. THe EXPLORATION LICENSE expired on May 31, 2012 and has not been extended yet, and it does appear be evident that it will be extended. (Also this should read being extended to May 13, 2014 not 2015 ... after all it is for 2 years from 2012, if they get it.)

This is just appears to be an attempt by GBGD to mislead investors by making legal statements that are not been supported by the local actions of the MENR. The MENR and related agencies have not extended the EXPLORATION LICENSE, in fact it was refused 3 x according to my sources.  

For GBGD to state that they have the EXPLORATION LICENSE "as extended" or "as matter of right pursuant to the Armenian Mining Code", is clear attempt to misrepresent the fact that GBGD no longer has the EXPLORATION LICENSE and attempting to maintain the illusion they do. 

It may be possible that GBGD may get the EXPLORATION LICENSE back but as of the filing of their financial statements this was not the case.  

Mr. Krikorian, knowingly and willfully covering up a material fact is their EXPLORATION LICENSE That was terminated and claiming it is Extended by some "right". They "may" or "may not" have a right, but the material fact is, that as of the filing of the June 30, 2012, September 30, 2012, the December 31, 2012 and the March 31, 2012 SEC filings they did not have the EXPLORATION LICENSE and GBGD and Mr. Van Krikorian as misleading their investors, and more importantly have made ​​false and misleading statement in the SEC statements.

I remind Mr. Van Krikorian that he signed an officer's certificate which states:
 I, Van Z. Krikorian, certify That:  1) I have reviewed this report on Form 10-K Annual Year ended December 31 for the, 2012, Global Gold Corporation of;  2) Based on my Knowledge, this report does not contain Any Statement of a material fact or untrue Omit a material fact necessary to State Made to Make the statements, in light of the Circumstances under Which such statements were Made, not misleading with Respect to the period covered by this Annual report;  3) Based on my Knowledge, the Financial statements, and Other Financial information included in this Annual report, fairly present in all material respects the Financial condition, results of Operations and Cash flows of the registrant as of, and for, the years presented in this report;  4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15 (D) -15 (b)) for the registrant and have:  a) Designed such disclosure controls and Procedures, or Caused such disclosure controls and Procedures to be designed under our supervision, to ensure That material information relating to the registrant, including its Consolidated Subsidiaries, is known to us Made by Others within those Entities, particularly during the period in Which is Being Prepared this report;  b) Internal control over Financial Reporting Designed such, or such Caused Internal control over Financial Reporting to be designed under our supervision, to Provide reasonable Assurance regarding the reliability of Financial Reporting and the Preparation of Financial statements for external purposes in accordance with generally accepted accounting Principles;  c) Evaluated the Effectiveness of the registrant's disclosure controls and Procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations; and  D) Disclosed in this report Any change in the registrant's Internal control over Financial Reporting That occurred during the registrant's most Recent fiscal Year (the registrant's FOURTH QUARTER in the Case of an Annual report) That has materially affected, or is reasonably LIKELY to materially affect, the registrant's internal control over financial reporting; and  5) The registrant's Other Certifying officers and I have disclosed, based on our most Recent evaluation of Internal control over Financial Reporting, to the registrant's Auditors and the audit Committee of the registrant's Board of Directors (or persons Performing the equivalent functions):  a ) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and  b) Any fraud, whether material or not, That involves management or have a significant role Who Other employees in the registrant's Internal control over Financial Reporting. 
Date: April 15, 2012 
/ S / Van Z. Krikorian
Van Z. Krikorian
Chairman and Chief Executive Officer
(Principal Executive Officer)

About this Blog:  Between 2009 and 2012 I was an active investor in the mineral exploration sector in the Republic of Armenia.  Our main project in Armenia was the MARJAN polymetallic gold and silver project located in near Sissian.  My JV partner, Mr. Van Z. Krikorian, President of Global Gold Corp (otcqb: GBGD) and Trustee of the Armenian Assembly of America, used corrupt means including using his influence with the US EMBASSY in YEREVAN to secure an indictment against me for theft of the JV and to corrupt the Armenia judicial system to give him a favourable ruling.

Mr. Van Z. Krikorian is the President, CEO and Legal Counsel of Global Gold Corp. (otcqb:GBGD), a penny stock listed on the OTC  markets. His public filings with the US Securities and Exchange Commission  fail to fully disclose the reality on the ground in Armenia in the promotion and development of GBGD's gold project, the TOUKHMANUK GOLD MINE.

This blog is an effort to bring transparency of the activities of Global God Corp. (otcqb: GBGD) and Mr. Van Z. Krikorian in Armenia.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.