Global Gold's Subsidiary and Tukhmanuk Gold Mine, Threatened With Bankruptcy

Global Gold Corp's (otcqb:GBGD) subsidiary in Armenia, Mego-Gold, is being sued in a "forced bankruptcy" hearing.

Court Case YEKD / 0286/04/15, was filed on September 18, 2015 by an applicant named Araqsya Bozhevolnova.  The electronic court document, produced below does not give any further details.

A google translation of the above document reads:

COURT N: YEKD / 0286/04/15

The application has been received. 18-09-2015
Bankruptcy type: forced
The applicantName: Araqsya
Surname: Bozhevolnova
The DebtorFirst Name: Mego Gold LLC
Address: Tumanyan 1 A-2
State fee. 0
Other notes: Statistics line number.
The JudgeCourt: Kentron and Nork-Marash
The judge's name. Alexei
The inscription date. 18-09-2015

This is not the only case pending against MEGO-GOLD. The Administration of the Village of MELIQ has filed a lawsuit to recover certain fees and has a court order to seize GBGD/MEGO-GOLD assets pending the trial.

In US Securities Exchange filings, GBGD declares that it has debts of $15,955,705 and no income.

GBGD has not filed any 8-K to disclose these material events but ignores the rules and regulations to timely file and instead files a 10-Q to bury these material events.

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.

Tailings Dam Fails at Toukhmanuk, Global Gold Corp. Mine in Armenia

You can read all Securities and Exchange disclosures filed by Global Gold Corp's (otcqb: GBGD) but you will find no mention that the tailings dams of the TOUKHMANUK MINE have multiple breaches. The only disclosure made by GBGD is that there mining operations are suspended until the approval and building of an new tailings dam. On SEPTEMBER 9, 2015 at a PUBLIC HEARING held at the MELIQ village, where the TOUKHMANUK MINE is located, environmental engineers confirmed that GBGD has illegally (without documents) built a new tailings dam because of breaches at the 2 older dams. This information was published by UNECE sponsored AARHUS Centers of Armenia

Tense atmosphere in the municipality of Melikgyugh

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12.09.2015 On September 9, public debates were held on preliminary environmental impact assessment of the application on upgrading of Tukhmanuk gold mining complex, tailings dump’s protective fence and tailings temporary dry storage draft submitted by “MEGO Gold” CJSC at the village municipality of Melikgyugh of Aragatsotn region of the RA. Participants were K. Movsisyan, chief specialist of the “Environmental Expertise” SNCO, T. Baghdasaryan, “Mego Gold” LLC’s administrative deputy director, the company’s designers V. Tevosyan and H. Nikoghosyan, H. Poghosyan, the NA expert, H. Mkrtchyan, head of Melikgyugh community, representatives of the H. the Ombudsman’s office, community residents, coordinator of Aparan Aarhus Centre, leaders of “Environmental Public Alliance” and “Greens Union” NGOs, journalists of Shant TV and “Ecolur” environmental-informational NGO.V. Tevosyan, author of the project, director of “Konsekoard” CJSC presented a part of the draft which was related to the plant upgrading and construction of the crushing plant. According to the speaker the operation of the device will include environmental risks associated with the spread of dust arising during crushing and emissions, but the installed absorbing devices will devour the emissions dust and not allow it to spread around.

About the next question on the existing tailings dumps stabilization and construction of tailings temporary storage facility spoke designer H. Nikoghosyan. He noted that currently the three tailings are in a poor condition, collapses of fence were occurred.

According to designer H. Nikoghosyan and K. Movsisyan, chief specialist of the “Environmental Expertise” SNCO the reason of the collapse was that previously was carried out raising of one of the tailings fence without draft documents, without an insulating layer and a protective screen. To improve the current emergency situation is necessary to combine the existing tailings dumps and build a common one.

H. Nikoghosyan said that for storing the old tails is monitored two options: the first is to build a temporary storage on 3 hectares, in a height of 3 meters or to build a new tailings dam and to transfer the old tails there.

It should be noted, that the community residents and environmentalists were repeatedly addressing questions demanding clarification to speakers. Many questions were left unanswered; the answers of some questions aroused the residents’ anger and frustration.

Both the environmentalists and the community residents expressed their concern about the violations committed by “Mego Gold” LLC, failing to comply with its obligations and damages caused to the village.

To the expert of Environmental expertise SNCO were presented several challenges which are the result of the operation of the mine, the enrichment plant and the tailings dumps. The discussion was very heated.

Some of environmentalists and local residents claimed that they are strongly opposed to the submitted project and the mine operation in general.

The links of videos of public debates of Shant TV and EcoLur are below: https://www.youtube.com/watch?v=LDJC4jiIC88 http://www.shanttv.com/ru/news/political/2015_09_09/17026/

Natalya Manukyan Coordinator of Aparan Aarhus Center Tel: (+374) 94 224926 E-mail: aarhusaparan@mail.ru, info_aparan@aarhus.am Translated by Anush Beybutyan

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.