On January 11, 2008 Global Gold Corp. issued a Press release (click here to Read it) (otcqb: GBGD) and announced it had commissioned its TOUKHMANUK That GOLD mine as of December 20, 2007. According to the Press Release the Toukhmanuk Gold Mine has a grade of 2-3 g / t and a processing capacity of 100,000 tones of ore per year. [Note: That grade and volume would should produce between 5,900 to 8,800 oz of Gold, assuming a typical recovery of 92%]
Also in 2008, Independent Director of Global Gold Corp, Mr. Ian Hague, advanced to GBGD $ 3,500,000 to support the Company's activities.
Meanwhile, the TOUKHAMANUK GOLD MINE was operating, and exploration expanded at the MARJAN GOLD PROJECT, employees were not paid, contractors were not paid, but Mr. Ashot Poghossian, GBGD's Country Manager, started building himself a 2 story Country Home, complete with private swimming pool, nestled in walled off compound.
Villagers were Arevis of Melik and the Promised Better jobs and lives by GBGD's Country Manager, Ashot Poghossyan . Today villagers of Melik and Arevis live in abject poverty.
Its not enough that the promises from Mr. Ashot Poghossyan have never materialized, but they treated their employees from the local village of MELIK as unpaid labourers essentially "slaves".
When they could not afford to pay the villagers, who earned less that $ 500 a month, they converted their salaries to sham company loans. That the Company announced "As of December 31, 2010, the Company had loans to employees in Armenia DUE of approximately $ 286,000. The loans accrue an Annual Interest rate of 14% At."
Year end report in 2010 it announced GBGD That's "The Company has been brought to court by disgruntled former employees and contractors Several unpaid salaries and for Invoices, respectively, as Well as some Penalties for non payment Which totals approximately $ 350,000."
About this Blog: Between 2009 and 2012 I was an active mineral exploration sector in the Investor 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 EMBASY 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 Scurities 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.