Tuesday, December 30, 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 activities; 
  • features of crimes in violation of rules of mineral resources conservation and use. 
The letter is signed by the Chairman of Ecological Right NGO in Armenia, Mr. Arthur Grigorian.

Mr. Grigorian can be reached at: 
tel: +37410621739
 mob: +37491451320
 e-mail: art.grigorian@gmail.com



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.

Monday, November 17, 2014

Local Armenian NGO Files Reports Painting a Terrible Picture at GBGD Toukhmanuk Gold Project

Below I have compiled various reports filed by ECOLUR:

Soil of Meliq, Rya Taza and Miraq Villages is Polluted with Heavy Metals and Toxic Elements from Tukhmanuk Gold Mine

Soil of Meliq, Rya Taza and Miraq Villages is Polluted with Heavy Metals and Toxic Elements from Tukhmanuk Gold Mine
14:02 June 13, 2013
EcoLur
Heavy and exotoxic elements such as As, Sb, Pb, Cd, Cu, Mn, V, Cr, Co, Ni, Zn, Sn, Bi are spread from Tukhmanuk gold mine via different pipes, which get accumulated in Meliq, Rya Taza and Miraq Villages, Aragatsotn Region, and other land areas, as well as in bottom sediments of Halavar and Qasagh Villages. This is what “Ecochemical Analysis of Tukhmanuk zone land and river bottom sediments” work says implemented by “ArmEcoMonitoring” SNCO Deputy Director Seyran Minasyan on “BLEJAN” NGO’s order.
According to this work, the total concentrations of potentially hazardous 17 elements and metals (Sr, Ba, Mn, V, Cr, Co, Ni, Fe, Cu, Zn, Sn, Bi, U, As, Sb, Pb, Cd) have been determined in the samples. It turned out that the concentration of the studied elements of the observation sites located above Meliq Village and below Miraq Village and interim territory of Rya Taza-Meliq exceeds MCP by 12.-2.5 times.
Reminder: Tukhmanuk gold mine is developed by “MegoGold” LLC.

EcoLur Opinion on Tailing Dump Construction Project in Meliq Village

EcoLur Opinion on Tailing Dump Construction Project in Meliq Village
15:16 April 25, 2013
EcoLur
“EcoLur” Informational NGO has sent its opinion on Tailing Dump Construction Project in Meliq Village to the Ministry of Nature Protection.
The opinion says, “The tailing dump construction project in Meliq village proposed by Mego Gold Company should be turned down on the following grounds: the project doesn’t reflect the factual risks and the project is isolated from complex issues of extraction, production and maintenance of industrial wastes.
The tailing dump should be the third one in the territory of Meliq village. It should collect the tails of Mega Gold gold-extracting production. The plant processes gold-bearing ore of Tukhmanuk gold mine. The data submitted in the project about the composition of tails don’t comply with the composition of ores, the data about the presence of toxic metals and toxic elements left after gold extraction are missing in the project. The assessment of background pollution of water and land areas caused by two operating tailing dumps is also missing in the project. It’s possible to indirectly judge about the pollution based on the results of the analysis carried out by the Center for Ecological Noosphere Studies of NAS RA presented to the public and by the research articles about the composition of ore in Tukhmanuk mine. The data about the probable impact on human health are missing. As Health Ministry response shows their specialists haven’t carried out any examinations in the village and they relied exclusively on the project documentation, which doesn’t reflect the real situation.
What about environmental expertise experts’ opinion, in the course of specialized hearings at Nature Protection Ministry held on 19 April, they confirmed that they relied not on the studies of the situation, which already has sharply negative background, but on the data in literature, i.e. they don’t handle the situation. The minutes of the public hearings held in Meliq Village on 27.11.2012 don’t comply with what public representatives and the locals said at the hearings proved by the video recording made by EcoLur in the course of the public hearings. In the course of the discussions held at Nature Protection Ministry on 19 April 2013 Mego Gold Company Director Ashot Poghosyan stated many times when answering to the questions that the final replies to the questions about risks raised by public can be given only when a new project for Tukhmanuk mine development will be submitted.
We propose to consider the problem of keeping industrial wastes of Tukhmanuk mine development in complete documentation package, where not only the tailing dump project will be submitted, but also the projects of mine development and gold-extracting production.”

“EcoRight” NGO Demanding Criminal Investigation for Tukhmanuk Mine Tailing Dump Project

“EcoRight” NGO Demanding Criminal Investigation for Tukhmanuk Mine Tailing Dump Project
14:21 March 12, 2013
EcoLur
“EcoIravunq” NGO (“EcoRight”) has sent a letter to Public Prosecutor Aghvan Hovsepyan on crime commission, signed by NGO Chairman Arthur Grigoryan. The letter particularly says, “On 27 November 2012 Mego Gold Company organized public hearings in Meliq Village, Aragatsots Region, on the construction project of the third tailing dump for the disposition of wastes of Tukhmanuk mine it develops. The project mentions that the tails contain the following chemical compounds, SiO2 – 46,23%; AL2O3 – 10,81%; MgO – 5,17% ; TiO2 – 0,82 %; CaO –6,41%; MnO – 0,15%; Fe2O3 – 6,4%; FeO -3,62%, but the project doesn’t say a word about heavy metals. The Center for Ecological-Noosphere Studies conducted laboratory analysis, which says that the tails contain arsenic, cadmium and lead. The divergence of the data with the project causes to suspect that the company and Lernametalurgiakan Institute intentionally misled the public by concealing the composition of the tails and their impact on the community and people’s health. The aforementioned facts point out the existing deviations of mine development from the confirmed project, which may contain the features of Articles 281 and 284 of the Criminal Code of Armenia. We think that criminal investigation needs to be carried out to reveal the creditability of the information presented in the project and to reveal to what extent the company and Lernametalurgiakan Institute intended to mislead public with this information, to what extent the activities of Tukhmanuk mine development deviates from the confirmed project and whether there are features of Articles 281 and 284 of the Criminal Code of Armenia.”

Public Demanding to Annul Minutes of Hearings on Tailing Dump Construction in Meliq Village

Public Demanding to Annul Minutes of Hearings on Tailing Dump Construction in Meliq Village
19:34 March 11, 2013

EcoLur
Public representatives have applied to Nature Protection Ministry demanding to annul the minutes of the hearings on the construction project of a new tailing dump in Meliq Village. The tailing dump will be the third, which Mega Gold Company, the developer of Tukhmanuk gold mine, intends to construct in the village. The application particularly says, “…In the course of the public hearings on 27 November, Meliq Village Head stated he would present the opinion of the village a month later. Nevertheless, the minutes of the hearings are dated 27 November and signed by the village head and company director. The minutes say, “The village has no objections in regard with the construction of a tailing dump…A decision was reached to approve the environmental part of Tukhmanuk dressing plant…” It’s falsification, as during the hearings many opinions were expressed about the impermissibility of constructing the third tailing dump in the village. The minutes don’t reflect the viewpoints of the villagers and public representatives. The company representatives and the project developer, who worked on the project development by company’s order, expressed their positive opinions. We demand to annul the minutes of the public hearings held by Mega Gold Company on the construction project of a new tailing dump for Tukhmanuk dressing plant in Meliq Village,” the application says. The application is corroborated with the minutes of the public hearings for 27 November and the video recording.

Public Environmental Alliance to Armenian PM: Asking to Stop “MegoGold” Company Activities

Public Environmental Alliance to Armenian PM: Asking to Stop “MegoGold” Company Activities
12:37 January 18, 2013

EcoLur
Public Environmental Alliance, an alliance of 50 NGOs, has addressed a letter to Armenian PM Tigran Sargsyan, which particularly says, “On 20.11.2012 the Public Environmental Alliance has filed a proposal to Nature Protection Ministry, the National Assembly Standing Committee on Agriculture and Environment to set up a working group in regard with the activities of “MegoGold” LLC in Meliq Village. We would like to ask you to assign Nature Protection Ministry, Health Ministry and Ministry of Emergency States, in the frames of their terms of reference, to conduct examination of the situation and to present the findings to the public…At present “MegoGold” Company intends to construct the third tailing dump in Meliq Village. We are asking to stop the activities of the company till the assessment of the situation on the spot.”  The proposal filed to Nature Protection Ministry dated on 20.11.2012 is attached to the letter, “…According to the project (construction of a tailing dump), Meliq Village is located in the zone of nine-point seismic risks.” “MegoGold” Company intends to construct a new tailing dump in the territory of 7 ha…The company is the subsidiary of “Global Gold” Company and has been developing Tukhmanum gold mine since 2006. Ore dressing is conducted directly in the territory of Meliq Village. The village itself is in a hard situation. Numerous breakdowns of operating tailing dumps has led to the default with the water pipe of the drinking water in the village, because drinking and irrigation waters get mixed…The dust blown off the tailing dump, accumulates on the ground, which villagers cultivate and contaminate them with heavy metals. All this lead to decrease in crop productivity and caused huge damage, which hasn’t been studied and assessed. According to the villagers, they incur material and moral damage from the development of the mine and the tailing dump. Villagers’ health has been deteriorated, birth rate had reduces, cancer diseases have increased. The villagers have filed complaints to the state bodies, but to no avail,” the letter says.

Public Thinks that Mego Gold Company Should Present New Complex Project of Tukhmanuk Mine Development

Public Thinks that Mego Gold Company Should Present New Complex Project of Tukhmanuk Mine Development
12:44 December 04, 2012

EcoLur
The NGOs having taken part in the public hearings on the construction project of the tailing dump of Mego Gold Company in Meliq Village on 27 November think that a new complex project should be presented on the development of Tukhmanuk gold mine.
In their statement to Aram Harutyunyan, Minister of Nature Protection, they noted, “On 27 November 2012 “Mego Gold” Company organized public hearings on the construction project of a new tailing dump in Meliq Village, Aragatsotn Region. The public hearings were participated by Meliq villagers and Village Head Hakob Mkrtchyan, “Mego Gold” LLC Director Ahsot Poghosyan, “Mego Gold” LLC Deputy Director Henrikh Mkrtchyan, Nature Protection Ministry “Environmental Expertise” SCNO Expert Laura Balayan, Head of Environmental Department of “Lernametalurgiakan Institute” Hovik Nikoghosyan, public representatives – Greens Union Chairman Hakob Sanasaryan, “Shogher” Union Chairman Hasmik Aslanyan, Yerevan Aarhus Center Coordinator Silva Ayvazyan, Aparan Aarhus Center Coordinator Natalya Manukyan, Lawyer of Aarhus Centers Arthur Grigoryan, expert-hydrologist Qnarik Hovhannisyan, Editor of http://www.ecolur.org/ Victoria Burnazyan and mass media. Nevertheless, the minutes of the public hearings were not drawn up on the spot.
The participants put their signatures on a separate sheet of paper, which should be attached to the minutes. Meanwhile, a part of the participants, such as the representative of the Environmental Expertise Laura Balayan and Developer Hovik Nikaghosyan left the hall before the end of the hearings. Meliq Village Head Hakob Mkrtchyan stated that the villagers will express their opinions within a month.
We, public representatives, were not acquainted with the text of the minutes and think that the procedure of hearings minutes taking was violated, and consequently, the minutes, as an official document, should be recognized null and void.
Then, under the project:
1. We consider it necessary that Mego Gold Company to meet the demand of the local population and introduce it into the project:
a) the plan of reclamation of two tailing dumps with diagrams and cost of actions. If the company intends to extract the gold it contains, the activities of tail processing should also be included into the project.
 b) an alternative of Tukhmanuk gold mine development in closed method,
 c) to estimate the damage caused to farms in Meliq Village or plan of actions for consequence minimization,
d) in case of production expansion, to present a plan for forced resettlement.
2. In the course of the public hearings in Meliq Village on 27 November, Company Director Ashot Poghosyan stated that there are plans to expand production and mining volumes, while the issue of new tailing dumps may arise. For the purpose of correct assessment of risks for hazardous objects and supposed actions of Mego Golf Company we think it’s necessary for the company to present a complex project, where the integral part of the project will be the construction of new tailing dumps. The project should also present measures on prevention of environmental pollution.
3.  In the presented project the components of tails don’t comply with scientific data (Sh. Khachatryan, “Geochemical characteristics of Tukhmanuk Gold Mine (Aragatsotn Region)”, “Procs of Yerevan State University, 3 (223), 2010). We would ask the  developer company to submit the methodology and experimental findings.
4. Developer Hovik Nikaghosyan has tightly connected the construction of a new tailing dump and employment at the plant. “If there is no tailing dump, there will be no mine operating, if there is no mine operating, there will be no plant operating… Everything depends on you, if you don’t want, you can reject, and the mining industry will be closed down in Meliq Village…” We value this statement as misinformation, as the company is able to present an alternative, for example, to conclude an agreement with other ore processing plant.”

Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos)

Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos)
Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos) Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos) Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos) Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos) Mego Gold Company Intends to Construct Another Tailing Dump Besides Designed Third Tailing Dump (Photos)
17:35 November 28, 2012

EcoLur
Meliq villagers have to decide whether or not they agree “Mego Gold” Company to construct a new tailing dump in the territory of the village. This is what Meliq Village Head said in the course of public hearings on the project on 27 November. Like the previous tome, the minutes of the public hearings were not drawn up. It’s still unknown when the minutes will be drawn up as an official document and passed to the environmental expertise. It’s also not clear, what these minutes will include out of the expressed opinions. The public representatives considered this to be a violation of the procedure and didn’t sign under the list of participants, while the villagers expressed their extreme concern with project risks. First of all, these risks include two non-cultivated tailing dumps and a damaged irrigation system, as a result of which 60 families lost their harvest of the potatoes. People complain of bad ecology and problems with birth rate. The NGOs expressed such an opinion that the village is on the verge of resettlement, as these land areas will stop to be fertile, while after several months it won’t be possible to cultivate these land areas.
But this is not all. Besides the designed construction of the third tailing dump, the company intends to construct another tailing dump, as Mego Gold Company is going to expand its mining volumes in Tukhmanuk gold mine despite the accumulated debts.   
More details about all this, about questions and answers raised in the course of the public hearings will be provided in upcoming news by EcoLur.  

MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos)

MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos)
MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos) MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos)MegoGold Company Project in Meliq Village: “It's Early to Speak about New Tailing Dump Unless First Tailing Dump Recultivated” (Photos)
15:29 November 01, 2012

EcoLur
Meliq Village hasn't yet made a decision on the construction of a new tailing dump. 'It's early to speak about a new tailing dump, unless the first tailing dump is recultivated,' Said Meliq Village Head Hakob Mkrtchyan. The public hearings on the construction project of a new tailing dump for Megogold Company was held in Meliq Village on 30 October. Nevertheless, the villagers didn't know anything either about the project or the public hearings. Only after half an hour after the appointed time, about 20 people came to participate in the hearings and presented their problems concerning the company activities. An interesting fact: one of the participants, Karen, who had declared about the company owing him money, over 500,000 AMD as a salary, is at the same time the shareholder of American 'Global Gold Mining' Company. The certificate is issued for 250 USD. 'When the company's business was good, about 30 employees received such certificates. I still don't know, what I will gain, but I'm not going to sell it,' Karen said.
The main problem is that the company intends to take new territories from the village, but it hasn't recultivated old tailing dumps, which cause essential damage to the village. One tailing dump is mentioned in the list of 19 tailing dumps known to the Ministry of Emergency States. The characteristics of the tailing dump are as follows: distance from Meliq Village – 2 km, projected volume – 90,000 cubic meters, fullness – 45,000 cubic meters. The second tailing dump is missing in the list.
EcoLur working group asked to help them to get familiar with the spot of new tailing dump construction and the state of the old tailing dump. Nevertheless, the official representative of the company Henrikh Mkrtchyan left and took with them the representative of Nature Protection Minister Laura Balayan and projector Hovik Nikaghosyan.
A local resident agreed to take us to the place.  Outwardly, the tailing dump complied with what the residents said about it during the hearings. Water flew out of one of them through the dug out canal. There were no dams or concrete fortifications. Unfortunately, there was nobody we could ask a question about what we had seen, while the workers having come to the spot after us just forces us out of the territory. “Go away, you don't have any right, this is our territory…”, they said. The explanations that the company is the organiser of the hearings and shouldn't hinder to examine the project on the spot didn't help.
The hearings were held in tense atmosphere. In near future you can watch the video by EcoLur, which shows the Q&A session between residents and Hovik Nikaghosyan and Henrikh Mkrtchyan.

Tailing Dump To Be Constructed in Meliq Village, 9-magnitude Seismic Zone

Tailing Dump To Be Constructed in Meliq Village, 9-magnitude Seismic Zone
17:35 October 29, 2012

EcoLur
“MegoGold” LLC intends to construct a tailing dump in the territory of 7 ha in Meliq village (Aragatsotn Region), a 9-magnitude seismic zone. Public hearings on the tailing dump project will be held in the administration building of Meliq Village at 12:00 p.m. on 30 November. “MegoGold” LLC is registered in Armenia and is the subsidiary of Global Gold Company. The tailing dump will be located in a distance of 1600 meters far away from the plant.  “…The volume of dumps will make up 88.6 %  of all the processing volume...The composition of the tails include SiO2 – 46,23%;   AL2O3 – 10,81%;  MgO – 5,17% ;  TiO2 – 0,82 %;  CaO – 6,41%;  MnO – 0,15%;   Fe2O3 – 6,4%;  FeO -3,62%…
Emissions into atmosphere will make up 277.27 tons during construction works… Main polluting substances in the emissions near settled areas are within standards…There are two deep tectonic fractures in the territory…According to the standards of seismic construction, the territory is located in 9-magnitude seismic zone… The volume of ores taken out during the construction works will make up 3342235 tons… Risks at construction works – elimination of vegetation, pollution of territory with construction garbage… Economic damage will make up 733.117 million AMD... The presented sum is not a ground for financial liability… The total amount of damage for environment – air, water and soil, will make up  4,426,620 AMD…”, - the report says.
The report doesn’t say how many tons of raw materials mined from Tukhmanuk mine per year will be processed at the factory and how many tons of tails will be dumped into the tailing dump.  Let’s make a reference to the information provided by ArmInfo News Agency in 2008, “…The data of the State Committee on Reserves say that the level of reserves in Tukhmanuk mine make up 12.1 tons of gold with gold ratio 6.74 gr per ton and 30.79 grams of silver per ton.” 

“MegoGold” Proposing to Construct New Tailing Dump in Aragatsotn Region

“MegoGold” Proposing to Construct New Tailing Dump in Aragatsotn Region
18:27 October 16, 2012

EcoLur  The official website of Nature Protection Ministry informs that “MegoGold” LLC proposes to construct a new tailing dump for the processing plant in Aragatsotn Region. “MegoGold” LLC is developing Tukhmanuk gold mine. The tailing dump, sized 1.53 ha, shall be located next to Melik village. The insoluble part of the tails consists of SiO2 – 46,23%; AL2O3 – 10.81%; MgO – 5.17% ; TiO2 – 0.82 %; CaO – 6.41%; MnO – 0,15%; Fe2O3 – 6.4%; FeO -3.62%... During the functioning of the tailing dump, dust emissions will make up 25.6 tons per year or 0.128 tons per day...”
Photo by www.yerkirmedia.am



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.

Armenian Government Expert States Global Gold Corp Operating Illegally at Toukhmanuk Gold Mine.

Ecolur Reports: http://www.ecolur.org/en/news/mining/national-assembly-expert-mego-gold-llc-implementing-illegal-activities/6598/

National Assembly Expert: Mego Gold LLC Implementing Illegal Activities


16:47 September 17, 2014
EcoLur:  SEE VIDEO BELOW

Hermine Poghosyan, Expert at the National Assembly Standing Committee on Agriculture and Environment, stated that “Mego Gold” LC is implementing illegal activities. She made this statement at the public hearings on Tukhmanuk gold mine project held in Meliq Vellage, Aragatsotn Region, on 10 September.

Hermine Poghosyan: The National Assembly Standing Committee on Agriculture and Environment is very interested in this issue. We have applied to competent bodies many times expecting expert opinions on the information and any other additional information. You don’t have an expert opinion for open pit mining. The opinion you have is issued for closed mining. We have an official letter that you don’t have the opinion of the expertise for open pit mining, i.e. your activities are illegal. “Mego Gold” LLC Director

Ashot Poghosyan: As you attended the project discussion, which already has legal force, I should say that it was submitted to the competent body on 11 September 2012. Let’s consider that you were inattentive and you didn’t see it.

Hermine Poghosyan: We applied to the Ministry in 2013.

Ashot Poghosyan: You didn’t enquire us at ll.

Hermine Poghosyan: Do you think that the ministry provided us with incorrect information?

Ashot Poghosyan: I don’t think so and it’s not true for 100% that the standing committee of the National Assembly is involved in the secret investigation, I don’t believe you.

Karine Movsisyan, Chief Expert at “Environmental Expertise” SNCO of Nature Protection Ministry: In 2006 an opinion was issued, which entitled “Mego Gold” LLC to carry out geoprospecting for two years to make a conclusion about reserves etc. Afterwards they should have submitted closed mining project. That is, our opinion issued in 2006 for open pit mining was valid for two years, then they should proceed to closed mining. Then our administration stated that the company didn’t submit us any project till 2013. This is the situation.



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.

Wednesday, November 5, 2014

Global Gold Corp. Threatening YEZIDI Community with Toukhmanuk Gold Mine

ECOLUR reports: http://www.ecolur.org/en/news/mining/yazidis-applied-to-osce-yerevan-office-head-for-tukhmanuk-tailing-dump/6618/

Yazidis Applied to OSCE Yerevan Office Head for Toukhmanuk Tailing Dump

11:20 September 25, 2014

EcoLur

Ambassador Andrey Sorokin, the Head of the OSCE Office in Yerevan, received “Sinjar” Yezidi National Unity representatives and discussed the construction of the third tailing dump for Tukhmanuk ore dressing plant by “Mego Gold” Company. “The ambassador attached much importance to this issue and said they will work in this direction within their competencies,” said Boris Tamoyan, Chairman of “Sinjar” Yezidi National Unity.

Because of tailing dump construction these villages will be deprived of any opportunity to deal with husbandry and will directly emigrate from Armenia, as they won’t have any chance for earning their living,” Boris Tamoyan said and added that these villages are not recognized as project affected, which is a gross violation of the law.

Aparan Aarhus Center Head Natalya Manukyan mentioned that “In March 2014 we sought to make the residents of Rya-Taza aware of having a tailing dump not far from them and the heavy metals of this tailing dump accumulating in Halavar reservoir. We wanted to show them the findings of the research, but the village head didn’t want to see us at all. We had meetings with the residents, who got surprised.”


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.

Wednesday, October 29, 2014

Local Villagers at MELIQ, OPPOSE GBGD's gold mining project in Armenia

The TOUKHAMNUK GOLD MINE License is coming up for renewal on February 28, 2015 and Global Gold Corp (OTCmarkets:GBGD) may lose the license. Frankly they should lose the license since they have failed to meet their contractual obligations under the terms of their mining contract.

GBGD, has failed to mine 153,000 through open pit operations and 1,095,250 tones through underground mining operations. In fact, according to Government of Armenia RECORDS, GBGD only mined 86,400 tones of ore from open pit operations at the Toukhmanuk gold mine between 2006 - 2012. Nowhere near the 1,259,400 tones of ore required to be mined under the term of the mining license.

Even the local community opposes GBGD's subsidiary, Mego-Gold, to build a third tailings dam in the area to support future plans to operate the mine exclusively as an open pit operation.

The MELIQ villagers complain of Global Gold's failure to pay employees, environmental damage, abandonment of two other tailings dams, water pollution and soil contamination.

Let us not forget that GBGD's 49% joint venture owner of the Toukhmanuk Gold Mine, Consolidated Resources Armenia (CRA), is suing GBGD for defaulting on approximately $2 Million in loans.

The JV between CRA and GBGD has failed and CRA is also seeking a court ordered liquidation of the JV assets, which include the Toukhmanuk Gold Mine. (see blog: CRA Seeks Court Ordered Liquidation of JV and Toukhmanuk Gold Mine: Jersey Court Orders Trial To Commence On An Expedited Basis)

Read below ECOLUR's report on the current community opposition to the Toukhmanuk Gold Mine.

ECOLUR is a local Environmental NGO.... EXCERPT from ECOLUR.am web site:   http://www.ecolur.org/en/news/dialog-with-officials/meliq-villagers-dont-believe-quotgentlemanquot-promises-by-quotmego-goldquot/6583/



Meliq Villagers Don't Believe "Gentleman" Promises by "Mego Gold"


11:06 September 11, 2014
EcoLur

 On 10 September the public hearings of Tukhmanuk gold mining project were held in Meliq Village, Aragatsotn Region, Armenia.

“Today we are discussing the first stage of mining, which will last 6 years. During these years ore will be brought from the open pit, it will be processes without any chemicals to produce concentrate,” said “Mego Gold” LLC Director Ashot Poghosyan and noted that the mine has 19 million tons of ore under estimated reserves.

On behalf of Meliq community, Village Head Hakob Mkrtchyan presented some demands to “Mego Gold” LLC. “For years you have given us promises, but to no avail.

On behalf of our community I’m posing demands in regard with the implementation of social programs. So if the community agrees and the mine works, Mr. Poghosyan, laying a drinking water pipeline is a must till the second half of October.

The second demand to construct a reservoir with the capacity of 300,000 cum in the upper part of the community for irrigation purposes. It’s not costly. Then, the construction works of the internal network of the trunk road, which is in poor condition. Also it’s high time to think over the main problem - a road joining the highway.”

“Under the geological and environmental data, when a tailing dump is full, it must be covered with a thick layer of ground and fenced so as an animal or human doesn’t enter its territory. The first tailing dump is full, nothing was done, the second is full as well… even a drop of rain causes it to flow into the river, which we use,” said one of the elderly community members. In reply Ashot Poghosyan mentioned that the tailing dumps are full of gravitational tails, which must be processed in the frames of this new project.

You destroyed the water in the village for 40 days, you didn't come personally and then the police detained me together with several other weather, you didn't come when we blocked transportation. You didn't construct anything for 40 days, as if there is no one living in this village,' another Meliq Villager told Mego Gold Director.

 Ashot Poghosyan gave the following reply, 'We have so-called 'gentleman' agreement with the village rural municipality. If any waterline stops operating in our area – around 226 ha, we are repairing it...once again I'm outlining this is a gentleman's agreement.'

 The reply made the participants more angry, 'After explosions water sources may change their directions.' The next question the residents were worried about was Mego Gold's debt of 8 million AMD since 2006. 'Why aren't you paying off...pay off people's money, then tell the people to come and work,' the residents said.

VIDEO OF MEETING:


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.

Monday, September 22, 2014

CRA Seeks Court Ordered Liquidation of JV and Toukhmanuk Gold Mine: Jersey Court Orders Trial To Commence On An Expedited Basis

Consolidated Resources is suing Global Gold Corp. (otcmarkets:GBGD) and Van Krikorian to recover $2 million in defaulted debt and force the sale of the Toukhmanuk Mine.

A significant amount of background on this issue can be found by reading the Judgment issued by the Royal Court of Jersey on September 11, 2014. (see links below). 

Here is brief overview: 

On April 27, 2011, Consolidated Resources Armenia (CRA) concluded a joint venture agreement with Global Gold Corp. (GBGD) for the development of the Toukhmanuk Gold Mine, called Global Gold Consolidated Resources (GGCRL). The JV received $5 million cash from CRA, and CRA received a 49% interest in the Toukhamnuk Gold Mine. 

In 2012 CRA made an additional loan to JV, which was guaranteed by GBGD, of approximately $1.5 million cash to support the project.

On March 7, 2014, Van Krikorian, as Manager of the JV, called an illegal meeting of the shareholders and directors of the JV in attempt (1) pass fraudulent financial statements to create fake debts of $3.5 million dollars owed to GBGD by the JV,  in an effort to offset the legally binding debts owed to CRA, (2) cancel the JV and (3) take back the assets of the Toukhmanuk Gold Mine illegally using the 51% control of the votes of the JV, even though such actions require agreement by CRA too.

To protect CRA's investment in the JV and recover their loans, CRA sue GBGD and Van Krikorian.
On the 10th of March, 2014, CRA obtained an ex parte interim injunctions against GGCRL, GBGD and Van Krikorian, restraining the Joint Venture Company in any way from disposing of or encumbering or dealing with or diminishing the value of any of its assets whether they are in or outside of Jersey.

GBGD and Van Krikorian applied unsuccessfully for those injunctions to be lifted on the grounds of material non-disclosure but the Court declined to lift the injunctions for the reasons set out in its judgment of 5th June, 2014, (see link below: Consolidated Resources-v-Global Gold [2014] JRC 124).

Mr. Van Krikorian and GBGD also filed a motion to have the case stopped and sent to NY Arbitration, claiming the JV agreement and Shareholders' agreement and Loan Agreement was covered by an Arbitration clause in the JV Agreement.

The Judge ruled that the case will not be stopped and that it will be expedited.

Under Jersey Law, due to deadlock between the parties on how the JV will continue, the Lawyers of CRA argued that the most likely outcome of the case will include a court ordered liquidation of the assets of the JV, which includes the Toukhmanuk Gold Mine.

Below is a list and links to the JUDGMENTS:


List of Court Cases as Published on Royal Court of Jersey Web Site:



Consolidated Resources Armenia 
 (Plaintiff)
vs.
Global Gold Consolidated Resources Limited 
 (First Defendant)
and
Mr. Van Krikorian 
 (Second Defendant)
and
Global Gold Corp 
(Third Defendant)
Judgment: [2014]JRC 169: Royal Court of Jersey: Samedi Division: September 11, 2014 http://www.jerseylaw.je/judgments/unreportedjudgments/documents/display.aspx?url=2014/14-09-11_Cons_Resources_Armenia-v-Global_Gold_and_Others_169.htm

Judgement: [2014]JRC 132: Royal Court of Jersey: Samedi Division: June 18, 2014 http://www.jerseylaw.je/Judgments/UnreportedJudgments/Documents/Display.aspx?url=2014/14-06-18_Cons_Resources-v-Global_Gold_132.htm

Judgement: [2014]JRC 124: Royal Court of Jersey: Samedi Division: June 5, 2014 http://www.jerseylaw.je/Judgments/UnreportedJudgments/Documents/Display.aspx?url=2014/14-06-05_Consolidated_Resources-v-Global_Gold_and_Others_124.htm


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.

Friday, September 5, 2014

Yes Mr. Van Krikorian, There is an INJUNCTION against you, Global Gold and GGCRL !

Below is Page 11 of the order issued by the Royal Court of Jersey of an INJUNCTION filed against Global Gold Corp. and Mr. Van Krikorian restricting them from encumbering or diminishing any of the assets of the GGCRL Joint Venture, which includes the Toukhmanuk Gold Mine.



This document was issued by Mr. Jason Troy, the Proceedings Officer of the Royal Court of Jersey. If you want to get a copy of this injunction or other proceedings currently being taken against the GGCRL joint venture, owned 51% by GBGD and 49% by CRA, you can contact the Proceedings Officer of the Royal Court of Jersey at:

Mr. Jason Troy, Proceedings Officer
Royal Court of Jersey
Judicial Greffe
Royal Court House
Royal Square
St. Helier, Jersey C.I.JE1 1JG
Tel: (01534) 441 343
j.troy@gov.je

This injunction has additional pages but I have only received this one. It is clear from this and GBGDs 10-Q filings that Global Gold Corp. and Mr. Van Krikorian are the "Second" and "Third" Defendants in this injunction. The "First Defendant" is GGCRL which is the joint venture company managed by Van Krikorian.

VAN KRIKORIAN cannot pretend this INJUNCTION does not exists or does not affect his contemplated financing with the CONVERSE BANK of Armenia. GBGD and Van Krikorian are forbidden to to encumber or dispose the Toukhmanuk Gold Mine and cannot enter in a transaction without the consent of its 49% partner Consolidated Resources Armenia.

It is clear that CONVERSE BANK of Armenia cannot complete any transaction without the consent of CRA. GBGD's partners, which include Industrial Minerals of Switzerland via Austria, and Linne Mining shell, apparently controlled by Borun Group, of the republic of Georgia, and the Principals of Industrial Minerals, are either accomplices of Mr. Van Krikorian or they have been kept in the dark about this and are possibly the next victims of GBGD. I assume the latter to be more probable and fits the modus operandi of Mr. Van Krikorian, chief executive of Global Gold Corp. (otcqb: GBGD).

Mr. Van Krikorian and GBGD are trying to swindle their JV partner (CRA) out of $7 million dollars of investments they made in their 49% interest of the Toukhmanuk Gold Mine, by claiming that the transaction is "void ab initio" and therefore CRA forfeits its entire Investment (sound familiar?).

As a "whistelblower" I will continue exposing the unscrupulous business practices and fraud of GBGD which are being perpetrated against shareholders and joint venture partners alike. GBGD is a publicly listed company and reporting issuer and cannot act outside the rules of the The Exchange Act and the US Securities and Exchange Commission (SEC), forever. Eventually the long arm of the SEC will catch-up to GBGD and Mr. Van Krikorian and probably their auditors.

-Bill Mavridis
Montreal, CANADA


Note: Sometime in the end of 2015 the injunction was lifted against GBGD and Van Krikorian, after GBGD appeal was successful. CRA has filed its own appeal and has now received the right to appeal from the privy counsel in the UK at the Supreme Court of the UK, and the entire mater is still unresolved. CRA is seeking the liquidation of the JV in isle of Jersey and GBGD is claiming that this issue an Arbitration issue. -BM January 2016.



Consolidated Resources Armenia (Appellant) v Global Gold Consolidated Resources and others (Respondents) (Jersey)

Armenian Environmental NGO Blasts Global Gold, Armenian Minister of the Environment and Urge the CONVERSE BANK to Approach the Toukhmanuk Gold Mine Project with Caution.

On September 2, 2014 a press conference was held in the capital of Armenia, Yerevan, regarding the objections by civil society against the development of a new 3rd tailings dam at the Toukhmanuk Gold Mine, located at the Meliq Village.

A report of the conference was broadcast by KENTRON.tv and covered by the newspapers Aravot and the independent news agency ARM-INFO.

Below is Armenian TV news report as broadcasted on Kentron TV on September 2, 2014.  (transcript below).


On April 26, 2013 the Minister of the Environment rejected Global Gold's subsidiary (Mego-Gold) application for the building of a 3rd tailings dam at the village of Meliq to support mining at the Toukhmanuk Gold Mine.  (see: BLOG: Global Gold's Application for A New Tailings Dam REJECTED by Ministry of Nature Protection of the Republic of Armenia).

The new approval came on June 30, 2014, two months after the appointment of a new minister of the Environment.  Word of the approval was hidden by the ministry and was only discovered by the public after Global Gold filed its June 30, 2014 10-Q filings.

Local NGO's are mystified on the about face. Nothing on the ground has changed that would justify the approval of the 3rd tailings dam. NGO's and the local villagers at Meliq oppose the project because and local laws have not been followed and the size of the tailings dam threatens the village, its water supply and farm lands.

The Aravot newspaper also published an article on September 2, 2014: «Արամայիս Գրիգորյան, ապացուցիր, որ դու Արամ Հարությունյանից վատը չես», translated to "A. Grigoryan, prove that you're not as bad as Aram Harutyunyan".

Many NGO's consider the last Minister of the Environment, Mr. Aram Harutyunyan, was bad for Armenia, and hope that the new Minister, Mr. Aramayis Grigoryan will not repeat the mistakes of the past and move to reject the Toukhmanuk Gold Mine tailings dam before it is too late.

Ms. Greta Gabrielyan of the environmental NGO Eco-Alliance stated that they have sent numerous letters addressed directly the President of the Republic of Armenia, and the Toukhmanuk Project and the threat to the Meliq village has received a lot of publicity. For these reasons the Minister should be careful to consider the 3rd tailing.  According to Ms. Gabrielyan, letters to the Ministry sent since April have remained unanswered, but on August 2, 2014 it became known that on June 30, 2014.

NGO's asked that the CONVERSE BANK of Armenia, the bank that is currently looking at financing the project, to be careful on what kind of project they are financing.

In another article published online by the independent news agency Arm-Info, Mr. Arthur Grigoryan, a lawyer said that: "We are dealing with a phenomenon when the project gets a positive score, despite the expert community's protest." 

Transcript of KENTRON TV Broadcast:

Narrator:  The building of the third tailing dam at the Toukhnamouk mine has been approved. Considering the ministry of nature protection has already once rejected this project presented since 2012.

Seyran Minassian (independent expert): After the rejection, absolutely no measures have been implemented, no new analysis has been added, no new plan has been added. What is the approval based on?

Narrator: The environmentalists are not only surprised on the approval to build the third tailings dam. Additionally, Mego Gold company has also prepared a new project for the operation of the plant and for the building of a new tailings dam. 
Arthur Grigoryan (Member of the civil initiative of the protection of teghut):  They have committed major breaches in that area. With this new project they are trying to cover and neutralize their violations.

Narrator: Based on the information held by the environmentalists, the new tailings dam subject to the new project, is many times larger than the village itself.

Arthur Grigoryan (Member of the civil initiative of the protection of teghut)  (Showing a map) This dark areal is the village, these small areas are the current tailing damps and this whole area is the new tailings dam. How many times larger is it compared to the village?

Narrator:  According to Seyran Minassian, giving an approval to the plant and the new project will damage a whole village.

Seyran Minassian (independent expert): If they proceed to build this new factory and implement this new plan then Meliq Village should be moved because it only has a length of approximately 2km and this makes it so that the factory is on one end and the tailings damp on the other.

Narrator: The president of the NGO, Ecological Academy, is convinced that the operation of the Toukhmanuk mine will not only be catastrophic to the Meliq Village but also to the Ararat fields.
Greta Gabrielyan (Member of Eco-Alliance):  Continuing the exploitation of the mine at Meliq Village means water that flows to the basin of the Halavar and Abaran regions will be polluted with heavy metal residues. 
Narrator:  In these circumstances, the environmentalists say the approval of the third tailings dam can be considered a criminal offence.

Arthur Grigoryan (Member of the civil initiative of the protection of teghut):  This is either the result of incredible stupidity, which I don’t think is the case, or just a usual corruption affair which is more probable.

Narrator:  We tried to get explanations from the director of Mego Gold Company Ashot Poghosyan who asked us to call back in 3 hours. After 3 hours, he answered that he’s aware of the environmentalists’ claims and that they are mainly false. Instead of presenting us with counter facts, he invited us to the public hearing due to take place on September 10.


Consolidated Resources Armenia (Appellant) v Global Gold Consolidated Resources and others (Respondents) (Jersey)

Thursday, August 28, 2014

Van Krikorian and Global Gold Corp.(otcqb:GBGD) Seeking to Swindle CONVERSE BANK of Armenia with Illegal Loan Application for their 51% Owned Toukhmanuk Gold Mine

  • Van Krikorian seeking to swindle Converse Bank of Armenia;
  • Van Krikorian and Global Gold Corp (otcqb: GBGD) breaching injunctions ordered by Royal Court of Jersey not to encumber the Toukhmanuk Gold Mine;
  • Van Krikorian and GBGD make an illegal loan application with NO shareholder and NO noteholder approval from GGCRL and CRA;
It is not often that someone confesses to breaking the law ... but that is what Mr. Van Krikorian did when he sent out an email describing PROGRESS in his nefarious plan to illegally encumber the assets of Mego-Gold and the Toukhmanuk Gold Mine.

Mr. Van Krikorian and Global Gold Corp., the 51% owner of the Toukhmanuk Gold Mine in Armenia, are restrained by an injunction issued by the Royal Court of Jersey not to encumber or diminish any of GGCRL's assets which include the Toukhmanuk Gold Mine.

Van Krikorian and GBGD had already illegally encumbered the Toukhmanuk Gold Mine with an $8.8 million debt facility with the shell company Linne Mining.

Yet, Mr. Krikorian and Global Gold have confessed that they are breaching the injunction by applying for a loan at the CONVERSE BANK of Armenia, to support the financing of the Toukhmanuk Gold Mine. This is evidenced by the following email:






































Global Gold is very much aware that the injunction exists and has disclosed such in its SEC filings, Form 10-Q, on August 19, 2014. Global Gold confirms: "On March 10, 2014" ... "CRA received an" Order of Justice "and injunction from the Royal Court of Jersey against GGCRL, the Executive Chairman [Mr. Van Krikorian] of GGCRL and the Company [Global Gold Corp.]". Following a hearing on April 2, 2014, Global Gold Corp. and Van Krikorian's application to lift the injunction was rejected. ( see http://www.sec.gov/Archives/edgar/data/319671/000143774914015819/gbgd20140630_10q. htm )

Global Gold Corp. is an OTC listed penny stock, trading under the symbol of GBGD. The Company is being sued by Consolidated Resources of Armenia (CRA) for collection of a defaulted note of at least US $ 1.6 million, plus interest and damages. CRA is the 49% shareholder of the joint venture company GGCRL, registered at the isle of Jersey, which owns the TOUKHMANUK Gold Mine. Starting in 2010 CRA invested US $5 million to develop the Toukhmanuk Gold Mine and issued an additional note of US $2.2 million to support those activities. Mr. Van Krikorian and GBGD are trying to swindle their JV partner (CRA) out of their investment by claiming that the transaction is "void ab initio" and therefore CRA is forfeiting its entire investment. In support of their fraud against CRA, GBGD created fraudulent financial statements for their 51% owned JV (GGCRL) claiming over $ 3M in debts in an attempt to offset the notes. Neat trick, Van Krikorian and GBGD take US $7.2 million dollars from an investor (CRA) and declare unilaterally that their agreement is void (sound familiar?).

Presently, it appears from the email, that CONVERSE BANK is in the process of being swindled to provide a loan for an asset that Mr. Van Krikorian and GBGD are restrained by the Royal Court of Jersey in encumbering .

I can only hope that CONVERSE BANK does a thorough due diligence, not only in the affairs of GBGD and is subsidiaries in Armenia, but also in the current legal challenges against Mr. Van Krikorian and GBGD in the Royal Court of Jersey. 

CONVERSE BANK should also investigate if there really is any gold worth mining at the Toukhmanuk Gold mine too.

From my analysis of SEC filings and Armenian Government records I have discovered that the GOLD grades at the Toukhmanuk Gold Mine are suspect. I come to this conclusion because GBGD has overstated it mining volume over the last few years by 104% .... see my blog. 



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.

=============================================

Tuesday, May 28, 2013


Global Gold Corp. (GBGD) Overstates Mining Volumes At Its Toukhmanuk Gold Mine by 104%



I recently received copies of a letter including a summary of production reports filed by MEGO-GOLD LLC, a Global Gold subsidiary for production at the TOUKHMANUK GOLD MINE in Armenia.

The letter was issued by the Chief of Staff of the Minister of Energy and Natural Resources, Mr. Karen Kagramanyan, (MENR) following an access to information request by Mr. Arthur Grigoryan, the President of "ECOLOGICAL RIGHT", an Armenian Environmental NGO.
I have compiled the data and have compared it with the mining volumes published by GBGD in its December 31, 2012 annual 10-K report. The report is signed by Mr. Van Z. Krikorian as CEO and the rest of the Board of Directors and audited by RBSM LLP of New York.

Since 2006, GLOBAL GOLD CORP (otcqb: GBGD) has overstated its mining volume by 104% from its Toukhmanuk Gold Mine located in Armenia.

In the 10-K report, as filed with the United States Securities and Exchange Commission (SEC), for the year ending December 31, 2012, Mr. Krikorian and his board certified the following statement:
The Company has mined mineralized rock of approximately 52,000 tonnes in 2006 with content of approximately 1.27 g / t gold and 6.37 g / t silver, no mining in 2007, approximately 82,000 tonnes in 2008 with content of approximately 1.85 g / t gold and 5.21 g / t silver, no mining in 2009, approximately 21,000 tonnes in 2010 with content of approximately 2.08 g / t gold and 5.68 g / t silver, approximately 21,400 tonnes in 2011 with content of approximately 0.92 g / t gold and 3.32 g / t silver , and no mining in 2012. 
The production records filed by Global Gold in Armenia paint a different story. Below is the translation of the table received from the MENR. This table is drawn from the official reports of production at the TOUKHMANUK GOLD MINE filed by MEGO-GOLD, since 2006.
Converting the GBGD data to conform to the Table provided by the MENR we see a different picture emerging.


Converting the Armenian data to conform to the GBGD data published in its 10-K we get the following table:

In 2006, GBGD claimed it mined 52,000 tones of ore when it actually mined 12,100 tones of ore. In 2008, GBGD claimed it mined 82,000 tones of ore when it actually mined 45,660 tones of ore.

Meanwhile the GOLD content remains the same, at approximately 66 kg, even-though the volumes differ dramatically. This implies the grade of the ore for 2006, as filed with the MENR, graded for Gold was approximately 5.45 g / t but the grade for Gold reported by GBGD in its SEC filings was 1.27 g / t. The ore for 2008, as filed with the MENR, graded approximately 3.34 g / t, but GBGD reported in its SEC filings that it was 1.85 g / t.

In 2010, it claimed GBGD 21,000 Tones of ore mined with GRADE A Gold of 2.08 g / t, equivalent to 43.68 kg of Gold content. The official records show that GBGD Armenian mined ore with 16,800 Tones of Gold content of 18:31 kg of Gold content, equivalent to 1:17 g / t. overstated Global Gold Gold mined in 2010 by 24.1 kg in its SEC filings.

In 2011, it claimed GBGD 21,400 Tones of ore mined with GRADE A Gold of 0.92 g / t , equivalent to 19.69kg of Gold content. The official A rmenian records show that GBGD of ore mined 11.860 Tones with Gold content of 18:31 kg of Gold content, equivalent to 1.54 g / t. overstated Global Gold Gold mined in 2011 by 1.38 kg in its SEC filings.

No investor can now TRUST what the real grade of the TOUKHMANUK Gold Mine is. Global Gold reports one grade with the MENR and a different grade in their audited financial statements filed with the SEC. This is A Huge problem for Gold since Global Investors rely Published On GRADES to evaluate the value of Gold Assets. Investor's in Global Gold Have been misled?

Is Global Gold Corp. (GBGD), Mr. Van Z. Krikorian and Mr. Ashot Poghossyan willfully and knowingly conspired to file FALSE and misleading statements in their 10-K audited Financial Statements or have they Actually FALSE Reports filed with the Ministry of Energy and Natural Resources of the Republic of Armenia (MENR)?

There clearly has to be an investigation by the SEC, PCAOB and the MENR to find out what the real truth is.