Tuesday, February 9, 2016

Clear and Apparent Fraud at GBGD and Toukhmanuk Gold Mine: Its not as big as BRE-X but its still fraud.

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 database provided by GBGD and used to calculate the gold resources and to develop the resources models are "fake". 
GBGD's claim that it has over 2 million oz of gold appears to be overstated by at least 1.9 million ounces.

A third document, which was published today (see below or click), the author published that he reviewed the resource models, used by Behre Dolbear and published in the Independent Technical Report of the Toukhmanuk Mine Project And Getik Prospect, Armenia, In Conformance with NI 43-101 Guideline, on October 17, 2011. The author determined that the data in the models were corrupted in a way that certain gold grades were switched with the silver grades. The net effect is that the gold resources were overvalued, making the resource models worthless.  This is the worst type of fraud in mining, manipulating data to create the appearance of a valuable gold mine. Not as blatant as seeding samples with gold as in BRE-X case in 1997, but up there.

From my experience it is difficult to accept that this is an error. I have discovered that Van Krikorian and GBGD have published suspect data on their other projects and I have been reporting this since 2011.

I hope that the SEC finally shuts GBGD down and deals with this clear and apparent fraud.

(PS Don't forget, Van Krikorian and GBGD scammed their previous JV Partner, CRA. After receiving USD$7 MM investment, Van Krikorian claimed that GBGD was defrauded,  Now GBGD has swindled Linne Mining out of $3.4MM)





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.

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