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RA APPEALS COURT RULES IN FAVOR OF GLOBAL GOLD MINING
hetq
09:54, December 13, 2011
On December 12, 2011 the RA Court of Appeals issued a decision
affirming a July 29, 2011 Armenian court verdict which ruled that
Caldera Resources, Inc.'s ("Caldera") registration and assumption of
control through unilateral charter changes of the Marjan Mine and
Marjan Mining Company, LLC were illegal and that ownership rests
fully with Global Gold Mining, LLC (a wholly owned subsidiary of
Global Gold Corporation).
In 2009, Global Gold announced a joint venture with Caldera Resources
Inc. regarding Marjan.
Global Gold Corporation (GGC) is a US-based international gold mining,
development, and exploration company with mining properties in Armenia
and Chile. In Armenia, the company owns and operates the Toukhmanuk
Property, the Getik Property (Gegharkunik), and Marjan (Syunik)
The Marjan Gold-Silver-Polymetallic deposit is located in Armenia,
some 28 km south-west of the village of Sisian and a 6 hour drive
from the capital, Yerevan. Global Gold, through its wholly owned
subsidiary Global Gold Haknavan LLC, holds a twenty-five year
"special mining license" for the Marjan property. The license was
issued April 22, 2008 and expires April 22, 2033. The license area
covers approximately 18.5km2.
In late August, 2010, Global learned that Caldera had circumvented
the agreement to unilaterally and illegally register changes to
the Armenian project company's charter to Global's detriment. Such
changes could only have been made with the signature of one of three
authorized Global officers. Caldera was somehow able to register
changes without Global's consent or knowledge. Without even advising
Global that it had made those changes to take control, Caldera tried
to have Global sign a resolution that would have authorized Caldera's
illegal acts. Global refused.
After a detailed notice sent on September 2, 2010 and attempts to
work out a solution failed, Global filed an action in the appropriate
Armenian court to rescind the illegal registration on September 22,
2010, and terminated the joint venture with Caldera on October 7, 2010.
hetq
09:54, December 13, 2011
On December 12, 2011 the RA Court of Appeals issued a decision
affirming a July 29, 2011 Armenian court verdict which ruled that
Caldera Resources, Inc.'s ("Caldera") registration and assumption of
control through unilateral charter changes of the Marjan Mine and
Marjan Mining Company, LLC were illegal and that ownership rests
fully with Global Gold Mining, LLC (a wholly owned subsidiary of
Global Gold Corporation).
In 2009, Global Gold announced a joint venture with Caldera Resources
Inc. regarding Marjan.
Global Gold Corporation (GGC) is a US-based international gold mining,
development, and exploration company with mining properties in Armenia
and Chile. In Armenia, the company owns and operates the Toukhmanuk
Property, the Getik Property (Gegharkunik), and Marjan (Syunik)
The Marjan Gold-Silver-Polymetallic deposit is located in Armenia,
some 28 km south-west of the village of Sisian and a 6 hour drive
from the capital, Yerevan. Global Gold, through its wholly owned
subsidiary Global Gold Haknavan LLC, holds a twenty-five year
"special mining license" for the Marjan property. The license was
issued April 22, 2008 and expires April 22, 2033. The license area
covers approximately 18.5km2.
In late August, 2010, Global learned that Caldera had circumvented
the agreement to unilaterally and illegally register changes to
the Armenian project company's charter to Global's detriment. Such
changes could only have been made with the signature of one of three
authorized Global officers. Caldera was somehow able to register
changes without Global's consent or knowledge. Without even advising
Global that it had made those changes to take control, Caldera tried
to have Global sign a resolution that would have authorized Caldera's
illegal acts. Global refused.
After a detailed notice sent on September 2, 2010 and attempts to
work out a solution failed, Global filed an action in the appropriate
Armenian court to rescind the illegal registration on September 22,
2010, and terminated the joint venture with Caldera on October 7, 2010.