Global Gold Corp (EM) GBGD

Linne Mining Engineer Believes Toukhmanuk Data is "Fake"

[goldman888]

On July 5, 2013, GBGD and Mr. Van Krikorian signed a deal with Linne Mining to act as the CONTRACT MINER for the development of its Toukhmanuk Gold Mine.   

 

On November 2015, Van Krikorian, the President and CEO of GBGD, 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 contract mining agreement.
 

Van Krikorian has failed to post a copy of Linne Mining's letter or provide any clarification why Linne Mining wanted to abandon the project. 

The reason started becoming very clear recently.

Two documents surfaced on the web last week that indicated the database provided by GBGD used to calculate the gold resources and develop the resources models were apparently fake.

see: https://www.geo-logaritmica.com/2dataSets.pdf
see: https://www.geo-logaritmica.com/WHAT_IS_WRONG_WITH_RESMODEL.pdf
Also see my blog: GBGD Announces Toukhamnuk Mine in Armenia "Delayed"... Is this the end of GBGD? https://toukhmanuk.blogspot.ca/2016/01/gbgd-announces-toukhamnuk-mine-in.html

A new document was published today by the same author.
https://geo-logaritmica.com/SpecterReserves.pdf 

The author compared the gold grades in the resource models used in the Toukhmanuk Technical Report 43-101 
https://www.globalgoldcorp.com/docs/20111017_J11_163_Global_Gold_Toukhmanuk_and_Getik_43_101_report.pdf 

with the data in databases on file and found that gold grades were switched with silver grades. The net effect is that the gold resources were overvalued. 

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 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.