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The 43-101 report on the Toukhmanuk project was never vetted. The Qualified Person who Authored the report repeated the falsified data that he was fed by Van Krikorian and his team. GARBAGE in GARBAGE out.  That is how the first group got swindled out of $7MM.


The second group got swindled out of $5.8MM moving the project forward when they finally discovered the raw data for the gold resource was falsified, including the discovery of examples where gold grades were switched with the silver grades to boost up the resource.


There was a CSA Global report provided to Van Krikorian in April 2012 that had already discovered the problems with the falsified grades at Toukhmanuk, but Van Krikorian hid that from Linne Mining who were later defrauded in 2015 (see further down this page for more about the CSA Global report).


The three reports prepared for Linne Mining are posted below.



Global Gold Corp, symbol GBGD on the OTC, continues to perpetuate its fraud that it has confirmed 2 million ounces of gold at its flagship Toukhmnuk Gold Project.


The resource data compiled by GBGD through their Armenian division, Mego-Gold LLC, and submitted to the Agency of Mineral Reserves of the Republic of Amenia Ministry of Energy and Natural Resources (aka Armenia GKZ), was corrupted (ie falsified) by Management, Mr. Van Z. Krikorian, President, CEO, Director and Legal Counsel and his manager in Armenia, Mr. Ashot Boghossian.


Mr. Van Z. Krikorian and GBGD used these falsified filings with Armenian regulators, which were also posted in news releases and in GBGD's SEC filings, to eventually defraud 2 investment groups, Consolidated Resource Armenia (CRA) in 2012, of over USD$7 million, and Linne Minning/Industrial Minerals, in 2015, of approximately USD$5.8 million.  


The same assets were used in two different Joint-Venture deals. In 2011 Van Krikorian entered into JV Agreement with Consolidated Resources Armenia (CRA) (see SEC filing 8-K Report Dated March 17, 2011) to develop the Toukhmanuk Gold Mine. And while in a dispute with CRA, Van Krikorian pushed CRA out claiming fraud even though CRA advanced to GBGD subsidiaries USD$7MM to advance the JV. These funds were misused and partly laundered by GBGD Management through questionable transactions in Armenia (One explanation on how Ashot Bhoggosyan, Van's Manager in Armenia, build a villa in the Armenian village of Gosh, complete with groundskeepers, a security perimeter and in-ground pool). In 2013, while fighting CRA in court, Van Krikorian signs a new JV deal with Linne Mining, a shell company registered in Armenia and owned by faceless Cyprus Registered entities (see SEC filing 8-K Report Dated July 5, 2017), securing USD$8 million in loans to put the Toukhamnuk project into production. That failed when Linne Mining discovered the gold assays were manipulated/falsified (more below).


GBGD's subsidiary Mego-Gold, the owner of the Toukhmanuk Gold Project, has now been forced into bankruptcy. A local Armenian supplier has now managed to successfully sue Mego-Gold in bankruptcy for 41,380,000 AMD (USD$86,500). Linne Mining has also filed a claim as a creditor in this bankruptcy of GBGD's Armenian subsidiary, in the amount of USD$39 million.


GBGD's financial statements as at June 30, 2017, state that the company has $20,917,023 in current liabilities, including sums owed to its employees in Armenia. Van Krikorian even confirms that his company has received interest-free loans from its employees of $113,000. The original amount of the employee loans were $286,170 dating back to 2010. Over the last 7 years, GBGD and Van Krikorian have failed to pay in full all his employees what they were owed. These are employees that make approximately $500 a month or less.


The Toukhmanuk project was halted in 2015 by its JV partner Linne Mining and Industrial Minerals, who are now claiming USD$39 million in the bankruptcy of GBGD subsidiary, Mego-Gold LLC, in Armenia (This amount includes lost profits of approximately USD$30MM).


Mr. Van Z. Krikorian stated in its SEC 10-K filings that "while Linne procured and began assembling a new processing plant at Toukhmanuk, completion has been delayed, mining in accordance with relevant agreements and approved plans has not occurred, and Linne has asked to be relieved of its responsibilities".


What Mr. Van Z. Krikorian has failed to report in its SEC filings is the reason why Linne Mining walked away. Linne Mining walked away because the gold grades on the Toukhmanuk Gold Mine were falsified.


Three reports prepared by Linne Mining's consultant outline the problems with the mine data and evidence of falsified grades.


When will the SEC shut down this serial fraudster, Van Z. Krikorian and GBGD?



visit my blogs:



ALERT: Fraud and Corruption at the Marjan Mine in Armenia



GBGD - What Is Global Gold Corp. up to in Armenia



Global Gold Corp (GBGD): Extortion and Fraud In Armenia



Is there any Gold in the Toukhmanuk Mine in Armenia, worth mining?



Global Gold Corp Sued by CRA at Royal Court of Jersey

  Global Gold Corp . (March 5, 2018) .             Market Cap:                 $  1,013,529

  Symbol:PINK NO INFORMATION: GBGD                 Cash on Hand:               $     40,591

  Shares outstanding:  $368,556                    Total Current Liabilities:  $ 20,917,023 

  Share BID Price:     $2.75                       Total Current Assets:       $     40,591

  (Financial data from SEC Q2 report)                     Net Working Capital:        $ 20,917,023    

UPDATE:  MARCH 5, 2018: UPDATE:  While visiting the International Mining Conference in Toronto, Ontario (PDAC), I had the opportunity to meet the representatives of the Armenian Government who confirmed that the Toukhmanuk project is bankrupt and the only project Global Gold is running in Armenia is the MARJAN project. And even there they have not done any work for over 5 years. I am sure that they will lose that license too.


GBGD is now defunct and is now longer providing financial data. Don't be fooled by its share price of about $2.75. The Company rolled back its shares 251 times reducing its shares outstanding from  92 million shares to 368 thousand. GBGD is pretty much bankrupt and has transferred all its assets to its officers and directors leaving behind around $20 million in debt. Goodbye Global Gold, Goodbye Van Krikorian.


GBGD falsified its data to confirm 2 million ounces of gold resources by the Armenian GKZ (clear corruption), and the falsified gold resource was handed to Behre Dolbear to use in their technical report (43-101). Behre Dolbear failed to perform a rudimentary check assays on any samples from the drill core or pulp samples. On page 6 of the report dated October 17, 2011, Behre Dolbear States, "Behre Dolbear has not carried out any independent exploration work, drilled any holes, carried out sampling or analyses on any of the prospects and assumes no liability for the accuracy of the information provided by the client.", if they did, they would have realized there was no correlation or gold resources as outlined by GBGD and at the minimum, a huge red flag would have been raised on the Toukhmanuk Gold Project.


In 2012 the GBGD and CRA JV on the Toukhamnuk Gold Project hired international mining consulting firm CSA Global  ( to confirm the gold assays and build a resource model, by assaying and drillign an addition 4,000 meters. All this was compared to resource data provided by GBGD and authorized by Van Krikorian. The final report was never published because GBGD failed to pay for it, in order to hide the evidence of the fraud from investors and the SEC. Below is the email and a draft note prepared by Mr. David Muir, who is now the Senior Data Geologist at CSA Global (


From: David Muir [
Sent: Friday, April 20, 2012 4:18 PM

Cc: Karen Volp
Subject: Prelim Results



Hi Joe,


We have completed a preliminary assessment of the results and have attached a word doc with a summary and some graphs and two spread sheets with the assay data.


The first comparison is between the original results and the re-sampled pulps for gold (Au) and silver (Ag). The correlation is poor and the assay results obtained are low (6 out of 1013 pulp assays have gold values of 1g/t or greater, the balance are all below 1 g/t).


The second comparison is between the re-assayed core and pulp samples. The correlation is poor, but significantly better than that in the first comparison and the spread appears random. Gold and silver correlations are generally poor, but should be random (ie there shouldn’t be a concentration either side of the middle line).


We will compare some of the other elements and compare in 3D against the historical data and will get back to you next week with an update.


Sorry to be giving you such bad news, but we thought it important that you get an indication as soon as possible.


Kind regards


Dave Muir

Consultant Geologist

CSA Global Pty Ltd
Geological & Mining Consultants to the Global Minerals Industry

, Horsham
RH12 1DE, United Kingdom
road2 Peel House, Barttelot





Below is the 43-101 Technical Report on the Toukhmanuk Gold Mine. This report can be found on the Global Gold website, even though the SEC ordered GBGD to drop any reference to it since GBGD is not a Canadian listed company and this report was never vetted by Canadian securities regulators.



VZK cannot claim he does not know anything about this considering this email.



From: Van Z. Krikorian [

Sent: Friday, April 20, 2012 5:21 PM 

To: Cayce kara; Cc: Jan Dulman;;;; jeff marvin; Ian Hague Subject: 

RE: Consolidated ­ Global Closing and Contract issues RE: MG and Getik Intercompany Loan Documents 


We have been informed that funds to cover the ABB loan payment due from Consolidated did not make it to Armenia in time to make the loan payment today, resulting in an event of default. We have no confirmation that any of the other funds due from Consolidated have been transmitted either, which means we will have to figure out a way for Consolidated to cure its breaches and waive the breaches in order to close. ABB just closed its offices for the week in Armenia and we were informed shortly before closing. We also, obviously do not have the consent letter from ABB now either, which is an additional complication. 


A little while ago I received the attached email from Joe Borkowski, with the following message: “You asked for a CSA update. Well here’s your update Van. ” In item # 10 below the following is and continues to be requested ”please provide us with all the emails with CSA; CSA will also need to be instructed that it should be transparent and responsive to Global.“ The fact that CSA was not in communication with Global and coincidentally produced what appears to be a negative report today only increases the importance of delivery of those emails and the need for transparency. In addition to my meeting at 10 this morning we have a Global board meeting after that, but I will be available in the afternoon to discuss the closing items. 



This fraud at Toukhmanuk has been going on since October 18, 2008,  when Van Krikorian issued a press release to the world that he had a 2 million gold ounce deposit. It has been 9 years and no mine has been put into production. That's 2 million ounces of gold, which is worth over USD$2 billion dollars. If you apply the DUCK Test to this scenario; If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. And the Toukhmanuk Gold Mine, as developed and presented, is one giant fraud.


Its a matter of time when GBGD shuts down because of lack of funds and the bankruptcy of its Armenian subsidiary Mego-Gold, which owns and controls the Toukhmanuk Gold Project.  


When will this company be shut down and management investigated and prosecuted for fraud?



Bill Mavridis

Whistle Blower


Mailing Address:

1155 René Lévesque Blvd. West
Suite 2500
Montréal, Québec H3B 2K4


Tel: 514-813-9200


* Updated with additional information September 19, 2017, September 20, 2017 and Nov 21, 2017.



My blogs


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 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 failed 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 website and my blogs are 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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