As of April 28, 2014, Arbitrator Herman Cahn, restarted the arbitration between Caldera and its estranged Joint Venture Partner Global Gold Corp, (otc markets: GBGD).
Caldera is claiming US$150,000 in advances made to GBGD and a 0.50% Net Smelter Royalty (NSR) from all future production from the Marjan Mine, as awarded by the Arbitrator.
Caldera is also claiming an undetermined sum for damages related to GBGD's and Mr. Van Krikorian's fraudulent actions, in misrepresenting that the Marjan License was in good standing, which had an effect of fraudulently inducing Caldera into signing a contract.
Caldera claims that GBGD and its President and Legal Counsel, Mr. Van Krikorian:
- Made intentional actions, intentional statements, and through willful and premeditated fashion omitted to provide correspondences they had in their possession that proved that Marjan mining license was issued illegally and in contradiction of the Armenian Mining Code;
- Made material misrepresentation and if Caldera was aware that the underlying license was in technical default and illegally issued it would have never entered into any deal with GBGD;
- Made declarations that Caldera reasonably relied on, and;
- Actions caused Caldera to suffer economic damages.
To this date, there are currently no official reserves for Marjan License which means that the license is illegal and can be terminated by the Armenian state at anytime. This opinion was also made public by the former Minister of the Environment and current Member of Parliament of the National Assembly of the Republic of Armenia, Mr.Vardan Ayvazyan (see Armenian Language YouTube videos below).
You can learn more about this by reading the following blog: ALERT: Fraud and Corruption at the Marjan Mine in Armenia
For more information please contact
Caldera Resources Inc.