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An update on the current arbitration claim against Global Gold Corporation for illegally and unilaterally terminating the JV between the parties on October 7, 2010 has been provided by Caldera Resources Inc. (TSXV:CDR) The testimony in the Arbitration Hearing will close today with the completion of the cross examination of Global Gold’s CEO, Mr. Van Krikorian.
As quoted in the press release:
In Armenia, the Administrative Court of Appeals announced yesterday that the appeal filed by the Company, was rejected and the decision of the previous court stands. Please see the Company’s news release of August 2, 2011 and August 5, 2011.
A new appeal will filed by the Company before the January 12, 2012 deadline, set by the Court. Meantime, Caldera remains the holder of the license and the Operator of the Marjan Project, as defined in the JV agreement signed with GBGD, Caldera’s estranged joint venture partner.
Contrary to GBGD’s news release, issued at the market close yesterday, nothing reverts back to GBGD and the ownership issues will be settled in Arbitration in NY and not in Armenia. The New York Arbitrator’s decision trumps the Administrative Appeals Court decision on the mater relating to the ownership and registration of the shares of Marjan Mining Company, the license holder of the Marjan Gold and Silver Project.
At the time of the filing of this press release, Caldera has not received a copy of the verdict from the Administrative Appeals Court and awaits a translation and review of the verdict by its Armenia legal counsel later this week. Additional reply to the GBGD’s misleading and defamatory comments will be addressed after the Company completes its review.
Click here to read the Caldera Resources Inc. (TSXV:CDR) press release
Click here to see the Caldera Resources Inc. (TSXV:CDR) profile.