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A press release issued by Global Gold Corporation (GBGD) stated that the Cassation Court in Armenia has rejected the Caldera Resources Inc. (TSXV:CDR) appeal with respect to the Administrative Court ruling and that the Marjan Project reverts to GBGD.
As quoted in the press release:
The news release was issued at 2:58 pm EST, which was midnight in Armenia. Unfortunately it is impossible to confirm receipt of any such ruling at this time. A review of www.datalex.am website, the Judiciary Portal of the Ministry of Justice of Armenia, found no such ruling posted either, as claimed in GBGD’s press release (see GBGD NR https://bit.ly/GBGD-NR-FEB232012 ).
Bill Mavridis, President and CEO of Caldera stated “I am disturbed by GBGD’s press release especially their comment that the Cassation Court ruling somehow grants them control and ownership of the Marjan Project. It is a shame that the Board and Management of GBGD did not see fit to wait until the Arbitrator’s pending ruling on ownership, before making such claims. Only the Arbitrator of the current dispute before the AAA/ICDR can decide the ownership rights in this case. Furthermore there are proceedings pending in Armenia, supported by a US Federal Court Order that prohibits either party to make any changes to the shares of Marjan Mining Company, the joint venture agreement or the mining license. If GBGD continues on the course it states in the press release, such action will be considered a breach of various orders concerning the maintenance of the status quo.”
Click here to read the Caldera Resources Inc. (TSXV:CDR) press release
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