Caldera files motion against GGC, arbitration ruling pending in NY

PanARMENIAN.Net - On November 17, 2011, the Arbitrator issued an order to Caldera Resources Inc. (the “Company” or “Caldera”) and Global Gold Mining and its parent Global Gold Corporation (“GBGD” ), (together referred to as the “Parties”), which restricts the Parties from altering their share ownership and membership in the Joint Venture Agreement (“JVA”) and in the Armenian subsidiary Marjan Mining Company (“MMC”), or affecting any changes to the Marjan License.

That order was recently updated, the company said in a press release.

On February 14, 2012 Caldera filed a petition at the General Jurisdiction Court in Yerevan, Armenia, case no. M-I-2826 (see www.datalex.am), seeking that the Arbitrator’s order be enforced in Armenia, under the UNCITRAL 1958 – Convention on the Recognition and Enforcement of Arbitral Awards, which Armenia is a signatory.

A Certified copy of the Arbitrator’s confirmed order has been delivered to Caldera’s Armenian subsidiary, MMC, and will be attached to that petition.

On or about February 8, 2012, GBGD’s representatives in Armenia made statements to local Government authorities, that the project ownership and rights will revert to them based on a ruling of the Administrative Court of Armenia and that they contemplate to sign certain agreements to effect control. These statements are not new and have been echoed in GBGD’s news releases of August 2, 2011 and December 12, 2012.

The Arbitration hearing in New York is the only jurisdiction that can rule on the ownership rights of the Marjan project, as per the JVA signed between the Parties on March 24, 2010.

Caldera has appealed the Administrative Court ruling to the Cassation Court in Armenia on January 13, 2012. The Cassation Court in Armenia has not announced whether they will accept the appeal as of yet. Based on the actions of GBGD’s representatives in Armenia, Caldera believes that GBGD has anticipatorily breached the order of the Arbitrator and will attempt to take ownership control of the Marjan Project, and Caldera is justified to take all actions to protect its interests in the Marjan Project. Caldera has also filed a request with the American Arbitration Association to seek their assistance in clarifying the status of the pending ruling of the Arbitrator.

It has been 33 days since the close of the arbitration hearing on January 19, 2012.