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Follow on Google News | Caldera - GBGD Arbitration SuspendedArbitrator Has Suspended Arbitration Proceedings Claiming Unpaid Fees
On May 8, 2013 we received an email from the ICDR/AAA stating: "This is to inform you that, after an extensive consideration, in view of the fact that the parties have not paid the long outstanding bills, pursuant to R-54 of the Commercial Rules, the arbitrator has decided to suspend further activity on this matter. The parties shall provide immediate full payment of all the outstanding balance and - in any event by no later - than Friday, May 31. 2013 The arbitrator is reserving the possibility to reinstate the proceeding upon payment of the outstanding bills; in the event of a continuous shortfall the arbitrator will terminate the proceeding." On May 29, the AAA issued a new letter updating the total fees required to be paid by the parties and an extension was given to June 10, 2013. CDR is unable to pay these fees and has informed the AAA of this fact. If the Arbitration is to continue GBGD will have to pay CDR's share or the Arbitrator will have to change his mind and proceed without payment from CDR. OTHER NEWS CDR's President, Mr. Bill Mavridis, has posted a blog post exposing that GBGD has mistated its mining volume at its Toukhmanuk Gold Mine in Armenia by 104%. It appears that GBGD has a double filing system, one to show to the officials in the Republic of Armenia and one that it files in its audited financial statements. GBGD’s material misrepresentations and omissions in SEC filings and public statements have occurred from 2006 to 2012. The full story can be accessed at: gbgd-armenia- In 2006, GBGD claimed it mined 52,000 tones of ore when it actually mined 12,100 tones of ore. In 2008, GBGD claimed it mined 82,000 tones of ore when it actually mined 45,660 tones of ore. Meanwhile the GOLD content remains the same, at approximately 66 kg, even-though the volumes differ dramatically. This implies the grade of the ore for 2006, as filed with the MENR, graded for Gold was approximately 5.45 g/t but the grade for Gold reported by GBGD in its SEC filings was 1.27 g/t. The ore for 2008, as filed with the MENR, graded approximately 3.34 g/t, but GBGD reported in its SEC filings that it was 1.85 g/t. In 2010, GBGD claimed it mined 21,000 tones of ore with a Gold grade of 2.08 g/t, equivalent to 43.68 kg of Gold content. The official Armenian records show that GBGD mined 16,800 tones of ore with Gold content of 18.31 kg of Gold content, equivalent to 1.17 g/t. Global Gold overstated Gold mined in 2010 by 24.1 kg in its SEC filings. In 2011, GBGD claimed it mined 21,400 tones of ore with a Gold grade of 0.92 g/t, equivalent to 19.69kg of Gold content. The official Armenian records show that GBGD mined 11,860 tones of ore with Gold content of 18.31 kg of Gold content, equivalent to 1.54 g/t. Global Gold overstated Gold mined in 2011 by 1.38 kg in its SEC filings. No investor can now TRUST what the real grade of the TOUKHMANUK Gold Mine is. Global Gold reports one grade with the MENR and a different grade in their audited financial statements filed with the SEC. This is a huge problem for Global Gold since investors rely on published grades to evaluate the value of gold assets. Have investor's in Global Gold been misled? There clearly has to be an investigation by the SEC, PCAOB and the MENR to find out what the real truth is. For additional information: Contact: Bill Mavridis President Caldera Resources Inc. 1155 Rene-Levesque Blvd. West Suite 2500 Montreal, Qc., H3B 2K4 Tel: 514-813-9200 email: Bill.Mavridis@ http://www.calderaresources.com End
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