Interfax, Russia
Russia & CIS Business and Financial Newswire
February 22, 2008 Friday 1:02 PM MSK

Armenia, Global Gold sign amicable agreement – source

YEREVAN Feb 22

Armenia’s government has signed an amicable agreement with Global
Gold Mining LLC, a subsidiary of Global Gold Corporation (GGC) which
operates in Armenia, a well informed source in Armenia’s Cabinet of
Ministers told Interfax.

The source said the agreement was signed before the presidential
elections on February 19 and that the Armenian government would make
an official announcement shortly.

The source said the government approved the agreement back on
September 13, 2007 and instructed Gagik Dzhangirian, the deputy
prosecutor general, to sign it on the government’s behalf.

Global Gold Mining in March 2007 asked the International Center for
Settlement of Investment Disputes in Washington to begin arbitration
proceedings against the Armenian government. GGC accused
Environmental Protection Minister Vardan Aivazian of hindering the
company’s operations by refusing to extend the term of licenses to
the Ankavan copper-molybdenum and Mardzhdan polymetallic ore
deposits.