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PRESS RELEASE

Thursday, January 20, 2005

AGBU MONTREAL UNVEILS NEWLY RENOVATED, STATE-OF-THE-ART COMMUNITY
CENTER

Montreal, Quebec – After five years of meticulous planning and
steadfast support from AGBU donors, members, and friends, AGBU
Montreal unveiled its newly renovated, state-of-the-art Alex Manoogian
Community Center Saturday, October 30, 2004. The recent unveiling of
the CAN$1 million, renovated Center symbolizes for the community a
renewed commitment by AGBU to its revitalization and continued
presence in Canada.

Demonstrating his vote of confidence in the future growth of the
Montreal Armenian community, AGBU Honorary Life President Alex
Manoogian acquired the site in Ville St. Laurent, Quebec in 1977. The
Center, along with the adjacent Armen Quebec – Alex Manoogian School,
thrived to become a cultural hub of the Montreal Armenian community in
the ’70s and ’80s. Due to general wear and tear on the facilities, the
Center was confronted in the ’90s with functional challenges to
accommodate its new programs and services.

Propelled into the 21st century, the Center can now boast, among other
improvements, three new halls, advanced audiovisual capabilities, new
furnishings, and accommodations for the physically handicapped. The
short-term sacrifices, willingly made by AGBU Montreal to reach their
long-term goal, including the closing of the Center for six months,
were worth the wait. As they usher in this new period with much pride,
the Center is now readily equipped with the proper resources to keep
pace with the needs of its growing community and its youth in
particular.

Fundamental to the preservation of the Armenian community, AGBU
Montreal is committed to advancing the future of Armenian youth by
adding new dimensions to their lives and offering a clear path of
education, opportunity, and leadership. The Center accommodates a host
of activities throughout the calendar year including the Youth Sports
Programs, Scouting, University Student Events, a Young Professionals
Group, an Armenian Studies Program, a Genocide Recognition Committee,
a Social and Fundraising Events Committee, a Cultural Committee, a
Bridge Club, and a Golden Age Group.

In commemoration of this landmark occasion, AGBU Montreal planned a
weekend complete with festivities and fanfare kicking off Thursday,
October 27 with an exhibition by local artists. Welcomed by the AGBU
Scouts’ marching band Saturday morning, over 300 guests attended the
official opening and ribbon-cutting ceremony of the new Dervishian,
Demirdjian, and Yacoubian Halls. In attendance were AGBU President
Berge Setrakian, Vice President Arshavir Gundjian, and Central Board
member Sam Simonian, His Eminence Bishop Bagrat Galstanian Primate of
the Diocese of the Armenian Church of Canada, and over a dozen
prominent Canadian federal, provincial, and municipal government
officials, including Montreal Mayor Gérald Tremblay and the Honorable
Stéphane Dion, Canadian Minister for the Environment.

On Saturday evening, over 200 guests attended the inauguration banquet
and were treated to a grand tour of the newly renovated Center. The
following Sunday morning, a requiem service in memory of Alex and
Marie Manoogian and deceased AGBU founders, members, and benefactors
was held at St. Gregory the Illuminator Armenian Cathedral. Following
the services, Setrakian set aside time too meet exclusively with over
100 of the city’s youth emphasizing the importance of their ongoing
involvement in the community, the value gained by approaching AGBU to
implement their fresh ideas, and the various ways to restore pride in
Diasporan youth through the preservation of language and culture. The
weekend came to a fitting close Sunday evening at Salle Collège
Brébeuf where 600 spectators enjoyed sold-out performances by renowned
Los Angeles singer Hovig Krikorian and 45 members of the Shushi
Armenian Dance Ensemble of St. Vartan Cathedral in New York.

AGBU Montreal, founded in 1957, is dedicated to preserving and
promoting the Armenian heritage and culture through humanitarian,
educational, cultural, and social programs reaching the Armenian
population within the greater Montreal region. For more information,
please contact AGBU Montreal at 514-748-2428 or e-mail
[email protected]. For more information on AGBU and its
chapters, please visit

Moscow police avert brawl between Azeri, Armenian soccer fans – paper

Zerkalo, Baku
20 Jan 05

Excerpt from Vuqar report by Azerbaijani newspaper Zerkalo on 20
January headlined “We defeated the Armenians” and subheaded “So far,
only on the football pitch”

Azerbaijan proved yesterday that it is superior to Armenia, but only
on the green pitch so far. In a quarter-final match of the
Commonwealth Cup, Neftci beat Pyunik 2-0 at Moscow’s Dinamo
arena. Giorgi Adamia and Vidadi Rzayev were the goal-scorers.

A lot depends on motivation in such tense matches. The game showed
that our footballers were more eager to gain a victory than their
Armenian counterparts. Neftci footballers and coaches, as well as the
club and the management of the Association of Football Federations of
Azerbaijan [AFFA], who had urgently flown to Moscow, realized that
they had no right to lose THIS MATCH [capitals as published]. Some of
the fans recalled the well-known match of principle between Iran and
the USA, and gloomily joked that if the game is lost, they MAY NOT
RETURN HOME [capitals as published].

However, to the joy of all Azerbaijanis, Neftci finally showed its
class. Regrettably, we could not obtain full information about the
match which none of our TV stations broadcast. According to our
information, there was a clash during the first half between the
fans. A trick by the Armenian fans provoked the clash when they placed
their banner in front of the Azerbaijani flag. Naturally, our fans
could not tolerate such daring behaviour by the Armenian fans. The
police intervened in time and separated the instigators. The timely
intervention of the police prevented a mass brawl for which both sides
had prepared. The match was already in full swing by that time and
the referee intervened in time to prevent sporadic clashes between the
footballers.

[Passage omitted: Details of the game]

Head of CIS Collective Security Treaty outlines priorities

ITAR-TASS news agency
20 Jan 05

MOSCOW

The Collective Security Treaty Organization [CSTO] is building up
military potential in the areas of potential threats. This was
announced today by CSTO Secretary-General Nikolay Bordyuzha at an
international scientific and practical conference on issues of the
CSTO in the Federation Council.

Among the main modern threats and challenges Nikolay Bordyuzha singled
out international terrorism, illegal circulation of narcotics, illegal
migration and organized crime.

According to him, “the coalition group of the CSTO troops in Central
Asia, which is being set up at present, is being supported by a set of
practical measures”. “We are using the experience of the East European
group which is part of the armed forces of Belarus and Russia, as well
of the Caucasus group – which is part of the armed forces of Russia
and Armenia,” Bordyuzha stressed.

“On the basis of the long-term plan of the coalition’s military
development for the period until 2010, unified military systems – air
defence, communications, information and reconnaissance support – will
be set up in Central Asia”, while “this is being based on single
standards of training the military and setting up asset reserves”,
Bordyuzha said.

He particularly stressed that in the sphere of military-technical
cooperation in the CSTO “a preferential regime is being applied,
products designated for the military are supplied at internal Russian
prices and no VAT is charged on them”.

The conference in the Federation Council is attended by members of the
Russian parliament and representatives of legislative and executive
branches of power of the CSTO member states.

Global Gold Corporation Names Ian Hague as a Member of the Board of Directors

Business Wire
Jan 20, 2005

Global Gold Corporation (OTCBB: GBGD) announced today the appointment
of Ian Hague as a non-executive member of the board of directors of
Global Gold Corporation. He joins Nicholas Aynilian, Drury
J. Gallagher, Van Krikorian and Michael T. Mason on Global Gold’s
board.

Commenting on the new appointment, Global Gold’s Chairman/CEO Drury J.
Gallagher said: “We are pleased to have Ian Hague join us as a member
of our board. His international experience and focus on the former
Soviet Union will be a major contribution to the success of Global
Gold Corporation.”

Ian Hague is a co-founder of Firebird Management, LLC –
Firebird manages over $850 million in seven funds dedicated to equity
investments in Russia, Eastern Europe and Central Asia. Mr. Hague is a
leading expert on Russian politics and investments and has published
numerous articles and given dozens of presentations over the years. He
is a graduate (BA) of Wesleyan University (1983), and has a Masters
Degree in International Policy Studies from the Monterey Institute of
International Studies and has done graduate work at Columbia
University’s Harriman Institute. Ian is co-lead manager of Firebird
Fund LP, Firebird New Russia Fund, Firebird Republics Fund, and
Firebird Avrora Fund. Mr. Hague serves as a member of the Supervisory
Board of the Bank of Georgia and the Board of Directors of Amber
Trust, a private equity fund specializing in companies in the Baltic
States.

Global Gold Corporation is an international mining company whose
strategic focus is the acquisition, development, exploration and
operation of gold mining properties. Global Gold has acquired and is
developing projects in Armenia and Chile. The company headquarters are
located at 104 Field Point Road, Greenwich, CT 06830; additional
information can be found at

To the extent that statements in this press release are not strictly
historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions,
goals, future financial conditions, future collaboration agreements,
the success of the Company’s development, events conditioned on
stockholder or other approval, or otherwise as to future events, such
statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.Global Gold
Corporation Drury J. Gallagher, 203-422-2300 [email protected]

SEVAN-RAZDAN CASCADE PRODUCES 531.3 MLN KW/H IN 2004

YEREVAN, JANUARY 20. ARMINFO. In 2004 Sevan-Razdan Cascade produced
531.3 mln kw/h of electricity against 503 mln in 2003, says Mels
Hakopyan, deputy director general of the cascade operator – the
International Power Corporation.

The increase was due to improved working conditions and reduced water
loses. The planned index was 405 mln kw/h of electricity. Hakopyan
says that the liquidated ArmEnergo’s $9 mln debt to the cascade will
be repaid shortly. The German Government will shortly consider the
results of KPMG Armenia’s audit of the cascade and will allocate 15
mln EUR for modernizing the cascade’s unit – Yerevan Water Power Plant
1.

Now the corporation continues supplying 2-2.5 mln KW/h a day to
Georgia.

To remind, Sevan-Razdan Cascade is owned by RAO YeES Rossii and is
operated by its daughter company International Power Corporation. The
cascade consists of 6 WPPs whose total capacity is 556 MW – 18% of
Armenia’s total power generating capacity.

US POLICY IN CAUCASUS SMELLS OF AZERI OIL

YEREVAN, JANUARY 20. ARMINFO. The US official policy in the Caucasus
smells of Azeri oil, says academic Stepan Stepanyan commenting on US
assistant state secretary Elizabeth Jones’s statement on the necessity
of liquidation of separatist regimes in Nagorny Karabakh, South
Ossetia, Abkhazia and Transdniestria.

He says that this was the US’s curtsey to its allies especially in the
light of the Feb 24 Bratislava meeting of Putin and Bush who are
planning to discuss the Karabakh issue. “The US has forgotten that 200
years ago it was fighting for self-determination itself. And now the
Armenian people turns out to have no right for self-determination.”
“This also means bad mark for Armenia’s foreign policy and the work of
the Armenian embassies abroad,” says Stepanyan.

$15.7 MLN TO BE INVESTED IN RESTORATION OF WATER SUPPLY SYSTEM OUTSIDE
YEREVAN

YEREVAN, JANUARY 20. ARMINFO. $15.7 mln will be invested in the next
four years under the WB credit program to restore the water supply
system outside Yerevan, says Patrick Lorin, General DIrector of
Armenian Water and Sewerage CJSC (AWSC)

He says that the right to use this money has been given to Saur France
group through a tender. The total cost of the WB credit is $23
mln. The remaining money will be spent on maintaining and managing
Saur and the project office. Aug 19 Saur and the Armenian Government
signed a management contract for 4 years with a 2 year prolongation
right.

The work under the contract was launched Oct 19 2004. First of all the
company is planning to restore the water supply systems of Sevan and
Dilijan, Armenia’s touristically most attractive resorts. Partly
repaired will be water economies in the country’s 30 towns and 300
villages.

Lorin says that presently AWSC is in a bad technical state. The
company’s water losses amount to 80% this due mostly to poor pipes and
illegal connections to water mains. He notes that the overhaul of
Armenia’s water system will take decades and cost $300 mln against
only $15.7 mln earmarked under the abovementioned project.

AWSC has 260,156 potential water users of them 176,846 being active
(timely paying for used water). The water supply schedule ranges from
2 hours to 24 hours from district to district with very few
subscribers receiving water round-the-clock. Subscribers having water
meters consume an average of 7 c m of water a month.

Lorin says that Saur is the third biggest water supply company in the
world. Each year it supplies 1.72 bln c m of drinking water to 52 mln
people making fertilizers from almost 3 mln tons of sewerage
waste. Saur’s annual turnover is 2.5 bln EUR. It employs 14,000 people
with 6,500 of them in France.

Armenian president, Italian envoy discuss cooperation

Public Television of Armenia, Yerevan
20 Jan 05

Armenian President Robert Kocharyan today received Italian ambassador
to Armenia Marco Clemente.

During the meeting, the details of Robert Kocharyan’s forthcoming
visit to Italy were discussed.

Robert Kocharyan stressed the importance of his visit during the
meeting with the Italian ambassador. Traditional friendly relations
exist between Armenia and Italy and there are good prospects for
economic cooperation, particularly, in the sphere of small and medium
businesses, Kocharyan said.

[Video showed the meeting]

US remarks on Karabakh reflect attitude to Armenian authorities – politician

Noyan Tapan news agency
20 Jan 05

YEREVAN

The process of settling the Nagornyy Karabakh conflict has failed for
Armenia, the chairman of the Democratic Party of Armenia [DPA], Aram
Sarkisyan, said at a meeting with journalists on 19 January. He said
that the statement of US Assistant State Secretary for European and
Eurasian Affairs Elizabeth Jones, which was also joined by the US
State Department, has nullified the arguments of the Armenian
authorities that if a peacekeeping contingent is sent to Iraq, the US
position on the settlement of the Nagornyy Karabakh conflict will be
much softer.

Sarkisyan recalled that David Atkinson’s report, which, he said,
clearly describes the Karabakh conflict as a territorial dispute
between Armenia and Azerbaijan, will be discussed in Strasbourg
soon. This means that Karabakh, as a subject of the negotiations, is
sidelined from this process and that the well-known 1918 decision of
the League of Nations, which is unacceptable to Armenia, will be
discussed.

Sarkisyan is convinced that if Armenia had its own clear-cut position,
none of the superpowers would be able to put pressure on it, since
both the USA and Russia are co-chairmen of the OSCE Minsk Group. He
said that the US statements reflect the attitude to the Armenian
authorities.

He described as “ridiculous” the fact that the Armenian peacekeeping
contingent was sent to Iraq to the accompaniment of music. Stressing
that it is known what sort of fate awaits the soldiers who have been
sent to Iraq, Sarkisyan also pointed out that anti-Armenian sentiments
are already obvious in Lebanon, Syria and the United Arab Emirates.

Assa-Irada, Azerbaijan
Jan 20 2005

`Neftchi’ beats Armenian champion

Azerbaijan’s last champion, Neftchi football club sealed a 2:0 win
over Armenian champion Punik in the ¼ finals of the Commonwealth Cup
tournament on Wednesday. The goals were scored by Georgian
legionnaire Georgi Adamiya and Vidadi Rzayev in the second halftime.
The Azeri team will face Ukraine’s `Dinamo Kiev’ in the semifinals.
Earlier `Neftchi’ had 1:0 and 4:1 wins over Moldova’s Sherif and
Turkmenistan’s Nebitchi respectively in the group.*

From: Emil Lazarian | Ararat NewsPress