On December 12, 2011 the RA Court of Appeals issued a decision affirming a July 29, 2011 Armenian court verdict which ruled that Caldera Resources, Inc.'s ("Caldera") registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership rests fully with Global Gold Mining, LLC (a wholly owned subsidiary of Global Gold Corporation).

 In 2009, Global Gold announced a joint venture with Caldera Resources Inc. regarding Marjan.

Global Gold Corporation (GGC) is a US-based international gold mining, development, and exploration company with mining properties in Armenia and Chile. In Armenia, the company owns and operates the Toukhmanuk Property, the Getik Property (Gegharkunik), and Marjan (Syunik)

The Marjan Gold-Silver-Polymetallic deposit is located in Armenia, some 28 km south-west of the village of Sisian and a 6 hour drive from the capital, Yerevan. Global Gold, through its wholly owned subsidiary Global Gold Haknavan LLC, holds a twenty-five year “special mining license” for the Marjan property. The license was issued April 22, 2008 and expires April 22, 2033. The license area covers approximately 18.5km2.

In late August, 2010, Global learned that Caldera had circumvented the agreement to unilaterally and illegally register changes to the Armenian project company’s charter to Global’s detriment. Such changes could only have been made with the signature of one of three authorized Global officers.  Caldera was somehow able to register changes without Global’s consent or knowledge.  Without even advising Global that it had made those changes to take control, Caldera tried to have Global sign a resolution that would have authorized Caldera’s illegal acts.  Global refused.   

After a detailed notice sent on September 2, 2010 and attempts to work out a solution failed, Global filed an action in the appropriate Armenian court to rescind the illegal registration on September 22, 2010, and terminated the joint venture with Caldera on October 7, 2010.