U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB
                                   (Mark One)

   [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 (NO FEE REQUIRED) FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007

        [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                     EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

                For the transition period from ______ to _______

                        Commission file number: 02-69494

                             GLOBAL GOLD CORPORATION
                 (Name of small business issuer in its charter)

                Delaware                          13-03025550
         (State or other jurisdiction of            (IRS Employer
         incorporation or organization)            Identification No.)


                   45 East Putnam Avenue, Greenwich, CT 06830
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number (203) 422-2300

       Securities registered under Section 12(b) of the Exchange Act: None

   Securities registered under Section 12(g) of the Exchange Act: Common Stock

            Check whether the issuer is not required to file reports
            pursuant to Section 13 or 15(d) of the Exchange Act. [ ]

Check  whether the issuer (l) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes: _X__ No: ____

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB [ ]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes ____ No __X__

The issuer's revenues for its most recent fiscal year ending December 31, 2007
were $35,848.

The aggregate market value of the voting stock held by non-affiliates of the
Company computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of March 27, 2008, was
$11,799,932.

As of March 27, 2008 there were 33,867,023 shares of the registrant's Common
Stock outstanding.

Transitional Small Business Disclosure Formats (Check One): Yes_____ No__X___

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Proxy Statement relating to the Annual Meeting of
Stockholders scheduled to be held on or around June 13, 2008 are incorporated by
reference into Part III (Items 9 through 14) of this Report.

<PAGE>

Cautionary Note Regarding Forward-Looking Statements

This Annual Report includes statements of our expectations, intentions plans and
beliefs that constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended and are intended to come within the
safe harbor protection provided by those sections. These statements, which
involve risks and uncertainties, relate to the discussion of business strategies
of Global Gold Corporation ("the Company" or "Global Gold") and our expectations
concerning future operations, margins, profitability, liquidity and capital
resources and to analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable. We have used words
such as "may," "will," "should," "expects," "intends," "plans," "anticipates,"
"believes," "thinks," "estimates," "seeks," "expects," "predicts," "could,"
"projects," "potential" and other similar terms and phrases, including
references to assumptions, in this report to identify forward-looking
statements. These forward-looking statements are made based on expectations and
beliefs concerning future events affecting the Company and are subject to
uncertainties, risks and factors relating to our operations and business
environments, all of which are difficult to predict and many of which are beyond
the Company's control, that could cause our actual results to differ materially
from those matters expressed or implied by these forward-looking statements.
These risks and other factors include those listed under "Risk Factors" and
elsewhere in this report. The following factors, among others, could cause our
actual results and performance to differ materially from the results and
performance projected in, or implied by the forward-looking statements:

o the Company's history of losses and expectation of further losses;

o the effect of poor operating results on the Company;

o the effect of growth on the Company's infrastructure and resources;

o the Company's ability to expand its operations in both new and existing
locations and the Company's ability to develop and mine its current and new
sites;

o the Company's ability to raise capital;

o the Company's ability to fully utilize and retain new executives;

o the impact of litigation, including international arbitrations;

o the impact of federal, state, local or foreign government regulations;

o the effect of competition in the mining industry; and

o economic and political conditions generally.

The Company assumes no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons actual
results could differ materially from those anticipated in, or implied by, these
forward-looking statements, even if new information becomes available in the
future.

 ITEM 1. DESCRIPTION OF BUSINESS

(1) GENERAL OVERVIEW

Global Gold is currently in the development stage. It is engaged in exploration
for, and development and mining of, gold, uranium, and other minerals in
Armenia, Canada and Chile. The Company's headquarters are located in Greenwich,
Connecticut and its subsidiaries maintain offices and staff in Yerevan, Armenia,
Santiago, Chile and Toronto, Canada. The Company was incorporated as Triad
Energy Corporation in the State of Delaware on February 21, 1980 and, as further
described hereafter, conducted other business prior to its re-entry into the
development stage of mineral exploration and mining on January 1, 1995. During
1995, the Company changed its name from Triad Energy Corporation to Global Gold
Corporation to pursue certain gold and copper mining rights in the former Soviet
Republics of Armenia and Georgia. The Company's stock is publicly traded. The
Company employs approximately 100 people globally on a year round basis and an
additional 200 people on a seasonal basis.

In Armenia, the Company's focus is primarily on the exploration, development and
production of gold at the Tukhmanuk property in the North Central Armenian Belt.
The Company is also focused on the exploration and development of the Marjan and
an expanded Marjan North property. In addition, the Company is exploring and
developing other sites in Armenia, including the Company's Getik property. The
Company also holds royalty and participation rights in other locations in the
country through affiliates and subsidiaries.

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<PAGE>

In Chile, the Company's focus is primarily on the exploration, development and
production of gold at the Madre de Dios and Pureo properties in south central
Chile, near Valdivia. The Company is also exploring other locations, including
properties on Chiloe Island and Ipun Island.

In Canada, the Company is currently engaged in uranium exploration activities in
the provinces of Newfoundland and Labrador. The Company is also evaluating gold
exploration and development properties in the provinces of Quebec and Ontario.

The subsidiaries through which the Company operates are as follows:

On January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as
wholly owned subsidiaries, in the State of Delaware. These companies were formed
to be equal joint owners of a Chilean limited liability company, Minera Global
Chile Limitada ("Minera Global"), formed as of May 6, 2003, for the purpose of
conducting operations in Chile.

On August 18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a
wholly owned subsidiary, which in turn formed Global Gold Mining LLC ("Global
Gold Mining"), as a wholly owned subsidiary, both in the State of Delaware.
Global Gold Mining was qualified to do business as a branch operation in Armenia
and owns assets, royalty and participation interests, as well as shares of
operating companies in Armenia.

On December 21, 2003, Global Gold Mining acquired 100% of the Armenian limited
liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July
21, 2006), which held the license to the Hankavan and Marjan properties in
Armenia.

On August 1, 2005, Global Gold Mining acquired 51% of the Armenian limited
liability company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining
property and seven surrounding exploration sites. On August 2, 2006, Global Gold
Mining acquired the remaining 49% interest of Mego-Gold, LLC, leaving Global
Gold Mining as the owner of 100% of Mego-Gold, LLC.

On January 31, 2006, Global Gold Mining closed a transaction to acquire 80% of
the Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company,
LLC") and its approximately 27 square kilometer Getik gold/uranium exploration
license area in the northeast Geghargunik province of Armenia. As of May 30,
2007, Global Gold Mining acquired the remaining 20% interest of the Sellers in
Getik Mining Company, LLC, leaving Global Gold Mining as the owner of 100% of
Getik Mining Company, LLC.

On January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold
Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate
the Company's uranium exploration activities in Canada. Global Gold Uranium was
qualified to do business in the Canadian Province of Newfoundland and Labrador.

On August 9, 2007 and August 19, 2007, the Company, through Minera Global,
entered agreements to enter into a joint venture and on October 29, 2007, the
Company closed its joint venture agreement with members of the Quijano family by
which Minera Global assumed a 51% interest in the placer and hard rock gold
Madre de Dios and Pureo properties in south central Chile, near Valdivia. The
name of the new joint venture company is Global Gold Valdivia.

The Company is a reporting company and is therefore subject to the informational
requirements of the Securities and Exchange Act of 1934, as amended (the
"Exchange Act"), and accordingly files its Annual Report on Form 10-KSB,
Quarterly Reports on Form 10-QSB, Definitive Proxy Statements, Current Reports
on Form 8-K, and other information with the Securities and Exchange Commission
(the "SEC"). The public may read and copy any materials filed with the SEC at
the SEC's Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549.
Please call the SEC at (800) SEC-0330 for further information on the Public
Reference Room. As an electronic filer, the Company's public filings are
maintained on the SEC's Internet site that contains reports, proxy and
information statements, and other information regarding issuers that file
electronically with the SEC. The address of that website is http://www.sec.gov.

The Company makes its Annual Report on Form 10-KSB, Quarterly Reports on Form
10-QSB, Definitive Proxy Statements, Current Reports on Form 8-K and amendments
to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Exchange Act accessible free of charge through the Company's Internet site after
the Company has electronically filed such material with, or furnished it to, the
SEC. The address of that website is http:// www.globalgoldcorp.com. However,
such reports may not be accessible through the Company's website as promptly as
they are accessible on the SEC's website.

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<PAGE>
(2) INITIAL ARMENIAN MINING PROJECT

In 1996, the Company acquired rights under a Joint Venture Agreement with the
Ministry of Industry of Armenia and Armgold, S.E., the Armenian state
enterprise, formed to provide capital and multistage financing of the Armenian
gold industry, which rights were finalized under the Second Armenian Gold
Recovery Company Joint Venture Agreement, dated as of September 30, 1997.

As of January  31,  1997,  the  Company and Global  Gold  Armenia  Limited,  the
Company's then wholly-owned Cayman Islands subsidiary ("GGA Cayman"), reached an
initial agreement with First Dynasty Mines, Ltd., whose name changed to Sterlite
Gold Ltd.  on July 5, 2002  ("Sterlite"),  a Canadian  public  company and whose
shares are traded on the  Toronto  Stock  Exchange  with  respect to the initial
Armenian project. The Company, GGA Cayman and Sterlite entered into a definitive
agreement,  dated May 13, 1997. Under such agreement,  Sterlite  acquired all of
the stock of GGA Cayman,  subject to certain  conditions,  by advancing funds in
stages necessary for the implementation of the tailings reprocessing project and
the  preparation  of  engineering  and business plan  materials for the Armenian
Joint Venture and delivering  4,000,000 shares of First Dynasty (later Sterlite)
Common  Stock to the  Company  (the "FDM  Agreement").  The  parties  thereafter
amended the FDM Agreement on July 24, 1998.  Pursuant to the FDM Agreement,  the
Company  retains the right until  December 31, 2009 to elect to participate at a
level of up to 20% with  Sterlite,  or any of its  affiliates  or  successors in
interest,  in any  exploration  project  undertaken  by them in  Armenia.  As of
December 31, 2004, the Company did not own any shares of Sterlite  common stock.
In 2006, Vedanta Resources plc ("Vedanta")  acquired control of Sterlite through
Twin Star International Limited ("TSI"), an indirect wholly-owned  subsidiary of
Vedanta.  In September  2007,  Vedanta (and  Sterlite)  announced  that they had
closed a stock sale transaction with GeoProMining  Ltd., which made GeoProMining
Ltd. and its affiliates the successors to the 20% obligation.

For a further description of the background concerning the FDM Agreement, an
interested person can review the annual reports previously filed by the Company
with the SEC.

3) PRIOR GEORGIAN MINING PROJECT

As of December 31, 1997, the Company terminated its pursuit of the then
contemplated mining project in the Republic of Georgia. In 2006, the Company
reviewed mining and exploration projects in Georgia for potential acquisition
and development, but has not consummated any transactions.

For a further description of the background concerning the Georgian mining
project, an interested person can review the annual reports previously filed by
the Company with the SEC.

(4) ARMENIA PROPERTIES

The Company operates an office in Yerevan, Armenia where it manages its
exploration and mining activities as well as reviews potential acquisitions. A
map showing the location of the properties in Armenia is located on the
Company's website.

Hankavan

Hankavan is located in central Armenia in the Kotayk province between Vanadzor
and Meghradzor north of the Marmarik River.

GGH acquired Hankavan licenses in December of 2003 through the acquisition of
the Armenian company, SHA, LLC (since renamed Global Gold Hankavan, LLC
("GGH")), and has been conducting a drilling program along with other
exploration activities to confirm the historical feasibility work done on the
copper, molybdenum and gold mineralization in the Soviet era. GGH also expanded
its exploration activities to six other, smaller license areas in and around
Hankavan. In addition, GGH is conducting exploration and planning to determine
the feasibility of a quick start mining operation for copper oxide in this area.
These activities have not been actively pursued pending performance of a
conditional, confidential settlement agreement with the Armenian Government
entered as of February 25, 2008.

See "Foreign Risks" and "Legal Proceedings" under Risk Factors, below, for a
description of licensing issues.

Marjan

The Marjan mining property is located in southwestern Armenia, along the
Nakichevan border in the province of Syunik.

In 2007, GGH engaged in mapping, drilling, sampling and other exploration work
at Marjan and an expanded Marjan North area.

This property was previously explored during the Soviet era. Global Gold Mining
acquired SHA LLC, the Armenian company which held the license to the property in
December 2003.

See "Foreign Risks" and "Legal Proceedings" under Risk Factors, below, for a
description of licensing issues.

                                       4

<PAGE>

Tukhmanuk

The Tukhmanuk property is adjacent to the Hankavan property in central Armenia,
between the Aragatsotn and Kotayk provinces. The property includes seven
surrounding exploration sites as well as other assets. In addition to the
central property, the acquisition included a 200,000 tonne per year capacity
plant.

In 2007, Global Gold Mining drilled over 5,000 meters of exploration for gold
and polymetallic mineralization at Tukhmanuk, completed the construction of a
new tailings dam, installed a new international class lab which is operational
and has ISO certification, and commissioned its upgraded plant and began
producing at the end of 2007.

On August 1, 2005, Global Gold Mining entered into a share purchase agreement to
acquire the Armenian limited liability company Mego-Gold, LLC which is the
licensee for the Tukhmanuk mining property and surrounding exploration sites as
well as the owner of the related processing plant and other assets. On August 2,
2006, Global Gold Mining exercised its option to acquire the remaining
forty-nine percent (49%) of Mego-Gold, LLC, in exchange for one million dollars
($1,000,000) and five hundred thousand (500,000) restricted shares of the
Company's common stock with a contingency allowing the sellers to sell back the
500,000 shares on or before September 15, 2007 for a payment of $1 million if
the Company's stock is not traded at or above two dollars and fifty cents
($2.50) at any time between July 1, 2007 and August 31, 2007. On September 12,
2006, Global Gold Mining loaned two hundred thousand dollars ($200,000) to
Karapet Khachatryan ("Maker"), one of the sellers of Mego-Gold LLC, a citizen of
the Republic of Armenia, as evidenced by a convertible promissory note payable
("Note") to Global Gold Mining, with interest in arrears on the unpaid principal
balance at an annual rate equal to ten percent (10%). At any time following
September 18, 2006, the Company, at its sole option, had the right to convert
all of Maker's debt from the date of the Note to the date of conversion into
shares of common stock of the Company at the conversion price of $1.50 per share
with all of such shares as security for all obligations. Maker pledged two
hundred fifty five thousand (255,000) shares of the Company's common stock as
security for his obligations thereunder. On September 16, 2007, the contingency
period expired without exercise, extension or amendment. The Company has
accounted for this by booking the 500,000 shares, at the fair market value of
$1,000,000, into Additional Paid-In Capital. The Company also booked the
$200,000 secured loan into Note Receivable and accrued interest, from inception
of Note as per the terms of the Note above, into Additional Paid-In Capital. On
February 12, 2008 the Company exercised its option and converted the Note and
accrued interest into one hundred fifty two thousand seven hundred seventy eight
shares (152,778), which were then cancelled.

See "Foreign Risks" and "Legal Proceedings" under Risk Factors, below, for a
description of licensing issues.

Getik

The  Getik  property  is  located  in  northeast  Armenia,  in the  province  of
Geghargunik.

In 2007, Getik Mining Company, LLC engaged in mapping, drilling, sampling and
other exploration work at the Getik property.

On January 31, 2006, Global Gold Mining closed a share purchase agreement, dated
as of January 23, 2006, with Athelea Investments, CJSC ("AI") and Messrs. Simon
Cleghorn, Sergio DiGiovani, Armen Ghazarian, and Frank Pastorino (the "Sellers")
to transfer 80% of the shares of AI to Global Gold Mining in exchange for
100,000 shares of the Company's common stock. All assets (including the
"Athelea" name) not related to the approximately 27 square kilometer Getik
gold/uranium exploration license area were transferred back to the Sellers. AI
was renamed the "Getik Mining Company, LLC." As of May 30, 2007, Global Gold
Mining acquired the remaining twenty percent interest of the Sellers in Getik
Mining Company, LLC, leaving Global Gold Mining as the owner of one hundred
percent of Getik Mining Company, LLC. A three-year exploration program at the
Getik property has been approved and is being implemented. Mr. Frank Pastorino
was an officer of the Company until August 2, 2007 and Mr. Simon Cleghorn was an
officer of the Company until September 30, 2006.

See "Foreign Risks" and "Legal Proceedings" under Risk Factors, below, for a
description of licensing issues.

                                       5

<PAGE>

Lichkvadz-Tei and Terterasar

Lichkvadz-Tei and Terterasar are located in southern Armenia, in the province of
Syunik.

On August 15, 2005, Global Gold Mining entered into a joint venture agreement
with Iberian Resources Limited's subsidiary, Caucusus Resources Ltd. ("CR") to
form the Aigedzor Mining Company, LLC ("AMC") on an 80% CR, 20% Global Gold
Mining basis in anticipation of jointly acquiring and developing (a) for the
Lichkvadz-Tei and Terterasar mining properties as well as the associated plant
and assets in southern Armenia through the Armenian limited liability company
Sipan 1, LLC ("Sipan 1") which is the licensee; and (b) mineral exploration and
related properties within a 20 kilometer radius of the southern Armenian town of
Aigedzor.

On December 19, 2006, Global Gold Mining entered a "Restructuring, Royalty, and
Joint Venture Termination Agreement" with CR. The agreement restructures the
parties' Aigedzor Mining Company Joint Venture to transfer Global Gold Mining 's
20% interest to CR in exchange for: one million dollars; a 2.5% Net Smelter
Return ("NSR") royalty payable on all products produced from the Lichkvaz and
Terterasar mines as well as from any mining properties acquired in a 20
kilometer radius of the town of Aigedzor in southern Armenia; the right to
participate up to 20% in any new projects undertaken by Iberian or its
affiliates in Armenia until August 15, 2015; and five million shares of
Iberian's common stock, which are restricted for one year. On February 28, 2007,
Iberian Resources Limited announced its merger with Tamaya Resources Limited
("Tamaya"), and Tamaya is now developing those properties. As part of the
merger, the five million shares of Iberian's common stock were exchanged for
twenty million shares of Tamaya's common stock without any restrictions. Global
Gold Mining retains the right to participate up to 20% in any new projects
undertaken by Tamaya or its affiliates in Armenia until August 15, 2015 and the
2.5% Net Smelter Return royalty as described above. During the year ended
December 31, 2007, the Company sold all 20,000,000 shares of the Tamaya
Resources Limited Stock that it owned.

See "Foreign Risks" and "Legal Proceedings" under Risk Factors, below, for a
description of licensing issues.

(5) CHILE PROPERTIES

The Company operates an office in Santiago, Chile which is engaged in
exploration activities, development of mining projects, and acquisition review.
A map showing the location of the property in Chile is located on the Company's
website.

Madre De Dios and Pureo

The Madre De Dios and Pureo properties are located in south central Chile, near
Valdivia, and consist of approximately 25,000 hectares.

On August 9, 2007 and August 19, 2007, the Company, through Minera Global,
entered agreements to enter into a joint venture and on October 29, 2007, the
Company closed its joint venture agreement with members of the Quijano family by
which Minera Global assumed a 51% interest in the placer and hard rock gold
Madre de Dios and Pureo properties. The name of the new joint venture company is
Global Gold Valdivia.

Key agreement terms for the Madre De Dios joint venture agreement include a
1,000,000 euro payment from Global Gold (paid as of October 30, 2007), and the
following joint venture terms: equity interests set at 51%-49% in favor of
Global Gold; of the 3 directors, two (Mr. Krikorian and Dr. Ted Urquhart,
Global's Vice President in Santiago) are appointed by Global Gold; Global Gold
commits to finance at least one plant and mining operation within 6 months as
well as a mutually agreed exploration program to establish proven reserves, and
if that is successful, two additional plants/operations will be financed; and
from the profits of the joint venture, Global Gold will pay its partner an extra
share based on the following scale of 28 million euros for (a) 5 million ounces
of gold produced in 5 years or (b) 5 million ounces of gold proven as reserves
according to Canadian 43-101 standards in 5 years.

In 2007, the Company, through Minera Global and Global Gold Valdivia conducted
mapping, geophysical testing, drilling, and sampling to choose mining sites and
prepare for mining and further exploration activities.

Ipun Island and Chiloe Island

Ipun Island and Chiloe Island are located in Southern Chile.

On September 5, 2007, the Company entered into a confidential agreement which
was made public on October 29, 2007, with members of the Quijano family by which
the Company has the option to earn a 51% interest in the Estrella del Sur
Gold-Platinum project on Ipun Island and another Gold-Platinum property on
Chiloe Island.

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<PAGE>

Key agreement terms for the Estrella del Sur and Chiloe Island projects require
Global Gold to pay approximately $160,000 to cover government and license fees
in exchange for an exclusive option until January 30, 2008 to review, explore,
and form joint ventures on the properties. On or before January 31, 2008, at
Global Gold's sole option, either or both of the properties shall be transferred
to a new joint venture company (or two separate companies on the same terms).
For both properties and in consideration for forming the joint venture, Global
Gold shall pay 1,500,000 euros (or the Chilean peso equivalent) on the following
schedule: 1. January 31, 2008 (extended to March 31, 2008), 250,000 euros; 2.
July 31, 2008, 250,000 euros; 3. January 30 2009, 500,000 euros; and 4. July 31
2009, 500,000 euros.

If either or both properties continue to production and reserves are proven by
the prefeasibility and scoping studies, Global Gold's partner will be entitled
to an extra share based on the following scale of 37,000,000 euros (15,000,000
for Chiloe and 22,000,000 for Ipun) for 3,700,000 commercially reasonable
recoverable ounces of gold plus platinum (calculated on a gold price equivalent
basis, using the monthly average of the New York COMEX price for the month in
which calculations of proven reserves are made according to Canadian 43-101
standards) based on the prefeasibility and scoping studies. Payments will come
as the joint venture produces gold or platinum as mutually agreed from no more
than 25% of Global Gold's profit from the joint venture. Part of the payments
may be in Global Gold stock on mutually agreeable terms. The economic value of
any other materials besides gold or platinum shall not be calculated as part of
this formula and instead will be shared according to joint venture terms. After
the prefeasibility and scoping studies, each party shall carry its own share of
the costs.

In 2007, the Company, through Minera Global, began its prefeasibility and
scoping studies by conducting geophysical testing and sampling which it will
continue in 2008.

Santa Candelaria

Santa Candelaria is located in Comuna de Diego de Almagro, Region III of Chile.

The Company, on January 15, 2003, entered into an option/purchase/lease
agreement with Alfredo Soto Torino and Adrian Soto Torino for the purchase of
copper gold properties in Chanaral District III Chile (the Candelaria 1 to 3,
the Santa Candelaria 1 to 8 and the Torino I mining claims 1 through 7 and
Torino II mining claims 1 through 11) (the "Chilean Agreement"). The Company
currently refers to all of the properties acquired by the Chilean Agreement as
"Santa Candelaria." The Agreement was converted into a purchase agreement on
February 4, 2004.

After certain exploration activities, including limited drilling in 2005, the
Company determined that it should discontinue its exploration operations at
Santa Candelaria, and wrote down its investment. Further, on January 13, 2006,
Minera Global entered into a purchase, option, and royalty agreement with Mr.
Adrian Soto Torino, a citizen of Chile ("AST") to transfer the mining
concessions Candelaria 1, 2, and 3 to AST to mine the gold property and pay
Minera Global a net smelter royalty of 10% until such time as Minera Global has
been paid $75,000 and thereafter a net smelter royalty of 2% for the life of the
mine. All liabilities and fees associated with the property are the
responsibility of AST, and Minera Global retains the option to reacquire the
mining concession upon 60 days notice and payment of 1,000,000 Chilean pesos
(approximately $2,013 USD using exchange rates at December 31, 2007).

(6) CANADA PROPERTIES

A map showing the location of the properties in Canada is located on the
Company's website.

Grand Lake and Shallow Lake

The Grand Lake and Shallow Lake properties are located in the Canadian province
of Newfoundland and Labrador.

In 2007, the Company, through Global Gold Uranium, carried out a ground
prospecting survey investigating airborne radiometric anomalies and lake
sediment geochemical anomalies which had been detected by earlier surveys
carried out by mining companies in the 1960s and 1970s. This work was carried
out over the six separate claim blocks situated north and northwest of Happy
Valley-Goose Bay, Labrador.

                                       7

<PAGE>

On January 18, 2007, Global Gold Uranium entered into a "Labrador Uranium Claims
Agreement" with Messrs. Alexander Turpin and James Weick to acquire an option to
acquire a one hundred percent interest ownership of mineral license rights at or
near Grand Lake (approximately 1,850 acres) and Shallow Lake (approximately
5,750 acres). Global Gold Uranium will be solely responsible for exploration and
management during the option periods and can exercise the option to acquire one
hundred percent of the license rights at either property by granting the sellers
a 1.5% NSR royalty which can be bought out for $2,000,000 cash or at the
seller's option in common stock of the Company valued at the six month weighted
average of the stock a the time of exercise. All dollar references are to
Canadian dollars. Global Gold Uranium will earn a One Hundred Percent (100%)
option in the Licenses by paying cash and common stock (20,000 shares initial
deposit). In addition, Global Gold Uranium has completed staking 300 claims
(approximately 18,531 acres) in the immediate vicinity of the Grand Lake and
Shallow Lake properties. With respect to the Shallow Lake transaction, the
sellers breached a representation and warranty to keep the license rights in
force for a period after acquisition, several of the licenses lapsed, and Global
Gold Uranium, in its own name, successfully staked the same licenses in June
2007. The Company has not issued the initial 20,000 shares of Common Stock of
the Company.

Cochrane Pond

The Cochrane Pond property is located in southeastern Newfoundland, Canada.

In 2007, the Company, through Global Gold Uranium, contracted New-Sense
Geophysics Limited of Markham, Ontario, to carry out a helicopter borne combined
radiometric and magnetic survey over the Cochrane Pond property situated in the
southwestern area of Newfoundland. This airborne geophysical survey was followed
up by a ground radiometric prospecting. In total, the prospecting crew
investigated the 151 anomalies which were detected by the airborne geophysical
survey. New-Sense Geophysics Limited is owned and operated by the Company's Vice
President, Dr. Ted Urquhart.

On April 12, 2007, Global Gold Uranium entered an agreement to acquire an option
for the Cochrane Pond license area ("the Agreement") with Commander Resources
Ltd. ("Commander") and Bayswater Uranium Corp. ("Bayswater"). The Cochrane Pond
property consists of 2,600 claims within 61,000 hectares (approximately 150,708
acres). The Agreement is subject to the conclusion of an option agreement. Major
terms include the following: Global Gold Uranium may earn a 51% equity interest
over a period of four years in Cochrane Pond Property by completing; Cash
payments of US $700,000 over four year period; Share issuance of 350,000 shares
of Global Gold Corporation (50 % each to Commander and Bayswater) over a four
year period; and Property expenditures over four year period of C$3.5 million.

Either party may, at any time up to the commencement of commercial production,
elect to convert its respective interest to a 2% gross uranium sales royalty in
the case of a uranium deposit or a 2% NSR in the case of a non-uranium deposit.
In either case, 50% of the royalty obligation may be purchased at any time prior
to commercial production for a $1,000,000 cash payment.

As of June 30, 2007, the Company has paid $200,000 and issued 150,000 shares of
the Company's common stock, 75,000 shares each to Commander and Bayswater.

(7) ENVIRONMENT AND ETHICAL MATTERS

The Company's policy on environmental matters is stated in its Code of Business
Conduct and Ethics (see the Company's website), and requires compliance with all
relevant laws and regulations. The Company's Insider Trading and Public
Information Policy, Charter of the Audit Committee of the Board of Directors,
Charter of the Compensation Committee of the Board of Directors, and its
Nominating and Governance Charter are also posted on its website and require
compliance with all relevant laws and regulations. Specifically, the Company
intends to conduct its business in a manner that is compatible with the balanced
environmental and economic needs of the communities in which it operates. In
2007, the Company instituted a whistleblower program to encourage reporting of
any non compliance with such policies and procedures. The Company is committed
to continuous efforts to improve environmental performance throughout its
operations. Accordingly, the Company's policy is to: comply with international
standards as developed by the World Bank; comply with all applicable
environmental laws and regulations and apply responsible standards where laws
and regulations do not exist; assess all projects which will include a review of
the environmental issues associated with project development; make available
these assessments to the appropriate government agencies for review and
approval; encourage concern and respect for the environment; emphasize every
employee's responsibility in environmental performance; foster appropriate
operating practices and training; manage its business with the goals of
preventing incidents and controlling emissions and wastes to below harmful
levels; design, operate, and maintain facilities to this end; respond quickly
and effectively to incidents resulting from its operations, in cooperation with
industry organizations and authorized government agencies; and undertake
appropriate reviews and evaluations of its operations to measure progress and to
foster compliance with these policies. The Company has budgeted and made
payments to for environmental compliance.

                                       8

<PAGE>
(8) RISK FACTORS

The following risk factors should be considered in connection with an evaluation
of the business of the Company:

DEVELOPMENT STAGE COMPANY

Since the Company did not engage in the active conduct of a trade or business
aside from development and exploration activities, it has not generated any
revenues to date, with the exception of revenue from the transaction with
Iberian Resources at the end of 2006 and minimal sales of concentrate from
Tukhmanuk. The Company may encounter problems, delays, expenses and difficulties
typically encountered in the development stage, many of which may be outside of
the Company's control.

LIQUIDITY RISK - GOING CONCERN

The Company needs additional funds in order to conduct any active mining
development and production operations in the foreseeable future. There can be no
assurance that any financing for acquisitions or future projects will be
available for such purposes or that such financing, if available, would be on
terms favorable or acceptable to the Company.

COMPETITION

There is intense competition in the mining industry. The Company is competing
with larger mining companies, many of which have substantially greater financial
strengths, capital, marketing and personnel resources than those possessed by
the Company.

NEED FOR KEY PERSONNEL

The Company presently has officers and operation managers intimately familiar
with the operation of mining projects or the development of such projects and
with experience in former Soviet countries. While the Company does not believe
the loss of any director or officer of the Company will materially and adversely
affect its long-term business prospects, the loss of any of the Company's senior
personnel might potentially adversely affect the Company until a suitable
replacement could be found. The Company continues to employ independent
consultants and engineers, and employs through subsidiaries personnel with
mining, geology, and related backgrounds in Armenia, in Canada, and in Chile.

TRADING MARKET

The Company's Common Stock is currently traded on the OTC Bulletin Board. The
Company's Common Stock was declared eligible for trading on the OTC Bulletin
Board, effective March 30, 2004.

LACK OF INSURANCE PROTECTION

The Company may not be able to obtain adequate insurance protection for its
foreign investments.

FLUCTUATION IN MINERAL PRICES

The prices of gold and other minerals historically fluctuate and are affected by
numerous factors beyond the Company's control and no assurance can be given that
any reserves proved or estimated will actually be produced.

MINING RISKS

The Company's proposed mining operations will be subject to a variety of
potential engineering, seismic and other risks, some of which cannot be
predicted and which may not be covered by insurance.

There are risks inherent in the exploration for and development of mineral
deposits. The business of mining by its nature involves significant risks and
hazards, including environmental hazards, industrial incidents, labor disputes,
discharge of toxic chemicals, fire, drought, flooding and other acts of God.

The occurrence of any of these can delay or interrupt exploration and
production, increase exploration and production costs and result in liability to
the owner or operator of the mine. The Company may become subject to liability
for pollution or other hazards against which it has not insured or cannot
insure, including those in respect of past mining activities for which it was
not responsible.

                                       9

<PAGE>

MINING CONCESSIONS, PERMITS AND LICENSES

The Company's mining and processing activities are dependant upon the grant of
appropriate licenses, concessions, leases, permits and regulatory consents which
may be withdrawn or made subject to limitations. Although the Company believes
that the licenses, concessions, leases, permits and consents it holds will be
renewed, if required, when they expire, according to the current laws applicable
in the respective countries, subject to the licensing issues disclosed below in
"Foreign Risks," there can be no assurance that they will be renewed or as to
the terms of any such renewal. Mineral rights within the countries in which the
Company is currently operating are state-owned. Also see discussion under
Foreign Risks and Item 3. "Legal Proceedings," below.

EXPLORATION RISKS

Minerals exploration is speculative in nature, involves many risks and
frequently is unsuccessful. There can be no assurance that any mineralization
discovered will result in an increase in the proven and probable reserves of the
Company. If reserves are developed, it can take a number of years from the
initial phases of drilling and identification of mineralization until production
is possible, during which time the economic feasibility of production may
change. Substantial expenditures are required to establish ore reserves through
drilling, to determine metallurgical processes to extract metals from ore and,
in the cases of new properties, to construct mining and processing facilities.
As a result of these uncertainties, no assurance can be given that the
exploration programs undertaken by the Group will result in any new commercial
mining operations being brought into operation.

FOREIGN RISKS

The value of the Company's assets may be adversely affected by political,
exchange rate, economic and other factors in Chile and Armenia. Armenia is a
former Soviet country in transition, and presents concomitant risks. In
particular, in the past, the Company has experienced delays in the bureaucratic
process and has experienced dealings with corrupt officials at the Ministry of
Environment and Natural Resources in Armenia. The Company practices a zero
tolerance program on corruption.

GGH, which is the license holder for the Hankavan and Marjan properties, was the
subject of corrupt and improper  demands and threats from the former Minister of
the  Ministry of  Environment  and  Natural  Resources  of Armenia.  The Company
reported this  situation to the  appropriate  authorities  in Armenia and in the
United  States.  Although  the Minister  took the position  that the licenses at
Hankavan and Marjan were terminated,  other Armenian governmental officials have
assured the Company to the contrary and Armenian  public  records  confirmed the
continuing  validity of the licenses.  The Company  received  independent  legal
opinions that all of its licenses are valid and remain in full force and effect,
continues to work at those properties,  and has engaged  international and local
counsel to pursue  prosecution  of the illegal and  corrupt  practices  directed
against the  subsidiary,  including  international  arbitration.  On November 7,
2006, the Company initiated the thirty-day good faith negotiating  period (which
is a prerequisite to filing for  international  arbitration  under the 2003 SHA,
LLC  Share  Purchase  Agreement)  with  the  three  named  shareholders  and one
previously  undisclosed  principal.  The Company filed for arbitration under the
rules  under the  International  Chamber of  Commerce,  headquartered  in Paris,
France, ("ICC") on December 29, 2006. The forum for this arbitration is New York
City.  In  addition  and based on the US Armenia  Bilateral  Investment  Treaty,
Global  Gold  Mining  filed a request for  arbitration  against the  Republic of
Armenia  for the  actions of the former  Minister  of  Environment  and  Natural
Resources with the International  Centre for Settlement of Investment  Disputes,
which is a component agency of the World Bank in Washington,  D.C., ("ICSID") on
January 29, 2007. Damages will be determined during the arbitration proceedings.
On August 31, 2007,  the  Government  of Armenia and Global Gold Mining  jointly
issued  the  following  statement,  "{they}  jointly  announce  that  they  have
suspended the ICSID  arbitration  pending  conclusion  of a detailed  settlement
agreement.  The parties have reached a confidential agreement in principle,  and
anticipate that the final settlement agreement will be reached within 10 days of
this   announcement."   The  Company  has  learned  from  public   records  that
GeoProMining Ltd.,  through an affiliate,  has become the sole shareholder of an
Armenian  Company,  Golden Ore, LLC,  which was granted an illegal and competing
license for Hankavan.  GeoProMining  Ltd. is subject to the 20%  obligations  as
successor  to  Sterlite  Resources,  Ltd.  and  while  the  Company  anticipates
successful  completion  of the  ICSID  settlement  as  agreed,  there  can be no
assurances  thereof. As of February 25, 2008 Global Gold Mining has entered into
a  conditional,  confidential  settlement  agreement  with the Government of the
Republic  of Armenia to  discontinue  the ICSID  arbitration  proceedings.  This
agreement does not affect the pending ICC arbitration  involving similar subject
matter.  The ICC  arbitration  is pending a decision  from the Federal  District
Court for the Southern District of New York.

                                       10

<PAGE>

The Company has previously reported that it is aware that another company has
been using a similar name in the CIS and counsel has received assurances the
other company would cease using the similar name and that company was in the
process of changing its name. In 2007, that company has provided official
documentation that it has changed its name to one that is not similar to Global
Gold.

NO DIVIDENDS

The Company currently anticipates that it will retain all of its future
earnings, if any, for use in its operations and does not anticipate paying any
cash dividends in the near term future. There can be no assurance that the
Company will pay cash dividends at any time, or that the failure to pay
dividends for periods of time will not adversely affect the market price for the
Company's Common Stock.

CONTROL OF THE COMPANY

Drury J. Gallagher, the Chairman Emeritus, Treasurer, Secretary, and Director,
and Van Z. Krikorian, Chairman, Chief Executive Officer, and Director, own
2,578,453, and 2,100,000 shares, respectively, or a total of 4,678,453 shares,
out of the 33,866,051 shares of the Company's Common Stock issued and
outstanding as of December 31, 2007. The two Company officers, director Nicholas
J. Aynilian who owns 235,000 and NJA Investments, which is controlled by
Nicholas J. Aynilian, owns 1,400,000 shares of Common Stock, entered into a
shareholders agreement, dated January 1, 2004, that provides for each of the
parties to the Agreement to vote for such individuals as directors.

Firebird Management, LLC owns a total of 8,973,167 shares, Farallon Capital owns
a total of 5,280,000, and Persistancy Capital owns a total of 2,000,000, out of
the 33,866,051 shares, of the Company's Common Stock issued and outstanding as
of December 31, 2007.

ITEM 2. DESCRIPTION OF PROPERTIES

The Company rents office space in a commercial building at 45 East Putnam
Avenue, Greenwich, CT where it signed a 5-year lease starting on March 1, 2006
at a starting annual rental cost of $44,200. On October 1, 2006, the Company
expanded its office space by assuming the lease of the adjacent office space.
The assumed lease has less then one year remaining, through September 30, 2008,
at a current annual rental cost of $19,500. Messrs. Gallagher and Krikorian gave
personal guarantees of the Company's performance for the first two years of the
lease.

For a description of the mining properties in which the Company has an interest,
see "Description of Business."

ITEM 3. LEGAL PROCEEDINGS

GGH, which is the license holder for the Hankavan and Marjan properties, was the
subject of corrupt and improper  demands and threats from the former Minister of
the  Ministry of  Environment  and  Natural  Resources  of Armenia.  The Company
reported this  situation to the  appropriate  authorities  in Armenia and in the
United  States.  Although  the Minister  took the position  that the licenses at
Hankavan and Marjan were terminated,  other Armenian governmental officials have
assured the Company to the contrary and Armenian  public  records  confirmed the
continuing  validity of the licenses.  The Company  received  independent  legal
opinions that all of its licenses are valid and remain in full force and effect,
continues to work at those properties,  and has engaged  international and local
counsel to pursue  prosecution  of the illegal and  corrupt  practices  directed
against the  subsidiary,  including  international  arbitration.  On November 7,
2006, the Company initiated the thirty-day good faith negotiating  period (which
is a prerequisite to filing for  international  arbitration  under the 2003 SHA,
LLC  Share  Purchase  Agreement)  with  the  three  named  shareholders  and one
previously  undisclosed  principal.  The Company filed for arbitration under the
rules  under the  International  Chamber of  Commerce,  headquartered  in Paris,
France, ("ICC") on December 29, 2006. The forum for this arbitration is New York
City.  In  addition  and based on the US Armenia  Bilateral  Investment  Treaty,
Global  Gold  Mining  filed a request for  arbitration  against the  Republic of
Armenia  for the  actions of the former  Minister  of  Environment  and  Natural
Resources with the International  Centre for Settlement of Investment  Disputes,
which is a component agency of the World Bank in Washington,  D.C., ("ICSID") on
January 29, 2007. Damages will be determined during the arbitration proceedings.

                                       11

<PAGE>

On August 31, 2007,  the  Government  of Armenia and Global Gold Mining  jointly
issued  the  following  statement,  "{they}  jointly  announce  that  they  have
suspended the ICSID  arbitration  pending  conclusion  of a detailed  settlement
agreement.  The parties have reached a confidential agreement in principle,  and
anticipate that the final settlement agreement will be reached within 10 days of
this   announcement."   The  Company  has  learned  from  public   records  that
GeoProMining Ltd.,  through an affiliate,  has become the sole shareholder of an
Armenian  Company,  Golden Ore, LLC,  which was granted an illegal and competing
license for Hankavan.  GeoProMining  Ltd. is subject to the 20%  obligations  as
successor  to  Sterlite  Resources,  Ltd.  and  while  the  Company  anticipates
successful  completion  of the  ICSID  settlement  as  agreed,  there  can be no
assurances  thereof. As of February 25, 2008 Global Gold Mining has entered into
a  conditional,  confidential  settlement  agreement  with the Government of the
Republic  of Armenia to  discontinue  the ICSID  arbitration  proceedings.  This
agreement does not affect the pending ICC arbitration  involving similar subject
matter.  The ICC  arbitration  is pending a decision  from the Federal  District
Court for the Southern District of New York.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

NOT APPLICABLE


                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS

ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

(a) Shares of the Company's Common Stock were authorized for trading on the OTC
Bulletin Board on March 30, 2004, and have been traded there since under the
symbol "GBGD." The high and low per share bid and dividends that were paid
therefore for 2006 and 2007 were as follows:

                             2006                               2007
                             ----                               ----
Quarter                High*  Low*   Dividend          High*  Low*  Dividend
-------                ----   ---   --------           ----   ---   --------
1st                   $1.45  $1.01  $  0              $1.10  $0.65  $  0
2nd                   $2.76  $1.12  $  0              $1.05  $0.69  $  0
3rd                   $2.00  $1.13  $  0              $1.15  $0.51  $  0
4th                   $1.30  $0.80  $  0              $1.01  $0.34  $  0


* The shares of the  Company's  common stock were not publicly  traded from 1995
until March 31, 2004.  These  quotations  reflect  inter-dealer  prices  without
retail   mark-up,   mark-down  or   commissions,   and  my  not  reflect  actual
transactions. Source: Yahoo Finance

As of March 27, 2008, the Company had 33,867,023 issued and outstanding shares
of its Common Stock. The Company's transfer agent is American Registrar and
Transfer Company, with offices at 342 E. 900 South, Salt Lake City, Utah 84111,
having a telephone number of (801) 363-9065.

(b) As of March 27, 2008, there were approximately 1,290 holders of record of
shares of the Company's Common Stock.

(c) The Company did not pay or declare any cash dividends on its shares of
Common Stock during its last two fiscal years ended December 31, 2006 and
December 31, 2007.

(d) The following table provides information about shares of our Common Stock
that may be issued upon the exercise of options and rights under existing equity
compensation plans as of December 31, 2007.

                                       12

<PAGE>

<TABLE>
<CAPTION>
                                                                                              Number of securities
                                                                                            Remaining available for
                                     Number of Securities to   Weighed average exercise      issuance under equity
                                      be issued upon exercise    price of outstanding         compensation plans
                                     of outstanding options,    options, warrants and       (excluding securities
                                        warrants and rights             rights               reflected in column (a))
          Plan Category                       (a) (#)                   (b)($)                          (c) (#)
          -------------               -----------------------  -------------------------  ----------------------------
                <S>                             <C>                     <C>                             <C>
     Equity compensation plans(1)
     approved by security holders           1,262,500                    $0.93                       1,737,500

     Equity compensation plans not
     approved by security holders                   0                     0                                  0
                                            ---------                                                ---------

     Total:                                 1,262,500                                                1,737,500
                                            =========                                                =========
</TABLE>


(1) The Company's  2006 Stock  Incentive  Plan - On June 15, 2006, the Company's
stockholders approved the Global Gold Corporation 2006 Stock Incentive Plan (the
"2006 Stock Incentive Plan") under which a maximum of 3,000,000 shares of Common
Stock may be issued  (subject to adjustment for stock splits,  dividends and the
like).  The 2006 Stock Incentive Plan replaces the Company's Option Plan of 1995
which terminated in June 2005. The Company's 2006 Stock Incentive Plan has a ten
- year  term and will  expire on June 15,  2016.  On June 15,  2006,the  Company
granted  options to buy 250,000 shares of common stock,  at an exercise price of
$1.70 per share,  to the then  Chairman and CEO,  Drury  Gallagher.  On June 15,
2006, the Company also granted  options to buy 62,500 shares of common stock, at
an  exercise  price of $1.70  per  share,  to the  Controller,  Jan  Dulman.  On
September 18, 2006, the Company  granted options to buy 200,000 shares of common
stock,  at an  exercise  price of $1.25 per share,  to the then Chief  Operating
Officer,  Michael T. Mason.  On January 1, 2007, the Company  granted options to
buy 83,334 shares of common stock,  at an exercise price of $0.88 per share,  to
the Senior Vice President for Exploration and  Development,  Hrayr Agnerian.  On
January 11, 2007, the Company  granted  options to each of the five directors to
buy 100,000  (500,000  total)  shares of common stock,  at an exercise  price of
$0.86 per share.  On June 15, 2007, the Company  granted  options to buy 116,666
shares of common stock,  at an exercise price of $0.83 per share,  to the Senior
Vice President for Exploration  and  Development,  Hrayr  Agnerian.  On June 15,
2007, the Company  granted  options to buy 150,000 shares of common stock, at an
exercise price of $0.83 per share, to the Chief Financial  Officer,  Jan Dulman.
On June 20, 2007, Michael T. Mason, the Company's  President,  resigned from his
position and  forfeited  options to buy 100,000  shares of common  stock,  at an
exercise price of $1.25.

                                       13

<PAGE>

Sales of Securities: (a) On January 1, 2007 the Company entered an employment
agreement with Hrayr Agnerian, designating him as the Company's Senior Vice
President for Exploration and Development. The employment agreement is for an
initial term of two years, terminating on December 31, 2008. Pursuant to
employment agreement, Mr. Agnerian was granted 83,334 shares of restricted
stock, at the fair market value of $0.88 per share, to vest in four equal
installments of 20,834 shares every six months commencing on June 1, 2007. The
Company issued such securities in reliance upon Section 4(2) of the Securities
Act of 1933, as amended (the "Act"); (b) On January 11, 2007 the Company issued
50,000 shares at the fair market value of $0.86 per share to Harry Gilmore for
his services as a newly elected Director of the Company. The Company issued such
securities in reliance upon Section 4(2) of the Act; (c) On January 11, 2007 the
Company issued 63,250 shares at the fair market value of $0.86 per share to
employees in Chile and Armenia as bonuses for 2006 which were accrued as of
December 31, 2006. The Company issued such securities in reliance upon Section
4(2) of the Act; (d) On April 12, 2007 the Company issued 150,000 shares at the
fair market value of $0.85 per share for the purchase of an option on Cochrane
Pond license area to Commander Resources Ltd. (75,000 shares) and Bayswater
Uranium Corp. (75,000 shares). The Company issued such securities in reliance
upon Section 4(2) of the Act; (e) On June 15, 2007 the Company issued 116,666
shares at the fair market value of $0.83 per share to Hrayr Agnerian according
to the terms of his amended employment agreement. The amended contract has the
shares vesting at a rate of 38,889 shares each on December 31, 2007, June 30,
2008, and December 31, 2008. The Company issued such securities in reliance upon
Section 4(2) of the Act; (f) On June 15, 2007 the Company issued 20,000 shares
at the fair market value of $0.83 per share to Lester Caesar according to the
terms of his new employment agreement. The agreement has the shares vesting at a
rate of 10,000 shares each on January 31, 2008, and July 31, 2008. The Company
issued such securities in reliance upon Section 4(2) of the Act; (g) On June 15,
2007 the Company issued 150,000 shares at the fair market value of $0.83 per
share to Jan Dulman according to the terms of his new employment agreement. The
agreement has the shares vesting at a rate of 37,500 shares each on January 31,
2008, July 31, 2008, January 31, 2009, and July 31, 2009. The Company issued
such securities in reliance upon Section 4(2) of the Act; (h) On June 20, 2007,
the resignation of Mr. Michael T. Mason as the Company's President was
effective. In connection with his resignation and pursuant to the applicable
restricted stock awards from the Company, a total of 150,000 shares previously
granted to Mr. Mason did not vest and have reverted back to the Company. The
Company issued such securities in reliance upon Section 4(2) of the Act; (i) On
June 20, 2007 the Company sold $16,500 in shares of Common Stock to Drury
Gallagher, the Company's Chairman Emeritus, Treasurer and Secretary. The
transaction involved the exercise of options originally issued on June 30, 2002.
The transaction involved the issuance of 150,000 shares of common stock at $0.11
per share in accordance with the options. The Company issued such securities in
reliance upon Section 4(2) of the Act.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

When used in this report, the words "expect(s)", "feel(s)", "believe(s)",
"will", "may", "anticipate(s)" and similar expressions are intended to identify
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these
forward-looking statements, and are urged to carefully review and consider the
various disclosures elsewhere in this Form 10-KSB.

RESULTS OF OPERATIONS

TWELVE-MONTHS ENDED DECEMBER 31, 2007 AND TWELVE-MONTHS ENDED DECEMBER 31, 2006

During the twelve-month period ended December 31, 2007, the Company's
administrative and other expenses were $4,946,328 which represented an increase
of $642,848 from $4,303,480 in the same period last year. The expense increase
was primarily attributable to foreign subsidiary activity and to higher
compensation expense of $643,331, legal fees of $389,237, and higher travel
expenses of $58,931 due to increased activity resulting from project development
in Armenia and Chile. During the twelve-month period ended December 31, 2007,
the Company's mine exploration costs were $6,497,722 which represented an
increase of $3,147,570 from $3,350,152 in the same period last year. The expense
increase was primarily attributable to the increased mining activity at the
Canadian properties of $534,994, Marjan property of $2,504,553, and the Getik
property of $224,973. During the twelve-month period ended December 31, 2007,
the Company's amortization and depreciation expenses were $895,304 which
represented an increase of $283,662 from $611,642 in the same period last year.
The expense increase was primarily attributable to the increased depreciation
expense of $294,199, and the decreased amortization of licenses of $9,537.
During the twelve-month period ended December 31, 2007, the Company did not have
any interest expenses which represented a decrease of $220,058 from $220,058 in
the same period last year. The expense increase was entirely attributable to the
decreased amortization expense of

                                       14

<PAGE>

the discount on note payable which was paid off in 2006. During the twelve-month
period ended December 31, 2007, the Company had revenue of $35,848 which
represented an increase of $29,863 from $5,985 in the same period last year. The
increase in revenue is primarily attributable to royalty income of $25,449 which
the Company did not have in 2006 and an increase of $4,414. The Company did not
have any gain from sale of joint venture in 2007 compared to a gain of
$3,150,965 in 2006. The difference is due to the Company not selling any joint
ventures in 2007. The Company also had a gain on sale of investment of
$2,460,137 in 2007, and no such gains in 2006. The difference is due to the
Company not selling any investments in stock in 2006. During the twelve-month
period ended December 31, 2007, the Company had losses on foreign exchange of
$2,191,464 which represented an increase of $2,010,070 from $181,394 in the same
period last year. The difference is primarily due to fluctuation in currency
exchange rates between the US Dollar and the Armenian Dram. The Company had
interest income of $126,490 in 2007 which represented a decrease of $86,916.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2007, the Company's total assets were $9,616,145, of which
$298,032 consisted of cash or cash equivalents.

The Company's plan of operation for the calendar year 2008 is:

(a) To begin production at an initial site selected, of the over 100 potential
sites identified, at the Madre De Dios and Pureo properties in Chile through the
Company's Global Gold Valdivia joint venture and conduct further exploration at
these properties;

(b) To continue production at the Tukhmanuk property in Armenia which began at
the end of 2007, to generate income from offering services from the ISO
certified lab operating at Tukhmanuk, and to continue to explore this property
to confirm historical reserve reports, and to explore and develop Marjan, Getik
and other mining properties in Armenia and to generate cash flow and establish
gold, uranium, copper, and molybdenum reserves to Western standards;

(c) To continue uranium exploration activities in the Canadian province of
Newfoundland and Labrador;

(d) To review and acquire additional mineral bearing properties in the former
Soviet Union, South America, and North America; and

(e) Pursue additional financing through private placements, debt and/or joint
ventures.

The Company retains the right until December 31, 2009 to elect to participate at
a level of up to 20% with Sterlite Gold Ltd. or any of its affiliates in any
exploration project undertaken in Armenia. This agreement is governed by New
York law and includes New York courts as choice of forum. On October 2, 2006,
Vendanta Resourcs Plc announced that its tender to take control of Sterlite Gold
Ltd. was successful which made it a successor to the twenty percent obligation
of Sterlite Gold Ltd. In September 2007, Vedanta (and Sterlite) announced that
they had closed a stock sale transaction with GeoProMining Ltd., which made
GeoProMining Ltd. and its affiliates the successors to the 20% obligation.

The Company retains the right to participate up to 20% in any new projects
undertaken by Iberian Resources Limited, which has merged into Tamaya Resources
Limited, or its affiliates in Armenia until August 15, 2015. In addition, the
Company has a 2.5% NSR royalty on production from the Lichkvaz-Tei and
Terterasar mines as well as from any mining properties in a 20 kilometer radius
of the town of Aigedzor in southern Armenia. On February 28, 2007, Iberian
Resources Limited announced its merger with Tamaya Resources Limited, and Tamaya
is now developing those properties.

The Company also anticipates spending additional funds in Armenia, Canada and
Chile for further exploration and development of its other properties as well as
acquisition of new properties. The Company is also reviewing new technologies in
exploration and processing. The Company anticipates that it will issue
additional equity or debt to finance its planned activities. The Company
anticipates that it might obtain additional financing from the holders of its
Warrants to purchase 3,466,666 million shares of Common Stock of the Company at
an exercise price of $2.00 per share, which expire on December 31, 2008, as
extended. If these Warrants were exercised in full, the Company would receive
$6,933,332 in gross proceeds.

                                       15

<PAGE>

The Company may engage in research and development related to exploration and
processing at Tukhmanuk during 2008, but does not expect to sell any plant or
significant equipment but it does anticipate purchasing processing plant and
equipment assets.

The Company has been able to continue based upon its receipt of funds from the
issuance of equity securities and by acquiring assets or paying expenses by
issuing stock, debt, or sale of assets. The Company's continued existence is
dependent upon its continued ability to raise funds through the issuance of
securities. Management's plans in this regard are to obtain other financing
until profitable operation and positive cash flow are achieved and maintained.
Although management believes that it will be able to secure suitable additional
financing for the Company's operations, there can be no assurances that such
financing will continue to be available on reasonable terms, or at all.

ITEM 7. FINANCIAL STATEMENTS

The audited consolidated financial statements of the Company, notes thereto and
reports of Independent Certified Public Accountants thereon for the fiscal years
ended December 31, 2007 and December 31, 2006, by Sherb & Co, LLP, are attached
hereto as a part of, and at the end of, this report.

ITEM  8.  CHANGES  IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
FINANCIAL DISCLOSURE

Not Applicable

ITEM 8A(T). CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we conducted an
evaluation of our disclosure controls and procedures, as such term is defined
under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities
Exchange Act of 1934, as amended ("Exchange Act"), as of December 31, 2007.
Based on this evaluation, our principal executive officer and principal
financial officer have concluded that our disclosure controls and procedures are
effective to ensure that information required to be disclosed by us in the
reports we file or submit under the Exchange Act is recorded, processed,
summarized, and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms and that our disclosure and controls are
designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is accumulated and
communicated to our management, including our principal executive officer and
principal financial officer, or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure.

Management's internal control report over financial reporting was not subject to
attestation by the Company's independent registered public accounting firm
pursuant to temporary rules of the Securities and Exchange Commission that
permit the Company to provide only management's report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that
occurred during our most recently completed fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control
over financial reporting except raw material and work in process physical
inventories are being performed at the end of each quarter.

                                    PART III

ITEM 9-DIRECTORS,  EXECUTIVE OFFICERS,  PROMOTERS, CONTROL PERSONS AND CORPORATE
GOVERNANCE; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Information concerning the Company's directors, executive officers and corporate
governance required by this Item is incorporated by reference from the Company's
Proxy Statement relating to the 2008 Annual Meeting of Stockholders scheduled to
be held on or around June 13, 2008.

ITEM 10-EXECUTIVE COMPENSATION

Information concerning director and executive compensation required by this Item
is incorporated by reference from the Company's Proxy Statement relating to the
2008 Annual Meeting of Stockholders scheduled to be held on or around June 13,
2008.

                                       16

<PAGE>
ITEM  11-SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT  AND
RELATED STOCKHOLDER MATTERS

Information concerning the security ownership of certain beneficial owners and
management and related stockholder matters required by this Item is incorporated
by reference from the Company's Proxy Statement relating to the 2008 Annual
Meeting of Stockholders scheduled to be held on or around June 13, 2008.

ITEM 12-CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Information concerning certain relationships and related transactions required
by this Item is incorporated by reference from the Company's Proxy Statement
relating to the 2008 Annual Meeting of Stockholders scheduled to be held on or
around June 13, 2008.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a) Financial Statements.

The following documents are filed as part of this report: Financial Statements
of the Company, including reports of Independent Certified Public Accountants,
Balance Sheet, Statements of Operations, Statements of Stockholders' Equity
(Deficit) and Comprehensive Income (Loss), Statements of Cash Flow and Notes to
Financial Statements: as of and for the years ended December 31, 2007 and
December 31, 2006.

(b) Exhibits.

Global Gold Corporation Form 10-KSB December 31, 2007

Exhibit 3.1     Amended and Restated Certificate of
                Incorporation of the Company, effective
                November 20, 2003.

Exhibit 3.2     Amended and Restated Bylaws of the
                Company, effective November 20, 2003.

Exhibit 10.1    Employment Agreement, dated as of January 1, 2007, by and
                between Global Gold Corporation and Hrayr Agnerian. (1)

Exhibit 10.2    Labrador Uranium Claims Agreement, dated January 18, 2007. (2)

Exhibit 10.3    Agreement to Acquire Option on Cochrane Pond Property dated
                April 12, 2007. (3)

Exhibit 10.4    First Amendment of the January 23, 2006 Share Purchase
                Agreement (Athelea Investments), dated as of May 30, 2007. (4)

Exhibit 10.5    Employment Agreement, dated as of June 15, 2007, by and
                between Global Gold Corporation and Jan Dulman. (5)

Exhibit 10.6    Employment Agreement, dated as of June 15, 2007, by and
                between Global Gold Corporation and Lester Caesar. (6)

Exhibit 10.7    Amended Employment  Agreement,  dated as of June 15, 2007, by
                and between Global Gold Corporation and Hrayr Agnerian. (7)

Exhibit 10.8    Nominating and Governance Charter dated June 15, 2007. (8)

Exhibit 10.9    Madre De Dios Mining Property Joint Venture Agreement and
                Options for Chiloe and Ipun Island properties dated as of
                August 9, 2007. (9)

Exhibit 10.10   Commitment to Contribute Mining Concession to a Contractual
                Mining Company (Unofficial English Translation) dated as of
                August 19, 2007. (10)

Exhibit 10.11   Contractual Mining Company Agreement (Unofficial English
                Translation) dated as of October 29, 2007. (11)

Exhibit 21      List of Subsidiaries.

                                       17

<PAGE>

Exhibit 31.1    Certification  of Chief Executive  Officer Pursuant to
                Rule 13a-14 (a) of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2    Certification  of Chief Financial  Officer Pursuant to
                Rule 13a-14 (a) of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1    Certification  of the Chief  Executive  Officer  Pursuant to
                Rule 13a-14(b)  of the  Exchange  Act and 18 U.S.C. Section
                1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                Act of 2002.

Exhibit 32.2    Certification  of the Chief  Financial  Officer  Pursuant to
                Rule  13a-14(b) of the  Exchange  Act and 18 U.S.C.  Section
                1350,   as  Adopted   Pursuant   to   Section   906  of  the
                Sarbanes-Oxley Act of 2002.

(1) Incorporated herein by reference to Exhibit 10.7 to the Company's annual
report on 10-KSB for the year ended December 31, 2006 filed with the SEC on
April 2, 2007.

(2) Incorporated herein by reference to Exhibit 10.3 to the Company's current
report on Form 8-K filed with the SEC on January 24, 2007.

(3) Incorporated herein by reference to Exhibit 10.3 to the Company's current
report on Form 8-K filed with the SEC on April 13, 2007.

(4) Incorporated herein by reference to Exhibit 10.3 to the Company's current
report on Form 8-K filed with the SEC on May 31, 2007.

(5) Incorporated herein by reference to Exhibit 10.5 to the Company's quarterly
report on 10-QSB for the second quarter ended June 30, 2007, filed with the SEC
on August 14, 2007.

(6) Incorporated herein by reference to Exhibit 10.6 to the Company's quarterly
report on 10-QSB for the second quarter ended June 30, 2007, filed with the SEC
on August 14, 2007.

(7) Incorporated herein by reference to Exhibit 10.4 to the Company's quarterly
report on 10-QSB for the second quarter ended June 30, 2007, filed with the SEC
on August 14, 2007.

(8) Incorporated herein by reference to Exhibit 3.1 to the Company's current
report on Form 8-K filed with the SEC on June 20, 2007.

(9) Incorporated herein by reference to Exhibit 10.3 to the Company's current
report on Form 8-K filed with the SEC on September 7, 2007.

(10) Incorporated herein by reference to Exhibit 10.4 to the Company's current
report on Form 8-K filed with the SEC on September 7, 2007.

(11) Incorporated herein by reference to Exhibit 10.4 to the Company's current
report on Form 8-K filed with the SEC on November 1, 2007.


ITEM 14-PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information concerning the Company's principal accountant fees and services and
the pre-approval policies and procedures of the Audit Committee of the Board of
Directors required by this Item is incorporated by reference from the Company's
Proxy Statement relating to the 2008 Annual Meeting of Stockholders scheduled to
be held on or around June 13, 2008.


                                       18

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                             GLOBAL GOLD CORPORATION
                                  (Registrant)


/s/ Van Z. Krikorian
--------------------------------------------------------
Van Z. Krikorian, Chairman, Chief Executive Officer
and Director

March 31, 2008
Date


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

/s/ Jan Dulman               3/31/08    /s/ Ian C. Hague                 3/31/08
-------------------------------------   ----------------------------------------
Jan Dulman                              Ian C. Hague
Chief Financial Officer                 Director


/s/ Drury J. Gallagher       3/31/08    /s/ Nicholas J. Aynilian         3/31/08
-------------------------------------   ----------------------------------------
Drury J. Gallagher                      Nicholas J. Aynilian
Chairman Emeritus,                      Director
Treasurer and Director


/s/ Lester S. Caesar         3/31/08    /s/ Harry Gilmore                3/31/08
-------------------------------------   ----------------------------------------
Lester S. Caesar                        Harry Gilmore
Controller                              Director






























                                       19

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                        CONSOLIDATED FINANCIAL STATEMENTS

                                Table of Contents

                                                                           Page

Report of Independent Registered Public Accounting
Firm - for the years ended December 31, 2007 and 2006.......................F-1

Consolidated Balance Sheet - as of December 31, 2007 .......................F-2

Consolidated Statements of Operations and Comprehensive Loss -
for the years ended December 31, 2007 and 2006 and the development
stage period from January 1, 1995 through December 31, 2007 ................F-3

Consolidated Statements of Changes in Stockholders' Equity (Deficit)
- for the development stage period from January 1, 1995
through December 31, 2007............................................F-4 to F-9

Consolidated Statements of Cash Flows - for the years ended
December 31, 2006 and 2005 and the development stage
period from January 1, 1995 through December 31, 2007..............F-10 to F-11

Notes to Consolidated Financial Statements.........................F-12 to F-27























<PAGE>




             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To  the  Stockholders  and  Board  of  Directors  Global  Gold  Corporation  and
Subsidiaries (A Development Stage Company)

We have audited the accompanying consolidated balance sheet of Global Gold
Corporation and Subsidiaries (A Development Stage Company) as of December 31,
2007 and the related consolidated statement of operations and comprehensive
income, stockholders' equity and cash flows for the years ended December 31,
2007 and 2006. The period beginning January 1, 1995 through December 31, 2005
were audited by the predecessor accounting firms. These consolidated financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial
reporting. Accordingly we express no such opinion. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of the Company as of
December 31, 2007 and the results of their operations and their cash flows for
the year ended December 31, 2007 and 2006 and the period beginning January 1,
1995 through December 31, 2005 which were audited by the predecessor accounting
firms, in conformity with accounting principles generally accepted in the United
States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. The Company has incurred
significant losses as more fully described in Note 2. These issues raise
substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 2. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.

                                              /s/Sherb & Co., LLP
                                                 Certified Public Accountants
               New York, New York
               March 27, 2008

                                       F-1



<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                           CONSOLIDATED BALANCE SHEET

                                December 31, 2007

                                     ASSETS

CURRENT ASSETS:

         Cash                                                     $    298,032
         Inventories                                                   602,412
         Tax refunds receivable                                        104,574
         Royalty receivable                                             25,449
         Prepaid expenses                                               23,852
          Other current assets                                          94,259
                                                                  -------------
               TOTAL CURRENT ASSETS                                  1,148,578

LICENSES, net of accumulated amortization of $926,668                3,937,433
DEPOSITS ON CONTRACTS AND EQUIPMENT                                  1,694,016
PROPERTY, PLANT AND EQUIPMENT, net of accumulated
 depreciation of $854,453                                            2,836,118
                                                                  -------------

                                                                  $  9,616,145
                                                                  =============


                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                             $  1,587,213
                                                                  -------------


STOCKHOLDERS' EQUITY
         Common stock $0.001 par, 100,000,000 shares authorized;
                        33,255,301 shares issued and outstanding        33,866
         Additional paid-in-capital                                 29,318,147
         Accumulated deficit prior to development stage             (2,907,648)
         Deficit accumulated during the development stage          (20,527,133)
         Accumulated other comprehensive income                      2,111,700
                                                                  -------------

               TOTAL STOCKHOLDERS' EQUITY                            8,028,932
                                                                  -------------

                                                                  $  9,616,145
                                                                  =============




                 See Notes to Consolidated Financial Statements
                                       F-2

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

          CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

<TABLE>
<CAPTION>
                                                                                          Cumulative amount
                                                                  Year ended                    from
                                                                 December 31,             January 1, 1995
                                                   ------------------------------------         through
                                                         2007                 2006        December 31, 2006
                                                   ----------------   -----------------   ------------------
<S>                                                     <C>                   <C>                <C>

REVENUES                                           $    35,848        $      5,985        $     41,833
                                                   ----------------   -----------------   ------------------

EXPENSES:
General and administrative                           4,946,328           4,303,480          13,971,835
Mine exploration costs                               6,497,722           3,350,152          10,081,447
Amortization and depreciation                          895,304             611,642           1,684,185
Write-off on investment                                   -                   -                135,723
Gain on sale of investment                          (2,460,137)               -             (2,779,778)
Loss/(Gain) from investment in joint ventures             -             (3,150,965)         (3,138,965)
Interest expense                                          -                220,058             274,000
Loss/(Gain) on foreign exchange                           -                181,394              70,971
Interest income                                       (126,490)           (213,406)           (354,674)
                                                   ----------------   -----------------   ------------------

      TOTAL EXPENSES                                 9,752,727           5,302,355          19,944,744
                                                   ----------------   -----------------   ------------------

Loss from Continuing Operations                     (9,716,880)         (5,296,370)        (19,902,912)

Discontinued Operations:
       Loss from discontinued operations                  -                   -                386,413
       Loss on disposal of discontinued operations        -                   -                237,808
                                                   ----------------   -----------------   ------------------

Net Loss Applicable to Common Shareholders          (9,716,880)         (5,296,370)        (20,527,133)

Foreign currency translation adjustment              2,194,161             489,256           2,644,906
Unrealized gain on investments                            -                353,475             353,475
                                                   ----------------   -----------------   ------------------

Comprehensive Net Loss                             $ (7,522,719)      $ (4,453,639)       $(17,528,752)
                                                   ================   =================   ==================

NET LOSS PER SHARE-BASIC
           AND DILUTED                             $     (0.29)       $     (0.21)
                                                   ================   =================

WEIGHTED AVERAGE SHARES
          OUTSTANDING - BASIC AND DILUTED            33,855,425         25,512,704
                                                   ================   =================
</TABLE>



                 See Notes to Consolidated Financial Statements
                                       F-3

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>
Balance from
 February 21, 1980
 to December 31, 1994
     (Note 1)          898,074  $  89,807  $ 3,147,693   $  (2,907,648) $    -        $       -     $      -       $    329,852
Adjustment for the
 restatement
 of par value             -       (88,909)      88,909            -          -                -            -               -
Issuance of stock
 for acquisition
 of Eyre
Recources, N.L.      1,000,000      1,000      849,000            -          -                -            -            850,000
Proceeds received
 from private
 placement             200,000        200      421,373            -          -                -            -            421,573
Net loss                  -          -            -           (361,345)      -                -            -           (361,345)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as
  December 31, 1995  2,098,074      2,098    4,506,975      (3,268,993)      -                -            -          1,240,080

Warrants exercised          40       -             100            -          -                -            -                100
Net loss                  -          -            -           (668,577)      -                -            -           (668,577)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 1996   2,098,114      2,098     4,507,075      (3,937,570)     -                -            -            571,603

Issuance of
 common stock        2,250,000      2,250       222,750            -         -                -            -            225,000

Net loss                  -          -             -           (690,747)     -                -            -           (690,747)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 1997   4,348,114      4,348     4,729,825      (4,628,317)     -                -            -            105,856

Net income                -          -             -             34,944      -                -            -             34,944
                    ----------- ---------- ------------- --------------- ------------ -------------- -------------- --------------

Balance as of
 December 31, 1998   4,348,114      4,348     4,729,825      (4,593,373)     -                -            -            140,800

Purchase of
 treasury stock           -          -             -               -      (60,000)            -            -            (60,000)
Unrealized loss
 on investment            -          -             -               -         -                -         (16,000)        (16,000)

Net loss                  -          -             -            (93,826)     -                -            -            (93,826)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 1999   4,348,114      4,348     4,729,825      (4,687,199)  (60,000)            -         (16,000)        (29,026)
</TABLE>

                                      F-4
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                  (continued)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>
Issuance of common
  stock in
  connection with
  settlement            20,000         20         1,980            -         -                -            -              2,000
Cancellation of
 treasury stock     (1,000,000)    (1,000)      (59,000)           -       60,000             -            -               -
Settlement of
 accrued salary      1,000,000      1,000       161,500            -         -                -            -            162,500
Sale of warrants          -          -              650            -         -                -            -                650
Unrealized loss on
 investment               -          -             -               -         -                -         (90,000)        (90,000)
Net loss                  -          -             -            (33,341)     -                -            -            (33,341)
                    ----------- ---------- ------------- --------------- ------------ -------------- -------------- --------------
Balance as
 December 31, 2000   4,368,114      4,368     4,834,955      (4,720,540)     -                -        (106,000)         12,783

Net loss                  -          -             -            (26,832)     -                -            -            (26,832)

Unrealized loan
 on investment            -          -             -               -         -                -         (15,000)        (15,000)
                    ----------- ---------- ------------- --------------- ------------ -------------- -------------- --------------

Balance as of
 December 31, 2001   4,368,114      4,368     4,834,955      (4,747,372)     -                -        (121,000)        (29,049)

Issuance of common
 stock for
  compensation         200,000        200         9,800            -         -                -            -             10,000

Net loss                             -             -            (60,113)     -                             -            (60,113)

Unrealized gain
 on investment            -          -             -               -         -                -         247,406         247,406
                    ----------- ---------- ------------- --------------- ------------ -------------- -------------- --------------

Balance as of
 December 31, 2002   4,568,114      4,568     4,844,755      (4,807,485)     -                -         126,406         168,244

Issuance of common
 stock for cash:
  at $0.25 per
  share, January       350,000        350        87,150            -         -                -            -             87,500
  at $0.25 per
  share, July        1,000,000      1,000       231,500            -         -                -            -            232,500
  at $0.50 per
  share, October       100,000        100        46,400            -         -                -            -             46,500
  at $0.50 per
  share, October       400,000        400       185,600            -         -                -            -            186,000
</TABLE>
                 See Notes to Consolidated Financial Statements
                                      F-5

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                  (continued)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>
Issuance of common
 stock for
  compensation:
  at $0.25 per
  share, February    1,800,000      1,800       448,200            -         -            (450,000)        -               -
  at $0.25 per
  share, June          900,000        900       224,100            -         -            (225,000)        -               -
  at $0.25 per
  share, December       90,000         90        22,410            -         -             (22,500)        -               -
Amortization of
  deferred
  compensation            -          -             -               -         -             165,802         -            165,802
Issuance of common
  stock for
  services:
  at $0.25 per
  share, January       500,000        500       124,500            -         -            (100,000)        -             25,000
  at $0.25 per
  share, April         250,000        250        62,250            -         -                -            -             62,500

Shares cancelled
 in September,
  which were
 issued in January    (500,000)      (500)     (124,500)           -         -             100,000         -            (25,000)

Shares issued at
 $0.25 per share
  for accounts
 payable in April      100,000        100        24,900            -         -                -            -             25,000
Fractional share
 adjustment                 20       -             -               -         -                -            -               -

Unrealized gain
 on investment            -          -             -               -         -                -         (95,278)        (95,278)

Net loss                  -          -             -           (616,820)     -                -            -           (616,820)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 2003   9,558,134      9,558     6,177,265      (5,424,305)     -            (531,698)      31,128         261,948

Issuance of common
 stock for
  compensation         250,000        250       124,750                                   (125,000)                        -
Forfeiture of common
 stock for
  compensation        (526,833)      (527)     (131,181)                                   131,708                         -
Sale of common
 stock               3,000,000      3,000     1,482,000            -         -                -            -          1,485,000
Issuance of common
 stock for
  services              90,000         90           (90)                                                                   -

</TABLE>
                 See Notes to Consolidated Financial Statements
                                      F-6

<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                  (continued)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>
Issuance of common
 stock for
  payable              240,000        240       113,260                                                                 113,500

Amortization of
 unearned
  compensation                                                  316,756                    316,756

Net loss                                       (688,039)           -                                   (688,039)

Unrealized gain
 on investment            -          -             -               -         -                -         (31,128)        (31,128)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 2004  12,611,301     12,611     7,766,004      (6,112,344)     -            (208,234)        -          1,458,037

Issuance of common
 stock for
  compensation:
    at $0.50 per
    share, January     850,000        850       424,150            -         -            (425,000)        -               -
    at $1.00 per
    share, June        170,000        170       169,830            -         -            (170,000)        -               -
    at $1.50 per
    share, December     45,000         45        67,455            -         -             (67,500)        -               -

Sale of common
 stock               4,000,000      4,000     2,996,000            -         -                -            -          3,000,000

Less: Selling expense
 for sale
  of common stock         -       (39,000)                                                                              (39,000)

Exercise of warrants   220,000        220        54,780                                                                  55,000

Amortization of
 unearned
  compensation                                                  292,994                    292,994

Net loss                                                     (2,309,187)                                             (2,309,187)

Foreign currency
 translation
  adjustment              -          -             -               -         -                -         (38,511)        (38,511)
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 2005  17,896,301     17,896    11,439,219      (8,421,531)     -            (577,740)     (38,511)      2,419,333

Issuance of common
 stock for
  compensation:
    at $1.50 per
    share, February    274,000        274       410,726            -         -            (375,000)        -             36,000
    at $1.70 per
    share, June        925,000        925     1,571,575            -         -          (1,572,500)        -               -
    at $1.25 per
    share, September   200,000        200       249,800            -         -            (250,000)        -               -
</TABLE>
                 See Notes to Consolidated Financial Statements
                                      F-7
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                  (continued)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>
Forfeiture of common
    stock for
    compensation       (40,000)       (40)      (44,960)                                    45,000                         -

Issuance of common
 stock for
  payable:
    at $1.15 per
    share, January     100,000        100       114,900                                                                 115,000
Sale of common
 stock              10,400,000     10,400    12,989,588            -         -                -            -         12,999,988
Less: Selling
 expense for sale
  of common stock         -                    (764,957)                                                               (764,957)
Issuance of
options for
  compensation                                  225,894                                                                 225,894
Exercise of
 warrants            3,000,000      3,000     2,247,000                                                               2,250,000
Accrual of stock
 bonuses issued
  in 2007                                                       (27,950)                   (27,950)
Amortization of
 unearned
  compensation                                                1,017,742                  1,017,742

Net loss                                                     (5,296,370)                                             (5,296,370)

Other comprehensive
 income                   -          -         -                   -         -                -         842,731         842,731
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
</TABLE>
                 See Notes to Consolidated Financial Statements
                                      F-8

<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                       ( A development Stage Enterprise )

      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                  (continued)
<TABLE>
<CAPTION>
                                                              Deficit
                                                            Accumulated
                                                         Prior to and During                         Accumulated
                         Common Stock        Additional   the Development                               Other           Total
                    ----------------------    Paid-in          Stage       Treasury    Unearned     Comprehensive    Stockholders'
                       Shares     Amount      Capital                       Stock     Compensation  Income (Loss)      Equity
                    ----------- ---------- ------------- --------------- ----------- -------------- -------------- --------------
<S>                     <C>        <C>          <C>             <C>          <C>           <C>            <C>           <C>

Balance as of
 December 31, 2006  32,755,301     32,755    28,438,785     (13,717,901)     -          (1,740,448)     804,220      13,817,411

Issuance of common
 stock for
  compensation:
    at $0.88 per
    share, January 1    83,334         83        73,251            -         -             (73,334)        -               -
    at $0.86 per
    share,
      January 11        50,000         50        42,950            -         -             (43,000)        -               -
    at $0.83 per
    share, June        286,666        287       237,646            -         -            (237,933)        -               -
Forfeiture of common
 stock for
  compensation        (172,500)      (173)     (210,378)                                   206,592                       (3,958)
Issuance of common
 stock for
  payable:
    at $2.00 per
    share,
    September(2006)    500,000        500       999,500                                                               1,000,000
    at $0.86 per
    share, January      63,250         63        54,332                                                                  54,395
    at $0.85 per
    share, April       150,000        150       127,350                                                                 127,500

Issuance of options
 for
  compensation                                  481,446                                                                 481,446

Exercise of warrants   150,000        150        16,350                                                                  16,500

Accrual of stock
 bonuses issued
  in 2008                                                                                  (14,850)                     (14,850)

Accrual of interest
 on note                                        (26,612)                                                                (26,612)

Amortization of
 unearned
  compensation                                                                             986,500                      986,500

Net loss                                                     (9,716,880)                                             (9,716,880)

Other comprehensive
 income                   -          -             -               -         -                -        1,307,480      1,307,480
                    ----------- ----------- ------------ --------------- ----------- -------------- -------------- --------------

Balance as of
 December 31, 2007  33,866,051  $  33,866   $ 30,234,620  $ (23,434,781) $   -        $   (916,473)  $ 2,111,700    $ 8,028,932
                    =========== =========== ============= ============== ============ ============== ============== ==============
</TABLE>

                 See Notes to Consolidated Financial Statements
                                      F-9

<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                        (A Development Stage Enterprise)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                  Year Ended                           January 1, 1995
                                                                  December 31,                        Cumulative amount
                                                     ---------------------------------------               through
                                                          2007                    2006               December 31, 2007
                                                     ----------------         --------------         ---------------------
<S>                                                       <C>                        <C>                          <C>
OPERATING ACTIVITIES:

Net loss                                             $  (9,716,880)           $   (5,296,370)        $   (20,527,133)
Adjustments to reconcile net loss
to net cash used in operating activities:

     Amortization of unearned compensation                986,500                  1,017,742               2,779,794
     Stock option expense                                 481,446                    225,894                 707,340
     Amortization expense                                 380,133                    609,728               1,146,726
     Depreciation expense                                 515,171                    221,972                 763,367
     Accrual of stock bonuses                              84,563                    (27,950)                 56,613
     Write-off of investment                                 -                          -                    135,723
     Loss on disposal of discontinued operations             -                          -                    237,808
     Equity in loss on joint venture                         -                          -                     12,000
     Gain on extinguishment of debt                          -                          -                   (110,423)
     Gain on sale of investments (non-cash portion)          -                    (2,150,965)             (2,470,606)
     Other non-cash expenses                              (26,612)                    26,660                 173,025
Changes in assets and liabilities:

     Other current and non current assets              (1,232,214)                (1,057,021)             (2,181,233)
     Accounts payable and accrued expenses                736,231                    737,324               1,927,831
                                                     ----------------         --------------         -----------------

     NET CASH FLOWS USED IN OPERATING ACTIVITIES       (7,791,661)                (5,692,986)            (17,349,167)
                                                     ----------------         --------------         -----------------

INVESTING ACTIVITIES:

     Purchase of property, plan and equipment          (1,705,686)                (1,611,833)             (3,317,519)
     Proceeds from sale of Armenia mining interest           -                          -                  1,891,155
     Proceeds from sale of Tamaya Common Stock
      - basis not in income                             2,497,600                       -                  2,497,600
     Proceeds from sale of investment in common
      stock of Sterlite Gold                                 -                          -                    246,767
     Investment in joint ventures                            -                          -                   (260,000)
     Investment in mining licenses                     (1,654,165)                (1,200,000)             (5,747,101)
                                                     ----------------         --------------         -----------------

     NET CASH USED IN INVESTING ACTIVITIES               (862,251)                (2,811,833)             (4,689,098)
                                                     ----------------         --------------         -----------------

FINANCING ACTIVITIES:

     Net proceeds from private placement offering            -                    12,235,031              17,680,104
     Repurchase of common stock                              -                          -                    (25,000)
     Due to related parties                                  -                          -                    (22,218)
     Warrants exercised                                    16,500                  2,250,000               2,322,250
                                                     ----------------         --------------         -----------------
</TABLE>
                 See Notes to Consolidated Financial Statements
                                      F-10
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                        (A Development Stage Enterprise)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (continued)

<TABLE>
<CAPTION>
                                                                  Year Ended                           January 1, 1995
                                                                  December 31,                        Cumulative amount
                                                     ---------------------------------------               through
                                                          2007                    2006               December 31, 2007
                                                     ----------------         --------------         ---------------------
<S>                                                       <C>                        <C>                          <C>

     NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES       16,500                 14,485,031              19,955,136
                                                     ----------------         --------------         -----------------

EFFECT OF EXCHANGE RATE ON CASH                         1,919,065                    489,256               2,369,810
                                                     ----------------         --------------         -----------------

NET INCREASE (DECREASE) IN CASH                        (6,718,348)                 6,469,468                 286,680

CASH AND CASH EQUIVALENTS - beginning of period         7,016,380                    546,912                  11,352
                                                     ----------------         --------------         -----------------

CASH AND CASH EQUIVALENTS - end of period            $    298,032             $    7,016,380         $       298,032
                                                     ================         ==============         =================

SUPPLEMENTAL CASH FLOW INFORMATION


Income taxes paid                                    $       -                $         -            $         2,683
                                                     ================         ==============         =================


Interest paid                                        $       -                $         -            $        15,422
                                                     ================         ==============         =================

Noncash Transactions:


Stock issued for deferred compensation               $    354,267             $   2,233,500          $     3,947,767
                                                     ================         ================       ================
Stock forfeited for deferred compensation            $    210,550             $      45,000          $       953,050
                                                     ================         ================       ================
Stock issued for mine acquisition                    $    127,500             $   1,115,000          $     1,242,500
                                                     ================         ================       ================
Stock issued for accounts payable                    $       -                $        -             $        25,000
                                                     ================         ================       ================

Mine acquisition costs in accounts payables          $       -                $        -             $        50,697
                                                     ================         ================       ================
</TABLE>
                 See Notes to Consolidated Financial Statements
                                       F-11
<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                           DECEMBER 31, 2007 AND 2006

1. ORGANIZATION AND BUSINESS

Global Gold Corporation (the "Company" or "Global Gold") is currently in the
development stage. It is engaged in exploration for, and development and mining
of, gold, uranium, and other minerals in Armenia, Canada and Chile. The
Company's headquarters are located in Greenwich, CT and its subsidiaries
maintain offices and staff in Yerevan, Armenia, Santiago, Chile and Toronto,
Canada. The Company was incorporated as Triad Energy Corporation in the State of
Delaware on February 21, 1980 and, as further described hereafter, conducted
other business prior to its re-entry into the development stage of mineral
exploration and mining on January 1, 1995. During 1995, the Company changed its
name from Triad Energy Corporation to Global Gold Corporation to pursue certain
gold and copper mining rights in the former Soviet Republics of Armenia and
Georgia. The Company's stock is publicly traded. The Company employs
approximately 100 people globally on a year round basis and an additional 200
people on a seasonal basis.

In Armenia, the Company's focus is primarily on the exploration, development and
production of gold at the Tukhmanuk property in the North Central Armenian Belt.
The Company is also focused on the exploration and development of the Marjan and
an expanded Marjan North property. In addition, the Company is exploring and
developing other sites in Armenia including the Company's Getik property. The
Company also holds royalty and participation rights in other locations in the
country through affiliates and subsidiaries.

In Chile, the Company's focus is primarily on the exploration, development and
production of gold at the Madre de Dios and Pureo properties in south central
Chile, near Valdivia. The Company is also exploring other locations including
properties on Chiloe Island and Ipun Island.

In Canada, the Company is currently engaged in uranium exploration activities in
the provinces of Newfoundland and Labrador. The Company is also evaluating gold
exploration and development properties in the Canadian province of Quebec and
Ontario.

The subsidiaries through which the Company operates are as follows:

On January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as
wholly owned subsidiaries, in the State of Delaware. These companies were formed
to be equal joint owners of a Chilean limited liability company, Minera Global
Chile Limitada ("Minera Global"), formed as of May 6, 2003, for the purpose of
conducting operations in Chile.

On August 18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a
wholly owned subsidiary, which in turn formed Global Gold Mining LLC ("Global
Gold Mining"), as a wholly owned subsidiary, both in the State of Delaware.
Global Gold Mining was qualified to do business as a branch operation in Armenia
and owns assets, royalty and participation interests, as well as shares of
operating companies in Armenia.

On December 21, 2003, Global Gold Mining acquired 100% of the Armenian limited
liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July
21, 2006), which held the license to the Hankavan and Marjan properties in
Armenia.

On August 1, 2005, Global Gold Mining acquired 51% of the Armenian limited
liability company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining
property and seven surrounding exploration sites. On August 2, 2006, Global Gold
Mining acquired the remaining 49% interest of Mego-Gold, LLC, leaving Global
Gold Mining as the owner of 100% of Mego-Gold, LLC.

On January 31, 2006, Global Gold Mining closed a transaction to acquire 80% of
the Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company,
LLC") and its approximately 27 square kilometer Getik gold/uranium exploration
license area in the northeast Geghargunik province of Armenia. As of May 30,
2007, Global Gold Mining acquired the remaining 20% interest of the Sellers in
Getik Mining Company, LLC, leaving Global Gold Mining as the owner of 100% of
Getik Mining Company, LLC.

                                      F-12

<PAGE>

On January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold
Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate
the Company's uranium exploration activities in Canada. Global Gold Uranium was
qualified to do business in the Canadian Province of Newfoundland and Labrador.

On August 9, 2007 and August 19, 2007, the Company, through Minera Global,
signed letters of intent to enter into a joint venture agreement and on October
29, 2007, the Company closed its joint venture agreement with members of the
Quijano family by which Minera Global assumes a 51% interest in the placer and
hard rock gold Madre de Dios and Pureo properties in south central Chile, near
Valdivia. The name of the new joint venture company is Global Gold Valdivia.

The accompanying consolidated financial statements present the available
development stage activities information of the Company from January 1, 1995,
the period commencing the Company's operations as Global Gold Corporation and
Subsidiaries, through December 31, 2007.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Basis for Presentation - The consolidated financial statements at December
31, 2007, and for the year then ended were prepared assuming that the Company
would continue as a going concern. Since its inception, the Company, a
development stage enterprise, has generated revenues of $41,833 (other than
interest income, the proceeds from the sale of an interest in an Armenian mining
venture with Iberian Resources Ltd., and the sale of common stock of marketable
securities received as consideration, therewith) while incurring losses in
excess of $20,500,000. Management pursued additional investors and lending
institutions interested in financing the Company's projects. However, there is
no assurance that the Company will obtain the financing that it requires or will
achieve profitable operations. The Company expected to incur additional losses
for the near term until such time as it would derive substantial revenues from
the Armenian mining interests acquired by it or other future projects. These
matters raised substantial doubt about the Company's ability to continue as a
going concern. The accompanying consolidated financial statements were prepared
on a going concern basis, which contemplated the realization of assets and
satisfaction of liabilities in the normal course of business. The accompanying
consolidated financial statements at December 31, 2007 and for the year then
ended did not include any adjustments that might be necessary should the Company
be unable to continue as a going concern.

b. Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

c. Cash and Cash Equivalents - Cash and cash equivalents consist of all cash
balances and highly liquid investments with a remaining maturity of three months
or less when purchased and are carried at fair value.

d. Fair Value of Financial Instruments - The Company's financial instruments
includes cash, receivables, and accounts payable and accrued expenses. The
Company believes that the carrying amounts of these instruments are reasonable
estimates of their fair value because of the short-term nature of such
instruments.

e. Inventory - Inventory consists of the following at December 31, 2007:


      Ore ....................................  $   522,872
      Concentrate ............................            -
      Materials, supplies and other ..........       79,539
                                                -----------
      Total Inventory.........................  $   602,411
                                                ===========


Ore inventory consists of unprocessed ore at the Tukhmanuk mining site in
Armenia. The unprocessed ore is stated at the lower of cost or market.

f. Investment in Tamaya Resources Limited Stock - The Company classifies its
marketable equity securities as available for sale in accordance with SFAS No.
115. During the year ended December 31, 2007, the Company sold all 20,000,000
shares of the Tamaya Resources Limited Stock that it owned which resulted in a
realized gain of $2,460,137. As of December 31, 2007, the Company no longer had
any investment in Tamaya Resources Limited Stock.

g. Deposits on Contracts and Equipment - The Company has made several deposits
for purchases, the majority of which is for the potential acquisition of new
properties, and the remainder for the purchase of mining equipment.

                                      F-13

<PAGE>
h. Tax Refunds Receivable - The Company is subject to Value Added Tax ("VAT
tax") on all expenditures in Armenia at the rate of 20%. The Company is entitled
to a credit against this tax towards any sales on which it collects VAT tax. The
Company is carrying a tax refund receivable based on the value of its in-process
inventory which it intends on selling in the next twelve months, at which time
they will collect 20% VAT tax from the purchaser which the Company will be
entitled to keep and apply against its credit.

i. Net Loss Per Share - Basic net loss per share is based on the weighted
average number of common and common equivalent shares outstanding. Potential
common shares includable in the computation of fully diluted per share results
are not presented in the consolidated financial statements as their effect would
be anti-dilutive.

j. Stock Based Compensation - On March 1, 2006, the Company adopted Statement of
Financial Accounting Standards (SFAS) 123R, Share-Based Payment, under the
modified prospective method.

During the transition period of the Company's adoption of SFAS 123R, the
weighted-average fair value of options has been estimated on the date of grant
using the Black-Scholes options-pricing model with the following
weighted-average assumptions used:

   Expected Life (Years) ................. 1-3
   Interest Rate ......................... 5.0-5.7%
   Annual Rate of Dividends .............. 0%
   Volatility ............................ 100-145%


For the year ended December 31, 2007, net loss and loss per share include the
actual deduction for stock-based compensation expense. The total stock-based
compensation expense for the year ended December 31, 2007 and 2006 was
$1,467,946 and $1,243,647, respectively. The expense for stock-based
compensation is a non-cash expense item.

k. Comprehensive Income - The Company has adopted Statement of Financial
Accounting Standards No. 130 ("SFAS 130") "Reporting Comprehensive Income".
Comprehensive income is comprised of net income (loss) and all changes to
stockholders' equity (deficit), except those related to investments by
stockholders, changes in paid-in capital and distribution to owners.

The following table summarizes the computations reconciling net loss to
comprehensive loss for the years ended December 31, 2007 and 2006.

                                             Year Ending December 31,
                                   --------------------------------------------
                                            2007                    2006
                                   ---------------------   --------------------
 Net loss ........................ $         (9,716,880)   $        (5,296,370)
 Unrealized gain/(loss) arising
   during the year ............... $          2,194,161    $           842,731
                                   ---------------------   --------------------
 Comprehensive loss............... $         (7,522,719)   $        (4,453,639)
                                   =====================   ====================

l. Income Taxes - The Company accounts for income taxes under Statement of
Financial Accounting Standards No.109, "Accounting for Income Taxes" (SFAS
No.109"). Pursuant to SFAS No.109, the Company accounts for income taxes under
the liability method. Under the liability method, a deferred tax asset or
liability is determined based upon the tax effect of the differences between the
financial statement and tax basis of assets and liabilities as measured by the
enacted rates that will be in effect when these differences reverse.

                                      F-14

<PAGE>

m. Acquisition, Exploration and Development Costs - Mineral property
acquisition, exploration and related costs are expensed as incurred unless
proven and probable reserves exist and the property may commercially be mined.
When it has been determined that a mineral property can be economically
developed, the costs incurred to develop such property, including costs to
further delineate the ore body and develop the property for production, may be
capitalized. In addition, the Company may capitalize previously expensed
acquisition and exploration costs if it is later determined that the property
can economically be developed. Interest costs, if any, allocable to the cost of
developing mining properties and to constructing new facilities are capitalized
until operations commence. Mine development costs incurred either to develop new
ore deposits, expand the capacity of operating mines, or to develop mine areas
substantially in advance of current production are also capitalized. All such
capitalized costs, and estimated future development costs, are then amortized
using the units-of-production method over the estimated life of the ore body.
Costs incurred to maintain current production or to maintain assets on a standby
basis are charged to operations. Costs of abandoned projects are charged to
operations upon abandonment. The Company evaluates, at least quarterly, the
carrying value of capitalized mining costs and related property, plant and
equipment costs, if any, to determine if these costs are in excess of their net
realizable value and if a permanent impairment needs to be recorded. The
periodic evaluation of carrying value of capitalized costs and any related
property, plant and equipment costs are based upon expected future cash flows
and/or estimated salvage value in accordance with Statement of Financial
Accounting Standards (SFAS) No. 144, "Accounting for Impairment or Disposal of
Long-Lived Assets."

n. Foreign Currency Translation - The assets and liabilities of non-U.S.
subsidiaries are translated into U.S. Dollars at year-end exchange rates. Income
and expense items are translated at average exchange rates during the year.
Cumulative translation adjustments are shown as a separate component of
stockholders' equity.

o. Principles of Consolidation - Our consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America, and include our accounts, our wholly owned
subsidiaries' accounts and a proportionate share of the accounts of the joint
ventures in which we participate. All significant inter-company balances and
transactions have been eliminated in consolidation.

p. Depreciation, Depletion and Amortization - Capitalized costs are depreciated
or depleted using the straight-line method over the shorter of estimated
productive lives of such facilities or the useful life of the individual assets.
Productive lives range from 1 to 10 years, but do not exceed the useful life of
the individual asset. Determination of expected useful lives for amortization
calculations are made on a property-by-property or asset-by-asset basis at least
annually.

Undeveloped mineral interests are amortized on a straight-line basis over their
estimated useful lives taking into account residual values. At such time as an
undeveloped mineral interest is converted to proven and probable reserves, the
remaining unamortized basis is amortized on a unit-of-production basis as
described above.

q. Impairment of Long-Lived Assets - Management reviews and evaluates the net
carrying value of all facilities, including idle facilities, for impairment at
least annually, or upon the occurrence of other events or changes in
circumstances that indicate that the related carrying amounts may not be
recoverable. We estimate the net realizable value of each property based on the
estimated undiscounted future cash flows that will be generated from operations
at each property, the estimated salvage value of the surface plant and equipment
and the value associated with property interests. All assets at an operating
segment are evaluated together for purposes of estimating future cash flows.

r. Licenses - Licenses are capitalized at cost and are amortized on a
straight-line basis on a range from 1 to 10 years, but do not exceed the useful
life of the individual license.

s. Reclamation and Remediation Costs (Asset Retirement Obligations) - Costs of
future expenditures for environmental remediation are not discounted to their
present value unless subject to a contractually obligated fixed payment
schedule. Such costs are based on management's current estimate of amounts to be
incurred when the remediation work is performed, within current laws and
regulations. Accordingly, no such costs were accrued at December 31, 2007.

It is possible that, due to uncertainties associated with defining the nature
and extent of environmental contamination and the application of laws and
regulations by regulatory authorities and changes in reclamation or remediation
technology, the ultimate cost of reclamation and remediation could change in the
future.

                                      F-15
<PAGE>

t. Revenue Recognition - Sales are recognized and revenues are recorded when
title transfers and the rights and obligations of ownership pass to the
customer. The majority of the company's metal concentrates are sold under
pricing arrangements where final prices are determined by quoted market prices
in a period subsequent to the date of sale. In these circumstances, revenues are
recorded at the times of sale based on forward prices for the expected date of
the final settlement. The Company also possesses Net Smelter Return ("NSR")
royalty from non-affiliated companies. As the non-affiliated companies recognize
revenue, as per above, the Company is entitled to its NSR royalty percentage and
royalty income is recognized and recorded. In 2007, the Company recognized
$25,449 of royalty income from a 2.5% NSR royalty from Tamaya Resources
Limited's Lichkvadz-Tei and Terterasar properties in Armenia.

u. New Accounting Standards:

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements"
(Statement 157), which addresses how companies should measure fair value when
they are required to use a fair value measure for recognition or disclosure
purposes under generally accepted accounting principles. Statement 157 defines
fair value, establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value
measurements. Statement 157 is effective for financial statements issued for
fiscal years beginning after November 15, 2007 and should be applied
prospectively, except in the case of a limited number of financial instruments
that require retrospective application. We are currently evaluating the
potential impact of Statement 157 on our financial statements. We do not expect
the impact will be material.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities-including an amendment of FAS 115"
(Statement 159). Statement 159 allows entities to choose, at specified election
dates, to measure eligible financial assets and liabilities at fair value that
are not otherwise required to be measured at fair value. If a company elects the
fair value option for an eligible item, changes in that item's fair value in
subsequent reporting periods must be recognized in current earnings. Statement
159 is effective for fiscal years beginning after November 15, 2007. We are
currently evaluating the potential impact of Statement 159 on our financial
statements. We do not expect the impact will be material.

In December 2007, the FASB issued FASB Statement No. 141 (revised 2007),
Business Combinations. This Statement replaces FASB Statement No. 141, Business
Combinations. This Statement retains the fundamental requirements in Statement
141 that the acquisition method of accounting (which Statement 141 called the
purchase method) be used for all business combinations and for an acquirer to be
identified for each business combination. This Statement defines the acquirer as
the entity that obtains control of one or more businesses in the business
combination and establishes the acquisition date as the date that the acquirer
achieves control. This Statement's scope is broader than that of Statement 141,
which applied only to business combinations in which control was obtained by
transferring consideration. By applying the same method of accounting--the
acquisition method--to all transactions and other events in which one entity
obtains control over one or more other businesses, this Statement improves the
comparability of the information about business combinations provided in
financial reports.

This Statement requires an acquirer to recognize the assets acquired, the
liabilities assumed, and any non-controlling interest in the acquiree at the
acquisition date, measured at their fair values as of that date, with limited
exceptions specified in the Statement. That replaces Statement 141's
cost-allocation process, which required the cost of an acquisition to be
allocated to the individual assets acquired and liabilities assumed based on
their estimated fair values.

This Statement applies to all transactions or other events in which an entity
(the acquirer) obtains control of one or more businesses (the acquirer),
including those sometimes referred to as "true mergers" or "mergers of equals"
and combinations achieved without the transfer of consideration, for example, by
contract alone or through the lapse of minority veto rights. This Statement
applies to all business entities, including mutual entities that previously used
the pooling-of-interests method of accounting for some business combinations. It
does not apply to: (a) The formation of a joint venture, (b) The acquisition of
an asset or a group of assets that does not constitute a business, (c) A
combination between entities or businesses under common control, (d) A
combination between not-for-profit organizations or the acquisition of a
for-profit business by a not-for-profit organization.

                                      F-16

<PAGE>
This Statement applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. An entity may not apply it
before that date. Management believes this Statement will have no impact on the
financial statements of the Company once adopted.

In December 2007, the FASB issued FASB Statement No. 160 - Non-controlling
Interests in Consolidated Financial Statements - an amendment of ARB No. 51.
This Statement applies to all entities that prepare consolidated financial
statements, except not-for-profit organizations, but will affect only those
entities that have an outstanding non-controlling interest in one or more
subsidiaries or that deconsolidate a subsidiary. Not-for-profit organizations
should continue to apply the guidance in Accounting Research Bulletin No. 51,
Consolidated Financial Statements, before the amendments made by this Statement,
and any other applicable standards, until the Board issues interpretative
guidance.

This Statement amends ARB 51 to establish accounting and reporting standards for
the non-controlling interest in a subsidiary and for the deconsolidation of a
subsidiary. It clarifies that a non-controlling interest in a subsidiary is an
ownership interest in the consolidated entity that should be reported as equity
in the consolidated financial statements. Before this Statement was issued,
limited guidance existed for reporting non-controlling interests. As a result,
considerable diversity in practice existed. So-called minority interests were
reported in the consolidated statement of financial position as liabilities or
in the mezzanine section between liabilities and equity. This Statement improves
comparability by eliminating that diversity.

A non-controlling interest, sometimes called a minority interest, is the portion
of equity in a subsidiary not attributable, directly or indirectly, to a parent.
The objective of this Statement is to improve the relevance, comparability, and
transparency of the financial information that a reporting entity provides in
its consolidated financial statements by establishing accounting and reporting
standards that require: (a) The ownership interests in subsidiaries held by
parties other than the parent be clearly identified, labeled, and presented in
the consolidated statement of financial position within equity, but separate
from the parent's equity, (b) The amount of consolidated net income attributable
to the parent and to the non-controlling interest be clearly identified and
presented on the face of the consolidated statement of income, (c) Changes in a
parent's ownership interest while the parent retains its controlling financial
interest in its subsidiary be accounted for consistently. A parent's ownership
interest in a subsidiary changes if the parent purchases additional ownership
interests in its subsidiary or if the parent sells some of its ownership
interests in its subsidiary. It also changes if the subsidiary reacquires some
of its ownership interests or the subsidiary issues additional ownership
interests. All of those transactions are economically similar, and this
Statement requires that they be accounted for similarly, as equity transactions,
(d) When a subsidiary is deconsolidated, any retained non-controlling equity
investment in the former subsidiary be initially measured at fair value. The
gain or loss on the deconsolidation of the subsidiary is measured using the fair
value of any non-controlling equity investment rather than the carrying amount
of that retained investment, (e) Entities provide sufficient disclosures that
clearly identify and distinguish between the interests of the parent and the
interests of the non-controlling owners.

This Statement is effective for fiscal years, and interim periods within those
fiscal years, beginning on or after December 15, 2008 (that is, January 1, 2009,
for entities with calendar year-ends). Earlier adoption is prohibited. This
Statement shall be applied prospectively as of the beginning of the fiscal year
in which this Statement is initially applied, except for the presentation and
disclosure requirements. The presentation and disclosure requirements shall be
applied retrospectively for all periods presented. Management believes this
Statement will have no impact on the financial statements of the Company once
adopted.

                                      F-17
<PAGE>
3. PROPERTY, PLANT AND EQUIPMENT

The following table illustrates the capitalized cost less accumulated
depreciation arriving at the net carrying value on our books at December 31,
2007.

   Property, plant and equipment.................      $ 3,690,571
   Less accumulated depreciation.................         (854,453)
                                                         ---------
                                                       $ 2,836,118
                                                         =========

The Company had depreciation expense for the year ended December 31, 2007 and
2006 of $515,171 and $220,972, respectively.

4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

As of December 31, 2007, the accounts payable and accrued expenses consisted of
the following:

  Drilling work payable.........................      $ 1,070,459
  Accounts payable..............................          285,468
  Accrued expenses..............................          231,286
                                                         ---------
                                                      $ 1,587,213
                                                        ==========

5. SEGMENT REPORTING BY GEOGRAPHIC AREA

The Company sells its products to various customers primarily in former Soviet
Union. The Company performs ongoing credit evaluations on its customers and
generally does not require collateral. The Company operates in a single industry
segment, production of gold and other precious metals including royalties from
other non-affiliated companies production of gold and other precious metals.

For the fiscal years end December 31, 2007 and 2006, all of the Company's
revenue was $35,848 and $5,985, respectively, which was all derived from
Armenia.

The following summarizes identifiable assets by geographic area:


                                           For Year Ended December 31,
                                                 2007            2006
                                                ------          ------
          Armenia                          $6,703,566         $5,779,544
          Chile                             2,205,715                  -
          Canada                              368,382                  -
          United States                       338,482          9,688,849
                                            ---------          ---------
                                           $9,616,145        $15,468,393
                                           ===========        ===========

The following summarizes operating losses before provision for income tax:


                                           For Year Ended December 31,
                                                 2007            2006
                                                ------          ------
          Armenia                          $4,862,395        $3,248,532
          Chile                               142,058                 -
          Canada                              702,426                 -
          United States                     4,010,001         2,047,838
                                            ----------         ----------
                                           $9,716,880        $5,296,370
                                           ===========        ==========
5. CONCENTRATION RISK

Financial instruments which potentially subject the Company to concentrations of
credit risk consist principally of cash. The Company places its cash with high
credit quality financial institutions in the United States and Armenia. As of
December 31, 2007, bank deposits in the United States exceeded federally insured
limits by approximately $101,000. At December 31, 2007, the Company had
approximately $163,000 in Armenian bank deposits and $70,000 in Chilean bank
deposits, which may not be insured. The Company has not experienced any losses
in such accounts through December 31, 2007.

                                      F-18
<PAGE>
The majority of the Company's present activities are in Armenia and Chile. As
with all types of international business operations, currency fluctuations,
exchange controls, restrictions on foreign investment, changes to tax regimes,
political action and political instability could impair the value of the
Company's investments.

6. OFFICERS' COMPENSATION AND RELATED TRANSACTIONS

The Company values shares issued to officers using the fair value of common
shares on grant date.

On August 1, 2005, the Company entered two-year employment agreements with
Messrs. Lester S. Caesar, CPA as the Chief Financial Officer and Jan Dulman as
the Controller. Mr. Caesar will receive $48,000 per year and Mr. Dulman will
receive $12,000 per year. Both contracts are identical in that they include
restricted stock awards of the Company's shares of 40,000 vesting at a rate of
10,000 shares per six months. On February 6, 2006, the employment agreements
were amended, retroactively to January 1, 2006, restating compensation where as
Mr. Caesar will receive $42,000 per year and Mr. Dulman will receive $24,000 per
year.

On February 10, 2006, the Company issued 24,000 shares to Dr. Urquhart at the
fair market value of $1.50 per share. The shares were issued as compensation for
the prior year. The expense was accrued for year-end December 31, 2005.

The Company issued 50,000 shares to each of the five Directors as of February
10, 2006 at the fair market value of $1.50 per share. Such amounts have been
reflected as unearned compensation and are being amortized into compensation
expense on a straight-line basis over the term of the agreements.

Effective May 1, 2006, Global Gold Mining amended the contract of Simon
Cleghorn, the Director of Exploration and Mining. The amended terms increase his
time devoted to 100%, increase his salary to $125,000, and extend the contract
an additional year through July 31, 2009. On September 30, 2006, the resignation
of Mr. Simon Cleghorn as the Director of Mining and Exploration and his
assumption of a more limited role as "Senior Geologist" in Armenia of the
Company's subsidiary, Global Gold Mining, LLC was effective. In connection with
this transition and pursuant to the applicable restricted stock awards from the
Company, a total of 40,000 shares previously granted to Mr. Cleghorn did not
vest and have reverted back to the Company.

On June 15, 2006, the Board of Directors (based on the decision of the
Compensation Committee and without the participation of Messrs. Gallagher and
Krikorian) approved an amendment to the employment agreement of Drury Gallagher
with respect to his employment as Chief Executive Officer of the Company. The
revised employment agreement provides that Mr. Gallagher will resign as Chairman
and Chief Executive Officer and assume the titles of Chairman Emeritus and
Treasurer effective December 31, 2006 and effective June 30, 2006, will receive
an annual base salary of $125,000, representing a 25% increase over his previous
salary and is entitled to receive any bonus as determined in accordance with any
plan approved by the Board of Directors. The amended agreement is for two and a
half years terminating on December 31, 2008. Pursuant to the revised agreement,
Mr. Gallagher was also granted (i) 50,000 shares of restricted stock to vest in
four equal installments of 12,500 shares each on December 30, 2006, June 30,
2007, December 30, 2007 and June 30, 2008 and (ii) 250,000 stock options to
purchase Common Stock at $1.70 per share (the arithmetic mean of the high and
low prices of the Company's stock on June 15, 2006), to vest in eight equal
installments of 28,125 shares each on September 30, 2006, December 30, 2006,
March 30, 2007, June 30 2007, September 30, 2007, December 30, 2007, March 30,
2008 and June 30, 2008. The restricted stock and options are subject to a
substantial risk of forfeiture upon termination of his employment with the
Company during the term of the Agreement and the option grant was made pursuant
to the Global Gold Corporation 2006 Stock Incentive Plan. The restricted stock
and options previously awarded to Mr. Gallagher will continue to vest pursuant
to his original Employment Agreement.

On June 15, 2006, the Board of Directors (based on the decision of the
Compensation Committee and without the participation of Messrs. Gallagher and
Krikorian) also approved an amendment to the employment agreement of Mr. Van
Krikorian with respect to his employment as President and General Counsel of the
Company. The revised Employment Agreement provides that Mr. Krikorian will
receive an annual base salary of $225,000, representing a 25% increase over his
previous salary effective July 1, 2006 and is entitled to receive any bonus as
determined in accordance with any plan approved by the Board of Directors. The
amended Employment Agreement terminates on June 30, 2009. Pursuant to the
revised agreement, Mr. Krikorian was also granted 600,000 shares of restricted
stock to vest in three equal

                                      F-19
<PAGE>
installments of 200,000 shares each on June 30, 2007, June 30, 2008 and June 30,
2009. The restricted stock is subject to a substantial risk of forfeiture upon
termination of his employment with the Company during the term of the agreement.
The restricted stock previously awarded to Mr. Krikorian will continue to vest
pursuant to his original Employment Agreement, as amended previously.

The Board of Directors also approved an amendment to Mr. Ashot Boghossian's
Employment Agreement with respect to his employment as Regional Director of
Global Gold Mining, LLC. The revised Employment Agreement provides that Mr.
Boghossian will receive the same annual base salary as in his previous agreement
of $72,000 and is entitled to receive any bonus as determined in accordance with
any plan approved by the Board of Directors. The amended Employment Agreement
extends for another three years terminating on June 30, 2009.

Pursuant to the revised agreement, Mr. Boghossian was also granted 225,000
shares of restricted stock to vest in twelve equal installments of 18,750 shares
each on September 30, 2006, December 30, 2006, March 30, 2007, June 30, 2007,
September 30, 2007, December 30, 2007, March 30, 2008, June 30, 2008, September
30, 2008, December 30, 2008, March 30, 2009 and June 30, 2009. The restricted
stock is subject to a substantial risk of forfeiture upon termination of his
employment with the Company during the term of the Employment Agreement. The
restricted stock previously awarded to Mr. Boghossian will continue to vest
pursuant to his original employment agreement.

On June 15, 2006, the Board of Directors also approved an amendment of Mr. Jan
Dulman's Employment Agreement with respect to his employment as Controller of
the Company. The revised Employment Agreement provides that Mr. Dulman will
receive an annual base salary of $60,000, representing a $36,000 increase over
his previous salary, effective May 1, 2006. Mr. Dulman's Employment Agreement
terminates on July 31, 2007.

Pursuant to the revised agreement, Mr. Dulman was also granted 62,500 stock
options to purchase Common Stock at $1.70 per share (the arithmetic mean of the
high and low prices of the Company's stock on June 15, 2006), to vest in three
installments as follows: 20,833 shares on June 15th, 2006, 20,833 shares on
November 30, 2006, and 20,834 shares on July 31, 2007. The options are subject
to a substantial risk of forfeiture upon termination of his employment with the
Company during the term of the Employment Agreement and the option grant was
made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan. The
restricted stock previously awarded to Mr. Dulman will continue to vest pursuant
to his original employment agreement.

On June 15,  2006,  the  Company at the Annual  Meeting of  Stockholders  of the
Company, the following directors were re-elected: Mr. Drury J. Gallagher, Van Z.
Krikorian, Nicholas J. Aynilian, Ian C. Hague and Michael T. Mason and Mr. Hrayr
Agnerian,  of Scott Wilson  Roscoe  Postle  Associates,  Inc. was elected to his
first term as a Director, effective June 15, 2006.

On June 15, 2006, the Company issued 50,000 shares to Hrayr Agnerian in
conjunction with being elected as a Director at the fair market value of $1.70
per share. Such amount has been reflected as unearned compensation and is being
amortized into compensation expense on a straight-line basis over the term of
the agreement.

On September 18, 2006, the Company entered an employment agreement with Michael
T. Mason, designating him as the Company's Chief Operating Officer. The
employment agreement provides that Mr. Mason will receive an annual base salary
of $150,000, and is entitled to receive any bonus as determined in accordance
with any plan approved by the Board of Directors. Mr. Mason resigned from the
Board of Directors effective September 18, 2006. The employment agreement is for
an initial term of two years and twelve days, terminating on September 30, 2008.
Pursuant to the employment agreement, Mr. Mason was also granted (i) 200,000
shares of restricted common stock to vest in four equal installments of 50,000
shares on March 18, 2007, September 18, 2007, March 18, 2008, and September 18,
2008 and (ii) options to purchase 200,000 shares of Common Stock at $1.25 per
share (the arithmetic mean of the high and low prices of the Company's stock on
September 18, 2006), to vest in two equal installments of 100,000 shares on
September 18, 2006, September 18, 2007. The restricted stock and options are
subject to a substantial risk of forfeiture upon termination of his employment
with the Company during the term of the Agreement and the option grant was made
pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.

The Company has declared cash bonuses to officers of $104,000 that is included
in officers' compensation and in accounts payable and accrued expenses as of
December 31, 2006. In January 2007, the company paid the bonuses and reversed
the accrued expense.

                                      F-20
<PAGE>
On January 1, 2007, the Company entered into an employment  agreement with Hrayr
Agnerian, designating him as the Company's Senior Vice President for Exploration
and  Development.  The  employment  agreement  provides  that Mr.  Agnerian will
receive an annual base  salary of $62,500,  and is entitled to receive any bonus
as determined  in  accordance  with any plan approved by the Board of Directors.
Mr. Agnerian resigned from the Board of Directors  effective  December 31, 2006.
The  employment  agreement is for an initial term of two years,  terminating  on
December 31,  2008.  Pursuant to  employment  agreement,  Mr.  Agnerian was also
granted (i) Eighty Three Thousand  Three Hundred Thirty Four (83,334)  shares of
the  common  stock of  Global  Gold  Corporation  pursuant  to the  terms of the
Restricted Stock Award to vest in four equal installments of 20,834 shares every
six months,  commencing on June 1, 2007 and (ii) options to acquire Eighty Three
Thousand Three Hundred Thirty Four (83,334) shares of common stock of Company at
the rate of  41,667  per year  from  January  1, 2007  through  January  1, 2008
(totaling  83,334) at $0.88 per share (the  arithmetic  mean of the high and low
prices  of the  Company's  stock on  December  29,  2006),  to vest in two equal
installments  of 41,667  shares each on January 1, 2007 and January 1, 2008.  On
June 15, 2007, the Company entered into an representing a 140% increase over his
previous  salary  effective June 1, 2007 and is entitled to receive any bonus as
determined in accordance  with any plan approved by the Board of Directors.  The
amended Employment  Agreement  terminates on December 31, 2008.  Pursuant to the
revised  agreement,  Mr.  Agnerian  was also granted an  additional  (i) 116,666
shares of restricted stock to vest in three equal  installments of 38,889 shares
each on December 31, 2007,  June 30, 2008 and December 31, 2008 and (ii) 116,666
stock options to purchase  Common Stock at $0.83 per share (the  arithmetic mean
of the high and low prices of the Company's  stock on June 15, 2007), to vest in
equal  installments of 58,333 shares each on December 31, 2007, and December 31,
2008. The restricted stock and options  previously  awarded to Mr. Agnerian will
continue to vest pursuant to his original Employment  Agreement.  The restricted
stock  and  options  are  subject  to a  substantial  risk  of  forfeiture  upon
termination of his employment  with the Company during the term of the Agreement
and the option grant was made pursuant to the Global Gold Corporation 2006 Stock
Incentive  Plan.On  January 11, 2007, the Company  declared a stock bonus to Dr.
Urquhart of 10,000  shares of common  stock at $0.86 per share for a total value
of $8,600.  The Company also  declared  stock bonuses to 64 employees in Armenia
for a total of  20,750  shares  of  common  stock at $0.86 per share for a total
value of $17,845.  The $26,445 was  included in  officers'  compensation  and in
accounts payable and accrued expenses as of December 31, 2006.

On January 11, 2007, the Company also declared stock bonuses to 8 key employees
in Armenia for a total of 32,500 shares of common stock at $0.86 per share for a
total value of $27,950 which vest over 2 years. The $27,950 was included in
unearned compensation and in accounts payable and accrued expenses as of
December 31, 2006.

On January 11, 2007, the Company issued as directors fees to each of the five
directors (Nicholas J. Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague,
and Van Z. Krikorian) stock options to purchase 100,000 shares of Common Stock
of the Company each at $.86 per share. The option grants were made pursuant to
the Global Gold Corporation 2006 Stock Incentive Plan. In addition, the Company
granted 50,000 shares of restricted Common Stock to Harry Gilmore as an initial
director's fee at the fair market value of $.86 per share.

On June 15, 2007, the Company approved a new employment agreement for Jan Dulman
with respect to his employment as the Controller of the Company. The Board of
Directors unanimously elected Mr. Dulman as the Chief Financial Officer. The
revised new agreement provides that Mr. Dulman will resign as Controller and
assume the title of Chief Financial Officer effective June 1, 2007 and will
receive an annual base salary of $125,000, representing a 108% increase over his
previous salary and is entitled to receive any bonus as determined in accordance
with any plan approved by the Board of Directors. The new agreement is for two
years and two months terminating on July 31, 2009. Pursuant to the new
agreement, Mr. Dulman was also granted (i) 150,000 shares of restricted stock to
vest in four equal installments of 37,500 shares each on January 31, 2008, July
31, 2008, January 31, 2009 and July 31, 2009 and (ii) 150,000 stock options to
purchase Common Stock at $0.83 per share (the arithmetic mean of the high and
low prices of the Company's stock on June 15, 2007), to vest in equal
installments of 75,000 shares each on August 1, 2007, and August 1, 2008.

The restricted stock and options previously awarded to Mr. Dulman will continue
to vest pursuant to his original Employment Agreement. The restricted stock and
options are subject to a substantial risk of forfeiture upon termination of his
employment with the Company during the term of the Agreement and the option
grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive
Plan.

                                      F-21

<PAGE>
On June 15, 2007, the Company approved the employment agreement of Lester Caesar
with respect to his employment as the Controller effective June 1, 2007.
Effective August 1, 2007, Mr. Caesar will receive an annual base salary of
$30,000, representing a 29% decrease over his previous salary and is entitled to
receive any bonus as determined in accordance with any plan approved by the
Board of Directors. The new agreement is for one year commencing on August 1,
2007 and terminating on July 31, 2008. Pursuant to the new agreement, Mr. Caesar
was also granted 20,000 shares of restricted stock to vest in equal installments
of 10,000 shares each on January 31, 2007, and July 31, 2008. The restricted
stock previously awarded to Mr. Caesar will continue to vest pursuant to his
original employment agreement. The restricted stock is subject to a substantial
risk of forfeiture upon termination of his employment with the Company during
the term of the Employment Agreement.

On June 18, 2007, the resignation of Mr. Michael Mason as the President and
Chief Operating Officer of the Company and his assumption of consultant role was
effective. In connection with this transition and pursuant to the applicable
restricted stock awards from the Company, a total of 150,000 shares and 100,000
options previously granted to Mr. Mason did not vest and have reverted back to
the Company.

On August 2, 2007, the resignation of Mr. Frank Pastorino as the Director of
Business Operations in Armenia of Global Gold Mining was effective. In
connection with this transition and pursuant to the applicable restricted stock
awards from the Company, a total of 22,500 shares previously granted to Mr.
Pastorino did not vest and have reverted back to the Company.

On December 14, 2007, the Company authorized a stock bonus to Dr. Urquhart of
100,000 shares of common stock at $0.55 per share for a total value of $55,000
based on the market share price. The shares were issued for services rendered in
2007 and immediately vested. The shares were issued on February 11, 2008. The
Company also declared stock bonuses to 82 employees in Armenia for a total of
26,750 shares of common stock at $0.55 per share for a total value of $14,713
based on the market share price. The $69,713 was included in officers'
compensation and in accounts payable and accrued expenses as of December 31,
2007.

On December 14, 2007, the Company also declared stock bonuses to 8 key employees
in Armenia for a total of 27,000 shares of common stock at $0.55 per share for a
total value of $14,850 which vest over 2 years. As of December 31, 2007, the
$14,850 was included in unearned compensation and in accounts payable and
accrued expenses.

Compensation expense for the years ended December 31, 2007 and 2006 was
$2,897,118 and $2,253,787. The amount of total deferred compensation amortized
for the years ended December 31, 2007 and 2006 was $986,500 and $1,017,742.

The following table illustrates the Company's compensation commitments for the
next 5 years as of December 31, 2007.

         Year Amount
                           2008                 $1,564,191
                           2009                    413,388
                           2010                          -
                           2011                          -
                           2012                          -


During the year ended December 31, 2007, the Company paid New-Sense Geophysics
Limited a total of $440,997 for airborne magnometry work performed on its
Cochrane Pond property. New-Sense Geophysics Limited is owned and operated by
the Company's Vice President, Dr. Ted Urquhart.

7. INCOME TAXES

The Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109, Accounting for Income Taxes ("SFAS No. 109"). SFAS No. 109
requires the recognition of deferred tax assets and liabilities for both the
expected impact of differences between the financial statements and tax basis of
assets and liabilities, and for the expected future tax benefit to be derived
from tax loss and tax credit carry forwards. SFAS No. 109 additionally requires
the establishment of a valuation allowance to reflect the likelihood of
realization of deferred tax assets. At December 31, 2007, the Company had net
deferred tax assets of $7,302,000. The Company has provided a valuation
allowance, which increased during 2007 by $3,837,000, against the full amount of
its deferred tax asset, since the likelihood of realization cannot be
determined.

                                      F-22
<PAGE>
The following table illustrates the source and status of the Company's major
deferred tax assets as of December 31, 2007.


        Deferred tax assets:
        Net operating loss carryforward ..............      $ 7,019,000
        Stock option expense .........................          283,000
                                                              ---------
        Net deferred tax asset .......................        7,302,000
        Valuation allowance ... ......................       (7,302,000)
                                                              ---------
                                                            $         -
                                                              =========




































                                      F-23

<PAGE>

The provision for income taxes for year ended December 31, 2007 and 2006 differs
from the amount computed by applying the statutory federal income tax rate (35%)
to income before income taxes as follows:

                                                      2007       2006
                                                   ---------   --------
  Income tax benefit computed at statutory rate   $3,401,000  $1,559,000
  State tax benefit (net of federal)                 486,000     223,000
  Permanent differences (book stock comp versus
           tax stock comp)                           (50,000)  (360,000)
  Increase in valuation allowance .............   (3,837,000)(1,422,000)
                                                   ---------   --------
  Provision for income taxes ..................    $       -   $      -
                                                   =========   ========


The Company had net operating loss carry forwards for tax purposes of
approximately $17,500,000 at December 31, 2007 expiring at various dates from
2012 to 2025. A significant portion of these carry forwards are subject to
limitations on annual utilization due to "equity structure shifts" or "owner
shifts" involving "5 percent stockholders" (as defined in the Internal Revenue
Code of 1986, as amended), which resulted in more than a 50 percent change in
ownership.

8. COMMON STOCK

Each Director of the Company received 50,000 shares of the Company's common
stock per year for their services as a Director in 2006. An aggregate of 250,000
shares were issued to the directors in February 2006. On June 15, 2006, the
Company appointed one (1) additional Director to the Board of Directors; Hrayr
Agnerian. Mr. Agnerian was also issued 50,000 shares of the Company's common
stock for his services as a Director.

In April 2006, the Company sold 10,400,000 units at $1.25 per share in a private
placement. The units included 10,400,000 common shares and 4,466,666 warrants
exercisable at $2.00 per share and expire after two years. A finder's fee of
$750,000 was made to Aton Securities, Inc. and was included in additional
paid-in capital.

On August 1, 2005, Global Gold Mining entered into a share purchase agreement to
acquire the Armenian limited liability company Mego-Gold, LLC which is the
licensee for the Tukhmanuk mining property and surrounding exploration sites as
well as the owner of the related processing plant and other assets. On August 2,
2006, Global Gold Mining exercised its option to acquire the remaining
forty-nine percent (49%) of Mego-Gold, LLC, in exchange for one million dollars
($1,000,000) and five hundred thousand (500,000) restricted shares of the
Company's common stock with a contingency allowing the sellers to sell back the
500,000 shares on or before September 15, 2007 for a payment of $1 million if
the Company's stock is not traded at or above two dollars and fifty cents
($2.50) at any time between July 1, 2007 and August 31, 2007. On September 12,
2006, Global Gold Mining loaned two hundred thousand dollars ($200,000) to
Karapet Khachatryan ("Maker"), one of the sellers of Mego-Gold LLC, a citizen of
the Republic of Armenia, as evidenced by a convertible promissory note payable
("Note") to Global Gold Mining, with interest in arrears on the unpaid principal
balance at an annual rate equal to ten percent (10%). At any time following
September 18, 2006, the Company, at its sole option, had the right to convert
all of Maker's debt from the date of the Note to the date of conversion into
shares of common stock of the Company at the conversion price of $1.50 per share
with all of such shares as security for all obligations. Maker pledged two
hundred fifty five thousand (255,000) shares of the Company's common stock as
security for his obligations thereunder. On September 16, 2007, the contingency
period expired without exercise, extension or amendment. The Company has
accounted for this by booking the 500,000 shares, at the fair market value of
$1,000,000, into Additional Paid-In Capital. The Company also booked the
$200,000 secured loan into Note Receivable and accrued interest, from inception
of Note as per the terms of the Note above, into Additional Paid-In Capital. On
February 12, 2008 the Company exercised its option and converted the Note and
accrued interest into one hundred fifty two thousand seven hundred seventy eight
shares (152,778), which were then cancelled.

On January 11, 2007, the Company granted 50,000 shares of restricted Common
Stock to Harry Gilmore as an initial director's fee at the fair market value of
$.86 per share.

                                      F-24

<PAGE>

9. WARRANTS AND OPTIONS

The Company adopted the 1995 Stock Option Plan under which a maximum of 500,000
shares of Common Stock may be issued (subject to adjustment for stock splits,
dividends and the like). In July 2002, the Company granted options to buy
150,000 shares of common stock, at an exercise price of $0.11 per share, to each
of the then Chairman, Drury Gallagher, and President of the Company, Robert
Garrison. Of these options issued, 75,000 vest on the first anniversary of the
date of issuance, and the remaining 75,000 vest on the second anniversary of the
date of issuance. These options expire five years from the date of issuance. As
of December 31, 2006, there were 200,000 stock awards available under the Plan
for future issuance. On June 30, 2004, the former President and CFO, Mr. Robert
Garrison resigned his office and thereby forfeited his options. On June 20,
2007, Global Gold Corporation sold $16,500 in common shares, pursuant to
exemptions from registration requirements of the Securities Act to Drury
Gallagher, the Company's Chairman Emeritus, Treasurer and Secretary. The
transaction involved the exercise of options originally issued on June 30, 2002.
The transaction involved the issuance of 150,000 shares of common stock at $0.11
per share in accordance with the options. As of December 31, 2007 there were no
options remaining outstanding under the 1995 Stock Option Plan.

On June 15, 2006, the Company's stockholders approved the Global Gold
Corporation 2006 Stock Incentive Plan (the "2006 Stock Incentive Plan") under
which a maximum of 3,000,000 shares of Common Stock may be issued (subject to
adjustment for stock splits, dividends and the like). The 2006 Stock Incentive
Plan replaces the Company's Option Plan of 1995 which terminated in June 2005.
The Company's 2006 Stock Incentive Plan has a ten - year term and will expire on
June 15, 2016. On June 15, 2006, the Company granted options to buy 250,000
shares of common stock, at an exercise price of $1.70 per share, to the then
Chairman and CEO, Drury Gallagher. On June 15, 2006, the Company also granted
options to buy 62,500 shares of common stock, at an exercise price of $1.70 per
share, to the Controller, Jan Dulman. On September 18, 2006, the Company granted
options to buy 200,000 shares of common stock, at an exercise price of $1.25 per
share, to the then Chief Operating Officer, Michael T. Mason. On January 11,
2007, the Company issued as directors fees to each of the five directors
(Nicholas J. Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, and Van Z.
Krikorian) stock options to purchase 100,000 shares of Common Stock of the
Company each at $.86 per share.

On December 1, 2006, Global Gold Corporation sold $2,250,000 in common shares,
pursuant to exemptions from registration requirements of the Securities Act. The
transaction involved the exercise of warrants originally issued on November 4,
2004. The transaction involved the issuance of 3,000,000 shares of common stock
at $0.75 per share in accordance with the warrants. The purchasers and
corresponding shares issued are: Firebird Global Master Fund, Ltd, 1,500,000
shares; Firebird Avrora Fund, Ltd. 750,000 shares; and Firebird Republics Fund,
Ltd. 750,000 shares.

The following tables illustrates the Company's stock warrant and option
issuances and balances outstanding as of, and during the years ended December
31, 2007 and December 31, 2006, respectively.

<TABLE>
<CAPTION>
                                                      WARRANTS                       OPTIONS                    STOCK AWARDS
                                       --------------------------------   -----------------------------   ----------------------
                                            Shares          Weighted        Shares         Weighted        Restricted    Weighted
                                          Underlying        Average       Underlying       Average           Stock       Average
                                           Warrants      Exercise Price    Options       Exercise Price     Awards    Market Price
                                       --------------    --------------   -------------  --------------   -----------  ------------
<S>                                          <C>                 <C>            <C>            <C>            <C>          <C>
Outstanding at December 31, 2005         5,000,000           $   0.99         150,000          $ 0.11     3,778,168       $ 0.37
    Granted ...........................           -                  -         512,500            1.19     1,399,000         1.60
    Canceled ..........................           -                  -               -               -       (40,000)        1.13
    Exercised .........................  (3,000,000)              0.75               -               -             -            -
    Sold in units......................   4,466,666               2.00               -               -             -            -
                                       --------------    --------------   -------------  --------------   -----------  ------------
 Outstanding at December 31, 2006         6,466,666           $   1.82         662,500          $ 0.95     5,137,168       $ 0.70
    Granted ...........................           -                  -         850,000            0.85       420,000         0.84
    Canceled ..........................  (3,000,000)              1.42        (100,000)           1.25      (172,500)        1.22
    Exercised .........................           -                  -        (150,000)           0.11             -            -
    Sold in units......................           -                  -               -               -             -            -
                                       --------------    --------------   -------------  --------------   -----------  ------------
 Outstanding at December 31, 2007         3,466,666           $   2.00       1,262,500          $ 0.93     5,384,668       $ 0.69
                                       ==============    ==============   =============  ==============   ===========  ============
 Vested shares and fair value             3,466,666           $   2.00       1,031,250          $ 0.94     4,476,473       $ 0.58
                                       ==============    ==============   =============  ==============   ===========  ============
 Total intrinsic value at
  December 31, 2007                            -                   -              -                -            -             -
                                       ==============    ==============   =============  ==============   ===========  ============
</TABLE>

                                      F-24
<PAGE>
In the twelve months ended December 31, 2007 and 2006, there were no options
exercised. The following is additional information with respect to the Company's
options and warrants as of December 31, 2007.

                                                            WARRANTS
           WARRANTS OUTSTANDING                           EXERCISABLE
----------------------------------------------  -----------------------------
            Number of    Weighted                 Number of
           Outstanding    Average    Weighted    Exercisable       Weighted
Average      Shares      Remaining    Average      Shares           Average
Exercise   Underlying   Contractual  Exercise    Underlying        Exercise
 Price      Warrants       Life        Price      Warrants           Price
----------------------- ----------------------  --------------   ------------

  $ 2.00   3,466,666    0.25 years    $ 2.00    3,466,666           $ 2.00


                                                                   OPTIONS
                OPTIONS OUTSTANDING                              EXERCISABLE
----------------------------------------------  --------------   ------------
            Number of    Weighted                 Number of
           Outstanding    Average    Weighted    Exercisable       Weighted
Average      Shares      Remaining    Average      Shares           Average
Exercise   Underlying   Contractual  Exercise    Underlying        Exercise
 Price       Options      Life        Price       Options           Price
---------------------- -----------------------  --------------   ------------

$ 0.98    1,262,500    7.76 years    $ 0.93      1,031,250         $ 0.94

10. AGREEMENTS AND COMMITMENTS

a. On January 31, 2006, Global Gold Mining closed the transaction agreed to in
the context of the share purchase agreement, dated as of January 23, 2006, with
Athelea Investments, CJSC ("AI") and Messrs. Simon Cleghorn, Sergio DiGiovani,
Armen Ghazarian, and Frank Pastorino (the "Sellers") to transfer 80% of the
shares of AI to Global Gold Mining in exchange for 100,000 shares of the
Company's Common Stock. All assets (including the "Athelea" name) not related to
the approximately 27 square kilometer Getik gold/uranium exploration license
area were transferred back to the Sellers. AI was renamed the "Getik Mining
Company, LLC." As of May 30, 2007, Global Gold Mining acquired the remaining
twenty percent interest of the Sellers in Getik Mining Company, LLC, leaving
Global Gold Mining as the owner of 100% of Getik Mining Company, LLC. Mr. Frank
Pastorino was an officer of the Company terminating in August of 2007 and Mr.
Simon Cleghorn was an officer of the Company terminating in October of 2006.

b. On January 18, 2007, Global Gold Uranium entered into a "Labrador Uranium
Claims Agreement" with Messrs. Alexander Turpin and James Weick to acquire an
option to acquire a one hundred percent interest ownership of mineral license
rights at or near Grand Lake (approximately 1,850 acres) and Shallow Lake
(approximately 5,750 acres). Global Gold Uranium will be solely responsible for
exploration and management during the option periods and can exercise the option
to acquire one hundred percent of the license rights at either property by
granting the sellers a 1.5% NSR royalty which can be bought out for $2,000,000
cash or at the seller's option in common stock of the Company valued at the six
month weighted average of the stock a the time of exercise. All dollar
references are to Canadian dollars. Global Gold Uranium will earn a One Hundred
Percent (100%) option in the Licenses by paying cash and common stock (20,000
shares initial deposit). In addition, Global Gold Uranium has completed staking
300 claims (approximately 18,531 acres) in the immediate vicinity of the Grand
Lake and Shallow Lake properties. With respect to the Shallow Lake transaction,
the sellers breached a representation and warranty to keep the license rights in
force for a period after acquisition, several of the licenses lapsed, and Global
Gold Uranium, in its own name, successfully staked the same licenses in June
2007. The Company has not issued the initial 20,000 shares of Common Stock of
the Company.

c. On April 12, 2007, Global Gold Uranium entered into an agreement to acquire
an option for the Cochrane Pond license area ("the Agreement") with Commander
Resources Ltd. ("Commander") and Bayswater Uranium Corp. ("Bayswater"). The
Cochrane Pond property consists of 2,600 claims within 61,000 hectares
(approximately 150,708 acres). The Agreement is subject to board approval and
the conclusion of an option agreement. The relevant boards subsequently
approved. Major terms include the following. Global Gold Uranium may earn a 51%
equity interest over a period of four years in Cochrane Pond Property by
completing; Cash payments of US $700,000 over four year period; Share issuance
of 350,000 shares of Global Gold Corporation (50 % each to Commander and
Bayswater) over a four year period; Property expenditures over four year period
of C$3.5 million.

                                      F-25
<PAGE>
Either party may, at any time up to the commencement of commercial production,
elect to convert its respective interest to a 2% gross uranium sales royalty in
the case of a uranium deposit or a 2% NSR in the case of a non-uranium deposit.
In either case, 50% of the royalty obligation may be purchased at any time prior
to commercial production for a $1,000,000 cash payment.

As of June 30, 2007, the Company has paid $200,000 and issued 150,000 shares of
the Company's common stock, 75,000 shares each to Commander and Bayswater.

d. On August 9, 2007 and August 19, 2007, the Company, through Minera Global,
entered agreements to enter into a joint venture and on October 29, 2007, the
Company closed its joint venture agreement with members of the Quijano family by
which Minera Global assumes a 51% interest in the placer and hard rock gold
Madre de Dios and Pureo properties. The name of the new joint venture company is
Global Gold Valdivia.

Key agreement terms for the Madre De Dios joint venture agreement include a
1,000,000 euro payment from Global Gold (paid as of October 30, 2007), and the
following joint venture terms equity interests set at 51%-49% in favor of Global
Gold; of the 3 directors, two (Mr. Krikorian and Dr. Ted Urquhart, Global's Vice
President in Santiago) are appointed by Global Gold; Global Gold commits to
finance at least one plant and mining operation within 6 months as well as a
mutually agreed exploration program to establish proven reserves, if that is
successful, two additional plants/operations will be financed; from the profits
of the joint venture, Global Gold will pay its partner an extra share based on
the following scale of 28 million euros for (a) 5 million ounces of gold
produced in 5 years or (b) 5 million ounces of gold proven as reserves according
to Canadian National Instrument 43-101 ("NI 43-101") standards in 5 years. The
definitions of proven and probable reserves in NI 43-101 reports differ from the
definitions in SEC Industry Guide 7. Also, the SEC does not recognize the terms
"measured resources and indicated resources" or "inferred resources" which are
used in NI 43-101 reports

e. On September 5, 2007, the Company entered into a confidential agreement which
was made public on October 29, 2007, with members of the Quijano family by which
the Company has the option to earn a 51% interest in the Estrella del Sur
Gold-Platinum project on Ipun Island and another Gold-Platinum property on
Chiloe Island.

Key agreement terms for the Estrella del Sur and Chiloe projects required Global
Gold to pay  approximately  $160,000 to cover  government  and  license  fees in
exchange for an exclusive option until January 30, 2008 to review,  explore, and
form joint ventures on the properties.  On or before January 31, 2008, at Global
Gold's sole option,  either or both of the properties  shall be transferred to a
new joint  venture  company (or two separate  companies on the same terms).  For
both properties and in consideration for forming the joint venture,  Global Gold
shall pay  1,500,000  euros (or the Chilean peso  equivalent)  on the  following
schedule:  1. January 31, 2008,  250,000 euros; 2. July 31, 2008, 250,000 euros;
3. January 30 2009,  500,000  euros;  and 4. July 31 2009,  500,000  euros.  The
Company received an extension of the first payment date to March 31, 2008.

If either or both properties continue to production and reserves are proven by
the prefeasibility and scoping studies, Global Gold's partner will be entitled
to an extra share based on the following scale of 37,000,000 euros (15,000,000
for Chiloe and 22,000,000 for Ipun) for 3,700,000 commercially reasonable
recoverable ounces of gold plus platinum (calculated on a gold price equivalent
basis, using the monthly average of the New York COMEX price for the month in
which calculations of proven reserves are made according to Canadian 43-101
standards) based on the prefeasibility and scoping studies. Payments will come
as the joint venture produces gold or platinum as mutually agreed from no more
than 25% of Global Gold's profit from the joint venture. Part of the payments
may be in Global Gold stock on mutually agreeable terms. The economic value of
any other materials besides gold or platinum shall not be calculated as part of
this formula and instead will be shared according to joint venture terms. After
the prefeasibility and scoping studies, each party shall carry its own share of
the costs.

                                      F-26

<PAGE>
11. LEGAL PROCEEDINGS

GGH, which is the license holder for the Hankavan and Marjan properties, was the
subject of corrupt and improper demands and threats from the former Minister of
the Ministry of Environment and Natural Resources of Armenia. The Company
reported this situation to the appropriate authorities in Armenia and in the
United States. Although the Minister took the position that the licenses at
Hankavan and Marjan were terminated, other Armenian governmental officials have
assured the Company to the contrary and Armenian public records confirmed the
continuing validity of the licenses. The Company received independent legal
opinions that all of its licenses are valid and remain in full force and effect,
continues to work at those properties, and has engaged international and local
counsel to pursue prosecution of the illegal and corrupt practices directed
against the subsidiary, including international arbitration. On November 7,
2006, the Company initiated the thirty-day good faith negotiating period (which
is a prerequisite to filing for international arbitration under the 2003 SHA,
LLC Share Purchase Agreement) with the three named shareholders and one
previously undisclosed principal. The Company filed for arbitration under the
rules under the International Chamber of Commerce, headquartered in Paris,
France, ("ICC") on December 29, 2006. The forum for this arbitration is New York
City. In addition and based on the US Armenia Bilateral Investment Treaty,
Global Gold Mining filed a request for arbitration against the Republic of
Armenia for the actions of the former Minister of Environment and Natural
Resources with the International Centre for Settlement of Investment Disputes,
which is a component agency of the World Bank in Washington, D.C., ("ICSID") on
January 29, 2007. Damages will be determined during the arbitration proceedings.
On August 31, 2007, the Government of Armenia and Global Gold Mining jointly
issued the following statement, "{they} jointly announce that they have
suspended the ICSID arbitration pending conclusion of a detailed settlement
agreement. The parties have reached a confidential agreement in principle, and
anticipate that the final settlement agreement will be reached within 10 days of
this announcement." The Company has learned from public records that
GeoProMining Ltd., through an affiliate, has become the sole shareholder of an
Armenian Company, Golden Ore, LLC, which was granted an illegal and competing
license for Hankavan. GeoProMining Ltd. is subject to the 20% obligations as
successor to Sterlite Resources, Ltd. and while the Company anticipates
successful completion of the ICSID settlement as agreed, there can be no
assurances thereof. As of February 25, 2008 Global Gold Mining has entered into
a conditional, confidential settlement agreement with the Government of the
Republic of Armenia to discontinue the ICSID arbitration proceedings. This
agreement does not affect the pending ICC arbitration involving similar subject
matter. The ICC arbitration is pending a decision from the Federal District
Court for the Southern District of New York.

12. SUBSEQUENT EVENTS (Unaudited)

a. On February 7, 2008, the Company received a short term loan in the amount of
$260,000 and an additional $280,000 (the "Loan") on March 7, 2008, from Ian
Hague, a director of the Company, which Loan shall accrue interest, from the day
it is issued and until the day it is repaid by the Company, at an annual rate of
10% (the "Interest"). The Company promises to repay, in full, the Loan and all
the Interest accrued thereon on the sooner of: (1) your demand after June 6,
2008; or (2) from the proceeds of any financing the company receives over
$1,000,000. The Company may prepay this loan in full at any time. But if it is
not repaid by June 10, 2008, Mr. Hague will have the right, among other rights
available to Mr. Hague under the law, to convert the loan plus accrued interest
to common shares of the Company at the price calculable and on the terms of the
Global Gold Corporation 2006 Stock Incentive Plan, i.e. our option plan. In
addition, Mr. Hague will have the right (from the date of this agreement until
the time the loans from Mr. Hague are repaid) at any time to convert the terms
of all or a portion of this loan and the loan Mr. Hague made pursuant to the
agreement dated February 7, 2008 to the terms provided to any third party
investor or lender financing the company.

b. In connection with its private placement of stock in Global Gold Corporation
(the "Company") which closed on April 4, 2006, the Company issued warrants dated
April 4, 2006 to acquire a total of 3,466,666 additional shares of the Company
"at any time or from time to time before 5:30 P.M., Eastern Standard Time on the
sooner of (a) April 1, 2008 or (b) sixty (60) days following a determination by
the Company that the weighted average trading price of the common shares over a
thirty (30) consecutive trading day period commencing after August 1, 2006 is
$3.00 USD or greater." Pursuant to the decision of the Board of Directors on
March 25, 2008, the Company has extended the April 1, 2008 expiration date on
the warrants to December 31, 2008.



                                      F-27