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

                                  FORM 10-KSB/A
                                 AMENDMENT NO. 1
(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, 2003

[ ]      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.)

                    104 Field Point Road, 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 (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

                  Yes: ____                 No: _X__

The issuer's revenues for its most recent fiscal year ending December 31, 2003
were $-0-.

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 31, 2004, was
$1,664,840.

As of March 31, 2004 there were 9,808,134 shares of the registrant's Common
Stock outstanding.

(1) As of December 31, 2003, the Company's Common Stock was not publicly traded.
However, the Board of Directors of the Company determined that the fair market
value of the Common Stock based on the share price of the most recent sale of
common stock as of December 31, 2003 was $0.50 per share.

<PAGE>
                                Preliminary Note

This Form 10-KSB/A reflects changes to the Company's financial statements
included in its Annual Report on Form 10-KSB for the year ended December 31,
2003 as originally filed effective May 3, 2004. The changes consist of (i)
corrections to the Total Stockholders' Equity (Deficit) balances at December 31,
2000 and December 31, 2001 (for which correct amounts were reported in the
Company's Form 10-KSB for the year ended December 31, 2002) and (ii) corrections
to the line item entitled "Unpaid mine acquisition costs" and the line item now
entitled "Stock issued for mine acquisition costs" for 2003. These changes were
occasioned by the review described below.

On the evening of April 30, 2004, the Company transmitted its initial filing of
its Annual Report on Form 10-KSB to the SEC (for a May 3, 2003 filing date). The
filing was submitted by the Company's counsel in the belief that the filing of
its independent auditors' report and the Company's accompanying financial
statements had been authorized by the Company's independent auditors, Marcum &
Kliegman LLP ("Marcum"). On May 3, 2004, Marcum and its attorneys notified the
Company and its counsel that the filing of the independent auditors' report and
the Company's accompanying financial statements, included in the Form 10-KSB
filing, had not been authorized. This notification was followed on May 4, 2004
by letters from Marcum and its counsel to the Company and its counsel asking the
Company to outline the procedures that it would take to correct the situation.
The Company's counsel responded by letter on May 5, 2004, outlining some of the
circumstances that caused an employee of the Company's counsel to conclude that
the filing of the independent auditors' report and the Company's accompanying
financial statements, included in the Form 10-KSB filing, was authorized and
indicating that neither the Company nor the Company's counsel had intended to
interfere in any way with any additional procedures that Marcum believed
necessary. The letter provided that the Company's Chief Executive Officer or
Chief Financial Officer would confer with Marcum to determine any additional
audit procedures or changes that needed to be made to the financial statements
and that an amendment would be filed with the SEC, making those changes and
describing the circumstances leading up to the amendment. Marcum agreed to these
procedures on May 5, 2004. There are no disagreements between the Company and
Marcum.

                                        2
<PAGE>

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, 2003 and December 31, 2002.

2. Exhibits.

3.1      Certificate of Incorporation, as amended.* (1)

3.2      By Laws*(1)

3.3      Certificate of Renewal and Revival of Certification of Incorporation
         dated as of January 23, 2003**

4.1      Promissory Note of the Registrant dated December 1, 1995 in the
         principal amount of $100,000 *(2)

4.2      Promissory Note of the Registrant dated as of December 1, 1995 in the
         principal amount of $100,000 *(2)

4.3      Promissory Note of Global Gold Armenia Limited dated as December 1,
         1995 in the principal amount of $802,740 *(2)

4.4      Promissory Note of Global Gold Georgia Limited dated as of December 1,
         1995 in the principal amount of $47,260 *(2)

4.5      Debenture of Global Gold Armenia Limited issued to First Dynasty Mines
         Ltd. dated February 3, 1997, including Guarantee thereof by the
         Registrant *(3)

10.1     Certificate of Merger between the Registrant and Everest Petroleum Inc.
         *(1)

10.2     Agreement of Merger between the Registrant and Everest Petroleum
         Inc.*(1)

10.3     Asset Purchase Agreement between the Registrant and Eyre Resources N.L.
         dated as of June 30, 1995 *(1)

10.4     Form of 1995 Stock Option Plan + *(1)

10.5     Letter Agreement between Registrant, Eyre Resources N.L. and Robert A.
         Garrison + *(1)

10.6     Employment Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 1995 + *(2)

10.7     Employment Agreement between the Registrant and Robert A. Garrison
         dated as of July 1, 1995 + *(2)

10.8     Employment Agreement between Autosport (Asia) Pte. Ltd. and Robert A.
         Garrison dated as of July 1, 1996 +*(2)

                                        3
<PAGE>

10.9     Stock Option Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 1995 with respect to the grant of 1,000,000 shares
         of the Company's Common Stock +*(2)

10.10    Stock Option Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 1995 with respect to the grant of 487,500 shares of
         the Company's Common Stock + *(2)

10.11    Stock Option Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 1995 with respect to the grant of 12,500 shares of
         the Company's Common Stock +*(2)

10.12    Stock Option Agreement between the Registrant and Robert A. Garrison
         dated as of July 1, 1995 with respect to the grant of 487,500 shares of
         the Company's Common Stock +*(2)

10.13    Stock Option Agreement between the Registrant and Robert A. Garrison
         dated as of July 1, 1995 with respect to the grant of 12,500 shares of
         the Company's Common Stock +*(2)

10.14    Stock Appreciation Rights Agreement between the Registrant and Drury J.
         Gallagher dated July 21, 1995 +*(2)

10.15    Stock Appreciation Rights Agreement between the Registrant and Robert
         A. Garrison dated July 21, 1995 + *(2)

10.16    Assignment and Assumption Agreement between Eyre Resources N.L. and
         Global Gold Armenia Limited dated December 1, 1995 *(2)

10.17    Assignment and Assumption Agreement between Eyre Resources N.L. and
         Global Gold Georgia Limited dated December 1, 1995 *(2)

10.18    Assignment and Assumption Agreement between Eyre Resources N.L. and
         Global Gold Australia Limited dated December 1, 1995 *(2)

10.19    Stockholders Agreement by and among the Registrant, Eyre Resources
         N.L., the Parry Beaumont Trust, Drury J. Gallagher, Francis A. Hayman,
         John Hayman, Howard G. Seitz and George L. Ryan dated December 1, 1995
         *(2)

10.20    Guarantee and Indemnification Agreement of the Registrant dated
         December 1, 1995 *(2)

10.21    Warrant Agreement to purchase 20,000 shares of the Registrant's Common
         Stock dated December 1, 1995 issued to David Steadly *(2)

10.22    Warrant Agreement to purchase 20,000 shares of the Registrant's Common
         Stock dated December 1, 1995 issued to Karekin Arzoomanian *(2)

10.23    Form of Warrant Agreement issued to 20 purchasers of the Registrant's
         10% Convertible Notes pursuant to the Confidential Private Placement
         Memorandum dated May 17, 1995, as amended *(2)

10.24    Restructuring Agreement dated as of December 1, 1995 by and among the
         Registrant, Global Gold Armenia Ltd., Global Gold Georgia Ltd., Global
         Gold Australia Ltd., Eyre Resources N.L., and the Parry- Beaumont Trust
         *(2)

10.25    Amended Employment Agreement between the Registrant and Robert A.
         Garrison dated as of April 11, 1996 *(2)

10.26    Agreement No. 1 by and between the Registrant, London & International
         Mercantile Limited and HCL Communications Ltd. *(3)

10.27    Agreement No. 2 by and between the Registrant, London & International
         Mercantile Limited and HCL Communications Ltd. *(3)

10.28    Warrant Agreements to purchase 2,000,000 shares of the Registrant's
         Common Stock issued to London & International Mercantile Limited and
         HCL Communications Ltd. under Agreement No. 1 with such party. *(3)

                                        4
<PAGE>

10.29    Warrant Agreements to purchase 2,000,000 shares of the Registrant's
         Common Stock issued to London & International Mercantile Limited and
         HCL Communications Ltd. under Agreement No. 2 with such party. *(3)

10.30    Assignment and Assumption Agreement between the Registrant and Global
         Gold Armenia Limited dated as of July 30, 1996. *(3)

10.31    Stock Option Agreement between the Registrant and Drury J. Gallagher
         dated as of July 19, 1996, as amended on November 4, 1996 + *(3)

10.32    Stock Option Agreement between the Registrant and Robert A. Garrison
         dated as of July 19, 1996, as amended on November 4, 1996 + *(3)

10.33    Restructuring Agreement dated December 4, 1996 by and among the
         Registrant, Eyre Resources N.L. and the Parry-Beaumont Trust *(3)

10.34    Certificate of Amendment to the Certificate of Incorporation of the
         Registrant filed with the Delaware Secretary of State on December 31,
         1996 *(3)

10.35    Unanimous Written Consent of the Board of Directors of the Registrant
         dated as of January 3, 1997, approving the transfer of 1,000,000 shares
         of the Registrant's Common Stock to each of Drury J. Gallagher and
         Robert A. Garrison+ *(3)

10.36    Letter Agreement by and among the Registrant, Global Gold Armenia
         Limited and First Dynasty Mines Ltd.*(3)

10.37    Global Gold Armenia Limited Charge Over Shares issued to First Dynasty
         Mines Ltd. dated February 3, 1997 *(3)

10.38    Form of Amendments No. 2, 3 and 4 to Warrant Agreement issued to the
         purchasers of the Registrant's 10% Convertible Notes pursuant to the
         Confidential Private Placement Memorandum dated May 17, 1995, as
         amended *(3)

10.39    Definitive Agreement by and among the Registrant, Global Gold Armenia
         Limited and First Dynasty Mines Ltd. dated as of May 13, 1997 *(3)

10.40    First Amendment to the Definitive Agreement by and among the
         Registrant, Global Gold Armenia Limited and First Dynasty Mines Ltd.
         dated as of October 10, 1997 *(4)

10.41    Restated Employment Agreement between the Registrant and Drury J.
         Gallagher dated as of July 1, 1997 + *(4)

10.42    Restated Debenture of Global Gold Armenia Limited issued to First
         Dynasty Mines Ltd. dated October 3, 1997, including Guarantee thereof
         issued by the Registrant *(4)

10.43    Form of Amendment No. 5 to Warrant Agreement issued to the purchasers
         of the Registrant's 10% Convertible Notes pursuant to the Confidential
         Private Placement Memorandum dated May 17, 1995, as amended *(4)

10.44    Letter Agreement dated July 24, 1998 between Global Gold Corporation,
         First Dynasty Mines Ltd. and Global Gold Armenia Ltd. and Robert A.
         Garrison +*(5)

10.45    Release dated as of August 31, 1998 given to Global Gold Corporation
         with respect to its guaranty of Debenture of Global Gold Armenia
         Limited and the Change Over Shares issued to First Dynasty Mines Ltd.*
         (5)

10.46    Share Transfer Certificate with respect to the transfer of shares of
         shares of First Dynasty Mines Armenia Limited (formerly known as Global
         Gold Armenia Limited) to First Dynasty Mines (USA) LLC dated August 31,
         1998* (5)

10.47    Joint Acknowledgement by First Dynasty Mines Armenia Limited and Robert
         A. Garrison dated August 31, 1998+* (5)

                                        5
<PAGE>

10.48    Joint Acknowledgement between First Dynasty Mines Ltd., First Dynasty
         Mines Armenia Limited and First Dynasty Mines (USA) LLC and the
         Registrant dated August 31, 1998 terminating all rights under the
         Shareholders Agreement between the parties* (5)

10.49    Special Warrants to purchase 4,000,000 shares of common stock of First
         Dynasty Mines Ltd. issued to the Registrant* (5)

10.50    Special Warrants to purchase 500,000 shares of common stock of First
         Dynasty Mines Ltd. issued to the Registrant* (5)

10.51    Special Trust Indenture dated as of August 31, 1998 between first
         Dynasty Mines Ltd. and CIBC Mellon Trust Company providing for the
         issue of special warrants to purchase common stock of First Dynasty
         Mines Ltd. issued to the Registrant and Robert A. Garrison* (5)

10.52    Form Amendment No. 6 to Warrant Agreement issued to the purchasers of
         the Registrant's 10% Convertible Notes pursuant to the Confidential
         Private Placement Memorandum dated May 17, 1995, as amended*(6)

10.53    Employment Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 2002.*+

10.54    Employment Agreement between the Registrant and Robert A. Garrison
         dated as of July 1, 2002.*+

10.55    Stock Option Agreement between the Registrant and Drury J. Gallagher
         dated as of July 1, 2002 with respect to the grant of 150,000 shares of
         the Registrant's Common Stock.*+

10.56    Stock Option Agreement between the Registrant and Robert A. Garrison
         dated as of July 1, 2002 with respect to the grant of 150,000 shares of
         the Registrant's Common Stock.*+

10.57    Form of Amendment to Warrant Nos, U-1, U-2, U-3, U-4 and U-5 dated as
         of December 31, 2002.**

10.58    Amended and Restated Employment Agreement between the Registrant and
         Drury J. Gallagher dated as of February 1, 2003.**+

10.59    Amended and Restated Employment Agreement between the Registrant and
         Robert A. Garrison dated as of February 1, 2003.**+

10.60    Purchase, Option, Lease, Mandate and Prohibition to Lien and Alienate
         Contract by and among the Registrant and Alfredo Soto Torino and Adrian
         Soto Torino dated January 15, 2003.**

10.61    Purchase, Option, Lease, Mandate and Prohibition to Lien and Alienate
         Contract by and among the Registrant and Alfredo Soto Torino and Adrian
         Soto Torino, as amended, dated March 3, 2003.**

10.62    Agreement between the Registrant and SHA Armenia LLC dated as of March
         17, 2003.**

10.63    Agreement with Analytix Capital to provide advisory services and assist
         the Company in securing corporate and project financing dated May 1,
         2003.

                                        6
<PAGE>

21       Subsidiaries of the Registrant***

31.1     Certification of Chief Executive Officer

31.2     Certification of Chief Financial Officer

32.1     Certification of Chief Executive Officer

32.2     Certification of Chief Financial Officer

*(1)     Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         1994.

*(2)     Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         1995.

*(3)     Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         1996.

*(4)     Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         1997.

*(5)     Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         1998.

**       Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB filed for the fiscal year ended December 31,
         2002.

***      Filed previously and incorporated by reference to an Exhibit to the
         Registrant's Form 10-KSB for the fiscal year ended December 31, 2003.

+        Management contract or compensation plan or arrangement

(c)      Current Reports on Form 8-K

A Form 8-K was filed on September 18, 2003 for a change in Registrant's
Certifying Accountant.

                                        7
<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)




Dated:   May 24, 2004                   By: /s/ Drury J. Gallagher
                                            ----------------------
                                            Drury J. Gallagher,
                                            Chairman, Chief Executive Officer
                                            and Treasurer

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.

         Name                           Title                         Date
         ----                           -----                         ----

 /s/Drury J. Gallagher     CHAIRMAN, CHIEF EXECUTIVE OFFICER,     May 24, 2004
 ---------------------     TREASURER AND DIRECTOR (PRINCIPAL
 DRURY J. GALLAGHER        EXECUTIVE AND FINANCIAL OFFICER)



 /s/Robert A. Garrison     PRESIDENT, CHIEF OPERATING OFFICER,    May 24, 2004
 ---------------------     CHIEF FINANCIAL OFFICER, SECRETARY
 ROBERT A. GARRISON        AND DIRECTOR



 /s/Van Z. Krikorian       VICE PRESIDENT, GENERAL COUNSEL        May 24, 2004
 -------------------       AND DIRECTOR
 VAN Z. KRIKORIAN


                                        8
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                              FINANCIAL STATEMENTS


                                                                            Page

Independent Auditors' Report - for the Year Ended December 31, 2003 .........F-1

Independent Auditors' Report - for the Year Ended December 31, 2002 .........F-2

Consolidated Balance Sheet - as of December 31, 2003 ........................F-3

Consolidated Statements of Operations - for the years ended
December 31, 2003 and 2002 and the development
stage period January 1, 1995 through December 31, 2003 ......................F-4

Consolidated Statements of Changes in Stockholders' Equity (Deficit)
- for the years ended December 31, 2003 and 2002 and the development
stage period January 1, 1995 through December 31, 2003 ......................F-5

Consolidated Statements of Cash Flows - for the years ended
December 31, 2003 and 2002 and the development stage
period January 1, 1995 through December 31, 2003 ............................F-6


Notes to Financial Statements .......................................F-8 to F-21

<PAGE>
                          INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
Global Gold Corporation and Subsidiaries

We have audited the accompanying consolidated balance sheet of Global Gold
Corporation and Subsidiaries (a development stage enterprise) as of December 31,
2003 and the related consolidated statements of operations, changes in
stockholders' equity (deficit), and cash flows for the year then ended and for
the period from January 1, 1995 through December 31, 2003. These 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.

The consolidated financial statements of the Company for the period from January
1, 1995 to December 31, 2002 were audited by other auditors whose report, dated
March 31, 2003, expressed an unqualified opinion on those statements and
included and explanatory paragraph regarding the Company's ability to continue
as a going concern. The consolidated financial statements for the period from
January 1, 1995 to December 31, 2002 reflect a development stage net loss of
$1,899,837 of the total development stage net loss of $2,516,657. The other
auditors' report has been furnished to us, and our opinion, insofar as it
related to the amounts included for such prior periods, is based solely on the
report of such other auditors.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. 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 audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Global Gold
Corporation and Subsidiaries as of December 31, 2003 and the consolidated
results of their operations and their cash flows for the year then ended and for
the period from January 1, 1995 through December 31, 2003 in conformity with
accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2a to the
financial statements, the Company has incurred significant losses since
inception. This raises substantial doubt about the Company's ability to continue
as a going concern. Management's plans with respect to these matters are also
described in Note 2a to the financial statements. The financial statements do
not include any adjustments that might result should the Company be unable to
continue as a going concern.


/s/ Marcum & Kliegman LLP

April 22, 2004
New York, New York

                                       F-1
<PAGE>
                          INDEPENDENT AUDITORS' REPORT

To The Board of Directors and Stockholders of
Global Gold Corporation

We have audited the accompanying statements of operations, changes in
stockholders' equity (deficit) and comprehensive income (loss), and cash flows
of Global Gold Corporation (a development stage enterprise), for the year ended
December 31, 2002 and for the period from January 1, 1995 through December 31,
2002. These 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. The cumulative statements of operations, changes
in stockholders' equity (deficit) and comprehensive income (loss), and cash
flows for the period January 1, 1995 to December 31, 2002 include amounts for
the period January 1, 1995 to December 31, 2001 and for each of the years in the
seven-year period ended December 31, 2001, which were audited by other auditors
whose reports included explanatory paragraphs describing conditions that raised
substantial doubt about the Company's ability to continue as a going concern.
Our opinion, insofar as it relates to the amounts included for the period
January 1, 1995 though December 31, 2001, is based solely on the reports of the
other auditors.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. 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 audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of Global Gold
Corporation for the year ended December 31, 2002 and for the period from January
1, 1995 through December 31, 2002 in conformity with accounting principles
generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2a to the
financial statements, the Company has incurred significant losses since
inception. This raises substantial doubt about the Company's ability to continue
as a going concern. Management's plans with respect to these matters are also
described in Note 2a to the financial statements. The financial statements do
not include any adjustments that might result should the Company be unable to
continue as a going concern.


/s/ GRASSI & CO., CPAS, P.C.

Lake Success, New York
March 31, 2003

                                       F-2
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                           CONSOLIDATED BALANCE SHEET

                                DECEMBER 31, 2003



                                     ASSETS
                                     ------

CURRENT ASSETS
  Cash and cash equivalents .....................................   $   147,247
  Investment in securities available for sale ...................        57,260
                                                                    -----------

      TOTAL CURRENT ASSETS ......................................       204,507

  Mine acquisition costs ........................................       372,774
                                                                    -----------

                                                                    $   577,281
                                                                    ===========


                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:
  Accounts payable and accrued expenses .........................   $   175,538
  Due to related parties ........................................       139,795
                                                                    -----------
      TOTAL CURRENT LIABILITIES .................................       315,333
                                                                    -----------

STOCKHLDERS' EQUITY:
  Common stock $0.001 par value, 100,000,000 shares authorized
    9,558,134 shares issued and outstanding .....................         9,558
  Additional paid-in capital ....................................     6,177,265
  Deferred compensation .........................................      (531,698)
  Accumulated deficit ...........................................    (2,907,648)
  Deficit accumulated during the development stage ..............    (2,516,657)
  Accumulated other comprehensive income ........................        31,128
                                                                    -----------
      TOTAL STOCKHOLDERS' EQUITY ................................       261,948
                                                                    -----------

                                                                    $   577,281
                                                                    ===========

                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                       F-3
<PAGE>
<TABLE>
                                           GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                                                 (A DEVELOPMENT STAGE COMPANY)

                                             CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>

                                                                                                           Cumulative Amount
                                                                                                        from the Inception of
                                                                         For the years ended               Development Stage
                                                                             December 31,                  (January 1, 1995)
                                                                   ------------------------------               through
                                                                      2003                 2002            December 31, 2003
                                                                   ---------            ---------       ---------------------
<S>                                                                <C>                  <C>                   <C>
REVENUES                                                           $       -            $       -             $         -

EXPENSES:
  Selling, general and administrative .......................        457,952               39,774               1,820,749
  Mines exploration costs ...................................        159,888                    -                 159,888
  Legal fees ................................................         36,380               24,958                 692,633
  Write-off investment in Georgia mining interest ...........              -                    -                 135,723
  Gain on sale of interest in Global Gold Armenia ...........              -                    -                (268,874)
  Gain on sale of interest in Sterlite Gold Ltd. ............        (37,400)              (4,619)                (42,019)
  Miscellaneous .............................................              -                    -                  18,557
                                                                   ---------            ---------             -----------

      TOTAL EXPENSES ........................................        616,820               60,113               2,516,657
                                                                   ---------            ---------             -----------

NET LOSS ....................................................      $(616,820)           $ (60,113)            $(2,516,657)
                                                                   =========            =========             ===========

NET LOSS PER SHARE  - BASIC AND DILUTED .....................      $   (0.08)           $   (0.01)
                                                                   =========            =========

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED .....      7,979,202            4,404,641
                                                                   =========            =========

                    The accompanying notes are an integral part of these consolidated financial statements.

                                                              F-4
</TABLE>
<PAGE>
<TABLE>
                                              GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                                                    (A Development Stage Company)

                                 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)
<CAPTION>

                                                                                                   Accumu-
                                                                                                    lated
                                                                  Deficit                           Other      Total
                                                                Accumulated                        Compen-     Stock-      Compre-
                                                    Additional  during the             Deferred     sation    holders'     hensive
                                 Common Stock        Paid-in    Development  Treasury   Compen-     Income     Equity      Income
                               Share      Amount     Capital       Stage      Stock     sation      (Loss)    (Deficit)    /(Loss)
                             ----------  --------  -----------  -----------  --------  ---------  ---------  -----------  ---------
<S>                          <C>         <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
   Resources, 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 at 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 at 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 at December 31, 1997  4,348,114     4,348    4,729,825   (4,628,317)        -          -          -      105,856          -

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

Balance at 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)   (16,000)
  Net income ................         -         -            -      (93,826)        -          -          -      (93,826)   (93,826)
                             ----------  --------  -----------  -----------  --------  ---------  ---------  -----------  ---------

Balance at December 31, 1999  4,348,114     4,348    4,729,825   (4,687,199)  (60,000)         -    (16,000)     (29,026)  (109,826)
                                                                                                                          =========

  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)   (90,000)
  Net loss ..................         -         -            -      (33,341)        -          -          -      (33,341)   (33,341)
                             ----------  --------  -----------  -----------  --------  ---------  ---------  -----------  ---------

Balance at December 31, 2000  4,368,114     4,368    4,834,955   (4,720,540)        -          -   (106,000)      12,783   (123,341)
                                                                                                                          =========

                       The accompanying notes are an integral part of these consolidated financial statements.

                                                                F-5
</TABLE>
<PAGE>
<TABLE>
                                              GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                                                    (A Development Stage Company)

                                 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)
<CAPTION>



                                                                  Deficit
                                                                Accumulated              Accumulated                      Compre-
                                                    Additional  during the    Deferred      Other           Total         hensive
                                  Common Stock       Paid-in    Development    Compen-   Compensation    Stockholders'    Income
                               Share      Amount     Capital       Stage       sation    Income (Loss)  Equity (Deficit)  /(Loss)
                             ----------  --------  -----------  -----------   ---------  -------------  ---------------- ---------
<S>                           <C>         <C>       <C>         <C>           <C>           <C>            <C>           <C>
Balance at December 31, 2000  4,368,114     4,368    4,834,955   (4,720,540)          -     (106,000)          12,783            -
Net loss ....................         -         -            -      (26,832)          -            -          (26,832)     (26,832)
Unrealized gain on investment         -         -            -            -           -      (15,000)         (15,000)     (15,000)
                              ---------   -------   ----------  -----------   ---------     --------       ----------    ---------

Balance at December 31, 2001  4,368,114     4,368    4,834,955   (4,747,372)          -     (121,000)         (29,049)     (41,832)
                                                                                                                         =========
Issuance of common stock for
compensation ................   200,000       200        9,800            -           -            -           10,000            -
Net loss ....................         -         -            -      (60,113)          -            -          (60,113)     (60,113)
Unrealized gain on investment         -         -            -            -           -      247,406          247,406      247,406
                              ---------   -------   ----------  -----------   ---------     --------       ----------    ---------

Balance at December 31, 2002  4,568,114     4,568    4,844,755   (4,807,485)          -      126,406          168,244      187,293
                                                                                                                         =========
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            -
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)     (95,278)
Net Loss ....................         -         -            -     (616,820)          -            -         (616,820)    (616,820)
                              ---------   -------   ----------  -----------   ---------     --------       ----------    ---------

Balance at December 31, 2003  9,558,134   $ 9,558   $6,177,265  $(5,424,305)  $(531,698)    $ 31,128       $  261,948    $(712,098)

                       The accompanying notes are an integral part of these consolidated financial statements.

                                                                 F-6
</TABLE>
<PAGE>
<TABLE>
                                           GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                                                 (A Development Stage Company)
<CAPTION>
                                                                                                           Cumulative Amount
                                                                                                        from the Inception of
                                                                         For the years ended               Development Stage
                                                                             December 31,                  (January 1, 1995)
                                                                   ------------------------------               through
                                                                      2003                 2002            December 31, 2003
                                                                   ---------            ---------       ---------------------
<S>                                                                <C>                   <C>                   <C>
NET CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ....................................................      $(616,820)            $(60,113)            $(2,516,657)
Adjustments to reconcile net loss to net cash used in
 operating activities:
  Provision for bad debts ...................................             --                   --                 325,000
  Amortization of deferred compensation .....................        165,802                   --                 165,802
  Gain on sale of Armenia mining interests ..................             --                   --                (268,874)
  Write-off of mining investment in Georgia .................             --                   --                 135,723
  Gain on sale of investment in common stock of
     Sterlite Gold Ltd. .....................................        (37,400)              (4,619)                (42,019)
  Non-cash expenses related to issuance of common stock .....             --               10,000                 174,500
Changes in assets and liabilities:
  Organization costs ........................................             --                   --                  (9,601)
  Accounts receivable and deposits ..........................             --                   --                    (154)
  Accounts payable and accrued expenses .....................         67,627               23,573                 292,232
                                                                   ---------             --------             -----------
NET CASH USED IN OPERATING ACTIVITIES .......................       (420,791)             (31,159)             (1,744,048)
                                                                   ---------             --------             -----------
NET CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from sale of Armenia mining interests ............             --                   --               1,891,155
  Proceeds from sale of investment in Sterlite Gold Ltd.
     Common stock ...........................................        161,536               50,351                 211,887
  Investment in certain mining interests - net of financing .             --                   --                (153,494)
  Payment of mine acquisition costs .........................       (229,645)             (53,502)             (1,162,005)
                                                                   ---------             --------             -----------

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES .........        (68,109)              (3,151)                787,543
                                                                   ---------             --------             -----------
NET CASH FLOWS FROM FINANCING ACTIVITIES:
  Net proceeds from private placement offering ..............        577,500               28,214                 999,073
  Repurchase of common stock ................................        (25,000)                  --                 (25,000)
  Advances from related parties .............................         75,863                                      117,577
  Sale of warrants ..........................................             --                   --                     650
  Warrants exercised ........................................             --                   --                     100
                                                                   ---------             --------             -----------
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES .............        628,363               28,214               1,092,400
                                                                   ---------             --------             -----------
NET INCREASE (DECREASE) IN CASH .............................        139,463               (6,096)                135,895
CASH AND CASH EQUIVALENTS - beginning of period .............          7,784               13,880                  11,352
                                                                   ---------             --------             -----------
CASH AND CASH EQUIVALENTS - end of period ...................      $ 147,247             $  7,784             $   147,247
                                                                   =========             ========             ===========
SUPPLEMENTAL CASH FLOW INFORMATION
  Income taxes paid .........................................      $      --             $     --             $     2,683
                                                                   =========             ========             ===========
  Interest paid .............................................      $      --             $     --             $    15,422
                                                                   =========             ========             ===========
Noncash Transactions
  Stock issued for deferred compensation ....................      $ 697,500             $     --             $   697,500
                                                                   =========             ========             ===========
  Unpaid mine acquisition costs .............................      $  27,127             $     --             $    50,697
                                                                   =========             ========             ===========
  Stock issued for mine acquisition costs ...................      $  62,500             $     --             $    62,500
                                                                   =========             ========             ===========
Shares issued in payment of accounts payable ................      $  25,000             $     --             $    25,000
                                                                   =========             ========             ===========

                   The accompanying notes are an integral part of these consolidated financial statements.

                                                              F-7
</TABLE>
<PAGE>
                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2003 AND 2002

1. ORGANIZATION AND BUSINESS

   Global Gold Corporation (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 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. As part of the plan to acquire the mining interests and
   raise venture capital, the Company increased the number of shares authorized
   to be issued from ten million to one hundred million, and commenced a private
   placement offering to raise $500,000.

   On January 24, 2003, the Company incorporated Global Gold Oro LLC and Global
   Gold Plata LLC, as wholly owned subsidiaries, in the State of Delaware. The
   companies were formed to be equal joint owners of a Chilean Limited Liability
   Company, not formed as of March 31, 2004, for the purpose of owning the Santa
   Candelaria Project. Neither company had any assets or liabilities as of
   December 31, 2003.

   On August 18, 2003, the Company incorporated Global Gold Armenia LLC and
   Global Gold Mining LLC, as wholly owned subsidiaries, in the State of
   Delaware. Global Gold Armenia LLC was formed to own Global Gold Mining LLC,
   which will eventually own the assets of SHA LLC and SIPAN I LLC of Hankavan
   (SHA LLC) and Lichvaz-Tei and Terterasar (SIPAN I LLC). Neither company had
   any assets or liabilities as of December 31, 2003.

   The accompanying 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, 2003.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   a. Basis of Presentation - These financial statements have been prepared
      assuming that the Company will continue as a going concern. Since its
      inception, the Company, a development stage enterprise, has yet to
      generate revenues (other than interest income and the proceeds from the
      sale of an interest in an Armenian mining venture, and the sale of common
      stock of marketable securities received as consideration, therewith) while
      incurring costs in excess of $2,500,000. Management is currently pursuing
      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 achieve profitable operations.
      The Company expects to incur additional losses for the near term until
      such time as it derives substantial revenues from the Chilean or Armenian
      mining interests acquired by it or other future projects or from its
      investment in marketable securities. These matters raise substantial doubt
      about the Company's ability to continue as a going concern. The
      accompanying financial statements have been prepared on a going concern
      basis, which contemplates the realization of assets and satisfaction of
      liabilities in the normal course of business. The accompanying financial
      statements do not include any adjustments that might be necessary should
      the Company be unable to continue as a going concern.

                                       F-8
<PAGE>

   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 and disclosure of
      contingent 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. Fair Value of Financial Instruments - The Company's financial instruments
      include cash, marketable securities and accounts payable. The Company
      believes that the carrying amounts of these accounts are reasonable
      estimates of their fair value because of the short-term nature of such
      instruments.

   d. 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 financial statements as their
      effect would be anti-dilutive. As of December 31, 2003, the Company's
      outstanding options and warrants were 300,000 and 345,000, respectively.

   e. Stock Based Compensation - At December 31, 2003, the Company had three
      stock-based employee compensation plans. As permitted under SFAS No. 148,
      "Accounting for Stock-Based Compensation--Transition and Disclosure",
      which amended SFAS No. 123 ("SFAS 123"), "Accounting for Stock-Based
      Compensation", the Company has elected to continue to follow the intrinsic
      value method in accounting for its stock-based employee compensation
      arrangements as defined by Accounting Principles Board Opinion ("APB") No.
      25, "Accounting for Stock Issued to Employees", and related
      interpretations including Financial Accounting Standards Board
      Interpretation No. 44, "Accounting for Certain Transactions Involving
      Stock Compensation", an interpretation of APB No. 25. No stock-based
      employee compensation cost is reflected in net loss, as all options
      granted under those plans had an exercise price equal to the market value
      of the underlying common stock on the date of grant. The following table
      illustrates the effect on net loss and earnings per share if the Company
      had applied the fair value recognition provisions of SFAS 123 to
      stock-based employee compensation:

                                                   For the years ended
                                                       December 31,
                                                   -------------------
                                                   2003           2002
                                                   ----           ----

      Net loss as Reported ...................  $  (616,820)  $   (60,113)
      Add: Stock-based employee compensation
       expense included in reported net
       income, net of related tax effect .....            -             -
      Deduct: Total stock-based compensation
       expense determined under fair
       value-based method for all
       awards, net of related tax effect .....        6,545         3,273
                                                -----------   -----------
      Pro Forma Net Loss .....................  $  (623,365)  $   (63,386)
                                                ===========   ===========
      Basic and diluted net loss  per share
       as reported ...........................  $     (0.08)  $     (0.09)
                                                ===========   ===========
      Basic and diluted pro forma net loss
       per share .............................  $     (0.08)  $     (0.09)
                                                ===========   ===========
                                                  7,979,202     4,404,641
                                                ===========   ===========

                                       F-9
<PAGE>
      The fair value of options at date of grant was estimated using the
      Black-Scholes fair value based method with the following weighted average
      assumptions:

                                                     2003        2002
                                                    ------      ------
         Expected Life (Years) .................       3          2.5
         Interest Rate .........................     5.70%       5.70%
         Annual Rate of Dividends ..............       0%          0%
         Volatility ............................     100%        100%

   f. 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 due to investments
      by stockholders, changes in paid-in capital and distribution to owners.

      The following table summarizes the computations reconciliation net loss to
      comprehensive income (loss) for the year s ended December 31, 2003 and
      2002.
<TABLE>
<CAPTION>
                                                                     Year Ending December 31,
                                                      ------------------------------------------------------
                                                                2003                         2002
                                                      --------------------------   -------------------------
<S>                                                   <C>           <C>            <C>           <C>
      Net loss ....................................                 $  (616,820)                 $   (60,113)

      Other comprehensive income, net of tax:
        Unrealized gain or (loss) arising
        during the year ...........................   $   (57,878)                 $  252,025

        Less: reclassification adjustment for
          (gains) or loss included in net income ..       (37,400)                     (4,619)
                                                      -----------                  ----------
                                                                        (95,278)                     247,406
                                                                    -----------                  -----------
      Other comprehensive income (loss), net of tax                     (95,278)                     247,406
                                                                    ===========                  ===========
      Comprehensive income (loss) .................                 $  (712,098)                 $   187,293
                                                                    ===========                  ===========
</TABLE>

   g. 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.

   h. Investment in Marketable Securities - The Company's investment in
      available for sale securities consists of certain equity securities not
      classified as trading securities nor as securities to be held to-maturity.
      Securities available for sale are carried at fair value with unrealized
      gains and losses reported in other comprehensive income. Realized gains
      and losses on securities available for sale are included in other income
      (expense) and, when applicable, are reported as a reclassification
      adjustment, net of tax, in other comprehensive income. Gains and losses on
      the sale of available for sale securities are determined using the
      specific-identification method. Declines in fair value on individual
      available for sale securities below their cost that are other than
      temporary would result in the write-downs of the individual securities to
      their fair value. The related write-downs would be included in earnings as
      realized losses.

                                      F-10
<PAGE>

   i. Mine Acquisition Costs - The Company has made option payments and incurred
      fees and commissions in connection with their acquisition of mining
      properties which are located in Armenia and Chile. These payment and
      charges are recorded on the balance sheet as deferred costs. Upon
      completion of these acquisitions, the Company will reclassify such
      deferred costs as fixed assets. Depletion of capitalized deferred costs
      will be on units of production basis.

   j. Exploration Costs - The Company expenses all exploration costs as
      incurred.

   k. Certain amounts in the prior period financial statements have been
      reclassified to conform to the current year's presentation.

   l. New Accounting Standards:

      In November 2002, the FASB issued Interpretation ("FIN") No. 45,
      "Guarantor's Accounting and Disclosure Requirements for Guarantees,
      Including Indirect Guarantees of Indebtedness of Others." FIN No. 45
      requires a company, at the time it issues a guarantee, to recognize an
      initial liability for the fair value of obligations assumed under the
      guarantee and elaborates on existing disclosure requirements related to
      guarantees and warranties. The initial recognition requirement of FIN No.
      45 are effective for guarantees issued or modified after December 31,
      2002. The Company's adoption of the recognition requirements of FIN No. 45
      did not have any effect on its consolidated financial position or results
      of operations.

      In January 2003 and revised in December 2003, FASB issued FIN 46,
      "Consolidation of Variable Interest Entities, an Interpretation of ARB No.
      51." FIN 46 requires certain variable interest entities to be consolidated
      by the primary beneficiary of the entity if the equity investors in the
      entity do not have the characteristics of a controlling financial interest
      or do not have sufficient equity at risk for the entity to finance its
      activities without additional financial support from other parties. FIN 46
      is effective for all new variable interest entities created or acquired
      after January 31, 2003. For variable interest entities created or acquired
      prior to February 1, 2003, the provisions of FIN 46 must be applied for
      the first interim or annual period beginning after December 15, 2004. The
      adoption of FIN 46 is not expected to have a material impact on the
      Company's consolidated financial position or results of operations.

      In April 2003, the FASB issued SFAS No. 149,"Amendment of Statement 133 on
      Derivative Instruments and Hedging Activities." The statement amends and
      clarifies accounting for derivative instruments, including certain
      derivatives instruments embedded in other contracts and for hedging
      activities under SFAS 133. This Statement is effective for contracts
      entered into or modified after June 30, 2003, except as stated below and
      for hedging relationships designated after June 30, 2003 the guidance
      should be applied prospectively. The provisions of this Statement that
      relate to SFAS 133 Implementation Issues that have been effective for
      fiscal quarters that began prior to June 15, 2003, should continue to be
      applied in accordance with respective effective dates. In addition,
      certain provisions relating to forward purchases or sales of when-issued
      securities or other securities that do not yet exist, should be applied to
      existing contracts as well as new contracts entered into after June 30,
      2003. The adoption of SFAS No. 149, which became effective for contracts
      entered into or modified after June 30, 2003, did not have any impact on
      the Company's financial position, results of operations or cash flows.

      In May 2003, the FASB issued SFAS No. 150,' Accounting for Certain
      Financial Instruments with Characteristics of both Liabilities and Equity"
      ("SFAS 150"). SFAS 150 establishes standards for how an issuer classifies
      and measures certain financial instruments with characteristics of both
      liabilities and equity. It requires that an issuer classify a financial
      instrument that is within its scope as a liability (or an asset in some
      circumstances). SFAS 150 became effective for financial instruments
      entered into or modified after May 31, 2003, and otherwise became
      effective at the beginning of the first interim period beginning after
      June 15, 2003. The adoption of SFAS 150 did not have any impact on the
      Company's consolidated results of operations, financial position or cash
      flows.
                                      F-11
<PAGE>

      Emerging Issue Task Force ("EITF") No. 04-3 "Mining Assets - Impairment
      and Business Combinations" sets the standard for mining companies to
      include value attributable to value beyond proven and probable reserves
      ("VBPP") and anticipated fluctuations in the future market price of
      minerals in their consideration when an entity allocates the purchase
      price of a business combination to mining assets and when an entity
      performs the cash flow analysis used to test mining assets for impairment
      under SFAS No. 144 "Accounting for the Impairment or Disposal of Long-live
      Assets". The implementation of this new standard is not expected to have a
      material effect on the Company's financial statements.

3. ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE

   Pursuant to an Asset Purchase Agreement dated June 1995, the Company acquired
   from Eyre Resources N.L., ("Eyre") an Australian corporation, all of its
   potential interest in its Armenian gold mining project (Note 4) and all of
   Eyre's potential interest in its Georgia gold and copper mining project (Note
   5).

   In January 1998, the Company brought an action against Eyre, the
   Parry-Beaumont Trust, a Singapore trust, and Kevin Parry, individually, in
   the United States District Court for the Southern District of New York,
   seeking damages in excess of $81,000,000 arising out of the alleged fraud
   committed by the defendants.

   The defendants denied such claims and asserted counterclaims against the
   Company, the Company's Chairman, and the Company's President.

   A settlement was agreed to on October 13, 1999. In the settlement, 1,000,000
   common shares of First Dynasty Mines Ltd., which on July 5, 2002 changed its
   name to Sterlite Gold Ltd., ("Sterlite"), owned by the Company that were
   received in exchange for the investment in Global Gold Armenia Limited were
   exchanged for 1,000,000 shares of Common Stock of Global Gold Corporation,
   600,000 of which were held by Eyre and 400,000 of which were held by the
   Parry-Beaumont Trust. All outstanding Warrants held by Eyre and the
   Parry-Beaumont Trust were canceled as part of the settlement.

   In March 2000, an additional 20,000 shares of the Company's common stock were
   issued as a final settlement of obligations resulting from the lawsuit.

4. ARMENIAN JOINT VENTURE AGREEMENT

   On February 2, 1996, the Company and Armgold, a division of the Ministry of
   Industry of the Government of the Republic of Armenia, initialed a Joint
   Venture Agreement (the "Venture") entitled the Armenian Gold Recovery Company
   ("AGRC").

   The first stage of the project for extraction of gold from tailings began
   operations at an official dedication ceremony on February 25, 1998.

   An agreement to contribute the Zod and Meghradzor mines to the Venture was
   signed on September 30, 1997 and approved by the Armenian government on June
   25, 1998 based on a feasibility study prepared by a joint venture between
   Kilborn-SNC Lavalin and CMPS&F, and submitted on June 8, 1998.

   An agreement was entered into with Sterlite on July 24, 1998, transferring
   the Company's interest in AGRC in exchange for 4,000,000 Special Warrants
   exchangeable at no cost into common shares of Sterlite. In 1998 the Company
   recognized a gain of $268,874 in the exchange.

                                      F-12
<PAGE>

5. GEORGIAN AGREEMENT

   The Company also acquired from Eyre rights under a Foundation Agreement dated
   April 22, 1995 (including a Charter for a joint venture company) with
   R.C.P.A. Madneuli, a Georgian state enterprise, in connection with carrying
   out certain mining activities on the Madneuli deposit. The Company was
   subsequently advised that the application for the license required to be
   filed with the Georgian government had not been filed, and it had no
   definitive agreement granting it fixed rights to mining production or
   processing in Georgia.

   The Company thereafter learned that the Georgian government was planning to
   privatize the development of the Madneuli mine through a public bidding
   process which was slated to end on April 15, 1997. Since the structure of the
   Madneuli mining project under the public tender differed markedly from that
   contemplated under the Asset Purchase Agreement between the Company and Eyre
   dated as of June 30, 1995, the Company decided not to submit a bid for the
   development of the Madneuli mining project. As of December 31, 1997, the
   Company wrote off its investment in the Georgian mining property resulting in
   a loss of $135,723.

6. INVESTMENT IN SECURITIES AVAILABLE FOR SALE

   The Company, Global Gold Armenia ("GGA"), a Cayman Island Company, and
   Sterlite entered into a preliminary agreement dated January 27, 1997, whereby
   Sterlite agreed to advance funds in stages necessary for the development of
   the Armenian mining projects.

   The Company and Sterlite entered into a definitive agreement dated May 13,
   1997, reflecting the final agreement of the parties with respect to the
   Armenian mining projects (the "FDM Agreement").

   The Company and GGA, in conjunction with Sterlite, negotiated for AGRC to
   develop the Zod and Meghradzor mines and concluded the amended Armenian Joint
   Venture Agreement on September 30, 1997. Sterlite agreed to advance a maximum
   of $24,510,000 under the FDM Agreement. All funds advanced by Sterlite were
   to be advanced to GGA as debt, which is convertible into stock of GGA at
   Sterlite's option, or is automatically converted into such stock under
   certain circumstances, with $24,510,000 equal to 80% of the capital stock of
   GGA. Upon obtaining 80% of the capital stock of GGA, or upon making aggregate
   advances of $24,510,000, Sterlite would be entitled to acquire the remaining
   20% of the outstanding capital stock of GGA within 18 months after making
   such total advances, by issuance of 4,000,000 special warrants.

   On July 24, 1998, Sterlite and the Company entered into an agreement to
   accelerate the issuance of the 4,000,000 special warrants. The 4,000,000
   special warrants are exchangeable into 4,000,000 common shares of Sterlite at
   no cost within one year or with the public offering of common shares,
   whichever comes first. The common shares were valued at approximately CND
   $0.20 on the Toronto Stock Exchange or approximately US $0.13 on August 31,
   1998. For reporting purposes, the shares were discounted 50% for absence of a
   market for the warrants, lack of trading volume and future dilution.

   In September 1999, the warrants were exchanged for 4,000,000 shares of
   Sterlite common stock.

   In October 1999, as noted in Note 3, the Company reacquired 1,000,000 shares
   of its outstanding common stock in exchange for 1,000,000 shares of Sterlite
   owned by the Company. As a result, total stock of Sterlite owned by the
   Company amounted to 3,000,000 shares.

   The Company has determined that the Sterlite shares are marketable securities
   which has been classified as available for sale. Unrealized gains or losses
   on these securities are added to or deducted from stockholders equity as
   accumulated other comprehensive gain or loss.

                                      F-13
<PAGE>

   During the year ended December 31, 2003, the Company sold 1,900,000 shares of
   Sterlite for $161,537 and recorded a gain of $37,400. During the year ended
   December 31, 2002, the Company sold 700,000 shares of Sterlite for $50,351
   and recorded a gain of $4,619.

   As of December 31, 2003 the Company owned 400,000 shares of Sterlite valued
   at $57,260. In addition, the Company has recorded an unrealized gain of
   $31,128 on these marketable securities, included in the Company's statements
   of changes in stockholders' equity (deficit).

   The Company will retain the right until December 31, 2009 to elect to
   participate at a level of up to twenty percent with Sterlite or any of its
   affiliates in any exploration project undertaken by them in Armenia.

   In connection with the Sterlite financing, the Company paid a finder's fee of
   125,000 shares of its common stock to each of Walker Investments Ltd. and
   Alpine Holdings Ltd. at $.10 per share which approximated fair market value
   as determined by management at the time.

7. DUE TO RELATED PARTIES

   Due to related parties of $139,795 represents accrued salaries due to
   officers/stockholders of the Company.

8. PRIVATE PLACEMENT MEMORANDUM

   a. Pursuant to a Confidential Private Placement Memorandum dated May 17,
      1995, as amended (the "1995 Offering"), the Company issued $500,000 of 10%
      Convertible Notes due December 31, 1996. Expenses in connection with the
      Offering were $78,427. Each $1,000 Convertible Note, entitled the holder
      to 400 shares of common stock and warrants to purchase 800 shares of
      common stock at an adjusted exercise price of $.50 per share at any time
      before December 31, 1998. The exercise price was subsequently reduced to
      $.125 per share to reflect the current market valuation as determined by
      management and the exercise date was extended to December 31, 1999. The
      exercise date was further extended to December 31, 2000 at which time the
      warrants expired.

      In accordance with the Offering, interest was not payable on the
      Convertible Notes so long as they were converted to equity within a
      specified time frame. After the December 1, 1995 Eyre closing, the entire
      $500,000 of Convertible Notes were exchanged for 200,000 shares of Common
      Stock, as computed after the Reverse Split (see Note 11).

   b. Pursuant to a Confidential Private Placement Memorandum dated July 5, 2003
      the Company offered to sell up to 2,000,000 shares of its common stock at
      a price of $0.25 per share. The Company sold the 1,000,000 shares of its
      common stock at a price of $0.25 per share and raised total proceeds of
      $250,000 less a commission of $17,500 paid to Analytix Capital.

   c. Pursuant to a Confidential Private Placement Memorandum dated September
      10, 2003 the Company offered up to a maximum of 8,000,000 shares of its
      common stock at a purchase price of $.50 per share.

      In September, October and November the Company sold 500,000 shares of its
      common stock at a price of $0.50 and raised total proceeds of $250,000
      less a commission of $17,500 paid to Analytix Capital.

                                      F-14
<PAGE>

      In addition Analytix Capital received warrants from a combination of both
      transactions to purchase 15,000 shares of the Company's common stock at a
      purchase price of $0.10 per share at anytime before December 15, 2005.

      The Company will redeem the warrants upon 30 days notice at a price of
      $0.90 per share if Analytix exercises the right to redemption after
      December 1, 2005 and before December 15, 2005 and the common stock has not
      traded at a market price of $1.00 or more at any time prior to the
      delivery of the notice to redeem by Analytix. The Company has recorded a
      liability of $13,500 pertaining to this transaction, which is included in
      accounts payable.

9. OFFICERS' COMPENSATION, INCENTIVE STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

   Management currently consists of three individuals: the Chairman, Chief
   Executive Officer and Treasurer of the Company (the "Chairman") who has been
   a stockholder since 1981 and was previously the Company's President, the
   current President of the Company (the "President") who was hired in April
   1995 to oversee mining and related financing activities and the Vice
   President who was hired in 2003 as general counsel.

   In March 2000, the Company paid the Chairman accrued salary and expenses
   advanced from prior years of $162,500 by issuing 1,000,000 shares of its
   common stock out of its Treasury shares.

   The Company entered into four-year Employment Agreements with both the
   Company's Chairman and its President commencing as of July 1, 2002, and
   terminating on June 30, 2006. Pursuant to these agreements, the Company
   agreed to deliver to each of these officers 100,000 shares of its Common
   Stock as base compensation for each year during the four-year term, subject
   to an adjustment each year, as determined by the Board of Directors (i) in an
   amount equal to the increase in the consumer price index or (ii) up to 10% of
   the then base compensation. On October 31, 2002, the Company issued 100,000
   shares of common stock, valued at $0.05 per share, to both the Chairman and
   President as compensation for the year 2002. Such expense was reflected in
   the Statement of Operations for the year ended December 31, 2002. In
   addition, each officer is entitled to annual bonus compensation under any
   bonus plan as determined by the Board of Directors.

   The Company, on February 1, 2003, entered into Amended and Restated
   Employment Agreements with both the Chairman and President that modified the
   existing four-year Employment Agreements that commenced on July 1, 2002. Each
   Amended and Restated Employment Agreement provides for base compensation of
   $100,000 per year (subject to payment as cash flow permits) and the grant of
   900,000 shares as a stock award subject to a substantial risk of forfeiture
   if either terminates their employment with the Company (other than by death
   or disability) over the 41-month term of the agreement. On February 21, 2003,
   the Company issued the 900,000 shares to both officers of the Company. The
   Company, on June 1, 2003 entered into an Employment Agreement with the Vice
   President and general counsel which provides for base compensation of
   $100,000 per year and the grant of 900,000 shares as a stock award subject to
   substantial risk of forfeiture if he terminates his employment with the
   Company (other than by death or disability) over the 37-month term of the
   Agreement. On June 1, 2003 the Company issued the 900,000 shares. These
   shares are to be earned, and vest ratably, during such period, plus any bonus
   determined in accordance with any bonus plan approved by the Board of
   Directors. 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. Compensation expense for the year ended December 31,
   2003 is $158,333.

   The amount of total deferred compensation amortized for the year ended
   December 31, 2003 is $165,802.

                                      F-15
<PAGE>

10. 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, 2003, the Company had net deferred tax assets of $903,000. The Company
    has provided a valuation allowance, which increased during 2003 by $237,000,
    against the full amount of its deferred tax asset, since the likelihood of
    realization cannot be determined.

    The following table illustrates the source and status of the Company's major
    deferred tax assets as of December 31, 2003.

         Net operating loss carryforward ..............      $ 903,000
         Valuation allowance ..........................       (903,000)
                                                             ---------
         Net deferred tax asset recorded ..............      $       -
                                                             =========

    The provision for income taxes for year ended December 31, 2003 and 2002
    differs from the amount computed by applying the statutory federal income
    tax rate to income before income taxes as follows:

                                                          2003        2002
                                                        ---------   --------

         Income tax benefit computed at statutory rate  $(210,000)  $(15,000)
         State tax benefit - net .....................    (27,000)         -
         Increase in valuation allowance .............    237,000     15,000
                                                        ---------   --------
         Provision for income taxes ..................  $       -   $      -
                                                        =========   ========

    The Company has net operating loss carry forwards for tax purposes of
    approximately $2,412,000 at December 31, 2003 expiring at various dates from
    2004 to 2023. 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.

11. STOCKHOLDERS' EQUITY (DEFICIT)

    Reverse stock split - The Company filed a Certificate of Amendment to the
    Certificate of Incorporation with respect to a 1 for 10 reverse split with
    the Delaware Secretary of State on December 31, 1996. Such step was taken by
    the written consent of the holders of a majority of the Company's issued and
    outstanding shares of common stock.

    Treasury stock - As part of the settlement with Eyre and the Parry-Beaumont
    Trust (Note 3), 1,000,000 shares of Sterlite common stock, owned by the
    Company with a market value of $60,000 as of October 13, 1999, were
    exchanged for 1,000,000 shares of the Company's common shares, of which
    600,000 shares were held by Eyre and 400,000 shares were held by the
    Parry-Beaumont Trust. Upon exchange the Company classified their shares as
    treasury stock.

                                      F-16
<PAGE>

    On March 15, 2000, the Company issued 1,000,000 restricted shares of its
    common stock out of its treasury to the Company's Chairman and Chief
    Executive Officer, Drury Gallagher, for accrued salary and expenses advanced
    of $162,500 or $0.1625 per share.

    On October 31, 2002, the Company issued 100,000 shares of its common stock
    to each of the Chairman and President of the Company, as payment of salaries
    payable under terms of their Employment Agreements dated as of July 1, 2002
    (Note 9).

    In January 2003, the Company issued 500,000 shares of its commons stock to
    Linda Sam (100,000 shares), EM&P Investments (200,000 shares) and Bank SAT
    Oppenheim Jr. & CIE (200,000 shares), through Sukhmohan Athwal as nominee,
    at $0.25 per share (fair market value). The value of the shares includes the
    total cash price of $25,000 plus performance obligations by Sukhmohan Athwal
    valued at $100,000, pursuant to a special incentive financing arrangement
    (which has not yet been consummated as of the date hereof).

    In January 2003, the Company issued 350,000 shares of its common stock to
    various Investors, at $0.25 per share (fair market value) for a total
    purchase price of $87,500. This transaction was part of a Private Placement
    Memorandum ("PPM") dated November 15, 2002. No additional shares are to be
    issued under the PPM.

    The Company issued the 900,000 shares on February 21, 2003 to Messrs.
    Gallagher and Garrison at the fair market value of $0.25 per share as
    determined by the Board of Directors. 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.

    On April 1, 2003, the Company agreed to issue 100,000 shares of its common
    stock to Stephen R. Field at $0.25 per share in payment of $25,000 of
    previously invoiced legal expenses. The shares were transferred on May 28,
    2003.

    On April 4, 2003, the Company transferred 250,000 shares of its common stock
    to Sukhmohan Athwal at $0.25 per share. The shares were issued as a finders
    fee for the Chilean property. On June 1, 2003, the Company transferred
    900,000 shares of its common stock at $0.25 per share to Van Z. Krikorian as
    a stock award subject to a substantial risk of forfeiture if he terminates
    his employment with the Company (other than by death or disability) over the
    37-month term of his Employment Agreement and which is to be earned and vest
    ratably during the 37-month period ending June 30, 2006.

    On July 25, 2003, the Company sold 1,000,000 shares of its common stock to
    NJA Investments for $0.25 per share for a total purchase price of $250,000.
    A commission of $17,500 was paid to Analytix Capital.

    On July 31, 2003, 100,000 shares of the Company's common stock were
    subscribed by Global Gestion for $.50 per share for a total purchase price
    of $50,000. This transaction was a part of Private Placement Memorandum
    ("PPM") dated September 10, 2003. A commission of $3,500 was paid to
    Analytix Capital.

    On August 1, 2003, the Company entered into an agreement with Ashot
    Boghossian to represent Global Gold Mining as its Regional Director in
    Armenia.

                                      F-17
<PAGE>

    The agreement provides for a monthly fee of $3,000 plus expenses for a term
    of 3 years and the granting of 90,000 common shares as a restricted stock
    award subject to a substantial risk of forfeiture if the individual
    terminates his employment with the Company (other than by death or
    disability) over the term of the agreement and which is to be earned and
    vest ratably during such period. The shares were issued on December 10,
    2003.

    On September 29, 2003, the Company received and cancelled 500,000 shares of
    its common stock previously issued in January 2003 from Linda Sam (100,000
    shares), from EM&P Investments (200,000 shares) and from Bank SAT Oppenheim
    Jr. & CIE (200,000 shares), which were issued pursuant to a special
    incentive financing arrangement that was cancelled. An advance of $25,000
    was returned to the participants.

    On November 24, 2003, the Company sold 400,000 shares of its common stock to
    NJA Investments for $0.50 per share (fair market value) for a total purchase
    price of $200,000. This transaction was a part of private placement
    memorandum ("PPM") dated September 10, 2003. A commission of $14,000 was
    paid to Analytix Capital, which provided advisory services.

    Stock Warrants and Options

    -   On October 31, 2000, the Company sold, for $0.005 per share, warrants to
        purchase 130,000 shares of Common Stock of the Company at an exercise
        price of $0.25 per share, expiring on October 31, 2005, as amended.

    -   On October 31, 2000, the Company granted warrants to purchase 100,000
        shares of the Common Stock of the Company at an exercise price of $0.25
        per share, expiring on October 31, 2005, as amended, to each of Drury J.
        Gallagher, the Company's Chairman and Robert A. Garrison, the Company's
        President, in consideration of their prior services to the Company.

    -   On December 15, 2003, the Company granted warrants to purchase 15,000
        shares of the common stock of the Company to Analytix Capital, as a part
        of its payment for advisory services at an exercise price of $0.10 per
        share, expiring on December 15, 2005.

    -   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 Chairman and President of the Company.
        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, 2003, there were 200,000
        stock awards available under the Plan for future issuance.

                                      F-18
<PAGE>

The following tables illustrates the Company's stock warrant and option
issuances and balances outstanding as of, and during the years ended December
31, 2003 and December 31, 2002, respectively.
<TABLE>
<CAPTION>
                                                     WARRANTS                              OPTIONS
                                         ----------------------------------    ---------------------------------
                                              Shares            Weighted           Shares           Weighted
                                            Underlying          Average          Underlying         Average
                                             Warrants        Exercise Price       Options       Exercise Price
                                         ----------------    --------------    ---------------    --------------
<S>                                           <C>               <C>                 <C>                <C>
Outstanding at December 31, 2001 ........     330,000           $   0.25                  -            $    -
   Granted ..............................           -                  -            300,000              0.11
   Canceled .............................           -                  -                  -                 -
   Exercised ............................           -                  -                  -                 -
                                         ----------------    --------------    ---------------    --------------
Outstanding at December 31, 2002 ........     330,000           $   0.25            300,000            $ 0.11
   Granted ..............................      15,000               0.10                  -                 -
   Canceled .............................           -                  -                  -                 -
   Exercised ............................           -                  -                  -                 -
                                         ----------------    --------------    ---------------    --------------
Outstanding at December 31, 2003              345,000           $   0.24            300,000            $ 0.11
                                         ================    ==============    ===============    ==============
</TABLE>
The following is additional information with respect to the Company's options
and warrants as of December 31, 2003.
<TABLE>
<CAPTION>
                                                                                               WARRANTS
                             WARRANTS OUTSTANDING                                              EXERCISABLE
 ------------------------------------------------------------------------------    ------------------------------------
                          Number of           Weighted                                Number of
                         Outstanding           Average            Weighted           Exercisable          Weighted
                           Shares             Remaining            Average             Shares              Average
      Exercise           Underlying          Contractual          Exercise           Underlying           Exercise
       Price              Warrants              Life                Price             Warrants              Price
 -------------------   ----------------    ----------------    ----------------    ----------------    ----------------
<S>     <C>               <C>                <C>                   <C>                <C>                  <C>
        $ 0.25            330,000            1.83 years            $ 0.25             330,000              $ 0.25
        $ 0.10             15,000               2 years            $ 0.10              15,000              $ 0.10

<CAPTION>
                                                                                                 OPTIONS
                              OPTIONS OUTSTANDING                                              EXERCISABLE
 ------------------------------------------------------------------------------    ------------------------------------
                          Number of           Weighted                                Number of
                         Outstanding           Average            Weighted           Exercisable          Weighted
                           Shares             Remaining            Average             Shares              Average
      Exercise           Underlying          Contractual          Exercise           Underlying           Exercise
       Price               Options              Life                Price              Options              Price
 -------------------   ----------------    ----------------    ----------------    ----------------    ----------------
<S>     <C>               <C>                <C>                   <C>                   <C>                  <C>
        $ 0.11            300,000            3.50 years            $ 0.11                  -                  $ -
</TABLE>

The Company has elected to follow Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees." Pro-forma information regarding net
loss and net loss per share is presented below as if the Company had accounted
for its employee stock options under the fair value method using SFAS No. 123;
such pro-forma information is not necessarily representative of the effects on
reported net loss for future years due primarily to option vesting periods and
to the fair value of additional options in future years.

                                      F-19
<PAGE>

12. AGREEMENTS

    a.  On January 15, 2003, the Company entered into an option/purchase/lease
        agreement with Alfredo Soto Torino and Adrian Soto Torino for the
        purchase of copper and gold properties in Chile for a total purchase
        price of U.S. $400,000, payable over four years at U.S. $25,000 per
        quarter, commencing on March 31, 2003. In addition to the purchase
        price, a royalty of U.S. $1 per ounce is to be paid quarterly on all
        ounces of gold produced in excess of 500,000 ounces up to 1,000,000;
        provided that the average price of gold per quarter exceeds U.S. $310
        per ounce as measured by the London Metal Exchange. Under such
        agreement, the Company has the right to develop the property under the
        lease thereof. Upon expiration of four years from the date of such
        agreement, or sooner at the Company's option, the Company can exercise
        its option to acquire the title to the property, subject to the above
        royalty obligation.

        The Chilean properties consist of approximately 1100 acres in total,
        including the Candelaria 1 to 3, Santa Candelaria 1 to 8 and the Torino
        I mining claims 1 to 7 and the Torino II mining claims 1 to 11. The
        Company has not yet developed a feasibility report for the development
        of these properties, and has not yet ascertained the amount of the
        proven or probably reserves of gold, copper and other minerals on the
        property, if any. The Company refers to these properties collectively as
        the Santa Candelaria mine. Due to the fact that the lease terms are
        cancelable at the sole option of the Company, the Company is recording
        payments as they come due. In 2003, the Company recorded $69,000 in mine
        acquisition costs through December 31, 2003.

        On February 4, 2004, the Company renegotiated the contract to purchase
        the Chilean property for an additional payment of U.S. $25,000 making
        the total purchase price U.S. $50,000, plus a royalty of U.S. $1 per
        ounce to be paid quarterly on all ounces of gold produced up to 500,000
        ounces, provided that the average price of gold per quarter exceeds U.S.
        $310 per ounce as measured by the London Metal Exchange. The royalty can
        be purchased for an additional payment of $25,000.

    b.  On October 28, 2002 the Company entered into an agreement on cooperation
        and confidentiality and to negotiate with Sipan I, LLC, an Armenian
        company, for the purchase of the Lichvaz - TEI and Terterasar
        gold/silver properties and the Aigedzor Processing Plant in southern
        Armenia.

        On December 26, 2003, the Company advanced U.S. $50,000 to Sipan I LLC,
        as a deposit toward the purchase of the Lichvaz - TEI and Terterasar
        Mining Properties defined in the October 28, 2002 Agreement on
        cooperation and confidentiality and to negotiate.

        On January 20, 2004, the Company entered into a Purchase Deposit
        Agreement with Sipan I LLC that provides for the deposit of $50,000 to
        be applied against a $3,300,000 payment at the closing, and a $1,000,000
        reserve to be held by the Company for three years that will accrue
        interest from the closing date. The reserve will be used to identify and
        hold the Company harmless from any liabilities related to Sipan I LLC
        prior to the closing. The date to execute a purchase and sale agreement
        is extended to March 31, 2004 and the deposit is non refundable unless
        Sipan I LLC is unable or unwilling to close the sale transaction and
        such failure was not caused by the actions of the Company. A Closing
        Date of August 2004 is estimated.

                                      F-20
<PAGE>

    c.  On March 17, 2003, the Company entered into an agreement with SHA, LLC,
        an Armenian limited liability company for the acquisition of the
        Hankavan mine, a gold and copper mine, in Armenia, for a total purchase
        price of US $150,000 (or $175,000 if the Marjan mining property is also
        transferred) payable in installments. Under such agreement, the Company
        has the option, exercisable within 45 days from March 17, 2003, to
        acquire either (i) the exclusive license, permits, and all rights
        related to such mine, or (ii) all of the ownership shares of SHA and any
        other entity which may hold rights to such mine.

        On December 21, 2003, the Company exercised its option to purchase all
        of the ownership shares of SHA, LLC holding title to the Hankavan and
        Marjan mines for an additional payment of U.S. $10,000 and a royalty of
        one dollar an ounce of gold produced at the Hankavan mine up to
        $160,000. The Company also advanced U.S. $,1500 for exploration costs
        and licensing fees.

        The Hankavan mine deposit is located in central Armenia between Vanadzor
        and Meghradzor north of the Marmarik River. The Marjan property is
        located in south central Armenia and is a poly metallic; gold, silver,
        lead, and zinc ore body. The Company has not yet developed a feasibility
        report for the development of these properties, and has not yet
        determined the amount of proven or probable reserves of gold, copper and
        other minerals on the properties.

        Due to the fact that the purchase terms are cancelable at the sole
        option of the Company, the Company is recording payments as they come
        due.

    d.  On May 1, 2003, the Company entered into a consulting agreement with
        Analytix Capital to provide advisory services and assist the Company in
        its corporate and project finance. The agreement provides for a
        compensation of 7% of the net total dollar amount of financing obtained
        from any entity or individual introduced by Analytix to the Company. In
        addition to the 7% payment, the Company will issue a warrant to purchase
        shares of the Company's common stock at a price of $0.10 each for a
        period of two years, with 30,000 shares subject to a warrant to be
        provided for every $1,000,000 of clear funds in financing received, up
        to a maximum of 300,000 shares subject to such warrants. If the price of
        shares of the Company's common stock does not exceed $1.00 at any time
        during the period commencing from the date of issuance of any warrant
        and ending two years later, then Analytix shall have the right to
        require the Company to purchase the shares subject to the warrants for
        $1.00. The Company recorded a liability of $13,500 for such transaction
        by debiting consulting expense. On July 25, 2003, the Company sold
        1,000,000 shares of its common stock to NJA Investments at $0.25 per
        share for a total purchase price of $250,000. A commission of $17,500
        was paid to Analytix Capital.

    e.  On May 15, 2003, the Company entered into a month-to-month lease with
        Analytix Capital to sublet office space for $1,500 per month and
        registered to conduct business in the State of Connecticut.

    f.  On May 28, 2003, the Company entered into an agreement with GeoExplo
        Ltd. of Santiago, Chile to provide local administration services for a
        fee of $1,500 per month and manage a project of geological mapping and
        metallurgical testing at the Santa Candelaria project for a contract
        cost of U.S. $28,355. The work was completed on July 25, 2003. An
        Induced Polarization Geophysical Survey ("IP") was begun in October 2003
        and completed in December 2003, at a cost of U.S. $17,100.

                                      F-21
<PAGE>

    g.  On June 1, 2003, the Company entered into an Employment Agreement with
        the Vice President, which provides for basic compensation of $100,000
        per year and the grant of 900,000 shares as a stock award subject to
        substantial risk of forfeiture if he terminates his employment with the
        Company (other than by death or disability) over the 37-month term of
        the Agreement. On June 1, 2003, the Company issued the 900,000 shares.
        These shares are to be earned and vest ratably during such period plus
        any bonus determined in accordance with any bonus plan approved by the
        Directors.

    h.  On June 27, 2003, the Company entered into a contract with Roscoe Postle
        Associates Inc., a Canadian corporation, to provide for an independent
        technical review of the Company's Armenian mining properties. A second
        stage will provide for a review of the Santa Candelaria project in
        Chile. The value of the total contract is U.S. $82,000. Billings through
        December 31, 2003 are U.S. $37,000.

    i.  On July 24, 2003, the Company entered into an Agreement on Cooperation,
        on Confidentiality and to Negotiate with Vardani Zartonke LLC, an
        Armenian company, to study a potential acquisition of the Arevik mine
        located in the Syunik region of southern Armenia. The term of the
        agreement is for six months and month to month thereafter.

    j.  On July 24, 2003, the Company entered into an Agreement on Cooperation,
        on Confidentiality and to Negotiate with Khan Tengry Goldberg CJ, a
        Kazakhstan company, to study a potential acquisition of the Baynkol
        Valley River Gold Field Deposit in southeastern Kazakhstan. The term of
        the original agreement was for sixty days and was renewable with the
        last renewal January 8, 2004 an additional sixty days.

    k   On July 31, 2003, the Company sold 100,000 shares of its common stock to
        Global Gestion and on November 24, 2003, the Company sold 400,000 shares
        of its common stock to NJA Investments at $0.50 per share for a total
        purchase price of $250,000. A commission of $17,500 was paid to Analytix
        Capital. In addition, Analytix Capital received warrants from a
        combination of both transactions to purchase 15,000 shares of the
        Company's common stock at a purchase price of $0.10 per share.

    l.  On August 1, 2003, the Company entered into an agreement with Ashot
        Boghossian of ARAX Co. Ltd. to represent Global Gold Mining, LLC in
        Armenia.

        Mr. Boghossian will be appointed Director of Global Gold Mining LLC, a
        newly formed Delaware limited liability company that will own the
        Armenian mining properties. Global Gold Mining LLC is wholly owned by
        Global Gold Armenia LLC, a Delaware limited liability corporation that
        is wholly owned by Global Gold Corporation.

        The agreement provides for a monthly fee of $3,000 plus expenses for a
        term of 3 years and the granting of 90,000 common shares as a restricted
        stock award subject to a substantial risk of forfeiture if the
        individual terminates his employment with the Company (other than by
        death or disability) over the term of the agreement and which is to be
        earned and vest ratably during such period.

13. SUBSEQUENT EVENTS

    a.  On January 1, 2004 the Company appointed three (3) additional Directors
        to the Board of Directors; Van Z. Krikorian, Nicholas J. Aynilian and
        Michael T. Mason. Each Director of the Company receives 50,000 shares of
        the Company's common stock per year for their services as a Director. An
        aggregate of 250,000 shares were issued to the directors in February
        2004.

                                      F-22
<PAGE>
                             Global Gold Corporation
                                  Form 10-KSB/A
                                 Amendment No. 1
                                December 31, 2003

                                  Exhibit Index


31.1     Certification of Chief Executive Officer

31.2     Certification of Chief Financial Officer

32.1     Certification of Chief Executive Officer

32.2     Certification of Chief Financial Officer