|UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549______________________
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|Form 10-KSB/AAmendment No. 2_____________________ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934
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|For the fiscal year ended December 31, 2007Commission file number 02-69494
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|Global Gold Corporation                               
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|                                                      
|(Exact name of registrant as specified in its charter)
|                                                      
|Delaware                                              
|(State or other jurisdiction of                       
|incorporation or organization)                        
|                                                      
|45 East Putnam Avenue                                 
|Greenwich, Connecticut                                
|(Address of principal executive offices)              



|Registrants telephone number, including area code (203) 422-2300Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: Common Stock

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ̈ No x

Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section of the Act. Yes  ̈ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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  ̈

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.  ̈

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer , a non-accelerated filer or smaller reporting company (as defined in Rule 12b-2 of the Act).

| ̈ Large accelerated filer |  |  ̈ Accelerated filer |  |  ̈ Non-accelerated filer |  | x Smaller reporting company
|------------------------- |  | ------------------- |  | ----------------------- |  | ---------------------------

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

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

The registrant had 33,867,023 shares of $0.01 par value common stock outstanding at March 27, 2008.



|DOCUMENTS INCORPORATED BY REFERENCE
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Certain information required in Part III of this Form 10-KSB is incorporated by reference to the proxy statement for the registrants 2008 meeting of stockholders, which proxy
statement was filed no later than 120 days after the close of the registrants fiscal year ended March 31, 2008.

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|Amendment No. 2 to the Annual Report on Form 10-KSBFor the Year Ended December 31, 2007
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|EXPLANATORY NOTE
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Global Gold Corporation (the "Company") is filing this Amendment No. 2 on Form 10-KSB/A to its Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007, which was filed on March 31, 2008 (the "Original Filing"), to revise one specific aspect of disclosure controls reporting included under Part II Item 8A (T)(a), Controls and Procedures. Except with respect to the referenced revision, this Amendment No. 2 does not reflect events occurring after the filing of the Original Filing or Form 10-KSB/A Amendment No. 1 (filed on August 11, 2008) or modify or update those disclosures affected by subsequent events. Part II Item 8A (T)(b) has not changed from our Form 10-KSB/A Amendment No.1 and is restated for convenience. Accordingly, Part II Item 8A(T) is amended in its entirety to read as follows:



| | Item 8A(T). Controls and Procedures(a)Evaluation of Disclosure Controls and Procedures.We maintain disclosure controls and procedures (as definedin Rule 13a-15(e) and 15d-15(e) promulgated under the SecurityExchange Act of 1934, as amended (the "Exchange Act")) that aredesigned to ensure that information that would be required to bedisclosed in Exchange Act reports is recorded, processed,summarized and reported within the time periods specified in theSecurity Exchange Commission's rules and forms, and that suchinformation is accumulated and communicated to our management,including the President and Chief Operating Officer and SeniorVice President and Chief Financial Officer (our PrincipalExecutive Officer and Principal Financial Officer, respectively), asappropriate, to allow timely decisions regarding requireddisclosure.As of December 31, 2007, we carried out an evaluation,under the supervision and with the participation of ourmanagement, including the Principal Executive Officer andPrincipal Financial Officer, of the effectiveness of the design andoperation of our disclosure controls and procedures. Our PrincipalExecutive Officer and Principal Financial Officer concluded based
on that evaluation and through subsequent discussions with theSecurities and Exchange Commission that our disclosurecontrols and procedures were not effective as of the endof the period covered by this Annual Report for the followingreason:
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| | Our Annual Report on Form 10-KSB as originally filed(but not as amended) omitted the explicit updateddisclosure providing an assessment and a conclusion as tothe effectiveness of our internal control over financialreporting as required by Item 308T(a) of Regulation S-B,and the original omission itself is construed as evidence ofineffective disclosure controls and procedures. Theoriginal Annual Report was filed after outside review, andour Amendment to our Annual Report on Form 10-KSB/Acorrected the original omissions and the amended versionfirst had been shared with the Securities and ExchangeCommission prior to filing.
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|(b)Management's Report on Internal Control over FinancialReportingWe are responsible for establishing and maintainingadequate internal control over financial reporting. As defined inthe securities laws, internal control over financial reporting is aprocess designed by, or under the supervision of, our PrincipalExecutive and Principal Financial Officers and effected by ourBoard of Directors, management, and other personnel, to providereasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles andincludes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of our assets; (ii)provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and thatour receipts and expenditures are being made only in accordancewith authorizations of management and directors; and (iii) providereasonable assurance regarding prevention or timely detection ofunauthorized acquisition, use or disposition of our assets that couldhave a material effect on the financial statements.The Company's internal control over financial reporting isdesigned to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statementsfor external reporting purposes in accordance with generallyaccepted accounting principles.
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|Because of its inherent limitations, internal control overfinancial reporting may not prevent or detect misstatements.Therefore, even those systems determined to be effective canprovide only reasonable assurance with respect to financialstatement preparation and presentation. Also, projections of anyevaluation of effectiveness to future periods are subject to the riskthat controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies orprocedures may deteriorate.Management conducted an evaluation of the effectivenessof the internal controls over financial reporting (as defined in Rule13a-15(f) promulgated under the Exchange Act) as of December31, 2007, based on the framework in Internal Control IntegratedFramework issued by the Committee of Sponsoring Organizationsof the Treadway Commission.Management, including the Principal Executive andPrincipal Financial Officers, based on their evaluation of theCompany's internal control over financial reporting, haveconcluded that the Company's internal control over FinancialReporting was effective as of December 31, 2007.Management's internal control report was not subject toattestation by the Company's independent registered publicaccounting firm pursuant to the temporary rules of the Securitiesand Exchange Commission that permit the Company to provideonly management's report.This Annual Report does not include an attestation report of theCompany's registered public accounting firm regarding internalcontrol over financial reporting. Management's report was notsubject to attestation by the Company's registered publicaccounting firm pursuant to temporary rules of the Securities andExchange Commission that permit the Company to provide onlymanagement's report in this Annual Report.(c)Changes in Internal Control over Financial ReportingThere have been no changes in the Company's internal controlover Financial Reporting that occurred in the fourth fiscal quarterthat has materially affected, or is reasonably likely to materiallyaffect, the Company's internal control over Financial Reporting.
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Item 15.Exhibits and Financial Statement Schedules

(b)Exhibits

The following exhibits are filed herewith or incorporated by reference.

|Exhibit |  |                                                                                               | 
|------- |  | --------------------------------------------------------------------------------------------- | 
|Number  |  | Description                                                                                   | 
|31.1    |  | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a)        | 
|        |  | or Rule 15d-14(a)                                                                             | 
|       
|31.2    |  | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) or     | 
|        |  | Rule 15d-14(a)                                                                                | 
|32.1    |  | Certification of Principal Executive Officer and Principal Financial Officer pursuant to      | 
|        |  | 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 
|        |  |                                                                                               | 

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment amends the Original Filing and contains new certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act of 2002. This Amendment continues to speak as of the date of the Original Filing, and the Company has not updated the disclosure contained herein to effect events that have occurred since the filing of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Company's other filings, if any, made with the United States Securities and Exchange Commission subsequent to the filing of the Original Filing, including the amendments to those filings, if any.

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|SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 2 to Annual Report on Form 10-KSB to be signed on its behalf by the undersigned, thereunto duly authorized, on October 22, 2008, as of March 31, 2008.

GLOBAL GOLD CORPORATIONBy:
     
     /s/ VAN Z. KRIKORIANVan Z. KrikorianChairman, Chief Exective Officer and Director(Principal Executive Office)


Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-KSB/A has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature
     
     Title
     
     Date/s/ JAN E. DULMAN.
     
     Chief Financial Officer (Principal Financial
     
     October 22, 2008Jan E. Dulman
     
     Officer)/s/ DRURY J. GALLAGHER
     
     Chairman Emeretus, Treasurer and
     
     October 22, 2008Drury J. Gallagher
     
     Director/s/ LESTER S. CAESAR
     
     Controller
     
     October 22, 2008Lester S. Caesar/s/ IAN HAGUE
     
     Director
     
     October 22, 2008Ian Hague/s/ NICHOLAS J. AYNILIAN
     
     Director
     
     October 22, 2008Nicholas J. Aynilian/s/ HARRY GILMORE
     
     Director
     
     October 22, 2008Harry Gilmore


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