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

                                   FORM 10-KSB

(Mark One)

[X]      ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
         OF 1934 (No Fee Required) for the fiscal year ended December 31, 2002

[ ]      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.)

           734 Franklin Avenue, #333, Garden City, New York 11530-4525
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number (516) 627-2388

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

Check  whether the issuer (1) 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, 2002
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, 2003, was $685,811.

As of March 31,  2003 there were  6,858,114  Shares of the  registrant's  Common
Stock outstanding (2).

(1) The Company's  Common Stock is not publicly  traded.  However,  the Board of
Directors  of the Company  determined  that the fair market  value of the Common
Stock as of March 31, 2003 was $0.10 per share.

(2) This number is computed after taking into account the 1 for 10 reverse split
of the shares of Common Stock of the Company,  effective as of December 31, 1996
(the "Reverse Split").



<PAGE>



ITEM 1 DESCRIPTION OF BUSINESS

(1) GENERAL OVERVIEW

Global Gold Corporation  (the "Company") is currently in the development  stage.
The  Company,  on  January  15,  2003,  entered  into  an  option/purchase/lease
agreement  with  Alfredo  Soto Torino and Adrian Soto Torino for the purchase of
copper gold properties in Chile (the  Candelaria 1 to 3, the Santa  Candelaria 1
to 8 and the Torino I mining  claims 1 through 7 and  Torino II mining  claims 1
through 11,  properties in Chanaral District III (the "Chilean  agreement").  In
addition to the Chilean  agreement,  the Company has entered into two agreements
in Armenia, a member of the Commonwealth of Independent States. These agreements
are for the acquisition of the Hankavan mine, and an agreement on cooperation on
confidentiality and to negotiate with Sipan I Limited, an Armenian company,  for
the purchase of the  Lichvaz-Tei  and  Terterasar  gold  properties  in southern
Armenia.  The Company was previously engaged in the development of a gold mining
project  in  Armenia,   and  had  pursued  various  mining  and  other  business
opportunities thereafter, but without consummating any such transactions.  Prior
thereto,  the  Company  did not engage in any  substantial  business  activities
except as described in the section 1(d) entitled  "Prior History of the Company"
in the annual  reports  previously  filed by the Company with the Securities and
Exchange Commission ("SEC").

(2) ARMENIAN MINING PROJECT

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

As of January  31,  1997,  the  Company and Global  Gold  Armenia  Limited,  the
Company's  wholly-owned Cayman Islands subsidiary ("GGA"),  reached an agreement
with First Dynasty Mines, Ltd., whose name changed to Sterlite Gold Ltd. on July
5, 2002  ("Sterlite"),  a Canadian public company whose shares are traded on the
Toronto Stock Exchange and on NASDAQ.  Under such agreement,  Sterlite  acquired
the right to acquire all of the stock of GGA, subject to certain conditions,  by
advancing  funds in  stages  necessary  for the  implementation  of the  tailing
project and the  preparation of engineering  and business plan materials for the
remaining Armenian mining projects.

The Company,  GGA and Sterlite entered into a definitive agreement dated May 13,
1997  reflecting  the final  agreement  of the parties with respect to the above
project (the "FDM Agreement").  The parties thereafter amended the FDM Agreement
on July 24, 1998.

In connection with Sterlite's  purchase of the Company's  remaining 20% interest
in GGA, the Company  received a  certificate  representing  special  warrants to
purchase  4,000,000 shares of First Dynasty common stock. In September 1999, the
warrants were exchanged for 4,000,000  shares of First Dynasty common stock.  As
of December  31,  2002 the Company  owned  2,300,000  shares of Sterlite  common
stock.

Pursuant to the FDM  Agreement,  the Company retain the right until December 31,
2009 to elect to participate  at a level of up to 20% with  Sterlite,  or any of
its affiliates, in any exploration project undertaken by them in Armenia.

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

(3) GEORGIAN MINING PROJECT

As of December 31, 1997, the Company abandoned its pursuit of any mining project
in the country of Georgia.

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


                                       2
<PAGE>



(4) RECENT ACTIVITIES

The  Company's   principal  activity  at  present  consists  of  developing  the
exploration  and  exploitation  of its  gold/silver  property  in  the  Chanaral
District  in  Chile.   On  January  15,  2003,  the  Company   entered  into  an
option/purchase/lease  agreement  with Alfred 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 which is non-interest bearing and payable over four years
at U.S.  $25,000 per quarter,  commencing on March 31, 2003, which first payment
was made. 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,  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 the
expiration 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 property  consists 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 probable  reserves of gold,  copper and
other minerals on the property, if any.

On October 28, 2002 the Company  entered into an agreement  on  cooperation  and
confidentiality  and to negotiate with Sipan Limited,  an Armenian company,  for
the  purchase  of the Lichvaz - TEI and  Terterasar  gold/silver  properties  in
southern Armenia. No purchase price has been agreed upon.

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 an  additional  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.

The Hankavan  mine deposit is located in central  Armenia  between  Vanadzor and
Meghradzor  north of the  Marmarik  River.  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 property, if any.

The Company  currently holds 2,300,000  shares of common stock of Sterlite which
is traded on the Toronto Stock  Exchange.  The closing price per common share on
December 31, 2002 was Canadian $0.19, with a U.S. dollar exchange rate of .6331,
for a value of U.S. $ 0.12029 per share.  As of December 31, 2002,  Sterlite had
260,590,988 shares issued and outstanding.



                                       3
<PAGE>



(5) SPECIAL CONSIDERATIONS

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

Development Stage Company

Since the Company did not engage in the active  conduct of a trade or  business,
it has not generated any revenues to date, with the exception of interest income
and the  4,000,000  shares of Sterlite  common stock and cash received from such
source under the FDM Agreement,  as amended. The Company may encounter problems,
delays,  expenses and  difficulties  typically  encountered  in the  development
stage, many of which may be outside of the Company's control.

Need for Additional Cash

The Company needs  additional  funds in order to pay the purchase  price for the
acquisition of the Chilean property under its  option/purchase  agreement and to
pay the  acquisition  cost of any acquisition of any mining property in Armenia.
Moreover,  the  Company  needs  additional  funds in order to conduct any active
mining development and production  operations in the foreseeable  future.  There
can be no assurance that any financing for  acquisitions or future projects will
be available for such purposes or that such financing, if available, would be on
terms favorable or acceptable to the Company.

Competition

There is intense competition in the mining industry.  If the Company does engage
in any  future  mining  activities,  it will be  competing  with  larger  mining
companies,  many  of  which  have  substantially  greater  financial  strengths,
capital, marketing and personnel resources than those possessed by the Company.


                                       4
<PAGE>



Need for Key Personnel

The  Company  presently  only  has one  officer  intimately  familiar  with  the
operation of mining  projects or the  development  of such  projects.  While the
Company  does not believe  the loss of its  president  or any other  director or
officer of the  Company  will  materially  and  adversely  affect its  long-term
business  prospects,  the loss of any of the Company's  senior  personnel  might
potentially  adversely affect the Company until a suitable  replacement could be
found. The Company continues to employ independent consultants and engineers.

Failure to Satisfy NASDAQ Listing Rules

Without increases in assets and capital surplus, the Company may not be eligible
to have its securities traded on NASDAQ. Moreover,  regulations issued by NASDAQ
have increased the thresholds  that have to be met in order for a security to be
traded  initially  on the  NASDAQ  Small  Cap and  National  Markets,  which may
adversely  affect the  Company's  ability to have its Common Stock traded on the
NASDAQ Small Cap or National Markets.  Furthermore, the Company could experience
difficulties  in  commencing  the trading of its  securities  on NASDAQ.  If the
Company is unable to have its securities  traded on NASDAQ,  its securities will
continue to be eligible  for trading on the OTC  Bulletin  Board,  although  the
market for shares of the Company's Common Stock may be reduced,  and, hence, the
liquidity  of the  shares  of  Common  Stock may be  reduced.  Moreover,  recent
regulations  adopted  for the trading of  securities  may  adversely  affect the
eligibility of the Company's Common Stock for trading on the OTC Bulletin Board.

Compliance with Federal Securities Laws

The Company was  incorporated on February 21, 1980, and closed a public offering
of its Common Stock in January  1981.  Several  months after the closing of such
offering,  the Company  withdrew  the listing of the Common Stock for trading on
NASDAQ.  After the  consummation of the public  offering,  the Company failed to
file any further  annual or periodic  reports  required  under the Exchange Act.
While the Company has filed Form 10-QSB  commencing with the quarter ended March
31, 1995 and for each quarter  thereafter,  through and including  September 30,
2002, and has filed audited  financial  statements with Form 10-KSB for calendar
year 1994,  covering calendar years 1987, 1988, 1989, 1990, 1991, 1992, 1993 and
1994, and for calendar years 1995,  1996, 1997, 1998, 1999, 2000 and 2001, there
can be no assurance  that the SEC might not assert claims against the Company or
question its classification.

Lack of Insurance Protection

The  Company may not be able to obtain  adequate  insurance  protection  for its
potential  investments  in the Chilean  mining  project and any Armenian  mining
project.

                                       5
<PAGE>


Fluctuation in Mineral Prices

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

Mining Risks

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

Foreign Risks

The value of the  Company's  assets  may be  adversely  affected  by  political,
economic and other factors in Chile and Armenia.

No Dividends

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

Control of the Company

Drury J.  Gallagher,  the Chairman and Chief  Executive  Officer,  and Robert A.
Garrison, the President and Chief Operating Officer, own 2,178,453 and 2,000,000
shares respectively, or a total of 4,178,453 shares, out of the 6,858,114 shares
of the Company's  Common Stock issued and  outstanding  as of March 31, 2003. If
Messrs.  Gallagher and Garrison act in concert, they control 60.9% of the issued
and  outstanding  shares of Common Stock of the Company are able to  effectively
determine the vote on any matter being voted on by the  Company's  stockholders,
including  the  election of  directors  and any merger,  sale of assets or other
change in control of the Company.

As of December 31, 2002,  Messrs.  Gallagher  and Garrison  owned  1,828,453 and
1,100,000 shares, respectively, for a combined interest of 64.1%.


ITEM 2. DESCRIPTION OF PROPERTIES

The Company's  officers use a portion of their facilities for the conduct of the
Company's business without any rental charge to the Company.

                                       6
<PAGE>


ITEM 3. LEGAL PROCEEDINGS

Except as noted below,  there is no material  pending legal  proceeding to which
the Company is a party or to which any of its properties is subject.

In January 1998, the Company brought an action against Eyre, the  Parry-Beaumont
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
seeking  damages in an  undetermined  amount  against  the Company and seeking a
declaratory  judgment voiding the Second Restructuring  Agreement.  In addition,
Eyre and the Parry-Beaumont Trust brought a third-party  complaint against Drury
J. Gallagher and Robert A. Garrison, individually,  seeking, among other things,
damages in excess of $75,000 and  directing  Messrs.  Gallagher  and Garrison to
return the 2,000,000  shares of the Company's Common Stock issued to them by the
Company in January 1997.

A  settlement  was agreed to on October 13,  1999.  In the  settlement,  600,000
shares of common  stock of Sterlite  owned by the  Company  were  exchanged  for
600,000  shares of Common Stock of the Company  held by Eyre and 400,000  common
shares of Sterlite owned by the Company were exchanged for 400,000 shares of the
Company's Common Stock held by the Parry-Beaumont  Trust.  Outstanding  warrants
held by Eyre and the  Parry-Beaumont  Trust were also  canceled  as part of such
settlement.

On October 4, 1999, Penn Med Consultants,  Inc. ("PennMed"),  Drury J. Gallagher
("Gallagher") and other officers of PennMed entered into a Settlement  Agreement
of a Civil False  Claims Act  lawsuit  with the United  States of  America,  the
Office of Inspector  General of the United States Department of Health and Human
Services,  the  Pennsylvania  Department of Public Welfare and qui tam relators.
The  Settlement  Agreement  ended an  investigation  into  allegedly  fraudulent
administrative expenses which adversely affected reimbursement from the Medicare
and Pennsylvania  Medicaid programs by PennMed.  Under the Settlement Agreement,
PennMed,  Gallagher  and the other  PennMed  officers  agreed to pay the Federal
Government  and the  Pennsylvania  Department  of Public  Welfare a  restitution
amount  and  PennMed  agreed  to adhere to a  comprehensive  compliance  program
without any admission of wrongdoing  on behalf of the  defendants.  In addition,
Gallagher agreed to exclusion, for a period of five years, from participation in
the Medicare,  Medicaid and all other federal and Pennsylvania state health care
programs,  including  managed care programs.  Such exclusion has national affect
and also applies to other  federal  procurement  and  non-procurement  programs.
Gallagher  waived his right  under any  statute or  regulation  to payment  from
Medicare, Medicaid, TRICARE, the Veterans Administration or the Federal Employee
Health Benefit Program administered by the Office of Personnel Management during
the subject  exclusion.  PennMed  continues to operate the nursing home business
previously conducted by it.

The  Company  was never a  defendant  in such  action and was not a party to the
Settlement Agreement which concluded the investigation.


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

None

                                       7
<PAGE>




                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         (a)   The Company's  shares of Common Stock are not publicly  traded on
               any market.

         (b)   As of December 31,  2002,  the Company had  4,568,114  issued and
               outstanding shares of its Common Stock.

         (c)   As of December 31, 2002, there were  approximately  1,100 holders
               of record of shares of the Company's Common Stock.

         (d)   The  Company  did not pay or declare  any cash  dividends  on its
               shares of Common  Stock  during its last two fiscal  years  ended
               December 31, 2001 and December 31, 2002.

         (e)   The Company's  transfer agent is American  Registrar and Transfer
               Company,  with offices at 342 E. 900 South,  Salt Lake City, Utah
               84111, having a telephone number of (801) 363-9065.

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

As of December 31, 2002,  the  Company's  total assets were  $337,960,  of which
$7,784 consisted of cash or cash equivalents.

The Company's plan of operation for calendar year 2003 is:

         (a)      Commence activities with regard to the Chilean mining
                  properties, acquired in January 2003, and developing the
                  properties and /or prospects as previously described;

         (b)      Pursue and consummate the acquisition of the Armenian mining
                  properties previously described above, and to possibly acquire
                  additional mineral-bearing properties in Armenia; and

         (c)      To sell the 2,300,000 shares of Sterlite common stock, and use
                  the sales proceeds for working capital purposes.

                                       8
<PAGE>


The Company  needs  financing  to meet its  anticipated  monthly  administrative
expenses  of $3,000  (exclusive  of  officers'  compensation),  plus  additional
amounts for legal and  accounting  costs.  The Company  could obtain  additional
financing in 2003 from the holders of its Warrants to purchase 330,000 shares of
Common  Stock of the  Company at an  exercise  price of $0.25 per  share,  which
expire on October 31, 2005  pursuant to the  two-year  extension  granted by the
Company as of December 31, 2002.  If the Warrants  were  exercised in full,  the
Company would receive $82,500 in gross proceeds.  However,  the Company does not
believe that the Warrants will be exercised at present, although there can be no
assurance of such result.

The  Company is  negotiating  with  several  financing  sources  for  additional
capital.  The Company needs such financing in order to pay the acquisition  cost
under  the  purchase  agreement  for  the  Chilean  properties,  and to pay  the
acquisition  costs of the Armenian mining  properties  sought to be purchased by
the Company.

In the event that the contemplated  financing is not obtained,  the Company does
not have sufficient  financial resources to meet its obligations.  Additionally,
the Company's auditors have issued a going concern opinion in their audit report
on the Company's financial  statements as of and for the year ended December 31,
2002. See footnote 2a of the financial statements for further details.

The Company  does not intend to engage in any research  and  development  during
2003,  and  does not  expect  to  purchase  or sell  any  plant  or  significant
equipment.

The Company does not expect to hire any additional  full-time employees in 2003,
except with respect to developing mining properties acquired.

As of December 31, 2002, the Company had two employees. One employee, who was in
charge of the overall  business of the  Company on a  part-time  basis,  and one
employee who is principally involved in overseeing the Company's proposed mining
activities on a part-time basis.

Pursuant to a Confidential  Private Placement Memorandum dated November 15, 2002
(the "2002 Offering"), the Company offered to sell up to 1,000,000 shares of its
common stock at $0.25 per share.  In January and February 2003, the Company sold
350,000  shares of its  Common  Stock at a price of $0.25  per share and  raised
total proceeds of $87,500.  In addition,  the Company  granted  another  100,000
shares,  valued  at $0.25  per  share  under  the 2002  Offering,  for  services
previously  performed  for the Company.  All such shares under the 2002 Offering
have not been issued as of March 31, 2003.

In January  2003,  the Company sold to an  individual  500,000  shares of common
stock for $0.05 per share,  for total  proceeds of $25,000.  These shares have a
reduced  price as an  inducement  for future  funding  services that the Company
desires to be performed from such individual.


ITEM 7. FINANCIAL STATEMENTS

The audited  financial  statements of the Company,  notes thereto and reports of
Independent  Certified Public  Accountants  thereon for the years ended December
31, 2002 by Grassi and Co., CPAs,  P.C, and December 31, 2001 by Feldman Sherb &
Co., P.C., are attached hereto as a part of, and at the end of, this report.


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

None

                                       9
<PAGE>




                                    PART III

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

The directors and executive officers of the Company are as follows:



Name                       Age   Officer
Drury J. Gallagher         64    Chairman, Chief Executive Officer,
                                 Treasurer and Director

Robert A. Garrison         61    President, Chief Operating Officer,
                                 Chief Financial Officer, Secretary
                                 and Director



Each  director  is  elected  for a period  of one year at the  Company's  annual
meeting of  stockholders  and serves  until his  successor  is duly  elected and
qualified. Each director who is not a full-time employee of the Company receives
no  remuneration  for his services as a director.  Officers are appointed by the
Board of Directors.


                                       10
<PAGE>



The Board of Directors has not appointed  any audit,  compensation  or any other
committee. Instead, the Board acts as a whole in all matters.

Mr. Gallagher has served as a director since 1981 and as Chairman, President and
Treasurer of the Company from 1982 until February 1, 1997 and as Chairman, Chief
Executive Officer and Treasurer since that date.

Mr.  Garrison  has served as a director  and Vice  President of the Company from
June 26, 1995 until February 1, 1997. He became the President,  Chief  Operating
Officer and Secretary on February 1, 1997 and became the Chief Financial Officer
in September, 2002.

ITEM 10. EXECUTIVE COMPENSATION

(a)      The summary compensation table shown below indicates the cash or
         accrued compensation paid by the Company as well as other compensation
         paid or accrued to the Chairman and Chief Executive Officer (the
         Company's chief executive officer) and the next highest compensated
         executive officer at December 31, 2002 for services rendered in all
         capacities during calendar years 2002, 2001 and 2000.



SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>


Name and                                                        Other Annual   Restricted        Underlying  LTIP  All Other
Principal Position       Year   Salary     Bonus  Compensation  Stock Awards   Options/SARs(#)   Payout            Compensation
----------------------  ------- ---------  ------ ------------  -------------  ---------------  ------------ ----- --------------
<S>                     <C>     <C>            <C>         <C>            <C>           <C>           <C>       <C>      <C>
Drury J. Gallagher      2002    $  5,000      -0-         -0-            -0-           -0-           -0-       -0-      -0-
Chairman, Chief         2001    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
Executive Officer       2000    $162,500      -0-         -0-            -0-           -0-           -0-       -0-      -0-
and Treasurer
(the Company's Chief
Executive Officer)


Robert A. Garrison      2002    $  5,000      -0-         -0-            -0-           -0-           -0-       -0-      -0-
President, Chief        2001    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
Operating Officer,      2000    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
Chief Financial Officer
and Secretary,
(the Company's
Chief Financial Officer)

</TABLE>

(b)       Stock Options and Awards

          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 $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.  A total of 200,000  shares  remain to be issued
          under the 1995 Stock Option Plan as of March 31, 2003.

          Aggregated Option Exercises in Last Fiscal Year and Options Values
<TABLE>
<CAPTION>

                                               Value          Number of Options and           Value of In-The-Money
                                  Shares     Realized($)      Underlying Secuirities     Options\SARs At Fiscal Year-End
                                 Acquired      from               at year end
                                    on       Excercise of
             Name               Excercise(#)   Options     Unexercisable   Exercisable     Unexercisable   Exercisable
  --------------------------    ----------   ----------   -----------------------------   ----------------------------
  <S>                                                          <C>
  Drury J. Gallagher,                  -           -         150,000              -                -            -

  Chairman, Chief Executive
  Officer

  Robert A. Garrison,
  President, Chief
  Operating  Officer                   -           -         150,000              -                -            -

</TABLE>

                                       11
<PAGE>

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a) Set forth  below is  information  as of  December  31,  2002  pertaining  to
ownership of the  Company's  Common Stock,  determined  in accordance  with Rule
13(d)(3)  under the Securities and Exchange Act of 1934, by persons known to the
Company who own more than 5% of the Company's Common Stock:


                  Name and Address of     Number of
Title of Class    Beneficial Owner        Shares(1)       Percent of Class
---------------   -------------------   ------------      --------------------
Common            Drury J. Gallagher     1,928,453(2)     40.4(2)
                  107 Eakins Road
                  Manhasset, NY 11030

Common            Robert A. Garrison     1,200,000(3)     25.2(3)
                  44 Lords Highway East
                  Weston, CT 06883       ------------     -------

                  Total:                 3,128,453        65.6


                           (1) For purposes of this table, a person or group is
                           deemed to have beneficial ownership of any shares
                           which such person has the right to acquire within 60
                           days after December 31, 2002. For purposes of
                           calculating the percentage of outstanding shares held
                           by each person named herein, any shares which such
                           person has the right to acquire within 60 days after
                           December 31, 2002 are deemed to be outstanding, but
                           not for the purpose of calculating the percentage
                           ownership of any other person.

                           (2) This amount includes 100,000 shares of common
                           stock issuable upon the exercise of the Warrants
                           acquired by Mr. Gallagher and 100,000 shares of
                           common stock issued as compensation for 2002 under
                           his Employment Agreement with the Company dated as of
                           July 1, 2002.


                                       12
<PAGE>





(3) This  amount  includes  100,000  shares of Common  Stock  issuable  upon the
exercise of the Warrants  acquired by Mr.  Garrison and 100,000 shares of common
stock as compensation  for 2002 under the Employment  Agreement with the Company
dated as of July 1, 2002.



(b) Set forth  below is  information  as of  December  31,  2002  pertaining  to
ownership of the Company's Common Stock by all directors and executive  officers
of the Company:



                         Name and Address of     Number of
         Title of Class  Beneficial Owner        Shares(1)     Percent of Class
         --------------  -------------------  ------------     -----------------
         Common          Drury J. Gallagher    1,928,453(2)         40.4(2)
                         107 Eakins Road
                         Manhasset, NY 11030


         Common          Robert A. Garrison    1,200,000(3)         25.2(3)
                         44 Lords Highway East
                         Weston, CT 06883
                                             ----------------     ----------
                           Total               3,128,453            65.6



                           (1) For purposes of this table, a person or group is
                           deemed to have beneficial ownership of any shares
                           which such person has the right to acquire within 60
                           days after December 31, 2002. For purposes of
                           calculating the percentage of outstanding shares held
                           by each person named herein, any shares which such
                           person has the right to acquire within 60 days after
                           December 31, 2002 are deemed to be outstanding, but
                           not for the purpose of calculating the percentage
                           ownership of any other person.

                           (2) This amount includes 100,000 shares of common
                           stock issuable upon the exercise of the Warrants
                           acquired by Mr. Gallagher and 100,000 shares of
                           common stock as compensation for 2002 under his
                           Employment Agreement with the Company dated as of
                           July 1, 2002.

                                       13
<PAGE>




                           (3)This amount includes 100,000 shares of Common
                           Stock issuable upon the exercise of the Warrants
                           acquired by Mr. Garrison and 100,000 shares of Common
                           Stock as compensation for 2002 under the Employment
                           Agreement with the Company dated as of July 1, 2002.



(c) As of December  31,  2002,  there were no  arrangements  in effect which may
result in a change of control of the Company.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Officers

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 J.  Gallagher,  for  accrued  salary of $162,500 at a price of $0.1625 per
share.

On October 31, 2000 the Company granted  warrants to purchase  100,000 shares of
its Common Stock to each of Messrs.  Gallagher and Garrison at an exercise price
of $0.25 for each share of common stock of the Company  subject to each warrant,
which  initially  were to expire on October 31, 2003, but which were extended as
of December 31, 2002 for an additional two years until October 31, 2005.

The Company  entered into four-year  Employment  Agreements with each of Messrs.
Gallagher (its Chairman and Chief Executive Officer) and Garrison (its President
and Chief Financial  Officer) as of July 1, 2002.  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.  In addition, each officer was entitled to annual
bonus compensation under any bonus plan as determined by the Board of Directors.
On October 31, 2002,  the Company  issued  100,000 shares of its Common Stock as
compensation  to each officer for the year ended  December 31, 2002. The Company
entered into Amended and Restated Employment  Agreements with Messrs.  Gallagher
and Garrison  dated as of February 1, 2003 that modified the existing  four-year
Employment  Agreements  and  terminating  on June 30,  2006.  Each  Amended  and
Restated  Employment  Agreement  provides for base  compensation of $100,000 per
year  (subject  to payment as cash flow  permits),  and the  granting of 900,000
shares as a stock award  subject to a  substantial  risk of forfeiture if either
terminates his  employment  with the Company (other than by death or disability)
over the 41-month  term of the  agreement,  and which is 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. On February 21, 2003, the Company
issued the 900,000 shares to such officers.

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.


                                       14
<PAGE>





ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

1.       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, 2002 and December 31, 2001.

2.       Exhibits which are listed on the Exhibit Index attached hereto:

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

         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.

          99.1 Certification of Chief Executive Officer

          99.2 Certification of Chief Financial Officer

3. No reports on Form 8-K were filed by the registrant during the last quarter
of the period covered by this report.


ITEM 14. CONTROLS AND PROCEDURES

Within the 90-day period prior to the filing of this report,  an evaluation  was
carried out under the  supervision and with the  participation  of the Company's
Chief Executive  Officer and Chief Financial Officer of the effectiveness of our
disclosure  controls and  procedures  (as defined in the Securities and Exchange
Act of 1934 Rules  13a-14  and 15d - 14).  Based on that  evaluation,  the Chief
Executive  Officer and Chief Financial Officer have concluded that the Company's
disclosure  controls and  procedures  are  effective to ensure that  information
required  to be  disclosed  by the time  periods  specified  in  Securities  and
Exchange Commission rules and forms. Subsequent to the date of their evaluation,
there were no significant changes in the Company's internal controls or in other
factors that could significantly affect the disclosure  controls,  including any
corrective  actions  with  regard  to  significant   deficiencies  and  material
weaknesses.

                                       15
<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: April 8, 2003                        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,   April 8, 2003
     Drury J. Gallagher    Treasurer and Director (Principal
                           Executive and Financial Officer)


 /s/ Robert A. Garrison    President, Chief Operating           April 8, 2003
-------------------------
     Robert A. Garrison    Officer, Chief Financial Officer,
                           Secretary and Director



                                       16

<PAGE>


                                  CERTIFICATION



     I, Robert A. Garrison,  the President,  Chief  Financial  Officer and Chief
Operating Officer of Global Gold Corporation (the "Company"), certify that:

     1. I have reviewed this annual report on Form 10-KSB of the Company;

     2. Based on my  knowledge,  this annual  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made,  not  misleading  with  respect to the period  covered by this annual
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this annual report;

     4. The  registrant's  other  certifying  officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this annual report is being prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
procedures  as of a date  within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

     (c) presented in this annual report our conclusions about the effectiveness
of the  disclosure  controls and  procedures  based on our  evaluation as of the
Evaluation Date;

     5. The registrant's other certifying  officers and I have disclosed,  based
on our most  recent  evaluation,  to the  registrant's  auditors  and the  audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent function):

     (a) all  significant  deficiencies  in the design or  operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's internal controls; and

     6. The registrant's other certifying  officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.



Date:  April 8, 2003                             /s/ Robert A. Garrison
                                                 ----------------------
                                                 Robert A. Garrison, President,
                                                 Chief Financial Officer and
                                                 Chief Operating Officer


                                       17

<PAGE>




                                  CERTIFICATION



     I, Drury J. Gallagher,  the Chairman, Chief Executive Officer and Treasurer
of Global Gold Corporation (the "Company"), certify that:

     1. I have reviewed this annual report on Form 10-KSB of the Company;

     2. Based on my  knowledge,  this annual  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made,  not  misleading  with  respect to the period  covered by this annual
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this annual report;

     4. The  registrant's  other  certifying  officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this annual report is being prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
procedures  as of a date  within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

     (c) presented in this annual report our conclusions about the effectiveness
of the  disclosure  controls and  procedures  based on our  evaluation as of the
Evaluation Date;

     5. The registrant's other certifying  officers and I have disclosed,  based
on our most  recent  evaluation,  to the  registrant's  auditors  and the  audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent function):

     (a) all  significant  deficiencies  in the design or  operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's internal controls; and

     6. The registrant's other certifying  officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.




Date:   April 8, 2003                      /s/ Drury J. Gallagher
                                           ----------------------
                                           Drury J. Gallagher, Chairman,
                                           Chief Executive Officer and Treasurer


                                       18


<PAGE>



                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                              Financial Statements

<TABLE>
<CAPTION>

                                                                                                   Page
<S>                                                         <C> <C>                                   <C>
Independent Auditors' Reports - for the Year Ended December 31, 2002                                F-1
Independent Auditors' Reports - for the Year Ended December 31, 2001                                F-2

Balance Sheet - as of December 31, 2002                                                             F-3

Statements of Operations - for the years ended
December 31, 2002 and 2001 and the development
stage period January 1, 1995 through December 31, 2002                                              F-4

Statements of Changes in Stockholders' Equity (Deficit) and Comprehensive Income
(Loss)- for the years ended December 31, 2002 and 2001 and the development stage
period January 1, 1995 through December 31, 2002                                                    F-5

Statements of Cash Flows - for the years ended December 31, 2002 and 2001 and
the development stage
period January 1, 1995 through December 31, 2002                                                    F-6

Notes to Financial Statements                                                                       F-7 to F-19


</TABLE>



<PAGE>

                          INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
Global Gold Corporation

We have audited the  accompanying  balance sheet of Global Gold  Corporation  (a
development stage enterprise) as of December 31, 2002 and the related statements
of  operations,  changes in  stockholders'  equity  (deficit) and  comprehensive
income  (loss),  and cash flows for the year then ended 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 through 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 financial position of Global Gold Corporation as of
December 31, 2002 and the results of its  operations  and its cash flows for the
year then ended 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.
                                                    Grassi & Co., CPAs, P.C.
                                                    Certified Public Accountants
March 31, 2003
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, 2001 and for the period from  January 1, 1995 through  December 31,
2001.  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, 2001  include  amounts for
the period January 1, 1995 to December 31, 1998 and for each of the years in the
four-year  period ended December 31, 1998,  which were audited by other auditors
whose report included an explanatory paragraph 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 through  December 31, 1998, is based solely on the report 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, 2001 and for the period from January
1, 1995  through  December 31, 2001 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/ Feldman Sherb & Co., P.C.
                                                   Feldman Sherb & Co., P.C.
                                                   Certified Public Accountants
March 26, 2002
New York, New York










                                       F-2


<PAGE>

                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                                  BALANCE SHEET

                                December 31, 2002

                                     ASSETS
<TABLE>
<CAPTION>

CURRENT ASSETS:
<S>                                                                                              <C>
      Cash and cash equivalents                                                                  $            7,784
                                                                                                   -----------------
         TOTAL CURRENT ASSETS                                                                                 7,784

Deferred costs                                                                                               53,502

Investment in securities available for sale                                                                 276,674
                                                                                                   -----------------
                                                                                                 $          337,960
                                                                                                   =================


                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable and accrued expenses                                                      $          105,784
      Due to related parties                                                                                 63,932
                                                                                                   -----------------
         TOTAL CURRENT LIABILITIES                                                                          169,716
                                                                                                   -----------------

STOCKHOLDERS' EQUITY:
      Common stock $0.001 par, 100,000,000 shares authorized,
         4,568,114 shares issued and outstanding                                                              4,568
      Additional paid-in capital                                                                          4,844,755
      Deficit accumulated during the development stage                                                   (4,807,485)
      Accumulated other comprehensive income                                                                126,406
                                                                                                   -----------------
         TOTAL STOCKHOLDERS' EQUITY                                                                         168,244
                                                                                                   -----------------
                                                                                                 $          337,960
                                                                                                   =================

</TABLE>




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

                                       F-3
<PAGE>

                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                                     January 1, 1995
                                                                          Years Ended                    through
                                                                          December 31,                December 31,
                                                                --------------------------------
                                                                    2002              2001               2002
                                                                ---------------    -------------    ----------------

<S>                                                          <C>                <C>              <C>
 REVENUES                                                    $               -  $             -  $                -
                                                                ---------------    -------------    ----------------

 EXPENSES:
       Selling, general and administrative                              39,774           19,300           1,362,797
       Legal fees                                                       24,958            7,602             656,253
       Write-off investment in Georgia
          mining interests                                                   -                -             135,723
       Gain on sale of interest in
          Global Gold Armenia                                                -                -            (268,874)
       Gain on sale of interest in
          Sterlite Gold Ltd.                                            (4,619)               -              (4,619)
       Miscellaneous other                                                   -              (70)             18,557
                                                                ---------------    -------------    ----------------
              TOTAL EXPENSES                                            60,113           26,832           1,899,837
                                                                ---------------    -------------    ----------------

 NET LOSS                                                    $         (60,113) $       (26,832) $       (1,899,837)
                                                                ===============    =============    ================

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

 WEIGHTED AVERAGE SHARES OUTSTANDING                                 4,404,641        4,368,114
                                                                ===============    =============
</TABLE>




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

                                      F - 4


<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)
<TABLE>
<CAPTION>

 STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) AND COMPREHENSIVE INCOME (LOSS)

                                                                     Deficit
                                                                   Accumulated           Accumulated       Total
                                                        Additional  During the              Other       Stockholders'
                                          Common Stock    Paid-in   Development Treasury Comprehensive    Equity      Comprehensive
                                        Shares   Amount   Capital     Stage      Stock   Income (Loss)   (Deficit)     Income (Loss)
                                       -------- --------  --------  -----------  ------  -------------  -----------    ------------
<S>           <C>                       <C>     <C>       <C>        <C>         <C>     <C>            <C>
 Balance from February 21, 1980
        to December 31, 1994
        (Note 1)                        898,074 $ 89,807  3,147,693  (2,907,648) $    -  $         -    $   329,852

     Adjustment for the restatement
        of par value                          -  (88,909)    88,909           -       -                           -
     Issuance of stock for acquisition
        of Eyre 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 loss                                -         -          -     (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)
                                                                                                                       ============

     Net loss                                -         -          -     (26,832)      -            -        (26,832)  $   (26,832)
     Unrealized loss 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
                                      ========= ======== ==========  ===========  ======  ===========    ===========   ============
</TABLE>

                                      F-5
<PAGE>

                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                                                             January 1, 1995
                                                                                   Years Ended                    through
                                                                                   December 31,                 December 31,
                                                                          ----------------------------
                                                                              2002             2001                 2002
                                                                          ------------    ------------       ----------------

<S>                                                                       <C>             <C>                <C>
 CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                                             $  (60,113)   $    (26,832)      $    (1,899,837)
     Adjustments to reconcile net loss
        to net cash used in operating activities:
            Provision for bad debt                                                 -               -                 325,000
            Gain on sale of Armenia mining interests                               -               -                (268,874)
            Write-off of mining investment in Georgia                              -               -                 135,723
            Gain on sale of marketable securities                             (4,619)              -                  (4,619)
            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                                 23,573            22,852               224,605
                                                                          ------------    ------------       ----------------
 NET CASH USED IN OPERATING ACTIVITIES                                       (31,159)           (3,980)           (1,323,257)
                                                                          ------------    ------------       ----------------

 CASH FLOW FROM INVESTING ACTIVITIES:
     Proceeds from sale of Armenia mining interests                                -               -               1,891,155
     Proceeds from sale of First Dynasty Mines, Ltd. interests                50,351                                  50,351
     Investment in certain mining
        interests - net of financing                                               -               -                (153,494)
     Deferred costs - mining interests                                       (53,502)              -                (932,360)
                                                                          ------------    ------------       ----------------
 NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES                          (3,151)              -                 855,652
                                                                          ------------    ------------       ----------------

 CASH FLOW FROM FINANCING ACTIVITIES:
     Net proceeds from private
        placement offering                                                        -               -                  421,573
     Due to related party                                                     28,214          13,500                  41,714
     Sale of warrants                                                             -               -                      650
     Warrants exercised                                                           -               -                      100
                                                                          ------------    ------------       ----------------
 NET CASH PROVIDED BY FINANCING ACTIVITIES                                    28,214          13,500                 464,037
                                                                          ------------    ------------       ----------------

 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                         (6,096)          9,520                  (3,568)

 CASH AND CASH EQUIVALENTS  - beginning of period                             13,880           4,360                  11,352
                                                                          ------------    ------------       ----------------

 CASH AND CASH EQUIVALENTS - end of period                             $       7,784    $     13,880         $         7,784
                                                                          ============    ============       ================


 SUPPLEMENTAL CASH FLOW INFORMATION

     Cash paid during the period for:
        Income taxes paid                                              $          -     $         -          $          2,683
                                                                          ============    ============       ================
        Interest paid                                                  $          -     $         -          $         15,422
                                                                          ============    ============       ================

</TABLE>




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

                                     F - 6

<PAGE>


                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                          NOTES TO FINANCIAL STATEMENTS

                     YEARS ENDED DECEMBER 31, 2002 AND 2001

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, had no operating or development stage history from its
     inception until 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.

     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,
     through December 31, 2002.

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 $1,800,000.  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 mining interest  acquired by it
          or  other  future  projects  or  from  its  investment  in  marketable
          securities.  The accompanying  financial statements do not include any
          adjustments  that might be  necessary  should the Company be unable to
          continue as a going concern.

     b.   Use  of  Estimates  -  The  preparation  of  financial  statements  in
          conformity with accounting principles generally accepted in the United
          States  of  America   requires   management  to  make   estimates  and
          assumptions that affect the reported amounts of assets and liabilities
          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.



                                       F-7
<PAGE>


     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.

     e.   Stock Based  Compensation  - The Company  accounts for employee  stock
          transactions  in accordance  with APB Opinion No. 25,  "Accounting For
          Stock  Issued to  Employees".  The  Company  has adopted the pro forma
          disclosure requirements of Statement of Financial Accounting Standards
          No.  123,  "Accounting  For Stock  Based  Compensation".  The  Company
          accounts  for all stock  transactions  other  than with  employees  in
          accordance  with  SFAS  No.  123,  based  on  the  fair  value  of the
          consideration  received  or the fair value of the  equity  instruments
          issued, whichever is more reliably measurable.

     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.

     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.

     i.   Deferred  costs - The Company has  incurred  fees in  connection  with
          their acquisition of mining properties. These fees are recorded on the
          balance   sheet  as  deferred   costs.   Upon   completion   of  these
          acquisitions, the Company will capitalize such fees as fixed assets.

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




                                       F-8

<PAGE>


     k.   New Accounting Standards:

                  -        Effective January 1, 2002, the Company adopted
                           Statement of Financial Accounting Standard ("SFAS")
                           No. 142, which eliminates the amortization for
                           goodwill and other intangible assets with indefinite
                           lives. Intangible assets with lives restricted by
                           contractual, legal, or other means will continue to
                           be amortized over their useful lives. Goodwill and
                           other intangible assets not subject to amortization
                           are tested for impairment annually or more frequently
                           if events or changes in circumstances indicate that
                           the asset might be impaired. SFAS No. 142 requires a
                           two-step process for testing impairment. First, the
                           fair value of each reporting unit is compared to its
                           carrying value to determine whether an indication of
                           impairment exists. If impairment is indicated, then
                           the implied fair value of the reporting unit's
                           goodwill is determined by allocating the unit's fair
                           value to its assets and liabilities (including any
                           unrecognized intangible assets) as if the reporting
                           unit had been acquired in a business combination. The
                           amount of impairment for goodwill and other
                           intangible assets is measured as the excess of its
                           carrying value over its implied fair value. The
                           adoption did not have an effect on the Company's
                           financial statements.

                  -        Effective January 1, 2002, the Company adopted
                           Statement of Financial Accounting Standards No. 144
                           ("SFAS 144"), "Accounting for the Impairment or
                           Disposal of Long-lived Assets." SFAS 144 superceded
                           Statement of Financial Accounting Standards No. 121,
                           "Accounting for the Impairment of Long-lived Assets
                           and Assets to be Disposed of" and the accounting and
                           reporting provisions of Accounting Principles Board
                           Opinion No. 30, "Reporting the Results of Operations
                           - Reporting the Effects of Disposal of a Segment of a
                           Business, and Extraordinary, Unusual and Infrequently
                           Occurring Events and Transactions". SFAS 144 also
                           amends Accounting Research Bulletin No. 51,
                           "Consolidated Financial Statements," to eliminate the
                           exception to consolidation for a subsidiary for which
                           control is likely to be temporary. The adoption did
                           not have an effect on the Company's financial
                           statements.

                  -        In April 2002, the Financial Accounting Standards
                           Board ("FASB") issued Statement of Financial
                           Accounting Standards ("SFAS") No. 145, "Rescission of
                           FASB Statement No. 4, 44 and 64, Amendment of FASB
                           Statement No.13, and Technical Corrections." The
                           rescission of SFAS No.4, "Reporting Gains and Losses
                           from Extinguishments," and SFAS No.64,
                           "Extinguishments of Debt made to Satisfy Sinking Fund
                           Requirements," which amended SFAS No.4, will affect
                           income statement classification of gains and losses
                           from extinguishment of debt. SFAS No.4 requires that
                           gains and losses from extinguishment of debt be
                           classified as an extraordinary item, if material.
                           Under SFAS No. 145, if the extinguishment of debt is
                           a routine and recurring transaction by the entity, as
                           in a risk management strategy, then it should not be
                           considered extraordinary under the criteria in APB
                           Opinion No. 30, "Reporting the Results of
                           Operations-Reporting the Effects of Disposal of a
                           Segment of a Business, and Extraordinary, Unusual and
                           Infrequently Occurring Events and Transactions," as
                           it does not meet the unusual in nature and
                           infrequency of occurrence criteria in APB Opinion No.
                           30. SFAS No. 145 will be effective for fiscal years
                           beginning after May 15, 2002. Upon adoption,
                           extinguishments of debt shall be classified under the
                           criteria in APB Opinion No. 30. The Company does not
                           expect the provisions of SFAS No.146 to materially
                           affect its financial position and results of
                           operations.


                                       F-9

<PAGE>



                  -        In June 2002, the FASB issued SFAS No.146,
                           "Accounting for Costs Associated with Exit or
                           Disposal Activities." SFAS No. 146 addresses
                           financial accounting and reporting for costs
                           associated with exit or disposal activities and
                           nullified Emerging Issues Task Force Issue No. 94-3,
                           "Liability Recognition for Certain Employee
                           Termination Benefits and Other Costs to Exit an
                           Activity (including Certain Costs Incurred in a
                           Restructuring)." SFAS No. 146 requires that a
                           liability for a cost associated with an exit or
                           disposal activity be recognized when the liability is
                           incurred versus the date an entity commits to an exit
                           plan under EITF 94-3. SFAS No. 146 also establishes
                           that fair value is the objective for initial
                           measurement of the liability. The provisions of this
                           statement are effective for exit or disposal
                           activities that are initiated after December 31,
                           2002, with early application encouraged. The Company
                           does not expect the provisions of SFAS No.146 to
                           materially affect its financial position and results
                           of operations.


                  -        In December 2002, the FASB issued SFAS No. 148,
                           "Accounting for Stock-Based Compensation - Transition
                           and Disclosure - an amendment of FASB Statement No.
                           123." SFAS No. 148 amends SFAS No. 123, "Accounting
                           for Stock-Based Compensation," to provide alternative
                           methods of transition for a voluntary change to the
                           fair value based method of accounting for stock-based
                           employee compensation. In addition, SFAS No. 148
                           amends the disclosure requirements of SFAS No. 123 to
                           require prominent disclosures in both annual and
                           interim financial statements about the method of
                           accounting for stock-based employee compensation and
                           the effect of the method used on reported results.
                           The disclosure requirements apply to all companies
                           for fiscal years ending after December 15, 2002. The
                           interim disclosure provisions are effective for
                           financial reports containing financial statements for
                           interim periods beginning after December 15, 2002.
                           The adoption of SFAS No. 148 is not expected to have
                           a material impact on the Company's financial
                           statements.


                  -        In November 2002, the FASB issued FASB Interpretation
                           No. 45 ("FIN 45"), "Guarantor's Accounting and
                           Disclosure Requirements for Guarantees, Including
                           Indirect Guarantees of Indebtedness of Others." FIN
                           45 requires that upon issuance of a guarantee, the
                           guarantor must recognize a liability for the fair
                           value of the obligation it assumes under that
                           guarantee. FIN 45 also requires additional
                           disclosures by a guarantor in its interim and annual
                           financial statements about the obligations associated
                           with guarantees issued. The disclosure requirements
                           are effective for financial statements of interim or
                           annual periods ending after December 15, 2002. The
                           recognition and measurement provisions are effective
                           on a prospective basis to guarantees issued or
                           modified after December 31, 2002. The adoption of
                           this interpretation is not expected to have an impact
                           on the Company's financial statements.

                  -        In January 2003, the FASB issued FASB Interpretation
                           No. 46 ("FIN 46"), "Consolidation of Variable
                           Interest Entities." FIN 46 provides guidance on the
                           identification of entities for which control is
                           achieved through means other than through voting
                           rights, variable interest entities, and how to
                           determine when and which business enterprises should
                           consolidate variable interest entities. This
                           interpretation applies immediately to variable
                           interest entities created after January 31, 2003. It
                           applies in the first fiscal year or interim period
                           beginning after June 15, 2003, to variable interest
                           entities in which an enterprise holds a variable
                           interest that it acquired before February 1, 2003.
                           The adoption of this interpretation is not expected
                           to have an impact on the Company's financial
                           statements.



                                      F-10
<PAGE>




                  -        In December 2001, Accounting Standards Committee
                           (AcSEC) of the American Institute of Certified Public
                           Accountants issued Statement of Position 01-6,
                           "Accounting by Certain Entities (including Entities
                           with Trade Receivables) That Lend to or Finance the
                           Activities of Others" ("SOP 01-6"). SOP 01-6 provides
                           guidance on accounting and reporting matters for
                           entities that have trade receivables and entities
                           that finance their customers' purchases of goods and
                           services using trade receivables. SOP 01-6 is
                           effective for fiscal years beginning after December
                           15, 2001, and the Company has adopted the provisions
                           of SOP 01-6 effective January 1, 2002. The adoption
                           of SOP 01-6 has not had a material effect on the
                           Company's financial position, results of operations
                           or cash flows.


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-11
<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  on July 5,  2002,  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.



                                      F-12


<PAGE>





     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 these  Sterlite  shares are  marketable
     securities to be held for an  indefinite  period,  and has thus  classified
     them available for sale. Unrealized gains or losses on these securities are
     added to stockholders'  equity as accumulated other  comprehensive  gain or
     loss.

     During the years ended  December 31, 2002,  the Company sold 700,000 shares
     of  Sterlite  for $50,351  and  recorded a profit of $4,619.  There were no
     sales of  Sterlite  shares  in the year  ended  December  31,  2001.  As of
     December 31, 2002 the Company owned 2,300,000  shares of Sterlite valued at
     $276,674.  In addition,  the Company has recorded a  comprehensive  gain of
     $126,406  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 $63,932 represents  non-interest bearing advances
     from officers/stockholders of the Company, which are due on demand.


8.   PRIVATE PLACEMENT MEMORANDUM

     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).



                                      F-13


<PAGE>





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

     Management  currently  consists of two  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,
     and the current President of the Company (the "President") who was hired in
     April 1995 to oversee mining and related financing activities.

     In March 2000,  the Company  paid the  Chairman  accrued  salary 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.  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.



                                      F-14


<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, 2002,  the Company had net deferred tax assets
     of $666,000.  The Company has recorded a valuation  allowance  for the full
     amount of the net deferred tax assets.

     The  following  table  illustrates  the source and status of the  Company's
     major deferred tax assets as of December 31, 2002:


Net operating loss carryforwards             $          666,000
Valuation allowance                                    (666,000)
                                                  ---------------
Net deferred tax asset recorded              $                -
                                                  ===============

The  provisions  for income taxes for the years ended December 31, 2002 and 2001
differ from the amounts  computed by applying the statutory  Federal  income tax
rate to the loss before income taxes as follows:

<TABLE>
<CAPTION>

                                                                        Years ended December 31,
                                                                       ----------------------------
                                                                          2002            2001
                                                                       ------------    ------------
<S>                                                                    <C>             <C>
Income tax benefit computed at the Federal statutory rate              $   (15,000)    $    (9,000)

Deductions for which no benefit is recognized                               15,000           9,000
                                                                       ------------    ------------
Provision for income taxes                                             $         -     $         -
                                                                       ============    ============
</TABLE>

The  Company  has  net  operating  loss   carryforwards   for  tax  purposes  of
approximately  $1,960,000  at December 31, 2002  expiring at various  dates from
2003 to 2022.  A  significant  portion  of these  carryforwards  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.



                                      F-15

<PAGE>

11. STOCKHOLDERS' EQUITY (DEFICIT)

         a.       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.

         b.       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 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.

                  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 of $162,500 or $0.1625 per
                  share.

         c.       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).

         d.       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.

                  -        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, 2002,
                           there were 200,000 stock awards available under the
                           Plan for future issuance.



                                      F-16
<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, 2002
                           and December 31, 2001, respectively.
<TABLE>
<CAPTION>

                                                             WARRANTS                           OPTIONS
                                                   ------------------------------    ------------------------------
                                                      Shares          Weighted          Shares          Weighted
                                                                      Average                           Average
                                                    Underlying        Exercise        Underlying        Exercise
                                                     Warrants          Price           Options           Price
                                                   -------------    -------------    -------------    -------------
<S>                             <C> <C>                 <C>      <C>                               <C>
        Outstanding at December 31, 2000                330,000  $          0.25                -  $             -
           Granted                                            -                -                -                -
           Canceled                                           -                -                -                -
           Exercised                                          -                -                -                -
                                                   -------------    -------------    -------------    -------------
        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
                                                   =============    =============    =============    =============
</TABLE>


          The following is additional  information with respect to the Company's
          options and warrants as of December 31, 2002:

<TABLE>
<CAPTION>

                                WARRANTS OUTSTANDING                                         WARRANTS
                                                                                            EXERCISABLE
        ---------------------------------------------------------------------    ----------------------------------
           Exercise          Number of           Weighted         Weighted         Number of           Weighted
                            Outstanding          Average                          Exercisable
                               Shares           Remaining          Average          Shares
                             Underlying        Contractual        Exercise        Underlying           Average
            Price             Warrants             Life             Price          Warrants         Exercise Price
        --------------     ---------------    ---------------    ------------    --------------     ---------------
<S>        <C>                    <C>           <C>                <C>                 <C>              <C>
           $ 0.25                 330,000       2.83 years         $ 0.25              330,000          $ 0.25


                                                                                              OPTIONS
                                OPTIONS OUTSTANDING                                         EXERCISABLE
        ---------------------------------------------------------------------    ----------------------------------
           Exercise          Number of           Weighted         Weighted         Number of           Weighted
                            Outstanding          Average                          Exercisable
                               Shares           Remaining          Average          Shares
                             Underlying        Contractual        Exercise        Underlying           Average
            Price             Options              Life             Price           Options         Exercise Price
        --------------     ---------------    ---------------    ------------    --------------     ---------------
           $ 0.11                 300,000       4.50 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-17
<PAGE>



                           Had compensation cost for the options been determined
                           using the methodology prescribed under the
                           Black-Scholes option pricing model, the Company's net
                           loss and loss per share would have been $53,166 and
                           $.01, respectively, for the year ended December 31,
                           2002. There were no options issued in the year ended
                           December 31, 2001.

                           Assumptions used for the pro-forma above information
                           are: expected dividend yield of 0%, risk free
                           interest of 5.7%, expected option lives of 2 years
                           and expected volatility of 100%. Based on these
                           assumptions the weighted average fair value of stock
                           options granted during the year ended December 31,
                           2002 was $0.07 per share.


12.       AGREEMENTS

          On  October  28,  2002  the  Company  entered  into  an  agreement  on
          cooperation and  confidentiality  and to negotiate with Sipan Limited,
          an  Armenian  company,  for  the  purchase  of the  Lichvaz  - TEI and
          Terterasar  gold/silver  properties in southern  Armenia.  No purchase
          price has been agreed upon.


13.       SUBSEQUENT EVENTS

          a.)  On   January   15,   2003,   the   Company    entered   into   an
               option/purchase/lease  agreement  with  Alfred  Soto  Torino  and
               Adrian Soto Torino for the purchase of copper and gold properties
               in Chile for a total  purchase price of $400,000 US$ payable over
               four years at $25,000 US$ per quarter for four years,  commencing
               on March 31, 2003,  of which payment was made. In addition to the
               purchase  price,  a  royalty  of $1 US$ per  ounce  is to be paid
               quarterly  on all  ounces of gold  produced  in excess of 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.  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  consists 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  probable  reserves  of
               gold, copper and other minerals on the property, if any.


          b.)  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 located
               in  Armenia,  for a total  purchase  price  of  $150,000  US$ (or
               $175,000 if an additional  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.

               The Hankavan mine deposit is located in central  Armenia  between
               Vanadzor and Meghradzor  north of the Marmarik River. The Company
               has not yet developed a feasibility report for the development of
               the  properties,  and has not yet determined the amount of proven
               or probable  reserves of gold,  copper and other  minerals on the
               property, if any.



                                      F-18

<PAGE>



          c.)  Pursuant to a Confidential  Private  Placement  Memorandum  dated
               November 15, 2002 (the "2002  Offering"),  the Company offered to
               sell up to  1,000,000  shares  of its  common  stock at $0.25 per
               share.  In January and  February  2003,  the Company sold 350,000
               shares  of its  Common  Stock at a price of $0.25  per  share and
               raised  total  proceeds  of  $87,500.  In  addition,  the Company
               granted another  100,000 shares,  valued at $0.25 per share under
               the 2002  Offering,  for services  previously  performed  for the
               Company.  All such shares under the 2002  Offering  have not been
               issued as of March 31, 2003.

          d.)  In January 2003, the Company sold to an individual 500,000 shares
               of  common  stock  for $0.05 per  share,  for total  proceeds  of
               $25,000.  These shares have a reduced price as an inducement  for
               future funding  services that the Company desires to be performed
               from such individual.



                                      F-19


<PAGE>





                                  EXHIBIT INDEX


                                                              FORMER
EXHIBIT NO.     EXHIBIT NO.                        DESCRIPTION OF EXHIBIT

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

   3.2              2                           By Laws*(1)

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

   4.1             21        Promissory Note of the Registrant dated December 1,
                             1995 in the principal amount of $100,000 *(2)

   4.2             22        Promissory Note of the Registrant dated as of
                             December 1, 1995 in the principal amount of
                             $100,000 *(2)

   4.3             29        Promissory Note of Global Gold Armenia Limited
                             dated as December 1, 1995 in the principal amount
                             of $802,740 *(2)

   4.4             30        Promissory Note of Global Gold Georgia Limited
                             dated as of December 1, 1995 in the principal
                             amount of $47,260 *(2)

   4.5             43        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             3         Certificate of Merger between the Registrant and
                             Everest Petroleum Inc. *(1)

  10.2             4         Agreement of Merger between the Registrant and
                             Everest Petroleum Inc.*(1)

  10.3             5         Asset Purchase Agreement between the Registrant and
                             Eyre Resources N.L. dated as of June 30, 1995 *(1)

  10.4             6         Form of 1995 Stock Option Plan + *(1)

  10.5             7         Letter Agreement between Registrant, Eyre Resources
                             N.L. and Robert A. Garrison + *(1)

  10.6             8         Employment Agreement between the Registrant and
                             Drury J. Gallagher dated as of July 1, 1995 + *(2)

  10.7             9         Employment Agreement between the Registrant and
                             Robert A. Garrison dated as of July 1, 1995 + *(2)

  10.8             10        Employment Agreement between Autosport (Asia) Pte.
                             Ltd. and Robert A. Garrison dated as of July 1,
                             1996 +*(2)

                                       19
<PAGE>

  10.9             11        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            12        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            13        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            14        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            15        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            16        Stock Appreciation Rights Agreement between the
                             Registrant and Drury J. Gallagher dated July 21,
                             1995 +*(2)

  10.15            17        Stock Appreciation Rights Agreement between the
                             Registrant and Robert A. Garrison dated July 21,
                             1995 + *(2)

  10.16            18        Assignment and Assumption Agreement between Eyre
                             Resources N.L. and Global Gold Armenia Limited
                             dated December 1, 1995 *(2)

  10.17            19        Assignment and Assumption Agreement between Eyre
                             Resources N.L. and Global Gold Georgia Limited
                             dated December 1, 1995 *(2)

  10.18            20        Assignment and Assumption Agreement between Eyre
                             Resources N.L. and Global Gold Australia Limited
                             dated December 1, 1995 *(2)

  10.19            23        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            24        Guarantee and Indemnification Agreement of the
                             Registrant dated December 1, 1995 *(2)

                                       20
<PAGE>

  10.21            25        Warrant Agreement to purchase 20,000 shares of the
                             Registrant's Common Stock dated December 1, 1995
                             issued to David Steadly *(2)

  10.22            26        Warrant Agreement to purchase 20,000 shares of the
                             Registrant's Common Stock dated December 1, 1995
                             issued to Karekin Arzoomanian *(2)

  10.23            27        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            28        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            31        Amended Employment Agreement between the Registrant
                             and Robert A. Garrison dated as of April 11, 1996
                             *(2)

  10.26            32        Agreement No. 1 by and between the Registrant,
                             London & International Mercantile Limited and HCL
                             Communications Ltd. *(3)

  10.27            33        Agreement No. 2 by and between the Registrant,.
                             London & International Mercantile Limited and HCL
                             Communications Ltd. *(3)

  10.28            34        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)

  10.29            35        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            36        Assignment and Assumption Agreement between the
                             Registrant  and Global Gold Armenia Limited dated
                             as of July 30, 1996. *(3)

  10.31            37        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            38        Stock Option Agreement between the Registrant and
                             Robert A. Garrison dated as of July 19, 1996, as
                             amended on November 4, 1996 + *(3)

                                       21
<PAGE>

  10.33            39        Restructuring Agreement dated December 4, 1996 by
                             and among the Registrant, Eyre Resources N.L. and
                             the Parry-Beaumont Trust *(3)

  10.34            40        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            41        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            42        Letter Agreement by and among the Registrant,
                             Global Gold Armenia Limited and First Dynasty Mines
                             Ltd.*(3)

  10.37            44        Global Gold Armenia Limited Charge Over Shares
                             issued to First Dynasty Mines Ltd. dated February
                             3, 1997 *(3)

  10.38            45        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            46        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            47        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            48        Restated Employment Agreement between the
                             Registrant and Drury J. Gallagher dated as of July
                             1, 1997 + *(4)

  10.42            49        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            50        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)


                                       22
<PAGE>

  10.44            51        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            52        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            53        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            54        Joint Acknowledgement by First Dynasty Mines
                             Armenia Limited and Robert A. Garrison dated August
                             31, 1998+* (5)

  10.48            55        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            56        Special Warrants to purchase 4,000,000 shares of
                             common stock of First Dynasty Mines Ltd. issued to
                             the Registrant* (5)

  10.50            57        Special Warrants to purchase 500,000 shares of
                             common stock of First Dynasty Mines Ltd. issued to
                             the Registrant* (5)

  10.51            58        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            59        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.*+


                                       23
<PAGE>


  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.**

  27.1                       Financial data schedule*

  99.1                       Certification of Chief Executive Officer**

  99.2                       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 herewith

         +        Management contract or compensation plan or arrangement

                                       24
<PAGE>

                                                                     Exhibit 3.3

                      CERTIFICATE OF RENEWAL AND REVIVAL OF
                          CERTIFICATE OF INCORPORATION
                                       OF
                             GLOBAL GOLD CORPORATION

              It is hereby certified that:

              1. The name of the corporation (hereinafter the "corporation") is:

                 Global Gold Corporation

              2. The corporation was organized under the provisions of the
         General Corporation Law of the State of Delaware. The date of filing
         of its original certificate of incorporation with the Secretary of
         State of the State of Delaware (under its then name of Triad Energy
         Corp.) is February 21, 1980.

              3. The address of the registered office of the corporation in the
         State of Delaware and the name of the registered agent at such address
         are as follows: Corporation Service Company, Wilmington, Delaware
         19808.

              4. The corporation hereby procures a renewal and revival of its
         certificate of incorporation, which became inoperative by law on March
         1, 1997 for failure to file annual reports and non-payment of taxes
         payable to the State of Delaware.

              5. The certificate of the corporation, which provides for and will
         continue to provide for, perpetual duration, shall, upon the filing of
         this Certificate of Renewal and Revival of the Certificate of
         Incorporation in the Department of State of the State of Delaware, be
         renewed and revived and shall become fully operative on February 28,
         1997.

              6. This Certificate of Renewal and Revival of the Certificate of
         Incorporation is filed by authority of the duly elected directors as
         prescribed by Section  312 of the General Corporation  Law of the State
         of Delaware.

         Signed and attested to on January 23, 2003


                                                GLOBAL GOLD CORPORATION

                                                By:
                                                   -----------------------
                                                Drury J. Gallagher, Chairman and
                                                         Chief Executive Officer

<PAGE>


                                                                   EXHIBIT 10.57

                         AMENDMENT TO WARRANT NO. U-____

                                    ISSUED BY

                             GLOBAL GOLD CORPORATION

     Warrant No.  U-___ issued by Global Gold  Corporation  (the  "Warrant")  on
October 31, 2000, is hereby amended as follows:

                  1. The first paragraph of the Warrant is hereby amended to
substitute the following paragraph in lieu of the paragraph appearing therein:

                  "Global Gold Corporation, a Delaware corporation (the
"Company"), hereby certifies that, for value received, ____________________
_________________________________, or registered permitted assigns, is entitled,
subject to the terms set forth below, to purchase from the Company at any time
or from time to time before 5:30 P.M., Eastern Standard Time, on October 31,
2005, _______ fully paid and nonassessable shares of Common Stock, $.001 par
value, of the Company, at a purchase price per share of $0.25 (such purchase
price per share as adjusted from time to time as herein provided is referred to
herein as the "Purchase Price"). The number and character of such shares of
Common Stock and the Purchase Price are subject to adjustment as provided
herein."

                  2. Section 20 of the Warrant is hereby amended to read as
follows:

                  "The right to exercise this Warrant shall expire at 5:30 p.m.,
Eastern Standard Time, on October 31, 2005."

                  3. Except as otherwise set forth herein, all of the other
terms and conditions of the Warrant shall remain in full force and effect.


Dated: As of December 31, 2002                      GLOBAL GOLD CORPORATION



                                                    By:_________________________
                                                    Drury J. Gallagher, Chairman
                                                    and Chief Executive Officer
<PAGE>


                                                                   Exhibit 10.58

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT



     AGREEMENT  dated as of the 1st day of February,  2003  between  Global Gold
Corporation, a Delaware corporation (the "Corporation"), and Drury J. Gallagher,
an  individual  residing  at 107  Eakins  Road,  Manhasset,  New York 11030 (the
"Employee") (the "Agreement").

                              W I T N E S S E T H :
                               - - - - - - - - - -

     WHEREAS,  the  Corporation  and  the  Employee  entered  into a  three-year
employment  agreement  effective as of July 1, 1997 and which terminated on June
30, 2000;

     WHEREAS,  the Corporation needs the active service of the Employee in light
of the Corporation's renewed efforts to obtain and exploit gold mining projects;

     WHEREAS,  the  Corporation  and  the  Employer  entered  into  a  four-year
employment agreement dated as of July 1, 2002 (the "Employment Agreement");

     WHEREAS,  the  Corporation and the Employee desire to enter into an amended
and restated employment agreement, which supersedes the Employment Agreement, on
the terms and conditions hereinafter set forth;

                  NOW, THEREFORE, the parties hereto agree as follows:

     1. DUTIES.


     (a) The  Corporation  hereby employs the Employee,  and the Employee hereby
accepts and agrees to such employment,  as Chairman and Chief Executive  Officer
and,  in such  capacity,  to be  responsible  for  overseeing,  supervising  and
participating  in the  day-to-day  activities of the  Corporation.  The Employee
shall,  subject to the  supervision and control of the Board of Directors of the
Corporation,  perform such executive duties and exercise such supervisory powers
over and with  regard to the  business  of the  Corporation  and its present and
future subsidiaries,  consistent with such position,  and such additional duties
as specified in the Corporation's By-Laws or as may be assigned to him from time
to time by the Board of Directors of the Corporation.
<PAGE>

     (b) The Employee agrees to devote 60% of his available business time to the
performance of his duties  hereunder,  or 1,200 hours per each 12-month  period.
The Employee may provide services to other  organizations,  on a compensation or
pro bono basis,  provided that such services do not constitute  more than 40% of
his available business time.

     2.  TERM.  The term of this  Agreement  shall be for a period of four years
commencing  on  July 1,  2002  and  ending  on  June  30,  2006,  and  shall  be
automatically  renewed for consecutive  one-year periods  thereafter  unless (a)
terminated by the Employee on 120 days written notice prior to the expiration of
the initial  term  hereof,  (b)  terminated  by either party on 120 days written
notice prior to the expiration of the fourth year hereof or any year  thereafter
or (c) sooner terminated as otherwise provided herein.

     3. COMPENSATION.

     (a) Base  Compensation.  In consideration  for the services rendered by the
Employee under this Agreement, the Corporation shall transfer and deliver to the
Employee as base  compensation for the three-year and five-month  remaining term
of this  Agreement  commencing on February 1, 2003 and ending on June 30, 2006 a
total of  900,000  shares  of its  common  stock  pursuant  to the  terms of the
Restricted  Stock Award  attached  hereto as Exhibit A, which have a fair market
value of $0.05 per share as determined by the Corporation (the "Restricted Stock
Award"). The Employee  acknowledges receipt of the delivery of 100,000 shares of
the  Corporation's  common stock  pursuant to the  Employment  Agreement as base
compensation for the seven-month  period ending January 31, 2003. In addition to
the foregoing,  the Corporation shall pay to the Employee, as base compensation,
the sum of $100,000 for each  12-month  period  commencing  on and after July 1,
2003 during the term of this Agreement, payable in equal monthly installments of
$8,333.33 on the 15th day of each month, provided that the Corporation shall not
be  required  to make  such  payment  if the  Corporation  lacks  the  financial
resources  or  adequate  cash  flow to do so,  as  determined  by the  Board  of
Directors of the Corporation  pursuant to a unanimous  written consent.  If such
sum of  $100,000 or portion  thereof is not paid when due,  such sum in question
shall accrue without  interest,  but any sum accrued during the 12-month  period
ended June 30, 2004 shall become due and payable on June 30,  2005,  and any sum
due accrued  during the period ended June 30, 2005 or June 30, 2006 shall become
due and payable on June 30, 2006.

                                       2
<PAGE>



     (b) Bonus  Compensation.  In addition to the  foregoing  compensation,  the
Employee shall be entitled to receive annual bonus compensation ("Annual Bonus")
in an amount  determined in accordance with any bonus plan approved by the Board
of Directors, or any committee thereof duly authorized by the Board to make such
determination,  based upon qualitative and quantitative  goals determined by the
Board of Directors,  or such committee thereof,  in its sole discretion,  as the
case  may  be.  Any  Annual  Bonus  shall  be  subject  to  all  applicable  tax
withholdings.

     (c) In the event that the Employee  voluntarily  elects not to work 60% for
the Corporation as contemplated hereunder, both his base compensation, and bonus
compensation,  if any, to which he would otherwise have been entitled, set forth
in Section 3(a) and (b) shall be reduced to the amount  computed by  multiplying
such base compensation and bonus entitlement by the ratio of the number of hours
worked during such 12-month period to 1,200 hours.

     (d) Change of Control.

           (i) If during the term of this Agreement, there shall occur a Change
of Control of the Corporation (as defined herein), the Employee may terminate
his employment hereunder at any time during the term of this Agreement, in which
case he shall be entitled to receive a payment equal to 2.95 times the
Employee's average annual compensation paid by the Company within the meaning of
Section 280(G)(d)(1) of the Internal Revenue Code of 1986, as amended, during
the four-year period (or, if he has worked less than four years hereunder, such
shorter period) immediately preceding the date of his termination of employment
(the "Severance Payment"), provided, however, that such Severance Payment shall
be reduced if and only to the extent necessary to avoid the imposition of an
excise tax on such Severance Payment under Section 4999 of the Internal Revenue
Code of 1986, as amended. The Severance Payment shall be payable to Employee
within 30 days after the occurrence of a Change of Control.

           (ii) (A) For purposes hereof, the term "Change of Control" shall mean
an event or series of events that would be required to be described as a change
in control of the Corporation in a proxy or information statement distributed by
the Corporation pursuant to Section 14 of the Securities Exchange Act of 1934 in
response to Item 6(e) of Schedule 14A promulgated thereunder, or any substitute
provision which may hereafter be promulgated thereunder or otherwise adopted.

                                       3
<PAGE>

                (B) (1) Notwithstanding anything contained in this Section 3(d)
to the contrary, a "Change of Control" shall be deemed to occur upon

                    (a) (i) the sale of all or substantially all of the
Corporation's assets or (y) a merger (including a merger in which the
Corporation is the surviving corporation) or consolidation of the Corporation
with one or more corporations or entities, as a result of which in each such
case the Corporation's voting securities outstanding immediately before such
sale, merger or consolidation represent less than 50% of the combined voting
power of voting securities of the Corporation or the surviving entity
outstanding immediately after such sale, merger or consolidation; or

                        (ii) any "person", as such term is used in Section 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") or persons acting in concert (other than Drury J. Gallagher, Robert A.
Garrison, Van Z. Krikorian or any of their affiliates) become the "beneficial
owner" or "beneficial owners" (as defined in Rule 13d-3 under the Exchange Act,
or any successor rule or regulation thereto as in effect from time to time),
directly or indirectly, of the Corporation's securities representing more than
50% of the combined voting power of the Corporation's then outstanding
securities, pursuant to a plan of such person or persons to acquire such a
controlling interest in the Company, whether pursuant to a merger (including a
merger in which the Corporation is the surviving corporation), an acquisition of
securities or otherwise, except that this Section 3(d)(ii)(B)(1)(a)(ii) shall
not apply to any person who provides financing to the Corporation or any of
their affiliates, pursuant to a private placement transaction or otherwise; and

                                       4
<PAGE>

                    (b) a transaction shall not constitute a Change of Control
if its sole purpose is to change the state of the Corporation's incorporation or
to create a holding company that will be owned in substantially the same
proportions by the persons who held the Corporation's securities immediately
before such transaction.

     4. WORKING FACILITIES.  The Corporation shall not be required to provide an
office for the Employee for the performance of his services hereunder,  but will
provide such other  facilities  and services  commensurate  with his position as
Chairman  and Chief  Executive  Officer of the  Corporation,  as are  reasonably
necessary  for the  performance  of his duties  hereunder,  as determined by the
Board of Directors of the Corporation.

     5. REIMBURSEMENT OF BUSINESS EXPENSES.  The Employee is authorized to incur
reasonable  expenses  in  connection  with  the  conduct  of  the  Corporation's
business,  including,  without  limitation,  expenses for the Employee's travel,
lodging  and  business   entertainment  in  accordance  with  the  Corporation's
customary practice and subject to the general  limitations  thereof set forth in
the annual or more  frequent  budgets  adopted by the  Corporation  from time to
time.  The  Corporation  will promptly  reimburse the Employee for such expenses
upon the presentation by the Employee, from time to time, of an itemized account
of such  expenditures  together  with  vouchers or  receipts  in  substantiation
thereof.

     6. BENEFITS. During the term of this Agreement, any benefits made available
to officers or  employees  of the  Corporation  under any pension  plan,  profit
sharing plan,  employee stock purchase plan,  stock bonus plan,  incentive stock
option plan, stock appreciation  plan,  deferred  compensation  plan,  insurance
plan, health plan, welfare plan, long-term disability plan or otherwise shall be
made  available to the  Employee,  taking into account the  Employee's  level of
compensation,  past services,  scope of responsibility and such other factors as
are customarily used to evaluate  executive  performance and compensation  under
such plans.

     7.  VACATIONS.  The Employee shall be entitled each year during the term of
this  Agreement  to a vacation  period of four  weeks  during  which  period all
compensation,  benefits,  and other  rights to which the  Employee  is  entitled
hereunder  shall be  provided  in  full.  Such  vacation  may be  taken,  in the
Employee's  discretion,  at such time or times as are not inconsistent  with the
reasonable business needs of the Corporation. During the term of this Agreement,
the vacation  time provided for herein shall not be cumulative to the extent not
taken by the Employee  during a given year.  In the event that the vacation time
provided  hereunder  has not been taken during the 12-month  period prior to the
termination  or expiration of this Agreement for any reason other than those set
forth in  Section  8(a)  hereof,  the  Corporation  shall pay the  Employee,  in
addition to any other benefits due to the Employee hereunder, an amount equal to
the number of weeks (or fraction  thereof) of vacation  time not so taken during
such period multiplied by an amount equal to the result obtained by dividing (x)
the then base  salary in effect on the  Termination  Date (as defined in Section
8(e) hereof) by (y) 52.

                                       5

<PAGE>



     8. TERMINATION.

     (a) Early  Termination  by Corporation  for Cause.  During the term of this
Agreement,  the Employee's  employment may be terminated by the  Corporation for
Cause (as defined  herein)  only by the  affirmative  vote of 100% of all of the
members  of the  Board of  Directors  of the  Corporation  then  holding  office
(without  counting  any vote of the  Employee  whose  services  are sought to be
terminated,  if the Employee is then a member of the Board of  Directors)  on 30
days  prior  written  notice  by  means  of a  Notice  of  Termination,  and  an
opportunity for the Employee,  accompanied by counsel of his choice,  to address
the full Board of Directors,  that one of the following conditions exists or one
of the following events has occurred (each of which is defined as "Cause"):

              (i) Wrongful act or acts on the part of the Employee which caused
material damage to the Corporation;

              (ii) The conviction of the Employee for a felony  involving the
Corporation or moral turpitude;

              (iii) The  refusal  by the  Employee,  continued  for at least 90
days,  to perform such employment duties as may reasonably be delegated or
assigned to him under this Agreement,  consistent with his executive  position,
by the Board of Directors of the Corporation;

              (iv) Willful and unexcused neglect by the Employee of his employ-
ment duties under this Agreement, continued for at least 90 days; or

              (v) Any other  material  breach by the Employee of the  provisions
of this Agreement.

     Subject only to a final determination by an arbitrator made pursuant to the
provisions   of  Section  11  of  this   Agreement,   the  Board  of  Directors'
determination,  in good faith,  in writing that cause exists for  termination of
the Employee's employment shall be binding and conclusive for all purposes under
this  Agreement.  Upon  such  determination  by  the  Board  of  Directors,  the
Employee's  compensation  pursuant  to Section 3 hereof  and all other  benefits
provided  hereunder  shall terminate on the  Termination  Date,  except that the
Employee  shall be  entitled  to be paid  severance  pay  equal to his then base
compensation  for a period of three  months  thereafter.  In the event  that the
Employee  desires  to take any matter  with  respect  to such  determination  to
arbitration,  he must commence an  arbitration  proceeding  within 30 days after
receipt  of  written  notice of the Board of  Directors'  determination.  If the
Employee  fails to take  such  action  within  such  period,  he will be  deemed
conclusively  to have waived his right to arbitration of the  termination of his
employment hereunder.

                                       6
<PAGE>



     (b)  Termination  by  Employee.  In the event  that the  Corporation  shall
default in the performance of any of its obligations under this Agreement in any
material  respect  (other  than by reason  of its  financial  inability  to make
payments as determined by the Board of Directors of the Corporation in writing),
and shall not cure such default within 10 days of receipt by the  Corporation of
written  notice of such default from the  Employee,  the Employee may  terminate
this  Agreement  by delivery of a Notice of  Termination.  Upon any  termination
pursuant to the  provisions of this Section 8(b), the Employee shall be entitled
to receive,  as  liquidated  damages and not as a penalty,  one year's  payments
which  would have been made to the  Employee  on  account of his base  salary in
effect at the date of the delivery of a Notice of Termination.  Upon fulfillment
of the  conditions  set forth in Section 8(b) hereof and subject to Section 8(f)
hereof,  all rights and  obligations of the parties under this  Agreement  shall
thereupon be  terminated.  The  Employee  shall have no  obligation  to mitigate
damages,  and amounts  payable  pursuant to the  provisions of this Section 8(b)
shall not be reduced on account of any income  earned by the Employee from other
employment or other sources.

     (c)  Termination by Reason of Disability.  In the event that Employee shall
be prevented  from rendering all of the services or performing all of his duties
hereunder  by reason of  illness,  injury or  incapacity  (whether  physical  or
mental) for a period of six  consecutive  months,  determined by an  independent
physician selected by the Board of Directors of the Corporation, the Corporation
shall  have the right to  terminate  this  Agreement,  by  giving 10 days  prior
written notice to the Employee,  provided that the Corporation shall continue to
pay his then base compensation for a period of 12 months  thereafter  (exclusive
of any benefit under the Restricted Stock Award). Until terminated in the manner
set forth in this Section  8(c),  the Employee  shall be entitled to receive his
full compensation and benefits provided  hereunder through the Termination Date.
Any payments to the Employee under any disability  insurance or plan  maintained
by the  Corporation  shall be applied against and shall reduce the amount of the
base compensation payable by the Corporation under this Section 8(c).

     (d)  Termination  by Reason of Death.  In the event that the Employee shall
die during the term of this Agreement,  this Agreement shall terminate upon such
death. The death benefit payable to the Employee under this Agreement (exclusive
of any benefit  under the  Restricted  Stock Award) shall be the life  insurance
benefits provided to the Employee, if any.

     (e) Certain Definitions.

              (i) Any  termination of the Employee's  employment by the
Corporation or by the Employee shall be communicated by a Notice of Termination
to the other party hereto. For purposes hereof, a "Notice of Termination" shall
mean a notice which shall state the specific  reasons,  and shall set forth in
reasonable detail the facts and circumstances, for such termination.

              (ii)  "Termination  Date"  shall mean the date  specified  in the
Notice of Termination as the last day of Employee's employment by the
Corporation.

     (f)   Continued   Maintenance   of   Benefit   Plans  in   Certain   Cases.
Notwithstanding  anything  contained in this  Agreement to the contrary,  if the
Employee's  employment is  terminated  pursuant to Sections 8(b) or 8(c) hereof,
the  Corporation  shall  maintain  in full force and effect,  for the  continued
benefit  of the  Employee  for the  number of years  (including  partial  years)
remaining in the term of employment  hereunder,  all employee  benefit plans and
programs in which the Employee was entitled to participate  immediately prior to
the Termination Date,  provided that the Employee's  continued  participation is
possible under the general terms and  provisions of such plans and programs.  In
the event  that the  Employee's  participation  in any such plan or  program  is
barred,  the  Corporation  shall have no  obligation  to provide any  substitute
benefits for the Employee.

                                       7
<PAGE>

     9. CONFIDENTIALITY.


     (a)  During  the  term of this  Agreement,  and for a period  of two  years
thereafter,  the Employee  shall not,  without the prior written  consent of the
Board of Directors  of the  Corporation,  disclose to any person,  other than an
employee  of the  Corporation  or a  person  to whom  disclosure  is  reasonably
necessary or appropriate in connection  with the  performance by the Employee of
his duties hereunder, any of the Corporation's confidential information obtained
by  the  Employee  during  the  term  of  this  Agreement,   including,  without
limitation,   trade  secrets,   products,   designs,  customers  or  methods  of
distribution.

     (b) The obligations of confidentiality  contained in this Section shall not
extend to any matter which is in or becomes part of the public domain  otherwise
than by reason of a breach by the Employee of his obligations of confidentiality
hereunder  or which  is  disclosed  by the  Employee  pursuant  to an order of a
governmental body or court of competent  jurisdiction or as required pursuant to
a legal proceeding in which the Employee or the Corporation is a party.

     10.  CERTAIN  REMEDIES IN EVENT OF BREACH.  In the event that the  Employee
commits a breach, or threatens to commit a breach, of any of the restrictions on
confidentiality  contained in Section 9 of this Agreement, the Corporation shall
have the following rights and remedies:

     (a) to  obtain  an  injunction  restraining  any  violation  or  threatened
violation  of the  provisions  of Section 9 or any other  appropriate  decree of
specific  performance  by  any  court  having  equity  jurisdiction,   it  being
acknowledged  and agreed by the Employee that the services  rendered,  and to be
rendered to the Corporation by him as an Employee, are of a special,  unique and
extraordinary character and that any such breach or threatened breach will cause
irreparable injury to the Corporation and that money damages will not provide an
adequate remedy to the Corporation; and

     (b) to require the Employee to account for and pay over to the  Corporation
all  compensation,  profits,  monies,  accruals,  increments  or other  benefits
(collectively the "Benefits")  derived or received by the Employee as the result
of any transactions constituting a breach of any of the provisions of Section 9,
and the Employee  hereby  agrees to account for and pay over the Benefits to the
Corporation.

     Each of the  rights and  remedies  enumerated  in this  Section 10 shall be
independent of the other,  and shall be severally  enforceable,  and such rights
and  remedies  shall be in addition to, and not in lieu of, any other rights and
remedies available to the Corporation at law or in equity.

     11. ARBITRATION.

     (a)  Selection  of  Arbitrators.  In  the  event  of  any  disagreement  or
controversy  arising out of or relating to this Agreement,  such  controversy or
disagreement  shall be settled by three  arbitrators  in the City of New York in
accordance with the rules of the American Arbitration Association (the "AAA") in
arbitrations  administered  by it  (other  than the AAA  rules  relating  to the
appointment of  arbitrators),  and any award granted in such  arbitration  shall
finally  determine such controversy or disagreement.  The arbitrators for any of
the arbitral  proceedings  referred to in the preceding sentence shall be chosen
as follows: (x) one shall be chosen by the Employee,  (y) one shall be chosen by
the Board of  Directors of the  Corporation,  and (z) one shall be chosen by the
two arbitrators  selected under Section 11(a)(x) and (y) hereof. The arbitrators
to be chosen by the parties  shall be chosen within 30 days after the service of
a demand for arbitration on any party hereto.  If the two arbitrators  appointed
above shall not agree to the appointment of the third arbitrator to be appointed
as provided in Section  11(a)(z)  within 15 days after their  appointment,  such
arbitrator  shall be chosen by the then President of the  Association of the Bar
of the City of New York,  subject to  challenge by any party only by reason of a
conflict of interest.

                                       8
<PAGE>



     (b)  Jurisdiction.  Any  judicial  proceeding  brought  against  any of the
parties to this Agreement in connection with  compelling or staying  arbitration
or enforcing any arbitral  decision  shall be brought in the courts of the State
of New York in the City of New York or in the United States  District  Court for
the Southern  District of New York,  and by the  execution  and delivery of this
Agreement,  each of the parties to this Agreement  accepts for himself or itself
the exclusive jurisdiction of such courts, and irrevocably agrees to be bound by
any judgment  rendered  thereby in connection with this Agreement.  Such consent
shall not  constitute a general  appearance  or be available to any other person
who is not a party to this Agreement.  The parties agree that service of process
will be deemed  sufficient  if made upon each party  hereto at the  address  set
forth herein.

     12. MISCELLANEOUS.


     (a) Notices. All notices or other  communications  required or permitted to
be given pursuant to this Agreement  shall be in writing and shall be considered
as duly given on (a) the date of delivery, if delivered in person, by nationally
recognized  overnight  delivery  service or by facsimile or (b) three days after
mailing if mailed from within the  continental  United  States by  registered or
certified  mail,  return receipt  requested to the party entitled to receive the
same, if to the Corporation, Global Gold Corporation, c/o Robert A. Garrison, 44
Lords Highway East, Weston,  Connecticut 06883, facsimile number (203) 222-9037,
with a copy to Law Offices of Stephen R. Field,  240 Madison  Avenue,  New York,
New York 10016, Attn:  Stephen R. Field, Esq.,  facsimile number (212) 681-0845;
and if to the Employee, Mr. Drury J. Gallagher,  107 Eakins Road, Manhasset, New
York 11030,  facsimile  number (516)  627-5067.  Any party may change his or its
address by giving  notice to the other  party  stating  his or its new  address.
Commencing  on the  10th  day  after  the  giving  of such  notice,  such  newly
designated  address shall be such party's address for the purpose of all notices
or other  communications  required  or  permitted  to be given  pursuant to this
Agreement.

     (b) Governing Law. This  Agreement and the rights of the parties  hereunder
shall be governed by and construed in  accordance  with the laws of the State of
New York determined without regard to conflicts of law principles.

     (c) Entire  Agreement;  Waiver of Breach.  This Agreement  constitutes  the
entire  agreement  among the  parties  and  supersedes  any prior  agreement  or
understanding  among them with respect to the subject matter hereof,  and it may
not be modified or amended in any manner other than as provided  herein;  and no
waiver of any  breach or  condition  of this  Agreement  shall be deemed to have
occurred  unless  such waiver is in writing,  signed by the party  against  whom
enforcement  is  sought,  and no waiver  shall be  claimed to be a waiver of any
subsequent breach or condition of a like or different nature.

     (d) Binding  Effect;  Assignability.  This  Agreement and all the terms and
provision  hereof  shall be binding  upon and shall  inure to the benefit of the
parties and their  respective  heirs,  successors  and permitted  assigns.  This
Agreement and the rights of the parties  hereunder  shall not be assigned except
with the written consent of all parties hereto.

     (e) Captions.  Captions  contained in this Agreement are inserted only as a
matter of convenience and in no way define,  limit or extend the scope or intent
of this Agreement or any provision hereof.

     (f) Number and Gender.  Wherever  from the context it appears  appropriate,
each term stated in either the singular or the plural shall include the singular
and the plural, and pronouns stated in either the masculine, the feminine or the
neuter gender shall include the masculine, feminine and neuter.

                                       9
<PAGE>


     (g) Severability.  If any provision of this Agreement shall be held invalid
or unenforceable,  such invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render invalid or  unenforceable
any other  severable  provision of this  Agreement,  and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

     (h)  Amendments.  This  Agreement  may not be  amended  except in a writing
signed by all of the parties hereto.

     (i) Counterparts.  This Agreement may be executed in several  counterparts,
each of which shall be deemed an original but all of which shall  constitute one
and the same instrument.  In addition,  this Agreement may contain more than one
counterpart  of the  signature  page and this  Agreement  may be executed by the
affixing  of such  signature  pages  executed  by the parties to one copy of the
Agreement;  all of such counterpart signature pages shall be read as though one,
and they shall have the same force and effect as though all of the  signers  had
signed a single signature page.

     IN WITNESS WHEREOF,  the undersigned have executed this Agreement as of the
date first above written.

                                                Global Gold Corporation


                                                By:
                                                   Robert A. Garrison, President
                                                   and Chief Financial Officer



                                                   Drury J. Gallagher


                                       10
<PAGE>



                                                                       EXHIBIT A

                             Global Gold Corporation
                          734 Franklin Avenue, No. 333
                        Garden City, New York 11530-4525

                                               February 1, 2003

Mr. Drury J. Gallagher 107 Eakins Road Manhasset, New York 11030

                  Re:      Restricted Stock Award

Dear Mr. Gallagher:

     As an inducement for your  rendering of services to the Company,  we hereby
grant you 900,000  shares of the Common  Stock of the  Company,  evidenced  by a
certificate  of  shares of our  common  stock,  $.001  par value per share  (the
"Shares"),  subject to applicable  securities law restrictions and the terms and
conditions set forth herein:

     1. You shall be required to spend at least 60% of your business time (1,200
hours for each 12-month period) in connection with the  responsibility  assigned
to you (or to be  assigned to you) by the Board of  Directors  of the Company in
promoting the business of the Company pursuant to your employment agreement with
the Company.

                                       11
<PAGE>

     2. For the first five month period  commencing  with the date hereof within
which you render the services provided herein,  you shall become fully vested in
12.195%  of the  total  Shares  granted  hereunder.  For each  six-month  period
thereafter  commencing  on July 1, 2003 through June 30, 2006,  you shall become
fully  vested in 14.634% of the total Shares  granted  hereunder.  Thus,  if you
complete five, 17, 29 and 41 months of service as provided hereunder,  you shall
be  12.195%,  41.463%,  70.731%  and 100%  vested,  respectively,  in the Shares
granted hereunder.

     3. In the event of your  termination  of your  employment  on or before the
expiration of the initial  five-month  period commencing with the date hereof or
any subsequent six-month period thereafter during the 36-month period commencing
with July 1,  2003 for any  reason,  you  shall  forfeit  all  right,  title and
interest  in and to any of the Shares  granted  hereunder  which have not become
vested in you, without any payment by the Company therefor.

     4. (a) Any Shares  granted  hereunder  are not  transferable  and cannot be
assigned,  pledged,  hypothecated  or  disposed  of in any way until they become
vested,  and  may  be  transferred  thereafter  in  accordance  with  applicable
securities law restrictions.  Any attempted transfer in violation of the Section
shall be null and void.

        (b) Notwithstanding anything contained in this Agreement to the
contrary, after you become vested in any of the Shares granted hereunder,  no
sale,  transfer or pledge thereof may be effected without an effective
registration statement or an opinion of counsel for the Company that such
registration is not required under the Securities  Act of 1933, as amended,  and
any  applicable  state  securities laws.

     5.  During the  period  commencing  with the date  hereof and prior to your
forfeiture  of any of the Shares  granted  hereunder,  you shall have all right,
title and interest in and to the Shares granted  hereunder,  including the right
to vote the Shares and receive  dividends  or other  distributions  with respect
thereto.

     6. You shall be solely responsible for any and all Federal, state and local
income  taxes  arising out of your receipt of the Shares and your future sale of
other disposition of them.

     7. This Agreement and the rights of the parties hereunder shall be governed
by and construed in accordance  with the laws of the State of New York,  without
regard to its conflicts of law principles. All parties hereto (i) agree that any
legal suit,  action or proceeding  arising out of or relating to this  Agreement
shall be instituted  only in a Federal or state court in the City of New York in
the State of New York,  (ii) waive any objection which they may now or hereafter
have to the  laying of the venue of any such  suit,  action or  proceeding,  and
(iii) irrevocably  submit to the exclusive  jurisdiction of any Federal or state
court in the City of New York in the State of New York, in any such suit, action
or proceeding,  but such consent shall not constitute a general appearance or be
available to any other person who is not a party to this Agreement.  All parties
hereto agree that the mailing of any process in any suit,  action or  proceeding
at the addresses of the parties shown herein shall  constitute  personal service
thereof.

                                       12
<PAGE>

     8.  If  any  provision  of  this   Agreement   shall  be  held  invalid  or
unenforceable,  such  invalidity or  unenforceability  shall attach only to such
provision and shall not in any manner affect or render invalid or  unenforceable
any other  severable  provision of this  Agreement,  and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

     9. This Agreement and all the terms and provisions  hereof shall be binding
upon and shall inure to the benefit of the  parties and their  respective  heirs
and successors and, in the case of the Company, its assigns.

     10. This  Agreement may not be amended except in a writing signed by all of
the parties hereto.

     11.  Nothing  contained  herein shall be construed to create an  employment
agreement between the Company and you or require the Company to employ or retain
you under such a contract or otherwise.

     12. Notwithstanding anything contained this in Agreement to the contrary:

        (a) the Shares shall become fully vested upon the occurrence of a
Change of Control (as defined in this Section 12), which shall occur upon

            (i) (x) the sale of all or substantially all of the Company's assets
or (y) a merger (including a merger in which the Company is the surviving
corporation) or consolidation of the Company with one or more corporations or
entities, as a result of which in each such case the Company's voting securities
outstanding immediately before such sale, merger or consolidation represent less
than 50% of the combined voting power of voting securities of the Company or the
surviving entity outstanding immediately after such sale, merger or
consolidation; or

            (ii)   any "person", as such term is used in Section 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or
persons acting in concert (other than Drury J. Gallagher, Robert A. Garrison,
Van Z. Krikorian or any of their affiliates) become the "beneficial owner" or
"beneficial owners" (as defined in Rule 13d-3 under the Exchange Act, or any
successor rule or regulation thereto as in effect from time to time), directly
or indirectly, of the Company's securities representing more than 50% of the
combined voting power of the Company's then outstanding securities, pursuant to
a plan of such person or persons to acquire such a controlling interest in the
Company, whether pursuant to a merger (including a merger in which the Company
is the surviving corporation), an acquisition of securities or otherwise, except
that this Section 12(a)(ii) shall not apply to any person who provides financing
to the Company or any of their affiliates, pursuant to a private placement
transaction or otherwise; and

        (b) a  transaction  shall not  constitute  a Change of  Control if its
sole purpose is to change  the state of the  Company's  incorporation  or to
create a holding company that will be owned in substantially  the same
proportions by the persons who held the Company's securities immediately before
such transaction.

                                       13
<PAGE>

        (3) the  Shares  shall  become  fully  vested  upon your death or upon
your becoming disabled,  which shall mean you shall have been unable to render
all of your  duties by reason of illness,  injury or  incapacity  (whether
physical or mental) for a period of six  consecutive  months,  determined by an
independent physician selected by the Board of Directors of the Company.

     13. In the event of any conflict between the terms of this Agreement and of
the Amended and Restated Employment Agreement,  the provisions contained in this
Agreement shall control.

     If this  letter  accurately  reflects  our  understanding,  please sign the
enclosed copy of this letter at the bottom and return it to us.

                                                Very truly yours,

                                                Global Gold Corporation

                                                By:_____________________________
                                                   Robert A. Garrison, President
                                                   and Chief Financial Officer

Agreed:

-------------------------------
         Drury J. Gallagher




                                       14

<PAGE>

                                                                   Exhibit 10.59

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT



     AGREEMENT  dated as of the 1st day of February,  2003  between  Global Gold
Corporation, a Delaware corporation (the "Corporation"), and Robert A. Garrison,
an individual residing at 44 Lords Highway East, Weston,  Connecticut 06883 (the
"Employee") (the "Agreement").

                              W I T N E S S E T H :
                               - - - - - - - - - -

     WHEREAS,  the  Corporation  and  the  Employee  entered  into a  three-year
employment  agreement  effective as of July 1, 1997 and which terminated on June
30, 2000;

     WHEREAS,  the Corporation needs the active service of the Employee in light
of the Corporation's renewed efforts to obtain and exploit gold mining projects;

     WHEREAS,  the  Corporation  and  the  Employer  entered  into  a  four-year
employment agreement dated as of July 1, 2002 (the "Employment Agreement");

     WHEREAS,  the  Corporation and the Employee desire to enter into an amended
and restated employment agreement, which supersedes the Employment Agreement, on
the terms and conditions hereinafter set forth;

     NOW, THEREFORE, the parties hereto agree as follows:

     1. DUTIES.

     (a) The  Corporation  hereby employs the Employee,  and the Employee hereby
accepts and agrees to such employment,  as President and Chief Financial Officer
and,  in such  capacity,  to be  responsible  for  overseeing,  supervising  and
participating  in the  day-to-day  activities of the  Corporation.  The Employee
shall,  subject to the  supervision and control of the Board of Directors of the
Corporation,  perform such executive duties and exercise such supervisory powers
over and with  regard to the  business  of the  Corporation  and its present and
future subsidiaries,  consistent with such position,  and such additional duties
as specified in the Corporation's By-Laws or as may be assigned to him from time
to time by the Board of Directors of the Corporation.

     (b) The Employee agrees to devote 60% of his available business time to the
performance of his duties  hereunder,  or 1,200 hours per each 12-month  period.
The Employee may provide services to other  organizations,  on a compensation or
pro bono basis,  provided that such services do not constitute  more than 40% of
his available business time.

<PAGE>

     2.  TERM.  The term of this  Agreement  shall be for a period of four years
commencing  on  July 1,  2002  and  ending  on  June  30,  2006,  and  shall  be
automatically  renewed for consecutive  one-year periods  thereafter  unless (a)
terminated by the Employee on 120 days written notice prior to the expiration of
the initial  term  hereof,  (b)  terminated  by either party on 120 days written
notice prior to the expiration of the fourth year hereof or any year  thereafter
or (c) sooner terminated as otherwise provided herein.

     3. COMPENSATION.

     (a) Base  Compensation.  In consideration  for the services rendered by the
Employee under this Agreement, the Corporation shall transfer and deliver to the
Employee as base  compensation for the three-year and five-month  remaining term
of this  Agreement  commencing on February 1, 2003 and ending on June 30, 2006 a
total of  900,000  shares  of its  common  stock  pursuant  to the  terms of the
Restricted  Stock Award  attached  hereto as Exhibit A, which have a fair market
value of $0.05 per share as determined by the Corporation (the "Restricted Stock
Award"). The Employee  acknowledges receipt of the delivery of 100,000 shares of
the  Corporation's  common stock  pursuant to the  Employment  Agreement as base
compensation for the seven-month  period ending January 31, 2003. In addition to
the foregoing,  the Corporation shall pay to the Employee, as base compensation,
the sum of $100,000 for each  12-month  period  commencing  on and after July 1,
2003 during the term of this Agreement, payable in equal monthly installments of
$8,333.33 on the 15th day of each month, provided that the Corporation shall not
be  required  to make  such  payment  if the  Corporation  lacks  the  financial
resources  or  adequate  cash  flow to do so,  as  determined  by the  Board  of
Directors of the Corporation  pursuant to a unanimous  written consent.  If such
sum of  $100,000 or portion  thereof is not paid when due,  such sum in question
shall accrue without  interest,  but any sum accrued during the 12-month  period
ended June 30, 2004 shall become due and payable on June 30,  2005,  and any sum
due accrued  during the period ended June 30, 2005 or June 30, 2006 shall become
due and payable on June 30, 2006.

     (b) Bonus  Compensation.  In addition to the  foregoing  compensation,  the
Employee shall be entitled to receive annual bonus compensation ("Annual Bonus")
in an amount  determined in accordance with any bonus plan approved by the Board
of Directors, or any committee thereof duly authorized by the Board to make such
determination,  based upon qualitative and quantitative  goals determined by the
Board of Directors,  or such committee thereof,  in its sole discretion,  as the
case  may  be.  Any  Annual  Bonus  shall  be  subject  to  all  applicable  tax
withholdings.

     (c) In the event that the Employee  voluntarily  elects not to work 60% for
the Corporation as contemplated hereunder, both his base compensation, and bonus
compensation,  if any, to which he would otherwise have been entitled, set forth
in Section 3(a) and (b) shall be reduced to the amount  computed by  multiplying
such base compensation and bonus entitlement by the ratio of the number of hours
worked during such 12-month period to 1,200 hours.

                                       2
<PAGE>

     (d) Change of Control.

     (i) If during the term of this  Agreement,  there  shall  occur a Change of
Control of the Corporation (as defined  herein),  the Employee may terminate his
employment  hereunder  at any time during the term of this  Agreement,  in which
case he  shall be  entitled  to  receive  a  payment  equal  to 2.95  times  the
Employee's average annual compensation paid by the Company within the meaning of
Section  280(G)(d)(1) of the Internal  Revenue Code of 1986, as amended,  during
the four-year period (or, if he has worked less than four years hereunder,  such
shorter period) immediately  preceding the date of his termination of employment
(the "Severance Payment"),  provided, however, that such Severance Payment shall
be reduced if and only to the extent  necessary  to avoid the  imposition  of an
excise tax on such Severance  Payment under Section 4999 of the Internal Revenue
Code of 1986,  as amended.  The  Severance  Payment shall be payable to Employee
within 30 days after the occurrence of a Change of Control.

     (ii) (A) For purposes  hereof,  the term "Change of Control"  shall mean an
event or series of events that would be required to be  described as a change in
control of the  Corporation in a proxy or information  statement  distributed by
the Corporation pursuant to Section 14 of the Securities Exchange Act of 1934 in
response to Item 6(e) of Schedule 14A promulgated thereunder,  or any substitute
provision which may hereafter be promulgated thereunder or otherwise adopted.

          (B) (1)  Notwithstanding  anything  contained  in this  Section 3(d)
to the contrary, a "Change of Control" shall be deemed to occur upon

                   (a) (i) the sale of all or substantially all of the
Corporation's assets or (y) a merger (including a merger in which the
Corporation is the surviving corporation) or consolidation of the Corporation
with one or more corporations or entities, as a result of which in each such
case the Corporation's voting securities outstanding immediately before such
sale, merger or consolidation represent less than 50% of the combined voting
power of voting securities of the Corporation or the surviving entity
outstanding immediately after such sale, merger or consolidation; or

                   (ii) any "person", as such term is used in Section 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or
persons acting in concert (other than Drury J. Gallagher, Robert A. Garrison,
Van Z. Krikorian or any of their affiliates) become the "beneficial owner" or
"beneficial owners" (as defined in Rule 13d-3 under the Exchange Act, or any
successor rule or regulation thereto as in effect from time to time), directly
or indirectly, of the Corporation's securities representing more than 50% of the
combined voting power of the Corporation's then outstanding securities, pursuant
to a plan of such person or persons to acquire such a controlling interest in
the Company, whether pursuant to a merger (including a merger in which the
Corporation is the surviving corporation), an acquisition of securities or
otherwise, except that this Section 3(d)(ii)(B)(1)(a)(ii) shall not apply to any
person who provides financing to the Corporation or any of their affiliates,
pursuant to a private placement transaction or otherwise; and

                                       3
<PAGE>

     (b) a  transaction  shall not  constitute  a Change of  Control if its sole
purpose is to change the state of the Corporation's incorporation or to create a
holding company that will be owned in substantially  the same proportions by the
persons  who  held  the  Corporation's   securities   immediately   before  such
transaction.

     4. WORKING FACILITIES.  The Corporation shall not be required to provide an
office for the Employee for the performance of his services hereunder,  but will
provide such other  facilities  and services  commensurate  with his position as
President and Chief  Financial  Officer of the  Corporation,  as are  reasonably
necessary  for the  performance  of his duties  hereunder,  as determined by the
Board of Directors of the Corporation.

     5. REIMBURSEMENT OF BUSINESS EXPENSES.  The Employee is authorized to incur
reasonable  expenses  in  connection  with  the  conduct  of  the  Corporation's
business,  including,  without  limitation,  expenses for the Employee's travel,
lodging  and  business   entertainment  in  accordance  with  the  Corporation's
customary practice and subject to the general  limitations  thereof set forth in
the annual or more  frequent  budgets  adopted by the  Corporation  from time to
time.  The  Corporation  will promptly  reimburse the Employee for such expenses
upon the presentation by the Employee, from time to time, of an itemized account
of such  expenditures  together  with  vouchers or  receipts  in  substantiation
thereof.

     6. BENEFITS. During the term of this Agreement, any benefits made available
to officers or  employees  of the  Corporation  under any pension  plan,  profit
sharing plan,  employee stock purchase plan,  stock bonus plan,  incentive stock
option plan, stock appreciation  plan,  deferred  compensation  plan,  insurance
plan, health plan, welfare plan, long-term disability plan or otherwise shall be
made  available to the  Employee,  taking into account the  Employee's  level of
compensation,  past services,  scope of responsibility and such other factors as
are customarily used to evaluate  executive  performance and compensation  under
such plans.

     7.  VACATIONS.  The Employee shall be entitled each year during the term of
this  Agreement  to a vacation  period of four  weeks  during  which  period all
compensation,  benefits,  and other  rights to which the  Employee  is  entitled
hereunder  shall be  provided  in  full.  Such  vacation  may be  taken,  in the
Employee's  discretion,  at such time or times as are not inconsistent  with the
reasonable business needs of the Corporation. During the term of this Agreement,
the vacation  time provided for herein shall not be cumulative to the extent not
taken by the Employee  during a given year.  In the event that the vacation time
provided  hereunder  has not been taken during the 12-month  period prior to the
termination  or expiration of this Agreement for any reason other than those set
forth in  Section  8(a)  hereof,  the  Corporation  shall pay the  Employee,  in
addition to any other benefits due to the Employee hereunder, an amount equal to
the number of weeks (or fraction  thereof) of vacation  time not so taken during
such period multiplied by an amount equal to the result obtained by dividing (x)
the then base  salary in effect on the  Termination  Date (as defined in Section
8(e) hereof) by (y) 52.

                                       4

<PAGE>



     8. TERMINATION.

     (a) Early  Termination  by Corporation  for Cause.  During the term of this
Agreement,  the Employee's  employment may be terminated by the  Corporation for
Cause (as defined  herein)  only by the  affirmative  vote of 100% of all of the
members  of the  Board of  Directors  of the  Corporation  then  holding  office
(without  counting  any vote of the  Employee  whose  services  are sought to be
terminated,  if the Employee is then a member of the Board of  Directors)  on 30
days  prior  written  notice  by  means  of a  Notice  of  Termination,  and  an
opportunity for the Employee,  accompanied by counsel of his choice,  to address
the full Board of Directors,  that one of the following conditions exists or one
of the following events has occurred (each of which is defined as "Cause"):

            (i) Wrongful act or acts on the part of the Employee which caused
material damage to the Corporation;

            (ii) The conviction of the Employee for a felony  involving the
Corporation or moral turpitude;

            (iii) The  refusal  by the  Employee,  continued  for at least 90
days,  to perform such employment duties as may reasonably be delegated or
assigned to him under this Agreement,  consistent with his executive  position,
by the Board of Directors of the Corporation;

            (iv) Willful and unexcused neglect by the Employee of his employment
duties under this Agreement, continued for at least 90 days; or

            (v) Any other material breach by the Employee of the provisions of
this Agreement.

     Subject only to a final determination by an arbitrator made pursuant to the
provisions   of  Section  11  of  this   Agreement,   the  Board  of  Directors'
determination,  in good faith,  in writing that cause exists for  termination of
the Employee's employment shall be binding and conclusive for all purposes under
this  Agreement.  Upon  such  determination  by  the  Board  of  Directors,  the
Employee's  compensation  pursuant  to Section 3 hereof  and all other  benefits
provided  hereunder  shall terminate on the  Termination  Date,  except that the
Employee  shall be  entitled  to be paid  severance  pay  equal to his then base
compensation  for a period of three  months  thereafter.  In the event  that the
Employee  desires  to take any matter  with  respect  to such  determination  to
arbitration,  he must commence an  arbitration  proceeding  within 30 days after
receipt  of  written  notice of the Board of  Directors'  determination.  If the
Employee  fails to take  such  action  within  such  period,  he will be  deemed
conclusively  to have waived his right to arbitration of the  termination of his
employment hereunder.

                                       5
<PAGE>



     (b)  Termination  by  Employee.  In the event  that the  Corporation  shall
default in the performance of any of its obligations under this Agreement in any
material  respect  (other  than by reason  of its  financial  inability  to make
payments as determined by the Board of Directors of the Corporation in writing),
and shall not cure such default within 10 days of receipt by the  Corporation of
written  notice of such default from the  Employee,  the Employee may  terminate
this  Agreement  by delivery of a Notice of  Termination.  Upon any  termination
pursuant to the  provisions of this Section 8(b), the Employee shall be entitled
to receive,  as  liquidated  damages and not as a penalty,  one year's  payments
which  would have been made to the  Employee  on  account of his base  salary in
effect at the date of the delivery of a Notice of Termination.  Upon fulfillment
of the  conditions  set forth in Section 8(b) hereof and subject to Section 8(f)
hereof,  all rights and  obligations of the parties under this  Agreement  shall
thereupon be  terminated.  The  Employee  shall have no  obligation  to mitigate
damages,  and amounts  payable  pursuant to the  provisions of this Section 8(b)
shall not be reduced on account of any income  earned by the Employee from other
employment or other sources.

     (c)  Termination by Reason of Disability.  In the event that Employee shall
be prevented  from rendering all of the services or performing all of his duties
hereunder  by reason of  illness,  injury or  incapacity  (whether  physical  or
mental) for a period of six  consecutive  months,  determined by an  independent
physician selected by the Board of Directors of the Corporation, the Corporation
shall  have the right to  terminate  this  Agreement,  by  giving 10 days  prior
written notice to the Employee,  provided that the Corporation shall continue to
pay his then base compensation for a period of 12 months  thereafter  (exclusive
of any benefit under the Restricted Stock Award). Until terminated in the manner
set forth in this Section  8(c),  the Employee  shall be entitled to receive his
full compensation and benefits provided  hereunder through the Termination Date.
Any payments to the Employee under any disability  insurance or plan  maintained
by the  Corporation  shall be applied against and shall reduce the amount of the
base compensation payable by the Corporation under this Section 8(c).

     (d)  Termination  by Reason of Death.  In the event that the Employee shall
die during the term of this Agreement,  this Agreement shall terminate upon such
death. The death benefit payable to the Employee under this Agreement (exclusive
of any benefit  under the  Restricted  Stock Award) shall be the life  insurance
benefits provided to the Employee, if any.

     (e) Certain Definitions.

            (i) Any termination of the Employee's employment by the Corporation
or by the Employee shall be communicated by a Notice of Termination to the other
party hereto. For purposes hereof, a "Notice of Termination" shall mean a notice
which shall state the specific reasons, and shall set forth in reasonable detail
the facts and circumstances, for such termination.

            (ii) "Termination Date" shall mean the date specified in the Notice
of Termination as the last day of Employee's employment by the Corporation.

     (f)   Continued   Maintenance   of   Benefit   Plans  in   Certain   Cases.
Notwithstanding  anything  contained in this  Agreement to the contrary,  if the
Employee's  employment is  terminated  pursuant to Sections 8(b) or 8(c) hereof,
the  Corporation  shall  maintain  in full force and effect,  for the  continued
benefit  of the  Employee  for the  number of years  (including  partial  years)
remaining in the term of employment  hereunder,  all employee  benefit plans and
programs in which the Employee was entitled to participate  immediately prior to
the Termination Date,  provided that the Employee's  continued  participation is
possible under the general terms and  provisions of such plans and programs.  In
the event  that the  Employee's  participation  in any such plan or  program  is
barred,  the  Corporation  shall have no  obligation  to provide any  substitute
benefits for the Employee.

                                       6
<PAGE>

     9. CONFIDENTIALITY.

     (a)  During  the  term of this  Agreement,  and for a period  of two  years
thereafter,  the Employee  shall not,  without the prior written  consent of the
Board of Directors  of the  Corporation,  disclose to any person,  other than an
employee  of the  Corporation  or a  person  to whom  disclosure  is  reasonably
necessary or appropriate in connection  with the  performance by the Employee of
his duties hereunder, any of the Corporation's confidential information obtained
by  the  Employee  during  the  term  of  this  Agreement,   including,  without
limitation,   trade  secrets,   products,   designs,  customers  or  methods  of
distribution.

     (b) The obligations of confidentiality  contained in this Section shall not
extend to any matter which is in or becomes part of the public domain  otherwise
than by reason of a breach by the Employee of his obligations of confidentiality
hereunder  or which  is  disclosed  by the  Employee  pursuant  to an order of a
governmental body or court of competent  jurisdiction or as required pursuant to
a legal proceeding in which the Employee or the Corporation is a party.

     10.  CERTAIN  REMEDIES IN EVENT OF BREACH.  In the event that the  Employee
commits a breach, or threatens to commit a breach, of any of the restrictions on
confidentiality  contained in Section 9 of this Agreement, the Corporation shall
have the following rights and remedies:

     (a) to  obtain  an  injunction  restraining  any  violation  or  threatened
violation  of the  provisions  of Section 9 or any other  appropriate  decree of
specific  performance  by  any  court  having  equity  jurisdiction,   it  being
acknowledged  and agreed by the Employee that the services  rendered,  and to be
rendered to the Corporation by him as an Employee, are of a special,  unique and
extraordinary character and that any such breach or threatened breach will cause
irreparable injury to the Corporation and that money damages will not provide an
adequate remedy to the Corporation; and


     (b) to require the Employee to account for and pay over to the  Corporation
all  compensation,  profits,  monies,  accruals,  increments  or other  benefits
(collectively the "Benefits")  derived or received by the Employee as the result
of any transactions constituting a breach of any of the provisions of Section 9,
and the Employee  hereby  agrees to account for and pay over the Benefits to the
Corporation.

     Each of the  rights and  remedies  enumerated  in this  Section 10 shall be
independent of the other,  and shall be severally  enforceable,  and such rights
and  remedies  shall be in addition to, and not in lieu of, any other rights and
remedies available to the Corporation at law or in equity.

     11. ARBITRATION.

     (a)  Selection  of  Arbitrators.  In  the  event  of  any  disagreement  or
controversy  arising out of or relating to this Agreement,  such  controversy or
disagreement  shall be settled by three  arbitrators  in the City of New York in
accordance with the rules of the American Arbitration Association (the "AAA") in
arbitrations  administered  by it  (other  than the AAA  rules  relating  to the
appointment of  arbitrators),  and any award granted in such  arbitration  shall
finally  determine such controversy or disagreement.  The arbitrators for any of
the arbitral  proceedings  referred to in the preceding sentence shall be chosen
as follows: (x) one shall be chosen by the Employee,  (y) one shall be chosen by
the Board of  Directors of the  Corporation,  and (z) one shall be chosen by the
two arbitrators  selected under Section 11(a)(x) and (y) hereof. The arbitrators
to be chosen by the parties  shall be chosen within 30 days after the service of
a demand for arbitration on any party hereto.  If the two arbitrators  appointed
above shall not agree to the appointment of the third arbitrator to be appointed
as provided in Section  11(a)(z)  within 15 days after their  appointment,  such
arbitrator  shall be chosen by the then President of the  Association of the Bar
of the City of New York,  subject to  challenge by any party only by reason of a
conflict of interest.

                                       7
<PAGE>



     (b)  Jurisdiction.  Any  judicial  proceeding  brought  against  any of the
parties to this Agreement in connection with  compelling or staying  arbitration
or enforcing any arbitral  decision  shall be brought in the courts of the State
of New York in the City of New York or in the United States  District  Court for
the Southern  District of New York,  and by the  execution  and delivery of this
Agreement,  each of the parties to this Agreement  accepts for himself or itself
the exclusive jurisdiction of such courts, and irrevocably agrees to be bound by
any judgment  rendered  thereby in connection with this Agreement.  Such consent
shall not  constitute a general  appearance  or be available to any other person
who is not a party to this Agreement.  The parties agree that service of process
will be deemed  sufficient  if made upon each party  hereto at the  address  set
forth herein.

     12. MISCELLANEOUS.

     (a) Notices. All notices or other  communications  required or permitted to
be given pursuant to this Agreement  shall be in writing and shall be considered
as duly given on (a) the date of delivery, if delivered in person, by nationally
recognized  overnight  delivery  service or by facsimile or (b) three days after
mailing if mailed from within the  continental  United  States by  registered or
certified  mail,  return receipt  requested to the party entitled to receive the
same, if to the Corporation,  Global Gold  Corporation,  c/o Drury J. Gallagher,
107 Eakins Road,  Manhasset,  New York 11030,  facsimile  number (516) 627-5067,
with a copy to Law Offices of Stephen R. Field,  240 Madison  Avenue,  New York,
New York 10016, Attn:  Stephen R. Field, Esq.,  facsimile number (212) 681-0845;
and if to the Employee,  Robert A.  Garrison,  44 Lords  Highway  East,  Weston,
Connecticut 06883,  facsimile number (203) 222-9037. Any party may change his or
its address by giving  notice to the other party stating his or its new address.
Commencing  on the  10th  day  after  the  giving  of such  notice,  such  newly
designated  address shall be such party's address for the purpose of all notices
or other  communications  required  or  permitted  to be given  pursuant to this
Agreement.

     (b) Governing Law. This  Agreement and the rights of the parties  hereunder
shall be governed by and construed in  accordance  with the laws of the State of
New York determined without regard to conflicts of law principles.

     (c) Entire  Agreement;  Waiver of Breach.  This Agreement  constitutes  the
entire  agreement  among the  parties  and  supersedes  any prior  agreement  or
understanding  among them with respect to the subject matter hereof,  and it may
not be modified or amended in any manner other than as provided  herein;  and no
waiver of any  breach or  condition  of this  Agreement  shall be deemed to have
occurred  unless  such waiver is in writing,  signed by the party  against  whom
enforcement  is  sought,  and no waiver  shall be  claimed to be a waiver of any
subsequent breach or condition of a like or different nature.

     (d) Binding  Effect;  Assignability.  This  Agreement and all the terms and
provision  hereof  shall be binding  upon and shall  inure to the benefit of the
parties and their  respective  heirs,  successors  and permitted  assigns.  This
Agreement and the rights of the parties  hereunder  shall not be assigned except
with the written consent of all parties hereto.

     (e) Captions.  Captions  contained in this Agreement are inserted only as a
matter of convenience and in no way define, limit or extend
the scope or intent of this Agreement or any provision hereof.

     (f) Number and Gender.  Wherever  from the context it appears  appropriate,
each term stated in either the singular or the plural shall include the singular
and the plural, and pronouns stated in either the masculine, the feminine or the
neuter gender shall include the masculine, feminine and neuter.

                                       8
<PAGE>

     (g) Severability.  If any provision of this Agreement shall be held invalid
or unenforceable,  such invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render invalid or  unenforceable
any other  severable  provision of this  Agreement,  and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

     (h)  Amendments.  This  Agreement  may not be  amended  except in a writing
signed by all of the parties hereto.

     (i) Counterparts.  This Agreement may be executed in several  counterparts,
each of which shall be deemed an original but all of which shall  constitute one
and the same instrument.  In addition,  this Agreement may contain more than one
counterpart  of the  signature  page and this  Agreement  may be executed by the
affixing  of such  signature  pages  executed  by the parties to one copy of the
Agreement;  all of such counterpart signature pages shall be read as though one,
and they shall have the same force and effect as though all of the  signers  had
signed a single signature page.

     IN WITNESS WHEREOF,  the undersigned have executed this Agreement as of the
date first above written.

                                                 Global Gold Corporation


                                                 By:
                                                    Drury J. Gallagher, Chairman
                                                    and Chief Executive Officer



                                                    Robert A. Garrison


                                       9
<PAGE>


                                                                       EXHIBIT A

                             Global Gold Corporation
                          734 Franklin Avenue, No. 333
                        Garden City, New York 11530-4525

                                                              February 1, 2003

Mr. Robert A. Garrison 44 Lords Highway East Weston, Connecticut 06883

                  Re:      Restricted Stock Award

Dear Mr. Garrison:

     As an inducement for your  rendering of services to the Company,  we hereby
grant you 900,000  shares of the Common  Stock of the  Company,  evidenced  by a
certificate  of  shares of our  common  stock,  $.001  par value per share  (the
"Shares"),  subject to applicable  securities law restrictions and the terms and
conditions set forth herein:

     1. You shall be required to spend at least 60% of your business time (1,200
hours for each 12-month period) in connection with the  responsibility  assigned
to you (or to be  assigned to you) by the Board of  Directors  of the Company in
promoting the business of the Company pursuant to your employment agreement with
the Company.

                                       10
<PAGE>

     2. For the first five month period  commencing  with the date hereof within
which you render the services provided herein,  you shall become fully vested in
12.195%  of the  total  Shares  granted  hereunder.  For each  six-month  period
thereafter  commencing  on July 1, 2003 through June 30, 2006,  you shall become
fully  vested in 14.634% of the total Shares  granted  hereunder.  Thus,  if you
complete five, 17, 29 and 41 months of service as provided hereunder,  you shall
be  12.195%,  41.463%,  70.731%  and 100%  vested,  respectively,  in the Shares
granted hereunder.

     3. In the event of your  termination  of your  employment  on or before the
expiration of the initial  five-month  period commencing with the date hereof or
any subsequent six-month period thereafter during the 36-month period commencing
with July 1,  2003 for any  reason,  you  shall  forfeit  all  right,  title and
interest  in and to any of the Shares  granted  hereunder  which have not become
vested in you, without any payment by the Company therefor.

     4. (a) Any Shares  granted  hereunder  are not  transferable  and cannot be
assigned,  pledged,  hypothecated  or  disposed  of in any way until they become
vested,  and  may  be  transferred  thereafter  in  accordance  with  applicable
securities law restrictions.  Any attempted transfer in violation of the Section
shall be null and void.

        (b)  Notwithstanding  anything contained in this Agreement to the
contrary, after  you  become  vested  in any of the  Shares  granted  hereunder,
no sale, transfer or pledge  thereof may be effected  without an  effective
registration statement or an opinion of counsel for the Company that such
registration is not required under the Securities Act of 1933, as amended,  and
any applicable state securities laws.

     5.  During the  period  commencing  with the date  hereof and prior to your
forfeiture  of any of the Shares  granted  hereunder,  you shall have all right,
title and interest in and to the Shares granted  hereunder,  including the right
to vote the Shares and receive  dividends  or other  distributions  with respect
thereto.

     6. You shall be solely responsible for any and all Federal, state and local
income  taxes  arising out of your receipt of the Shares and your future sale of
other disposition of them.

     7. This Agreement and the rights of the parties hereunder shall be governed
by and construed in accordance  with the laws of the State of New York,  without
regard to its conflicts of law principles. All parties hereto (i) agree that any
legal suit,  action or proceeding  arising out of or relating to this  Agreement
shall be instituted  only in a Federal or state court in the City of New York in
the State of New York,  (ii) waive any objection which they may now or hereafter
have to the  laying of the venue of any such  suit,  action or  proceeding,  and
(iii) irrevocably  submit to the exclusive  jurisdiction of any Federal or state
court in the City of New York in the State of New York, in any such suit, action
or proceeding,  but such consent shall not constitute a general appearance or be
available to any other person who is not a party to this Agreement.  All parties
hereto agree that the mailing of any process in any suit,  action or  proceeding
at the addresses of the parties shown herein shall  constitute  personal service
thereof.

     8.  If  any  provision  of  this   Agreement   shall  be  held  invalid  or
unenforceable,  such  invalidity or  unenforceability  shall attach only to such
provision and shall not in any manner affect or render invalid or  unenforceable
any other  severable  provision of this  Agreement,  and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

     9. This Agreement and all the terms and provisions  hereof shall be binding
upon and shall inure to the benefit of the  parties and their  respective  heirs
and successors and, in the case of the Company, its assigns.

                                       11
<PAGE>

     10. This  Agreement may not be amended except in a writing signed by all of
the parties hereto.

     11.  Nothing  contained  herein shall be construed to create an  employment
agreement between the Company and you or require the Company to employ or retain
you under such a contract or otherwise.

     12. Notwithstanding anything contained this in Agreement to the contrary:

     (a) the Shares shall become fully vested upon the occurrence of a Change of
Control (as defined in this Section 12), which shall occur upon

         (i) (x) the sale of all or substantially all of the Company's assets or
(y) a merger (including a merger in which the Company is the surviving
corporation) or consolidation of the Company with one or more corporations or
entities, as a result of which in each such case the Company's voting securities
outstanding immediately before such sale, merger or consolidation represent less
than 50% of the combined voting power of voting securities of the Company or the
surviving entity outstanding immediately after such sale, merger or
consolidation; or

         (ii)   any "person", as such term is used in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act") or persons
acting in concert (other than Drury J. Gallagher, Robert A. Garrison, Van Z.
Krikorian or any of their affiliates) become the "beneficial owner" or
"beneficial owners" (as defined in Rule 13d-3 under the Exchange Act, or any
successor rule or regulation thereto as in effect from time to time), directly
or indirectly, of the Company's securities representing more than 50% of the
combined voting power of the Company's then outstanding securities, pursuant to
a plan of such person or persons to acquire such a controlling interest in the
Company, whether pursuant to a merger (including a merger in which the Company
is the surviving corporation), an acquisition of securities or otherwise, except
that this Section 12(a)(ii) shall not apply to any person who provides financing
to the Company or any of their affiliates, pursuant to a private placement
transaction or otherwise; and

     (b) a  transaction  shall not  constitute  a Change of  Control if its sole
purpose is to change  the state of the  Company's  incorporation  or to create a
holding company that will be owned in substantially  the same proportions by the
persons who held the Company's securities immediately before such transaction.

     (3) the  Shares  shall  become  fully  vested  upon your death or upon your
becoming disabled,  which shall mean you shall have been unable to render all of
your  duties by reason of illness,  injury or  incapacity  (whether  physical or
mental) for a period of six  consecutive  months,  determined by an  independent
physician selected by the Board of Directors of the Company.

     13. In the event of any conflict between the terms of this Agreement and of
the Amended and Restated Employment Agreement,  the provisions contained in this
Agreement shall control.

     If this  letter  accurately  reflects  our  understanding,  please sign the
enclosed copy of this letter at the bottom and return it to us.

                                                Very truly yours,

                                                Global Gold Corporation

                                                By:____________________________
                                                   Drury J. Gallagher, Chairman
                                                   and Chief Executive Officer

Agreed:
-------------------------------
         Robert A. Garrison

                                       12
<PAGE>

                                                                   EXHIBIT 10.60

IVAN TORREALBA ACEVEDO
    NOTARIO PUBLICO
HUERFANOS 979 OF. 501 - SANTIAGO


                         Digest N(degree) 632-03

          PURCHASE OPTION, LEASE, MANDATE,
          AND PROHIBITION TO LIEN
          AND ALIENATE
          CONTRACT
          ALFREDO VICTOR RICARDO SOTO TORINO
          AND
          ADRIAN FRANCISCO SOTO TORINO
          TO
          GLOBAL GOLD CORPORATION

          IN SANTIAGO,  CHILE,  on January 15th 2003,  before me, IVAN TORREALBA
          ACEVEDO, Chilean, married, attorney-at-law and Incumbent Notary Public
          of the 33rd Notary Office of Santiago,  National ID Card  3.417.990-5,
          bearing  legal  domicile at Huerfanos  No. 979,  Suite 501,  Santiago,
          there  appear:  Mr.  ALFREDO  VICTOR  RICARDO SOTO  TORINO,  a Chilean
          national,   married,   mining  entrepreneur,   National  ID  Card  No.
          5.387.074-0, bearing legal domicile in the city of Copiapo, at Maraton
          No.  477,  Villa El Cobre Dos,  and  visiting  this city;  Mr.  ADRIAN
          FRANCISCO SOTO TORINO, Chilean,  married under the property separation
          regime, mining entrepreneur,  ID Card n(0) 5.535.932-7,  (hereinafter,
          both indistinctly and jointly,  " The Offerer" or "The Offerers"),  on
          one hand,  and on the other Mr.  Robert A.  Garrison,  a US  national,
          married,  agent of commerce, US Passport No. 141168159,  bearing legal
          domicile at 731  Franklin  Avenue  Suite 333,  Garden  City,  New York
          11530, and visiting this city, on behalf,  as accredited  hereinbelow,
          of GLOBAL GOLD CORPORATION,  a company incorporated as per the laws of
          the State of  Delaware,  USA,  bearing the same legal  domicile as its
          representative (hereinafter,  indistinctly, the "Beneficiary"); all of
          statutory age, who accredit their  identities with the  aforementioned
          documents, and

                                       1
<PAGE>

          represent: FIRST.- MINING CLAIMS AND RIGHTS PURCHASE OPTION CONTRACT.-
          One.- Mr. Alfredo Victor Ricardo Soto Torino, is the sole owner of the
          following  mining  claims  and  rights:  a/  Candelaria  1 to 3 mining
          claims,  which boundaries  certificate was recorded on folio 26, under
          number 9 of the 1983 Chanaral  Mining  Registry,  and  re-recorded  on
          folio 85 number 19 of the 1992 Diego de Almagro  Mining  Registry.- b/
          Santa Candelaria 1 to 8 mining claims,  which  boundaries  certificate
          and constitution decree are recorded on the reverse of folio 70 number
          22 of the 1993 Diego de Almagro Mining Registry.  Whereas,  Mr. Adrian
          Francisco  Soto  Torino,  is the sole  owner of the  following  mining
          claims and  rights  arising  from the  following  manifestations  duly
          recorded  in the  Corresponding  Registrars:  c/  "Torina  Una" 1 to 7
          mining  manifestation,  introduced on December  23rd,  2002, to the El
          Salvador Civil Court and registered on the Mining  Discoveries  Record
          of the 2003 Diego de Almagro  Mining  Registry as of January 7th 2003,
          on the  reverse of folio 2,  number 2. d/ "Torina  Dos" 1 to 11 mining
          manifestation,  introduced on December 23rd,  2002, to the El Salvador
          Civil Court and  registered  on the Mining  Discoveries  Record of the
          2003 Diego de Almagro  Mining  Registry  on January  7th 2003,  on the
          reverse  of  folio  3,  number  3.  e/  "Torina  Tres"  1 to 5  mining
          manifestation,  introduced on December 23rd,  2002, to the El Salvador
          Civil Court and  registered  on the Mining  Discoveries  Record of the
          2003 Diego de Almagro  Mining  Registry  on January  7th 2003,  on the
          reverse  of  folio  4,  number  4. f/  "Torina  Cuatro"  1 to 7 mining
          manifestation,  introduced on December 23rd,  2002, to the El Salvador
          Civil Court and  registered  on the Mining  Discoveries  Record of the
          2003 Diego de Almagro  Mining  Registry on January 7th,  2003,  on the
          reverse  of  folio  5,  number  5. g/  "Torina  Cinco"  1 to 8  mining
          manifestation,  introduced on December 23rd,  2002, to the El Salvador
          Civil Court and  registered  on the Mining  Discoveries  Record of the
          2003  Diego de Almagro  Mining  Registry  on  January 7, 2003,  on the
          reverse  of  folio  6,  number  6.  h/  "Torina  Seis"  1 to 8  mining
          manifestation,  introduced on December 23rd,  2002, to the El Salvador
          Civil Court and  registered  on the Mining  Discoveries  Record of the
          2003  Diego de Almagro  Mining  Registry  on  January 7, 2003,  on the
          reverse of

                                       2
<PAGE>

          folio 7,  number  7. The  Offerers  state  the maps  which  are  being
          registered,  dully signed by both parties,  on this same date, jointly
          with the  public  deed  hereby,  under  the  number  204,  effectively
          correspond, one, to the mining claims individualised on letters a/ and
          b/ above,  and the  other,  to the mining  claims  and  manifestations
          individualised  on letters a/ to h/. Two:  Under the contract  hereby,
          the Offerers,  grant Global Gold  Corporation,  on behalf of which Mr.
          Robert  A.  Garrison  accepts,  a  purchase  option  right,  under the
          provisions  set forth in Article 169 of the Mining Code  currently  in
          force,  over the  respective  mining  claims and rights  specified  on
          number  One  above  of this  First  Clause.  Such  option,  therefore,
          encompasses   both  the  mining   claims   already   constituted   and
          individualised  on  letters  a/ and b/ of number  One  above,  and the
          rights on the  constitution  processes of those specified on letter c/
          to h/ of Section  One  above.  Three.-  Global  Gold  Corporation,  as
          Beneficiary,  shall have, at any time,  the right to assign to a third
          party its rights of this purchase  option,  and the Assignee shall, at
          the same  time,  have the right to assign  its rights to any person or
          entity, acquiring the Assignee(s),  at its sole discretion,  the right
          to exercise the purchase  option granted under this instrument as well
          as be obliged to make,  subject to the  conditions  applicable to each
          case, the payments defined in Sections Eight and/or Ten hereinbelow of
          this First Clause. Four.- The purchase option subject matter hereof is
          irrevocable and exclusive,  and is granted for a term of four years as
          of this date. At any time,  within such term,  whoever bears the legal
          representation   of  Global  Gold  Corporation  or  its  Assignees  as
          stipulated  in section  Three  above shall have the right to accept or
          not, at its sole  discretion,  the  purchase  option  granted  herein.
          Five.- For  materialisation  of the purchases  offered hereby,  Global
          Gold Corporation or its Assignees, each duly represented on each case,
          shall  formalise  the  acceptance  thereof  by means of a public  deed
          within the time limit set forth in Section Four above.  Six:  Both the
          Offerers, their heirs in any degree and their Assignees are, and shall
          be, held liable for this obligation.  Seven: As the period to exercise
          the option is not due yet, Mr. Adrian Francisco Soto Torino shall have
          the obligation to perform all the acts, processes, and procedures,  be
          these  judicial or not,  including  the payment of mining  patents and
          tariffs,  as well as any other expense  related to and destined to the
          duly constitution of the mining claims

                                       3
<PAGE>

          whose manifestation and registration are individualised on the letters
          c/ to h/ of the Section One above. Particularly,  but not limiting to,
          the  Offerer  shall  perform  the  judicial  acts or carry on with the
          corresponding   jurisdictional   acts   for   the   defence   of   the
          manifestations individualised. Global Gold Corporation shall reimburse
          Mr. Adrian  Francisco  Soto Torino for the  necessary  and  verifiable
          expenses made by him in the  performance of the  aforementioned  acts,
          procedures  and  processes.   Eight.-   Purchase  Price:   Should  the
          Beneficiary or its Assignees  exercise the purchase option,  the price
          of the latter for each mining  claim and right given in option  herein
          shall  have  one  fixed  and  one  variable  component.  A/ The  fixed
          component  shall  be  the  equivalent  in  pesos,  at the  moment  the
          respective  payment of fifty thousand  American  dollars,  hereinafter
          Dollars, may have been or be made, as the case may be, at the exchange
          rate  prevailing  on the date of such  payment  is made for the assets
          individualised on letters a/ to h/ of number One above. To the effects
          of the deed herein shall be understood  that the "dollar  observed" or
          the "exchange rate prevailing on the date", shall be the Dollar value,
          at the date in  question,  published  by the Central  Bank of Chile in
          conformance  to  second  subparagraph  of  article  44 of the Law n(0)
          18,840.  Thus,  the fixed  component  for the price of all the  assets
          subject  matter  hereof  shall  be  four  hundred   thousand   dollars
          (US$400,000),  as per the exchange  rate of the United  States  Dollar
          prevailing  the  payment  date and it shall  be paid as  follows:  (i)
          Firstly, by assigning to such price the amounts the Beneficiary or its
          Assignee may have paid,  before  exercising the option,  for the lease
          contract  payment set forth on the SECOND clause  herein.  In order to
          assign such payment,  the US dollar exchange rate shall be that of the
          date in which each lease  payment had been made and the  amounts  paid
          for this  concept , as set  forth on the  SECOND  clause  hereinbelow,
          shall be allocated on an equal part basis to the assets subject matter
          hereof;  (ii) then,  by  assigning  in the same  fashion as letter (i)
          above,  the amount paid as compensation  for the option granted hereby
          as set forth in article Ten  hereinbelow  of this First clause;  (iii)
          the  difference  between the  purchase  price (four  hundred  thousand
          dollars for all the assets  subject  matter of this purchase) plus the
          amounts  paid  for  letters  (i)  and  (ii)  above,  shall  be paid in

                                        4
<PAGE>

          instalments  equivalent in pesos to twenty five thousand dollars each,
          in a quarterly fashion until completing the difference,  being payable
          any of  these  instalments  the  first  working  day of  March,  June,
          September  or  December,  right after the date in which the option may
          have been exercised, in conformance to the exchange rate prevailing on
          such date. B/ The variable  component of the purchase  price shall be,
          for each  asset  individualised  in letters a/ to h/ of the number One
          above,  the  equivalent  in pesos to US$1.25 per each oz gold over the
          first 500,000 oz the  Beneficiary or its Assignees  extract,  from the
          mining claims purchased,  and sell in the market,  and up to a million
          oz  extracted  and sold in the market  until May 1st 2015.  Should the
          option be exercised,  therefore,  the obligation of the Beneficiary or
          its Assignees to pay the variable part set forth in letter B/ shall be
          extinguished  when  reaching the million oz extracted  and sold in the
          market or when  reaching the date of May 1st 2015.  The payment of the
          aforementioned  variable  part of the price shall only be claimable to
          the  Beneficiary  or its Assignees if the average price of gold at the
          London Metal Exchange,  at the payment date, is higher than US$310 per
          oz. The total amount  allocated to the  aforementioned  price variable
          component shall not exceed, in any case, the equivalent to US$500,000,
          as per the  exchange  rate  prevailing  on the  date  of each  payment
          composing   it.   Such   variable   component   shall  be   liquidated
          provisionally every three months, having to perform a final adjustment
          no further than March in the following calendar year.  Notwithstanding
          the aforesaid, for the Beneficiary or its Assignees' the obligation to
          pay the variable part of the prices  described on letter B/ shall also
          be  extinguished  if the  Beneficiary  or its  Assignees  alienate the
          mining claims  and/or rights  described on the number One of the First
          Clause of this  instrument  to a person  they are no  related  to. The
          determination  of the variable  part of the price does not entitle the
          Offerers  to  supervise  the   exploitation  the  Beneficiary  or  its
          Assignees  make of the mining claims  subject matter of this contract.
          Nine.-  Payment Form.  All payments set forth in the option herein and
          the lease set forth in the Second  clause  hereinbelow,  shall be made
          through  promissory note(s) payable at sight to the name of one or the
          other  Offerer,  indistinctively,  or to the  name of the  Mandatories

                                        5
<PAGE>

          individualized on the Clause Third hereinbelow, which shall be left to
          the  disposal of one or the others at the Notary  Office  granting the
          acceptance   public  deed,   being  left  on  record  by  means  of  a
          certification  issued by the Notary,  which shall be  annotated in the
          margin  of  the  original  of  this  instrument.  Ten.-  As  the  sole
          compensation for granting the hereby option Global Gold Corporation or
          its Assignees shall pay no further than March 5th 2003, the equivalent
          in pesos,  at the payment  date, to US$25,000 as per the exchange rate
          prevailing  on that date.  Eleven.-  In the event of  exercising  this
          purchase   option,   the  assets   subject   matter  hereof  shall  be
          transferred,   in  each  case,   ad   corpus,   free  from  any  lien,
          interdiction,    encumbrance,    injunction,   ownership   limitation,
          litigation,   action  or  suit  for   enforcement   of  a  contractual
          obligation,  with all its uses, customs,  rights as well as active and
          passive  easements,  and the  Offerers,  in each  case,  shall be held
          liable for any legal  reparation or eviction in  compliance  with law.
          SECOND.- MINING CLAIMS LEASE CONTRACT.- One.- By the instrument herein
          the Offerers  shall lease Global Gold  Corporation  the assets subject
          matter of the  option  contract  set forth on number  One of the First
          Clause,  as of this date and till the end of the time  period  for the
          option,  being  understood  this  lease  shall end by the mere fact of
          granting the acceptance of the irrevocable purchase offer contained in
          the previously mentioned option contract. Under the aforesaid,  Global
          Gold  Corporation  shall  be  entitled  to  execute   exploration  and
          exploitation  works at its sole risk,  as set forth in article  171 of
          the  Mining  Code.  By  virtue of this  lease  contract,  Global  Gold
          Corporation  shall pay a  quarterly  rent or royalty  to the  Offerers
          equivalent  to US$25,000 as per the  prevailing  exchange rate of that
          date.  Likewise,  it is agreed that during the  duration of the hereby
          lease contract  Global Gold  Corporation or its Assignee shall pay the
          mining patents  corresponding to the aforementioned  mining claims. In
          this act,  however,  the  Offerers  grant  Global  Corporation  Gold a
          special and irrevocable  proxy to pay, acting through its agents,  and
          on behalf of the Offerers,  the mining  patents  corresponding  to the
          aforementioned  mining claims.  The fulfilment of this lease contract,
          shall not affect in any form the validity, duration, and effectiveness

                                        6
<PAGE>

          of the option contract contained herein. Two. Suspensive  Conditions.-
          The  obligations  Global Gold  Corporation  acquires  under the hereby
          lease  contract,  including the payment of the  respective  rent,  are
          subject to the following copulative suspensive conditions: a/ that the
          titles of the mining  claims and rights  subject  matter hereof be, at
          the sole discretion of Prieto and Cia Law Firm. lawfully  constituted;
          specially   fully   perfected  and  free  from  any  lien,   mortgage,
          interdiction,    encumbrance,    injunction,   ownership   limitation,
          litigation,   action  or  suit  for   enforcement   of  a  contractual
          obligation;  b/ that Intercontinental  Investments Chile S.A., and the
          Offerer have subscribed a public instrument, in a valid and sufficient
          fashion,  at the sole discretion of Prieto and Cia. Law Firm, before a
          Notary Public rescinding the Rights Assignment  Agreement entered into
          by public deed dated October 9th, 1998, granted at the Santiago Notary
          Office  of Mr.  Aliro  Veloso  Munoz  (Digest  9165-98);  c/ (i)  that
          Intercontinental Investments Chile S.A., (ii) each of its shareholders
          or partners  and, if these were others than Messrs.  Jorge  Lopehandia
          and Jaime Chavez Teuber, also each one of them, (iii) the partnerships
          or people related to Messrs.  Jorge Lopehandia  and/or Chavez,  and/or
          Intercontinental  Investments  S.A.,  as well as Ms. Ana Maria Quevedo
          Valdivia,  have granted,  whether jointly or individually,  in a valid
          and sufficient  manner,  at the sole  discretion of Prieto and Cia Law
          Firm, a termination and release  document in respect of each and every
          act and  contract  that might be  related to any of the mining  claims
          and/or rights subject matter hereof,  and in which any of them partook
          or partakes, may have or may have had an interest in; said termination
          and  release  document  should  be as  broad as  legally  permissible,
          stating  that each of them  waives to each and every  claim,  right or
          action to which they may be entitled in the future,  whether  directly
          or indirectly  through other related persons,  in connection with said
          mining claims or rights, and waives to file any type of action against
          the  Offerer,   Global  Gold  Corporation,   its  Assignees  or  their
          respective  representatives,  partners,  managers or former  owners of
          such mining claims;  of whatever nature such actions are or may be; d/
          be  verified,  to the sole  satisfaction  of Prieto and Cia. Law Firm,
          that over the estate  comprised of any of the mining  claims or rights

                                        7
<PAGE>

          subject matter of the hereby  contract no other  concessions or mining
          claim  applications  governed  by the Mining Code exist on the land on
          which the mining claims are located, and in respect of which there may
          exist an  overlapping  with the mining claims or rights subject matter
          hereof;  e/ be verified,  to the sole  satisfaction of Prieto and Cia.
          Law  Firm,  that  all the  authorisations,  or  that  it has not  been
          necessary  to obtain,  in each case,  have been given by the owners of
          the  superficial  land where the mining claims are  constituted or the
          rights  expressed  on each  mining  claim  have  been  requested,  all
          individualized  on the  number  One of the  First  Clause  above.  The
          suspensive  conditions  described  above shall be deemed as  fulfilled
          once Prieto and Cia.  Law Firm  through a public deed  entered into in
          this same Notary Office state such action has taken place. The payment
          of the first rent shall be made,  by Global  Gold  Corporation  or its
          Assignees,  the  first  working  day  of  March,  June,  September  or
          December,  right after the granting of the aforementioned public deed.
          Three. Resolutory Condition. The lease contract contained herein shall
          be  subject  to the  following  resolutory  conditions:  A/  that  the
          engineering  company which has performed the feasibility  study of the
          mining project to be developed in the mining claims deems, at its sole
          judgement,  "as economically non feasible" for Global Gold Corporation
          or its Assignees the exploitation  mining project of the mining claims
          subject thereof;  B/ that any of the exploitation  mining claims whose
          respective manifestations and registries are individualised on letters
          c/ to h/ on the number One of the First Clause above shall not come to
          be fully or dully  constituted  or, to the sole judgment of Prieto and
          Cia.,  Law Firm, its  constitution  becomes  excessively  difficult or
          expensive and; C/ that any legal action be entered into, of any nature
          this  may be and  before  any  court,  whether  national  or  foreign,
          ordinary or arbitral, which is related to the assets subject matter of
          the option and lease contracts  hereto, or that intends to discuss the
          property,  possession  or mere  tenancy  of the mining  claims  and/or
          rights  subject  matter of the  option  and lease  contract,  or which
          pursuits  any  liability,  whether  civil or  criminal or of any other
          nature,  against any of the Offerers,  Global Gold  Corporation or its
          Assignees, of its respective representatives, partners or managers, or
          former  owner of the claims.  The  resolutory  conditions  established
          above  are  set  forth  to  the  sole  and  exclusive  benefit  of the
          Beneficiary  and its  Assignees  and shall operate once they have been

                                        8
<PAGE>

          solicited by the  Beneficiary  or its Assignees,  and once  solicited,
          they shall be fully in force,  without need of any further  proceeding
          or additional statement.  Four. Assignment.  The lease contract herein
          may be assigned to a third party by Global Gold Corporation,  and this
          third party may also assign it to someone else and so on,  without any
          limitation.  THIRD: ENVIRONMENTAL OBLIGATIONS FULFILMENT.  Each of the
          Messrs Alfredo  Victor  Ricardo Soto Torino and Adrian  Francisco Soto
          Torino,  hereinafter  "the Soto Torino  Messrs.",  state and guarantee
          Global Gold  Corporation  and its  successors  that, as of the date of
          this instrument: One/ each one of them is in total compliance with all
          the environmental laws and regulations applicable to the mining claims
          constituted  or  in  the  process  of  being  constituted,   and  such
          compliance includes,  but no limiting to, for both of them, having all
          the permits and other  governmental,  administrative  or city  council
          authorisations  required by the environmental laws and regulations and
          the  compliance  of their  terms and  provisions.  They also state and
          guarantee  that none of the Soto Torino  Messrs has ever  received any
          notice,  whether from a governmental,  administrative  or city council
          authority,  group of  inhabitants,  employees  or in any other way, in
          which is stated that any of the claims described in this number One or
          the Offerers,  as legal bearers of the right, do not comply fully with
          the aforementioned laws and regulations,  and to the true knowledge of
          each of the Soto Torino Messrs,  there are no circumstances  which may
          impede or  interfere  in the future  with such full  compliance.  Two/
          There are neither  environmental  claim being processed against any of
          the  Soto  Torino   Messrs  nor  against  any  of  the  mining  claims
          individualised  in the letters a/ to h/ of the number One of the First
          Clause above.- Three/ There are no actions, activities, circumstances,
          conditions,  events or incidents, past or present,  including, but not
          limiting to, the liberation, emission, discharge, presence or disposal
          of any contaminant  material against the owner,  current or future, of
          the mining claims or, to the true knowledge of the Soto Torino Messrs,
          any  person or entity  whose  responsibility  has,  or may have,  been
          undertaken by any of the Soto Torino Messrs,  whether contractually or
          due to legal cause. FOURTH- IRREVOCABLE  MANDATE.- By this act, Messrs
          Alfredo Victor  Ricardo Soto Torino and Adrian  Francisco Soto Torino,
          hereinafter  the "Mandators"  sign one another an irrevocable  mandate
          and each one of them also  signs an  irrevocable  mandate  to Ms.  Ana
          Maria Quevedo  Valdivia,  Ms.  Herlinda Edith Herrera Palma and to the
          arbitrators  appointed  in  the  Eighth  Clause  of  this  instrument,
          hereinafter the "Mandators", to receive any of the appointed Mandators
          all or a share of the prices Global Gold  Corporation or its Assignees
          shall pay due to the  option  and lease  contracts  and or for  having

                                        9
<PAGE>

          exercised the option set forth herein,  or due to any other obligation
          amongst the parties.  The mandate to receive  stated in this clause is
          of  irrevocable  nature in the terms of the  article  two  hundred and
          forty one of the Commerce Code, for being granted in benefit of Global
          Gold  Corporation  and its Assignees.  Furthermore,  and in accordance
          with the article two  thousand one hundred and sixty nine of the Civil
          Code, the mandate hereby shall not either terminate due to Mr. Alfredo
          Victor  Ricardo Soto Torino  and/or Mr. Adrian  Francisco  Soto Torino
          demise, being each of such Mandators able to continue receiving all or
          a share of the  aforementioned  prices paid by Global Gold Corporation
          and its Assignees  even after one or both Mandators  demise.-  FIFTH.-
          Prohibitions.-  Mr.  Alfredo  Victor  Ricardo  Soto  Torino  agrees to
          constitute in favour of the  Beneficiary,  for whom accepts Mr. Robert
          A. Garrison, prohibition to lien, alienate or provide by all means all
          and each of the mining claims  individualised in the letters a/ to h/,
          or  signing  acts and  contracts  that  limit or affect  its  tenancy,
          possession or property,  without the  authorisation of the Beneficiary
          or its Assignees;  authorisation that, in any case, should be given by
          public  deed.  On the other hand,  Mr.  Adrian  Francisco  Soto Torino
          hereby constitutes in favour of the Beneficiary,  for whom accepts Mr.
          Robert A. Garrison,  a prohibition to lien, alienate or provide by all
          means  all and each of the  mining  rights  arising  from  the  claims
          individualised  in the letters c/ to g/ of the number One of the First
          Clause  above or signing acts and  contracts  that limit or affect its
          tenancy,  possession  or property,  without the  authorisation  of the
          Beneficiary or its Assignees;  authorisation that, in any case, should
          be given by public deed.  Upon  acceptance  of the  irrevocable  offer
          subject matter  hereof,  all  prohibitions  referred to in this clause
          shall be rendered  null and void when they refer  particularly  to the
          asset in which respect such  acceptance has been granted,  and release
          thereof by the respective  Mining Registrar may be requested by merely
          submitting the acceptance  public deed.  SIXTH.- This purchase  option
          contract shall be recorded in the Liens and  Encumbrances  Registry of
          the respective  Mining  Registrars where each of the mining claims and
          rights  subject  matter hereof are  recorded,  in order to produce the
          effects  set forth in the second  subparagraph  of Article  169 of the
          Mining  Code.  SEVENTH.-  AUTHORIZATION.-  Present  to this  act,  Ms.
          Herlinda  Edith Herrera  Palma,  Chilean,  head of household,  ID card
          number 5.093.929-4 married in community property regime to Mr. Alfredo
          Victor Soto Torino,  of the same domicile,  who accredits his identity

                                       10
<PAGE>

          with the aforementioned  document and states she expressly  authorizes
          her spouse to enter into the contracts subject matter hereto. EIGHTH.-
          ARBRITATION.- Any doubt, difficulty, difference or controversy arising
          between the Offerers, on one hand and on the other, the Beneficiary in
          connection with the existence, validity,  effectiveness,  application,
          interpretation,  duration,  enforcement or fulfilment of this purchase
          option   contract   shall  be  submitted  on  each   occasion  to  the
          consideration of an arbitrator,  who shall have arbitration  powers as
          regards the procedure and de jure powers as regards the sentence,  who
          shall  resolve  the  matter  in a single  instance,  and the  granting
          parties hereby  expressly  waive to any legal  recourses to which they
          may resort to appeal against the arbitrator's resolutions,  except for
          the appeal for  reversal,  clarification,  amendment or  rectification
          before the same arbitrator,  and remedy of complaint. To this end, the
          parties  hereby  designate as arbitrator  Mr. Jorge Montes  Bezanilla;
          should the  arbitrator so designated be unable or refused to accept to
          act in this  capacity,  the parties  agree to  designate  Mr.  Eduardo
          Gonzalez Errazuriz in his replacement,  and finally,  if the latter is
          unable  or  fails  to  accept  to act as such,  the  parties  agree to
          designate  Mr. Juan Luis Ossa  Bulnes.  If none of the  aforementioned
          people is able to act as  arbitrator or fails to accept to act in such
          capacity,  the  parties  shall  meet to  agree on the  designation  of
          another  arbitrator,  and if they fail to reach such  agreement any of
          them shall have the right to request that such  designation be made by
          the Ordinary  Justice,  being the one in charge of appointing  him, in
          which case the person  designated to act as such shall  necessarily be
          an  attorney-at-law  who  is or  has  been  Dean  or  Director  of the
          Juridical and Social  Sciences  Department of Universidad  Catolica de
          Chile or Universidad de Chile or who has or has had the position of an
          ordinary or extraordinary  Professor of Civil,  Commercial or Criminal
          Law  at  the  Santiago  Law  Schools  of  any  of  the  aforementioned
          universities  for a  period  of not  less  than 5  years.  None of the
          arbitrators  designated  shall be rejected based on the fact that they
          have  heard  any of the  matter  subject  matter  hereof  or  issued a
          sentence in respect thereof.  The arbitration  proceedings  shall take
          place in the city of Santiago.  The arbitrator acting as such shall be
          vested with all  necessary  powers to solve any matter  related to his
          competency or  jurisdiction,  and to issue any injunction  orders,  no
          matter  if they  are  prior  or  after  the  arbitration  proceedings.

                                       11
<PAGE>

          Expenses  originating from the arbitration,  from the experts' reports
          required and others arising therefrom shall be borne by the parties as
          determined  in  the   respective   sentence.-   NINTH.-   Global  Gold
          Corporation,  Mr.  Alfredo  Victor  Ricardo Soto Torino and Mr. Adrian
          Francisco   Soto  Torino  state  they  have  had   independent   legal
          counselling to enter into this instrument.  TENTH.- DOMICILE.- For all
          legal purposes hereof the parties  establish their special domicile in
          the city of Santiago.  ELEVENTH.-  AGREEMENTS:  the instrument  hereby
          constitutes a complete and definitive agreement amongst the parties in
          relation to the  negotiation  they have performed and it shall prevail
          over any other agreement,  oral or written,  which may have previously
          existed  amongst  the  parties;  in  respect  of which  they fully and
          broadly  terminate.  TWELFTH.- The parties state the contracts subject
          matter  hereof  shall not  originate  any  payment or  commission  for
          brokerage  or  discovery of any of the mining  claims  subject  matter
          thereof,  and,  therefore,  Global Gold Corporation  shall not be held
          liable for any payment in relation to such  concept.  THIRTEENTH:  The
          parties commit to fulfil the contract hereby,  as well as construe its
          clauses abiding by the good faith principle.  FOURTEENTH. No hindrance
          or delay in exercising,  by Global Gold  Corporation or its Assignees,
          any right  given in virtue of the  contracts  subject  matter  hereof,
          shall be construed as a waiver thereof. Global Gold Corporation or its
          Assignees shall be able to waive some conditions,  be these suspensive
          or  resolutory,  all of which have been set forth for its own benefit,
          or any other right,  condition,  time limit or  requirement  which may
          have been set  forth  for its own  benefit  in the  contracts  subject
          matter hereof.  Nevertheless,  its  particular  waiver to one of these
          rights, conditions, time limits or requirements neither shall mean nor
          be  construed,  under any  circumstance,  as a waiver  to the  others.
          FIFTEENTH.-  The  Offerers,  indistinctively,   shall  cover,  pay  or
          reimburse  Global Gold  Corporation  or its Assignees all expenses and
          detriments inflicted on them, in relation to the property or operation
          of the mining claims and/or rights  individualised in letters a/ to h/
          of the Number One of the First Clause above and which may arise due to
          facts or circumstances  prior to this date.  SIXTEENTH  EXPENSES.- All
          expenses and taxes related to the granting of this  instrument and the
          acts subject matter hereof shall be borne by Global Gold Corporation.-
          SEVENTEENTH.-  The  appearing  parties  grant power of attorney to the
          attorneys-at-law  Mr. Luis Victor Delpiano Del Rio, Rodrigo de Alencar
          Barahona,  Francisco Javier Mujica Escobar and Leonidas Prieto Larrain
          to  act,  whether  individually  or  jointly,  and  on  behalf  of the
          appearing  parties,  give or subscribe  documents  and deeds,  whether
          public or private  that be  necessary  to rectify,  amend,  clarify or
          complement the purchase  option,  lease,  and mandate deed herein,  in
          order  to   correct   mistakes   or   omissions   and  to  enable  the
          materialisation  of the will  manifested by the parties  herein and to
          perform the corresponding  registrations.-  EIGHTEENTH REGISTRATIONS.-

                                       12
<PAGE>

          The bearer of an authorized  copy hereof shall be empowered to request
          to the  competent  Mining  Registrars  all  necessary  and  applicable
          registrations  and  annotations  in virtue of the hereby  instrument.-
          LEGAL  CAPACITIES.-  The legal  capacity of Mr.  Robert A. Garrison to
          represent  Global Gold  Corporation  is stated in the Board session of
          Global Gold  Corporation  of this same  date.- In witness  whereof and
          after reading the instruments  herein,  the parties set their hand and
          seal  hereto.  Copy  granted,  and  annotated  in the Digest under the
          number mentioned hereinabove. I attest.

          -----------------------
          Robert Garrison
          p.p. Global Gold Corporation
          American Passport N(degree) 141168159



          -----------------------
          Alfredo Victor Ricardo Soto Torino
          ID Card Number.: 5.387.074-0



         -----------------------
         Adrian Francisco Soto Torino
         I.D Card Number: 5.535.932-6



         -----------------------
         Herlinda Edith Herrera Palma
         I.D Card Number: 5.093.929-4

                                       13
<PAGE>


                                                                   EXHIBIT 10.61


IVAN TORREALBA ACEVEDO
   NOTARIO PUBLICO
HUERFANOS 979 OF. 501 - SANTIAGO

                         Digest N(degree) 2698-03

          AMENDMENT TO PURCHASE OPTION AND LEASE AGREEMENTS

          ALFREDO VICTOR RICARDO SOTO TORINO
          AND
          ADRIAN FRANCISCO SOTO TORINO
          TO
          GLOBAL GOLD CORPORATION


          IN  SANTIAGO,  CHILE,  on March 3,  2003,  before me,  IVAN  TORREALBA
          ACEVEDO, Chilean, married, attorney-at-law and Incumbent Notary Public
          of the 33rd Notary Office of Santiago,  National ID Card  3.417.990-5,
          domiciled at Huerfanos No. 979, Suite 501, Santiago, there appear: Mr.
          ALFREDO  VICTOR  RICARDO SOTO  TORINO,  a Chilean  national,  married,
          mining  entrepreneur,  National ID Card No. 5.387.074-0,  domiciled in
          the city of  Copiapo,  at Maraton  No.  477,  Villa El Cobre Dos,  and
          visiting this city; Mr. ADRIAN FRANCISCO SOTO TORINO, Chilean, married
          under the property  separation regime,  mining  entrepreneur,  ID Card
          n(0) 5.535.932-7,  (hereinafter,  both indistinctly and jointly, " The
          Offerer" or "The Offerers"),  on one hand, and on the other Mr. Robert
          A. Garrison, a US national,  married,  agent of commerce,  US Passport
          No.  141168159,  bearing legal  domicile at 734 Franklin  Avenue Suite
          333,  Garden City, New York 11530,  and visiting this city, on behalf,
          as  accredited  hereinbelow,  of GLOBAL  GOLD  CORPORATION,  a company
          incorporated as per the laws of the State of Delaware,  USA, domiciled
          as its representative (hereinafter,  indistinctly, the "Beneficiary");
          all  of  statutory  age,  who  evidence  their   identities  with  the
          aforementioned documents, and represent:  FIRST.- By public deed dated
          January 15, 2003, at this Notary  Public's  Office  (Digest  N(degree)
          632-03)  the  parties  hereto  granted a  Purchase  Option,  Lease and

                                       1
<PAGE>

          Mandate  Agreement,  establishing as well  prohibitions to place liens
          and to alienate on the mining  properties and rights  described in the
          aforementioned public deed. SECOND.- The parties hereby replace in its
          integrity  letter B/ of Point Eight of Clause First of the public deed
          described  in the  preceding  paragraph,  by the  following:  "B/  The
          variable  component  of the  purchase  price  shall be, for each asset
          individualised  in  letters  a/ to h/ of the  number  One  above,  the
          equivalent  in pesos to  US$0.125  per each oz of gold  over the first
          500,000 oz of gold the  Beneficiary or its Assignees  extract from the
          mining claims purchased and sell in the market, and up to a million oz
          of gold  extracted  and  sold in the  market  until  March  1st  2015.
          Therefore,  should  the option be  exercised,  the  obligation  of the
          Beneficiary  or its Assignees to pay the variable part of the purchase
          price set forth in this letter B/ shall arise if more than  500,000 oz
          of gold are extracted from the previously individualised mining claims
          and are sold in the market,  and shall be  extinguished  when reaching
          the  million  oz of gold  extracted  from such  claims and sold in the
          market,  or when  reaching the date of May 1st 2015,  whatever  occurs
          first.  The payment of the  aforementioned  variable part of the price
          shall only be claimable  to the  Beneficiary  or its  Assignees if the
          average  price of gold at the London  Metal  Exchange,  at the payment
          date, is higher than US$310 per oz. The total amount  allocated to the
          aforementioned price variable component shall not exceed, in any case,
          the equivalent to US$500,000,  as per the exchange rate  prevailing on
          the date of each payment  composing it. Such variable  component shall
          be liquidated  provisionally  every three months,  having to perform a
          final adjustment no further than March in the following calendar year,
          month  in  which  the  payment  shall  be  done.  Notwithstanding  the
          aforesaid,  the Beneficiary's or its Assignees'  obligation to pay the
          variable  part of the price  described in this letter B/ shall also be
          extinguished  by operation of law if the  Beneficiary or its Assignees
          alienate the mining claims  and/or rights  described on the number One
          of the First Clause of this agreement to a person they are not related
          to. The calculation of the variable part of the price does not entitle
          the Offerers to supervise  the  exploitation  the  Beneficiary  or its

                                       2
<PAGE>

          Assignees make of the mining claims subject matter of this  contract."
          THIRD.-  The parties  hereby  replace in its  integrity  Point Nine of
          Clause  First of the public  deed  described  in Clause  First of this
          Agreement by the  following:  "Nine.-  Payment Form.  All payments set
          forth in the  option  herein  and the lease  set  forth in the  Second
          clause  hereinbelow,  shall be made through promissory note(s) payable
          at sight to the name of one or the other Offerer, indistinctively,  or
          to the name of the  Mandatories  individualised  on the  Clause  Third
          hereinbelow,  which shall be left to the disposal of one or the others
          at the Notary Office granting the acceptance  public deed,  being left
          on  record  by means of a  certification  issued  by the  Notary.  The
          aforementioned  payments  can  also be made by wire  transfer  to bank
          accounts held by any of the Offerers, or by any one of the Mandatories
          individualised in Clause Fourth below." FOURTH: These amendments shall
          be recorded at a margin of the  registration(s)  that  correspond with
          the Liens and  Encumbrances  Registry(s) of the  respective(s)  Mining
          Registrar(s).  FIFTH.-  AUTHORIZATION.-  Present  to  this  act,  Mrs.
          Herlinda  Edith Herrera  Palma,  Chilean,  head of household,  ID card
          number 5.093.929-4 married in community property regime to Mr. Alfredo
          Victor Soto Torino,  of the same domicile,  who accredits his identity
          with the aforementioned  document and states she expressly  authorizes
          her  spouse to amend  the  agreements  contained  in the  public  deed
          individualised  in Clause First herein in the terms  described in this
          Agreement.  Furthermore,  she expressly  authorizes  her spouse in the
          future,  to amend,  every time its  necessary,  the Option,  Lease and
          Mandate  Agreements already  individualised,  being able her spouse to
          agree on new terms and conditions thereof,  precise the interpretation
          of those already in force and, in general, create, amend or extinguish
          rights.  SIXTH.- In all which has not been  amended,  the public  deed
          individualised will stay in force and effect.  SEVENTH:  All costs and
          taxes  arising  out of the  granting of this  document  shall be borne
          exclusively by Global Gold Corporation.  EIGHTH:  REGISTRATIONS.-  The
          bearer of an  authorized  copy hereof shall be empowered to request to

                                       3
<PAGE>

          the  competent   Mining   Registrars   all  necessary  and  applicable
          registrations  and  annotations  in virtue of the hereby  instrument.-
          LEGAL  CAPACITIES.-  The legal  capacity of Mr.  Robert A. Garrison to
          represent  Global Gold  Corporation  is stated in the Board session of
          Global Gold  Corporation  registered at this Notary Public's Office on
          January  15,   2003.-  In  witness   whereof  and  after  reading  the
          instruments  herein, the parties set their hand and seal hereto.  Copy
          granted,  and  annotated  in the  Digest  under the  number  mentioned
          hereinabove. I attest.

         -----------------------
         Robert  Garrison
         p.p. Global Gold Corporation
         American Passport N(degree) 141168159



         -----------------------
         Alfredo Victor Ricardo Soto Torino
         ID Card Number.: 5.387.074-0



         -----------------------
         Adrian Francisco Soto Torino
         I.D Card Number: 5.535.932-6



         -----------------------
         Herlinda Edith Herrera Palma
         I.D Card Number: 5.093.929-4

                                        4
<PAGE>

                                                                   EXHIBIT 10.62

                                    Agreement

This Agreement is made as of 17th March 2003 by and between SHA, LLC, an
Armenian limited liability company ("SHA") and Global Gold Corporation, a
Delaware, United States corporation ("Global") to set the terms for the
acquisition of the Hankavan mine in Armenia with proven mineral reserves as
further described in Exhibit A attached (the "Mine"),

Premises

Whereas,  SHA owns the exclusive  exploration  license,  registration,  permits,
other  assets  and rights  with  respect to the Mine,  as further  described  in
Exhibit B attached; and

Whereas,  SHA has  represented  that the attached Mine  exploration  license and
registration  can be  converted  to an  exploitation  license and all  necessary
permits according to Armenian  legislation to begin mining and processing of the
ore at the mine can be acquired within twelve months; and

Whereas,  SHA desires to sell the Mine and  related  assets to Global and Global
desires to acquire and develop the Mine, all on the terms and conditions of this
Agreement, the parties hereby agree as follows.

1.       At Global's option to be exercised within 45 days, SHA shall: (a)
         transfer the exclusive license, registration, permits, and all other
         rights related to the Mine to Global; or (b) with its limited liability
         company participants transfer of 100% of all ownership shares of SHA
         and any other entity which may hold rights in the Mine to Global or
         Global's designee.




<PAGE>



2.       The total purchase price shall be One Hundred Fifty Thousand U.S.
         Dollars ($150,000 USD), payable as follows:

         a.       Fifteen Thousand U.S. Dollars ($15,000 USD) payable within
                  five days of execution of the final documentation and transfer
                  of assets, licenses, registration, and/or shares to Global
                  (the "Closing");

         b.       Sixty Seven Thousand Five Hundred U.S. Dollars ($67,500 USD)
                  payable within six month of the Closing; and

         c.       Sixty Seven Thousand Five Hundred U.S. Dollars ($67,500 USD)
                  payable within thirty days of issuance of the exploitation
                  license and all other licenses and permits necessary to begin
                  commercial mining and processing operations at the Mine.

3.       SHA or its designee shall work with Global or its designee to acquire
         all the necessary licenses and permits to commence commercial mining
         and processing operations. Global shall pay the governmental fees and
         additional compensation for these services, as mutually agreed.

4.       This Agreement is subject to Global's satisfactory completion of the
         due diligence review and .final documentation, to include detailed
         representations, warranties, and other agreed terms and conditions, to
         be completed within sixty days of this Agreement.

5.       This is an international agreement which the parties shall implement in
         good faith. Any disputes shall not be settled in Armenian courts, but
         by a mutually agreed arbitration forum; if the parties do not agree to
         an arbitration forum within sixty days of a dispute, all disputes shall
         be referred for arbitration to the International Chamber of Commerce in
         London, England.


<PAGE>

6.       This Agreement contains the complete understanding and agreement of the
         parties, and no amendment or modification to this Agreement shall be
         valid unless expressed in writing and duly executed.

7.       The individuals executing this Agreement are authorized to execute and
         ensure performance on behalf of their respective parties.

In witness whereof, the parties execute this Agreement as of the date first
written above.

SHA, LLC and for its Participants           Global Gold Corporation

------------------------                    --------------------------
Yurik Lalazarian, Director                  Robert Garrison, President


-------------------------                   ----------------------
Witness                                     Witness

<PAGE>

                                                                    Exhibit 99.1


                             CERTIFICATE PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In  connection  with the  Annual  Report  on Form  10-KSB  of  Global  Gold
Corporation  (the "Company") on Form 10-KSB for the year ended December 31, 2002
as filed with the  Securities  and Exchange  commission  on the date hereof (the
"Report"),  I,  Drury  J.  Gallagher,  Chairman,  Chief  Executive  Officer  and
Treasurer of the Company,  certify,  pursuant to 18 U.S.C.  ss 1350,  as adopted
pursuant to ss 906 of the Sarbanes-Oxley Act of 2002, that:

1.        The report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934: and

2.        The  information  contained  in the  report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company as of and for the period covered by the Report.



April 8, 2003                                          /s/ Drury J. Gallagher
                                                       -----------------------
                                                       Drury J. Gallagher,
                                                       Chairman, Chief Executive
                                                       Officer and Treasurer



<PAGE>



                                                                    EXHIBIT 99.2





                             CERTIFICATE PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In  connection  with the  Annual  Report  on Form  10-KSB  of  Global  Gold
Corporation  (the "Company") on Form 10-KSB for the year ended December 31, 2002
as filed with the  Securities  and Exchange  commission  on the date hereof (the
"Report"), I, Robert A. Garrison,  President,  Chief Financial Officer and Chief
Operating  Officer of the Company,  certify,  pursuant to 18 U.S.C.  ss 1350, as
adopted pursuant to ss 906 of the Sarbanes-Oxley Act of 2002, that:

3.        The report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934: and

4.        The  information  contained  in the  report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company as of and for the period covered by the Report.



April 8, 2003                                 /s/ Robert A. Garrison
                                              -----------------------
                                              Robert A. Garrison,
                                              President, Chief Financial Officer
                                              and Chief Operating Officer

<PAGE>