SETTLEMENT AGREEMENT

         This Settlement  Agreement entered into as of this 13th day of October,
1999 (the  "Agreement"),  by and  among,  Global  Gold  Corporation,  a Delaware
corporation,  having an address at 734 Franklin Avenue,  Suite 383, Garden City,
New York 11530-4525  ("Global"),  Drury J. Gallagher,  an individual residing at
107 Eakins Road, Manhasset, New York 11030 ("Gallagher"), Robert A. Garrison, an
individual  residing  at  44  Lords  Highway  East,  Weston,  Connecticut  06883
("Garrison"),  Eyre Resources, N.L., an Australian corporation,  with offices at
Unit 1, 30 Mayfair Street,  West Perth 6005, Western Australia  ("Eyre"),  Kevin
Parry,  an  individual  residing  at 107 Adelma  Road,  Dalkeith  6009,  Western
Australia  ("Parry"),  and Jeffrey  Beaumont and Cameron Parry,  Trustees of the
Parry-Beaumont Trust, having an address at Unit 1, 30 Mayfair Street, West Perth
6005, Western Australia (the "Trust").

     WHEREAS,  Global  commenced an action  against  Parry,  Eyre and the Trust,
entitled GLOBAL GOLD  CORPORATION V. KEVIN PARRY,  EYRE RESOURCES,  N.L. AND THE
PARRY-BEAUMONT   TRUST,  bearing  Civil  Action  No.  98  Civ.0009  (JSM),  (the
"Action"),  in the United States District Court for the Southern District of New
York (the "Court"); and

     WHEREAS, Parry, Eyre and the Trust asserted counterclaims against Global in
the Action; and

     WHEREAS,  Eyre  and  the  Trust  commenced  a  third-party  action  against
Gallagher and GARRISON,  ENTITLED EYRE  RESOURCES,  N.L. AND THE  PARRY-BEAUMONT
TRUST V. DRURY J.  GALLAGHER  AND ROBERT  GARRISON,  bearing Civil Action No. 98
Civ.0009 (JSM), (the "Third-Party Action"), in the Court; and

         WHEREAS, the parties,  upon the advice of their respective counsel, now
wish to settle and resolve all claims, counterclaims, controversies and disputes
among them that were,  could have been or could  otherwise  hereafter have been,
raised in either the Action or the Third-Party  Action on the terms set forth in
this Agreement;

         NOW THEREFORE, it is agreed as follows:

         1.  Global will  deliver to Robert M.  Bursky,  Esq.,  counsel to Eyre,
Parry and the Trust,  a certificate  for 600,000 shares of common stock of First
Dynasty  Mines  Ltd.  registered  in the  name of Eyre  Resources,  N.L.,  and a
certificate  for  400,000  shares of common  stock of First  Dynasty  Mines Ltd.
registered in the name of Cameron Parry and Jeffrey  Beaumont as Trustees of the
Trust, free and clear of any pledges, liens and encumbrances thereon, as soon as
practicable  after the execution  and delivery of this  Agreement by all parties
hereto, but in no event later than October 26, 1999.

         2. Eyre,  the Trust and Parry  represent  that they never  received the
originals of the certificates  evidencing their ownership of 1,000,000 shares of
common stock of Global (the "Shares") and warrants to purchase 400,000 shares of
common  stock of Global  (the  "Warrants").  Eyre,  the Trust and Parry agree to
deliver a letter from Donald  Kummerfeld in the form attached  hereto as Exhibit
A, as soon as practicable after the execution and delivery of this Agreement by

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all parties hereto, but in no event later than October 19, 1999. Eyre, the Trust
and Parry  agree  that,  by virtue of the  execution  and the  delivery  of this
Agreement, (i) Eyre, the Trust and Parry relinquish forever all right, title and
interest in and to the Shares and the Warrants,  and any and all rights relating
thereto;  (ii) this Agreement  vests Global with all of Eyre's,  the Trust's and
Parry's right,  title and interest in and to the Shares and the Warrants;  (iii)
the Shares and the Warrants are hereby  canceled of record and are of no further
force and effect;  (iv)  Global's  transfer  agent may cancel the Shares and the
Warrants of record and issue any certificate of cancellation  relating  thereto;
(v) they  will  deliver  the  Shares  and  Warrants  to  Global  if they  obtain
possession of the original  certificates  therefor in the future;  and (vi) they
will  execute  such  other  documents  and take  such  further  action as may be
necessary to vest Global with all right, title and interest in and to the Shares
and the Warrants.

         3. Upon each counsel's sending of the written acknowledgments described
in Sections 4 and 5 hereof to the other counsel,  each of Global,  Gallagher and
Garrison, on the one hand, and Parry, Eyre and the trustees of the Trust, on the
other hand, hereby release one another,  as well as their respective  directors,
officers,  shareholders,  employees,  agents, counsel,  representatives,  heirs,
successors and assigns, from any and all claims, contracts, agreement, causes of
action,  demands,  debts, bonds, reckonings and any other matter, cause or thing
arising at any time up to and  including the date of this  Agreement;  provided,
however, that such releases shall not extend to any obligation expressly assumed
by any of the  parties  pursuant  to the  terms  of this  Agreement,  including,
without limitation, under Section 7 hereof.

         4. Upon the  execution  and delivery of four copies of this  Agreement,
duly signed by the parties,  to their  respective  counsel,  such counsel to the
parties  shall  execute  and  deliver to one another  duplicate  originals  of a
Stipulation of Dismissal dismissing the Action and the Third-Party Action in the
form attached  hereto as Exhibit B. Each counsel  shall hold one such  duplicate
original of the  Stipulation  of  Dismissal  in escrow  pending  the  respective
delivery  of the stock  certificates  as  provided  for in  Section 1 hereof and
Exhibit A as provided in Section 2. Upon counsels'  written  confirmation to one
another of the delivery of the certificates as provided in Section 1 and Exhibit
A as provided in Section 2, any party may file the Stipulation of Dismissal with
the Court without further notice.

         5. Upon the  execution  and  delivery of four copies of this  Agreement
duly signed by the parties to their respective counsel,  such counsel shall hold
all such executed copies of this Agreement in escrow pending the delivery of the
stock  certificates  as provided in Section 1 of this Agreement and Exhibit A as
provided in Section 2; and upon the receipt of the stock certificates  described
in Section 1 and Exhibit A as provided in Section 2 hereof, the parties' counsel
will send  written  acknowledgment  of the same to one another,  whereupon  this
Agreement shall be released from escrow and delivered to the parties.

         6.  (a)  Each of the  signatories  to  this  Agreement  represents  and
warrants to the other that he or it is duly  authorized  and fully  empowered to
execute this  Agreement on his or its own behalf and/or behalf of the entity for
whom he is acting as signatory.

             (b)  Global represents and warrants that it has 4,348,114 shares of
 its common

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stock issued and outstanding on the date hereof,  that it owns 4,000,000  shares
of common stock of First Dynasty Mines Ltd. and that it has no further rights to
any additional  shares of stock of any class or kind of First Dynasty Mines Ltd.
under Global's Definitive Agreement with it.

                  (c) Each of Eyre, the Trust and Parry  represents and warrants
that  each  has  not  transferred,  sold,  assigned,  pledged,  made a gift  of,
hypothecated  or  otherwise  disposed  of the  shares  of  common  stock and the
warrants to  purchase  common  stock of Global  owned by any of them at any time
(other than the  Warrants to  Kummerfeld)  and that such shares and warrants are
free and clear of any liens or encumbrances or any other rights thereto.

         7.  Each  of  Eyre,  the  Trust  and  Parry,   jointly  and  severally,
unconditionally  agrees to  indemnify  and hold Global,  Gallagher  and Garrison
harmless from and against any claim,  damage,  loss or expense of any of them by
reason of any claim of any person not a party to this  Agreement  arising out of
the transfer, sale, assignment, pledge, gift, hypothecation or any other form of
the  disposition  of the  shares  of stock of  Global,  and of any  warrants  to
purchase  shares  of  stock of  Global,  owned by Eyre,  the  Trust  and  Parry,
including,  without limitation, any claim by Donald Kummerfeld arising therefrom
or relating thereto.

         8. 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 state court or federal court in the City
of New York,  State of New York in the United States of America,  (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 the United States  Southern  District Court for the District of
New  York,  or any court of 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
in accordance  with the notice  provisions of this  Agreement  shall  constitute
personal service thereof.

         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, representatives, successors and assigns.

         10. (a) This Agreement constitutes the sole and entire agreement by and
among the parties with respect to the subject matter hereof;  supersedes any and
all prior agreements with respect thereto;  and may not be changed,  modified or
amended,  except  pursuant to a writing  signed by each of the parties hereto or
their duly authorized representatives. The foregoing provision shall be strictly
construed and  enforced,  and shall not be subject to any claim or defense based
on waiver or  estoppel or any other  doctrine,  legal or  equitable,  that might
otherwise apply so as to negate the effect thereof.

                  (b) In the event of a failure in the performance of any of the
terms and conditions in Sections 1 and 2 above,  the aggrieved  party may seek a
decree of specific  performance of this Agreement or, not later than November 3,
1999, deem this Agreement to be null and void by causing a letter to such effect
to be sent to the non-performing party with a copy to his or its counsel.

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         11. 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 signed and delivered  this
Agreement as of the date first above written.

----------------------------                     -------------------------------
         Drury J. Gallagher                                          Kevin Parry

----------------------------
         Robert Garrison                                THE PARRY-BEAUMONT TRUST

GLOBAL GOLD CORPORATION                         By:_____________________________
                                                          Cameron Parry, Trustee

By:______________________________               By:_____________________________
         Robert Garrison, President                    Jeffrey Beaumont, Trustee

                                                            EYRE RESOURCES, N.L.

                                                By:_____________________________
                                                                      , Director

ESCROW AGREED TO:

----------------------------
         Stephen R. Field, Esq.

---------------------------
         Robert M. Bursky, Esq.

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STATE OF NEW YORK                   )
                                    ) ss.:

COUNTY OF NEW YORK                  )

         On the 13th day of October,  1999,  before me personally  came DRURY J.
GALLAGHER,  to me known,  who,  being  duly  sworn,  did  depose and say that he
resides at 107 Eakins Road, Manhasset,  New York 11030, and is to me known to be
the  person  described  in  and  who  executed  the  foregoing  instrument,  and
acknowledged to me that he executed the same.

                                              ----------------------------------
                                                                   Notary Public

STATE OF NEW YORK                   )
                                    ) ss.:

COUNTY OF NEW YORK                  )

         On the 13th day of  October,  1999,  before me  personally  came ROBERT
GARRISON, to me known, who, being duly sworn, did depose and say that he resides
at 44 Lords Highway East,  Weston,  Connecticut  06883, and is to me known to be
the  person  described  in  and  who  executed  the  foregoing  instrument,  and
acknowledged to me that he executed the same.

                                              ----------------------------------
                                                                   Notary Public

STATE OF NEW YORK                   )
                                    ) ss.:

COUNTY OF NEW YORK                  )

         On the 13th day of  October,  1999,  before me  personally  came  KEVIN
PARRY, to me known, who, being duly sworn, did depose and say that he resides at
107 Adelma Road, Dalkeith 6009, Western Australia,  and is to me known to be the
person described in and who executed the foregoing instrument,  and acknowledged
to me that he executed the same.

                                              ----------------------------------
                                                                   Notary Public

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STATE OF NEW YORK                   )
                                    ) ss.:

COUNTY OF NEW YORK                  )

         On this 13th day of October,  1999,  before me  personally  came ROBERT
GARRISON, to me known, who being duly sworn, did depose and say that such person
resides at 44 Lords Highway East, Weston, Connecticut 06883, is the President of
GLOBAL GOLD CORPORATION,  a Delaware corporation which is described in and which
executed  the  foregoing  instrument,  and being  duly  authorized  signed  such
person's name thereto on behalf of such corporation,  and acknowledged it as the
act of such corporation.

                                                   -----------------------------
                                                                   Notary Public

STATE OF NEW YORK                   )
                                    ) ss.:

COUNTY OF NEW YORK                  )

         On  this   day  of   October,   1999,   before   me   personally   came
________________________,  to me known, who being duly sworn, did depose and say
that such person resides at ________________________________,  Australia, is the
Director of EYRE RESOURCES,  N.L., an Australian  corporation which is described
in and which executed the foregoing instrument, and being duly authorized signed
such person's name thereto on behalf of such corporation, and acknowledged it as
the act of such corporation.

                                                   -----------------------------
                                                                   Notary Public

                                    )
                                    ) ss.:
                                    )

         On this day of October,  1999, before me personally came CAMERON PARRY,
to me known,  who being duly sworn,  did depose and say that such person resides
at 107 Adelma Road,  Dalkeith  6009,  Western  Australia,  is the Trustee of THE
PARRY-BEAUMONT  TRUST,  which is described in and which  executed the  foregoing
instrument,  and being duly  authorized  signed such  person's  name  thereto on
behalf of such trust, and acknowledged it as the act of such trust.

                                                   -----------------------------
                                                                   Notary Public

                                        6


<PAGE>


                                    )
                                    ) ss.:
                                    )

         On this  day of  October,  1999,  before  me  personally  came  JEFFREY
BEAUMONT, to me known, who being duly sworn, did depose and say that such person
resides at 24 Illawong Drive, Donvale, 3111 Victoria,  Australia, is the Trustee
of THE  PARRY-BEAUMONT  TRUST,  which is  described  in and which  executed  the
foregoing  instrument,  and being duly  authorized  signed  such  person's  name
thereto on behalf of such trust, and acknowledged it as the act of such trust.

                                                   -----------------------------
                                                                   Notary Public

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