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                     AMENDMENT TO THE SHAREHOLDERS AGREEMENT OF 

                             GLOBAL GOLD ARMENIA LIMITED


     This Amendment to the Shareholders Agreement, dated as of May 13, 1997, 
by and among First Dynasty Mines Limited, a corporation organized under the laws
of the Yukon, Canada ("FDM"), Global Gold Corporation, a Delaware corporation
("Gold") and Global Gold Armenia Limited, a Cayman Islands company (the
"Company").
                                   WITNESSETH THAT

     WHEREAS each of FDM, Gold and the Company are parties to the Shareholders
Agreement of Global Gold Armenia Limited, dated as of May 13, 1997 (the
"Agreement") and wish to amend the Agreement in accordance herewith;

     NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein contained, each of the parties agrees as follows:

          1)   The first paragraph of the Agreement is hereby amended as
          follows:

               (a)  the word "corporation" following the phrase "Cayman
               Islands" is changed to "company;"

               (b)  the phrases "W.S. Walker and Company," and "P.O. Box 265,"
               are hereby deleted;

               (c)  the word "Corporation" is changed to the word "Company."

          2)   The defined term "Corporation" is changed to "Company"
          throughout the remainder of the Agreement.

          3)   The second paragraph of the Agreement is hereby amended as
          follows:


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               (a)  the phrase "common stock" in the sixth line is deleted and
               the word "capital" is substituted;

               (b)  the parenthetical definition is hereby deleted and the
               following is substituted therefor:

                    "(such shares, together with shares subsequently
                    acquired by the parties, being referred to as the
                    "Shares")

          4)   The defined term "Stock" is hereby changed to "Shares"
          throughout the remainder of the Agreement.

          5)   Section 3.2 of the Agreement is hereby amended by the deletion
          of the word "By-Laws" and substitution of the phrase "Articles of
          Association."

          6)   Section 10.2 of the Agreement is hereby amended by deletion of
          the phrase "Cayman Islands" and substitution thereof of the phrase
          "State of New York."

          7)   Gold, by execution of this Amendment to the Shareholders
          Agreement, hereby confirms that the same, together with the
          Agreement, has been executed by Drury J. Gallagher, both in his
          capacity as president of Gold and as a director and member of the
          Board of Directors of Gold.

          8)   The parties agree that, except as expressly provided herein, the
          Agreement is ratified and confirmed in all respects.


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



                              FIRST DYNASTY MINES LTD.


                              By:  /s/ Marcus Randolph
                                   ------------------------------------------
                                   Marcus Randolph, President


                              GLOBAL GOLD CORPORATION


                              By:  /s/ Robert A. Garrison
                                   ------------------------------------------
                                   Robert A. Garrison, President and 
                                   Chief Operation Officer


                              GLOBAL GOLD ARMENIA LIMITED


                              By:  /s/ Drury J. Gallagher
                                   ------------------------------------------
                                   Drury J. Gallagher, Director and President


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