Exhibit 10.64

                                        May 27, 2004

Melrose Metals & Minerals Limited
47 Canning Highway
South Perth, Australia
WA 6151
                                        VIA FAX 011 61894749150


Attn: Andrej Karpinski, Executive Chairman


RE: ARMENIAN MINING PROPERTIES/GLOBAL GOLD MINING, LLC ACQUISITION

Gentlemen:

         This letter agreement memorializes the acquisition, financing, and
related terms to which Global Gold Corporation, ("GGC") and Melrose Metals &
Minerals Limited ("MMM") have agreed. Global Gold Mining, LLC ("GGM") is the
wholly owned Delaware subsidiary of Global Gold Armenia, LLC ("GGA") which in
turn is the wholly owned Delaware subsidiary of GGC. GGM is the entity through
which GGC has acquired licenses for the Hankavan and Marjan mining properties in
Armenia (by acquiring one hundred percent of the shares of SHA, LLC, an Armenian
limited liability company). GGM has also signed an option agreement to acquire
on or before August 6, 2004 the Lichkvadz-Tei and Terterasar mines and
associated processing plant, equipment, and other assets in Armenia (by
acquiring one hundred percent of the shares of the current licensee, Sipan 1,
LLC, also an Armenian limited liability company). (These mining properties are
collectively referred to here as the "Armenian Properties.")

         At the GGC-MMM closing which shall be on or before July 20, 2004 (the
"July Closing"), MMM shall acquire sixty five percent of the membership
interests in GGM, and GGA shall retain the remaining thirty five percent. MMM
shall have the opportunity to increase its interest in GGM up to eighty percent
leaving GGA with a twenty percent carried interest in GGM and the Armenian
Properties on the terms outlined below. On or before June 21, 2004, we shall
execute a mutually agreed definitive agreement covering MMM's acquisition of
interest in GGM. GGC shall prepare and transmit the first draft of this
agreement on or before June 2, 2004. The following are agreed terms.

         Upon execution of this letter agreement GGC shall terminate financing
negotiations with other parties and deal exclusively with MMM on the subject
matter covered by this letter. On or before June 4, 2004, MMM shall send a
nonrefundable binder payment of $250,000 USD to GGC. These funds shall be sent
by wire transfer to JPMorgan Chase, ABA# 021000021, Swift# CHASUS33, Global Gold
Corp., Acct# 445500951065. This payment is subject to MMM's completion of
preliminary due diligence on or before June 4, 2004. The balance of the parties'
obligations under this agreement is subject to completion of due diligence
review on or before June 30, 2004.

<PAGE>

         GGM has the opportunity to lease the properties and operation of Sipan
1, LLC pending the anticipated August 6, 2004 closing, and would like to do so
for technical and business reasons. On or before June 11, 2004, MMM shall send
$250,000 USD to a special GGM account as mutually agreed. These funds shall be
held in escrow, and GGM shall draw upon them only in consultation with MMM and
only in connection with GGM's assumption of Sipan 1, LLC's operations pending
closing or to fund acquisition costs; provided, however, that GGM may use up to
$40,000 USD of these funds in connection with the reopening of adits and
sampling project at the Hankavan mine. If GGM does not assume Sipan 1, LLC's
operations pending closing, the balance of these funds shall be returned to MMM
or otherwise used as directed by MMM. These funds shall be sent by wire transfer
to JPMorgan Chase, ABA# 021000021, Swift# CHASUS33, Global Gold Corp., Acct.#
4450501261365.

         At or before the July Closing, MMM shall pay GGC $500,000 USD. MMM
shall also make $4,000,000 USD available by deposit into a GGM escrow account or
as otherwise mutually agreed in connection with funding the August closing and
initial operations of the Armenian Properties being purchased from Sipan 1, LLC.
On or before September 30, 2004, MMM shall also transfer between $1,750,000 USD
and $2,000,000 USD to GGM, the exact amount to be agreed by the parties'
representatives on the GGM Board of Managers. These funds shall be used to
establish the $1,000,000 USD reserve against Sipan 1, LLC liabilities for a
three year term, with the balance plus interest payable to the sellers of Sipan
1, LLC as part of the purchase price. The balance of these funds shall be used
to fund capital expenses in connection with expansion of mining operations and
further exploration at the Armenian Properties.

         Within six months after the July Closing and for a period of three
years thereafter, MMM shall make up to $2,000,000 USD available to GGC to fund
its Chilean and other mining and related activities. These funds will be
available to GGC as debt secured by GGC assets, repayable within three years of
drawdown at the applicable LIBOR interest rate plus three percentage points.
This debt may be converted to shares of GGC as mutually agreed prior to draw
downs of funds. If GGC proposes to draw down funds which are not adequately
secured, those draw downs will be subject to MMM's due diligence review.

         After meeting all the obligations recited above and for a period of
three years thereafter, MMM shall have the right to increase its interest in GGM
from sixty five percent to eighty percent by paying GGC an additional $500,000
USD and making additional equity investments into GGM and/or the Armenian
Properties, at MMM's option, of $2,000,000. Notwithstanding anything to the
contrary, GGC/GGA shall always have a twenty percent carried interest (without
any obligation to invest further funds or to forego distributions as agreed in
GGM's annual financial plans) in the Armenian Properties. If by mutual
agreement, MMM invests additional funds in GGM (and GGC decides not to share
proportionally in such funding), such funds shall be repaid on a priority basis
identical to the terms described in the following paragraph related to MMM's
recovery of the $6,250,000 investment. In addition, at GGC's option, subject to
MMM's due diligence review and on mutually acceptable terms, MMM shall fund
other GGC commercially reasonable projects in Armenia granting GGC or its
designee at least a twenty percent carried interest. MMM shall not, directly or
indirectly, pursue additional projects in Armenia without including GGC/GGA with
such a carried interest or as mutually agreed.

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<PAGE>

         Prior to MMM's recovery of $6,250,000 USD from the Armenian Properties,
but for a period not to exceed twenty four months after the Lichkvadz-Tei and
Terterasar mines project has achieved monthly production of at least 2,000
ounces of gold, no profit distributions shall be made to GGM members but one
hundred percent of operating profits from the Lichkvadz-Tei and Terterasar mines
shall be used to repay MMM's $6,250,000 USD investment in the Armenian
Properties. If MMM has not been repaid its $6,250,000 USD investment in the
Armenian Properties within twenty four months after the Lichkvadz-Tei and
Terterasar mines project has achieved monthly production of at least 2,000
ounces of gold, only twenty percent of net profits shall be distributed to GGM
members and MMM shall receive eighty percent of operating profits from the
Lichkvadz-Tei and Terterasar mines until its $6,250,000 USD investment is
repaid.

         The GGM Board of Managers shall consist of four members two
representing each of the parties, and amendments to the Operating Agreement as
well as extraordinary business decisions shall require the consent of all
members of GGM in addition to the Board of Managers. At the July Closing, MMM
shall appoint its representatives to the Board of Managers. At either party's
option, the Board of Managers may be increased to five members and an
independent chairman approved by the parties shall become the fifth member. The
independent chairman shall have a casting vote , and the meeting quorum shall be
three Managers, not including the Chairman. When the MMM interest in GGM
increases to eighty percent, MMM shall be entitled to remove the independent
chairman, if any, and appoint a third Manager, making the total number on the
Board of Managers five. GGM shall enter a mutually acceptable agreement for
technical and marketing services with Mineral Services, LLC for the products of
the Armenian Properties.

         The GGM Board of Managers shall adopt its long term mine/project
development budget (including any amendments thereto) and decisions regarding
new investment and distribution of profits by votes which must include at least
one Manager representing MMM and one Manager representing GGC/GGA. Decisions
with regard to annual budgets (consistent with the long term budget) and other
matters shall be by majority vote, provided that there be at least one
representative of each party to establish a quorum for any meeting or
continuation of any meeting. Either party shall have access to and may request
an inspection of GGM financial records to insure compliance with controls
concerning administrative, project, and other expense guidelines.

         When the MMM interest in GGM increases to eighty percent, such majority
vote decisions will require a quorum or of at least two Managers representing
MMM and at least one Manager representing GGC/GGA. Neither party shall sell or
otherwise transfer its interest in GGM or the Armenian Properties without the
other's consent. If there is a deadlock, GGM shall be authorized to continue
based on the last adopted budget as reasonably modified by the executive staff
to account for the current circumstances, and if there is an irreconcilable
dispute either party may apply to the American Arbitration Association for a
binding, expedited resolution. The parties have entered and shall perform the
transactions contemplated by this letter agreement in good faith, and this
agreement shall be governed by New York law, without regard to conflict of law
principles.

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<PAGE>

         MMM UNDERSTANDS THAT THIS INVESTMENT IS ILLIQUID AND INVOLVES A HIGH
DEGREE OF RISK AND IS ONLY SUITABLE FOR AN INVESTOR WHO CAN AFFORD TO LOSE ITS
ENTIRE INVESTMENT.

         MMM further understands that any securities referenced herein have not
been registered under the United States Securities Act or the securities laws of
any state of the United States and will be subject to substantial restrictions
on transferability unless and until the securities registered or an exemption
from registration becomes available

         The parties' decision to enter the transactions contemplated by this
letter agreement is based solely on their independent analyses. The parties: (A)
have been given the opportunity to ask questions of, and receive answers from
one another concerning the terms and conditions and other matters pertaining to
this investment, and all such questions have been answered to the satisfaction
of the parties (B) have been given the opportunity to obtain such additional
information necessary to verify the accuracy of the information or that has been
otherwise provided in order for them to evaluate the merits and risks of
investment; and (C) have been given the opportunity to obtain additional
information from one another. The parties have not been furnished with any oral
representation or warranty in connection with the transactions contemplated by
this letter agreement, and the parties are not entering these transactions with
a view to the sale or other distribution thereof.

         If, through no fault of MMM, the purchase of the Lichkvadz-Tei and
Terterasar mines does not close, GGC shall return all funds advanced by MMM,
including all payments to GGC.

         The parties' unconditionally agree to indemnify and hold one another
and any of their counsel, advisors and accountants, harmless from any loss,
liability, claim, damage or expense, arising out of the inaccuracy of any of
their respective representations, warranties or statements or the breach of any
of the agreements contained herein.

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<PAGE>

         Those signing below affirm that they have full power, and authority,
and their signatures establish this agreement as a valid and legally binding
document enforceable as written. We agree, however, to make any necessary
amendments to bring this agreement in compliance with any applicable Australian
or United States legal requirements.

         If you are in agreement with the foregoing, please so indicate by
signing and returning one copy of this letter agreement, whereupon it will
constitute our agreement with respect to the subject matter hereof.

                                    Very truly yours,

                                    Global Gold Corporation

                                    By: /s/Van Z. Krikorian
                                        -------------------
                                        Van Z. Krikorian, VP and General Counsel

Confirmed and Agreed to:

Melrose Metals & Minerals

By: /s/Andrej Karpinski
    Andrej Karpinski, Executive Chairman


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