UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

                  For the quarterly period ended March 31, 2006

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

           For the transition period from ____________ to ____________

                         Commission file number 02-69494

                             GLOBAL GOLD CORPORATION
                             -----------------------
              (Exact name of small business issuer in its charter)

          DELAWARE                                    13-3025550
          --------                                    ----------
(State or other jurisdiction of                      (IRS Employer
 incorporation or organization)                   Identification No.)

                   45 East Putnam Avenue, Greenwich, CT 06830
                    -----------------------------------------
                    (Address of principal executive offices)

                                 (203) 422-2300
                           --------------------------
                           (Issuer's telephone number)

                                 Not applicable
  ----------------------------------------------------------------------------
 (Former name, former address and former fiscal year, if changed since last
  report)

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 whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ]. Not applicable.

As of May 12, 2006 there were 28,670,301 shares of the issuer's Common Stock
outstanding.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X].

<PAGE>

                                TABLE OF CONTENTS

                          PART I FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements (Unaudited)

           Balance Sheet - as of March 31, 2006 ..............................3

           Consolidated Statements of Operations for the three month
           periods ended March 31, 2006 and March 31, 2005 and for the
           development stage period from January 1, 1995 through
           March 31, 2006 ....................................................4

           Consolidated Statements of Cash Flows for the three Months
           ended March 31, 2006 and March 31, 2005 and for the
           development stage period from January 1, 1995 through
           March 31, 2006 ....................................................5

           Notes to Consolidated Financial Statements (Unaudited) ..........6-8

Item 2.  Management's Discussion and Analysis or Plan of Operation ........8-10

Item 3.  Controls and Procedures ............................................10

                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings ..................................................10

Item 2.  Changes in Securities...............................................10

Item 3   Defaults Upon Senior Securities ....................................10

Item 4   Submission of Matters to a Vote of Security Holders ................11

Item 5   Other Information ..................................................11

Item 6.  Exhibits............................................................11

SIGNATURES


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                      Unaudited Consolidated Balance Sheet

                                 MARCH 31, 2006


                                     ASSETS
                                     ------

CURRENT ASSETS:
            Cash..................................................  $    57,003
            Inventories...........................................        9,169
            Tax refunds receivable................................       45,651
            Other current assets..................................       51,767
                                                                    ------------
      TOTAL CURRENT ASSETS........................................      163,590

LICENSES, less accumulated amortization of $252,086...............    2,946,206
INVESTMENT IN JOINT VENTURES......................................      365,113
SECURITY DEPOSITS.................................................        7,368
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation
of $34,218........................................................      342,109
                                                                    ------------

                                                                    $ 3,824,386
                                                                    ============


                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:Accounts payable and accrued expenses ......... $    77,658

NOTE PAYABLE, due July 2007 .......................................   1,812,307
                                                                    ------------
      TOTAL LIABILITIES............................................   1,889,965

STOCKHOLDERS' EQUITY:
  Common stock $0.001 par value, 100,000,000 shares authorized;
    18,270,301 shares issued and outstanding.......................      18,270
  Additional paid-in capital ......................................  11,999,845
  Deferred compensation............................................    (798,345)
  Accumulated deficit..............................................  (2,907,648)
  Deficit accumulated during the development stage.................  (6,325,971)
  Foreign currency translation adjustment..........................     (51,730)
                                                                    ------------
      TOTAL STOCKHOLDERS' EQUITY...................................   1,934,421
                                                                    ------------

                                                                    $ 3,824,386
                                                                    ============



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

                                       3
<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)

                 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                                          Cumulative Amount
                                                                                                        from the Inception of
                                                                                                          Development Stage
                                                             January 1, 2006      January 1, 2005         (January 1, 1995)
                                                                 through              through                  through
                                                             March 31, 2006       March 31, 2005            March 31, 2006
                                                             ---------------      ---------------       ---------------------
<S>                                                          <C>                  <C>                   <C>
REVENUES                                                     $            -       $            -        $                  -

EXPENSES:
  General and administrative.................................       167,319              126,717                   4,113,794
  Mine exploration costs.....................................       325,250               45,202                     558,823
  Amortization of deferred compensation......................       154,395               65,957                     929,947
  Amortization and depreciation..............................       104,738                    -                     281,977
  Write-off of investment....................................             -                    -                     135,723
  Gain on sale of investment.................................             -                    -                    (319,641)
  Loss from investment in joint ventures.....................        30,156                    -                      42,156
  Interest expense...........................................        32,365                    -                      86,307
  Miscellaneous other .......................................             -                    -                    (110,423)
  Interest income............................................        (2,135)              (3,171)                    (16,913)
                                                             ---------------      ---------------       ---------------------

      TOTAL EXPENSES ........................................       812,088              234,705                   5,701,750
                                                             ---------------      ---------------       ---------------------

Loss from Continuing Operations..............................      (812,088)            (234,705)                 (5,701,750)

Discontinued Operations:
  Loss from discontinued operations .........................             -               14,549                     386,413
  Loss on disposal of discontinued operations ...............             -                    -                     237,808
                                                             ---------------      ---------------       ---------------------

Net Loss Applicable to Common Shareholders...................      (812,088)            (249,254)                 (6,325,971)

  Loss on foreign exchange...................................        13,219                    -                      51,730
                                                             ---------------      ---------------       ---------------------

Comprehensive Net Loss.......................................$     (825,307)      $     (249,254)       $          (6,377,701)
                                                             ===============      ===============       =====================

NET LOSS PER SHARE  - BASIC AND DILUTED .....................$        (0.05)      $        (0.02)
                                                             ===============      ===============

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED .....      18,111,034           13,358,554
                                                             ===============      ===============
</TABLE>





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

                                       4
<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                                                         Cumulative Amount
                                                                                                       from the Inception of
                                                                                                          Development Stage
                                                             January 1, 2006      January 1, 2005        (January 1, 1995)
                                                                 through              through                 through
                                                             March 31, 2006       March 31, 2005           March 31, 2006
                                                             ----------------     ----------------      ---------------------
OPERATING ACTIVITIES:
<S>                                                          <C>                  <C>                   <C>
Net Loss ....................................................$      (812,088)     $      (249,254)      $         (6,325,971)
Adjustments to reconcile net loss to net cash used in
 operating activities:
  Amortization of deferred compensation .....................        154,395               65,957                    929,947
  Amortization of licenses...................................         95,221                   --                    252,086
  Depreciation expense.......................................          9,517                   --                     34,218
  Equity in loss on joint venture............................         30,156                   --                     42,156
  Gain on extinguishment of debt ............................             --                   --                   (110,423)
  Gain on sale of investments................................             --                   --                   (319,641)
  Write-off of investment....................................             --                   --                    135,723
  Loss on disposal of discontinued operations................             --                   --                    237,808
  Non-cash expenses..........................................         24,386                   --                    198,886
Changes in assets and liabilities:
  Other current and non-current assets.......................         (7,368)                  --                    100,634
  Accounts payable and accrued expenses .....................         32,366               11,907                    486,642
                                                             ----------------     ----------------      ---------------------
NET CASH USED IN OPERATING ACTIVITIES .......................       (473,415)            (171,390)                (4,337,935)
                                                             ----------------     ----------------      ---------------------
INVESTING ACTIVITIES:
  Proceeds from sale of Armenia mining interests ............             --                   --                  1,891,155
  Proceeds from sale of investment in Sterlite Gold Ltd.
     Common stock ...........................................             --                   --                    246,767
  Purchase of equipment......................................         (3,275)                  --                     (3,275)
  Investment in joint ventures...............................             --                   --                   (260,000)
  Investment in mining licenses..............................             --                  407                 (2,892,936)
                                                             ----------------     ----------------      ---------------------

NET CASH USED IN INVESTING ACTIVITIES .......................         (3,275)                 407                 (1,018,289)
                                                             ----------------     ----------------      ---------------------
FINANCING ACTIVITIES:
  Net proceeds from private placement offering ..............             --                   --                  5,445,073
  Repurchase of common stock ................................             --                   --                    (25,000)
  Due to related parties ....................................             --                   --                    (22,218)
  Warrants exercised ........................................             --                   --                     55,750
                                                             ----------------     ----------------      ---------------------
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES .............             --                   --                  5,453,605
                                                             ----------------     ----------------      ---------------------

EFFECT OF EXCHANGE RATE ON CASH..............................        (13,219)                  --                    (51,730)
                                                             ----------------     ----------------      ---------------------

NET INCREASE (DECREASE) IN CASH .............................       (489,909)            (170,983)                    45,651
CASH AND CASH EQUIVALENTS - beginning of period .............        546,912            1,014,268                     11,352
                                                             ----------------     ----------------      ---------------------
CASH AND CASH EQUIVALENTS - end of period ...................$        57,003      $       843,285       $             57,003
                                                             ================     ================      =====================
SUPPLEMENTAL CASH FLOW INFORMATION
  Income taxes paid .........................................$            --      $            --       $              2,683
                                                             ================     ================      =====================
  Interest paid .............................................$            --      $            --       $             15,422
                                                             ================     ================      =====================
Noncash Transactions
  Stock issued for deferred compensation ....................$       375,000      $       425,000       $          1,837,500
                                                             ================     ================      =====================
  Stock forfeited for deferred compensation .................$            --      $            --       $           (131,708)
                                                             ================     ================      =====================
  Stock issued for acquisition of mining licenses............$       150,000      $            --       $            150,000
                                                             ================     ================      =====================
  Stock issued in exchange for services......................$        36,000      $            --       $             36,000
                                                             ================     ================      =====================
  Stock issued in exchange for accounts payable..............$            --      $            --       $             25,000
                                                             ================     ================      =====================
</TABLE>



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

                                       5
<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                   Notes to Consolidated Financial Statements
                           (Unaudited) March 31, 2006


1. BASIS FOR PRESENTATION

The accompanying financial statements present the development stage activities
of the Company and its wholly owned subsidiaries from January 1, 1995, the
period commencing the Company's operations as Global Gold Corporation, through
March 31, 2006.

The accompanying financial statements are unaudited. In the opinion of
management, all necessary adjustments (which include only normal recurring
adjustments) have been made to present fairly the financial position, results of
operations and cash flows for the periods presented. Certain information and
footnote disclosure normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States of
America have been condensed or omitted. However, the Company believes that the
disclosures are adequate to make the information presented not misleading. These
financial statements should be read in conjunction with the financial statements
and notes thereto included in the December 31, 2005 annual report on Form
10-KSB. The results of operations for the three-month period ended March 31,
2006 are not necessarily indicative of the operating results to be expected for
the full year ended December 31, 2006. In particular, the financing which closed
on April 4, 2006 has changed the Company's financial position significantly (see
subsequent events).

2. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Officers and Directors:

On January 31, 2006, Global Gold Mining, LLC (Global Gold Mining", a wholly
owned subsidiary of Global Gold Armenia, LLC ("GGA"), which in turn is a wholly
owned subsidiary of the Company), closed the transaction agreed to by the share
purchase agreement dated as of January 23, 2006 with Athelea Investments, CJSC
("AI") and Messrs. Simon Cleghorn, Sergio DiGiovani, Armen Ghazarian, and Frank
Pastorino (the "Sellers") to transfer 80% of the shares of AI to Global Gold
Mining in exchange for 100,000 shares of the Company's common stock. All assets
(including the "Athelea" name) not related to the approximately 27 square
kilometer Getik gold/uranium exploration license area in the northeast
Geghargunik province of Armenia will be transferred back to the Sellers and AI
shall be renamed the "Getik Mining Company." Messrs. Simon Cleghorn and Frank
Pastorino are employees of the Global Gold Mining.

On February 10, 2006, the Company issued 24,000 shares to Dr. Urquhart at the
fair market value of $1.50 per share. The shares were issued as compensation for
the prior year. The expense was accrued for year-end December 31, 2005.

The Company issued 50,000 shares to each of the five Directors as of February
10, 2006 at the fair market value of $1.50 per share. Such amounts have been
reflected as unearned compensation and are being amortized into compensation
expense on a straight-line basis over the term of the agreements. Compensation
expense for the three months ended March 31, 2006 is $86,500.

The amount of total unearned compensation amortized for the three months ended
March 31, 2006 is $154,395.

                                       6
<PAGE>

3. EQUITY TRANSACTIONS

On January 31, 2006, Global Gold Mining closed the transaction agreed to by the
share purchase agreement dated as of January 23, 2006 with Athelea Investments,
CJSC ("AI") and Messrs. Simon Cleghorn, Sergio DiGiovani, Armen Ghazarian, and
Frank Pastorino (the "Sellers") to transfer 80% of the shares of AI to Global
Gold Mining in exchange for 100,000 shares of the Company's common stock. All
assets (including the "Athelea" name) not related to the approximately 27 square
kilometer Getik gold/uranium exploration license area in the northeast
Geghargunik province of Armenia will be transferred back to the Sellers and AI
shall be renamed the "Getik Mining Company."

On February 10, 2006, the Company issued 24,000 shares to Dr. Urquhart at the
fair market value of $1.50 per share. The shares were issued as compensation for
the prior year. The expense was accrued for year-end December 31, 2005.

The Company issued the 50,000 shares to each of the five Directors as of
February 10, 2006 at the fair market value of $1.50 per share. Such amounts have
been reflected as unearned compensation and are being amortized into
compensation expense on a straight-line basis over the term of the agreements.

4.  AGREEMENTS

          a.   As of January 13, 2006,  Minera  Global Chile  Limitada  ("Minera
               Global",a  wholly owned  subsidiary of Global Oro, LLC and Global
               Plata,  LLC, which in turn are wholly owned  subsidiaries  of the
               Company) entered into a purchase,  option,  and royalty agreement
               with Mr.  Adrian  Soto  Torino,  a citizen  of Chile  ("AST")  to
               transfer the mining concessions  Candelaria 1, 2, and 3 in Comuna
               de Diego de Almagro,  Region III of Chile to AST to mine the gold
               property and pay Minera Global a net smelter royalty of 10% until
               such time as Minera Global has been paid $75,000 and thereafter a
               net  smelter  royalty  of 2%  for  the  life  of  the  mine.  All
               liabilities  and  fees  associated  with  the  property  are  the
               responsibility  of AST, and Minera  Global  retains the option to
               reacquire the mining  concession  upon 60 days notice and payment
               of 1,000,000 Chilean pesos (approximately $1,883 USD).

          b.   On January 30, 2006, the Company  entered into a five-year  lease
               with East Post Realty,  LLC for their  administrative  facilities
               located at 45 East Putnam Avenue, Suite 118, Greenwich, CT 06830.
               The lease commences on March 1, 2006 and runs though February 28,
               2011. The Company is obligated for annual  payments of $44,200 in
               year one, $45,240 in year two, $46,800 in year three,  $48,360 in
               year four, $49,920 in year five.

          c.   On January 31, 2006,  Global Gold Mining  closed the  transaction
               agreed to by the share purchase agreement dated as of January 23,
               2006 with  Athelea  Investments,  CJSC ("AI") and  Messrs.  Simon
               Cleghorn, Sergio DiGiovani,  Armen Ghazarian, and Frank Pastorino
               (the  "Sellers")  to  transfer  80% of the shares of AI to Global
               Gold  Mining in  exchange  for  100,000  shares of the  Company's
               common  stock.  All assets  (including  the  "Athelea"  name) not
               related  to  the   approximately   27  square   kilometer   Getik
               gold/uranium   exploration   license   area   in  the   northeast
               Geghargunik  province of Armenia will be transferred  back to the
               Sellers and AI shall be renamed the "Getik Mining Company."


          d.   On February 10, 2006,  the Company issued 24,000 shares of common
               stock with a stated value of $36,000 to Dr. Urquhart for services
               provided in 2005.  Such amount was  included in accounts  payable
               and accrued expenses at December 31, 2005.

                                       7
<PAGE>

          e.   On February 10, 2006,  the Company  issued  50,000 shares to each
               Director,  for a total of  250,000  shares,  for  services  to be
               rendered in 2006.

          f.   On March 10, 2006, the Company  entered into a Private  Placement
               Management  Agreement  with Aton  Securities  Inc.  to raise on a
               "best  efforts"  basis  between  $5  million  and $10  million by
               issuing units of common stock and warrants at $1.25 per unit.


5. SUBSEQUENT EVENTS -

On April 4, 2006, the Company sold $13,000,000 in common shares in a private
placement, pursuant to exemptions from registration requirements of the
Securities Act under Regulation D and Regulation S based upon representations
and covenants provided by the respective purchasers. The transaction involved
the issuance of ten million four hundred thousand shares of common stock at
$1.25 per share. Each three shares purchased shall also entitle the purchaser to
a warrant for the purchase of an additional one share at the price per share of
$2.00 exercisable on or before the sooner of (a) April 1, 2008 or (b) sixty (60)
days following a determination by the Company that the weighted average trading
price of the common shares over a thirty (30) consecutive trading day period
commencing after August 1, 2006 is $3.00 USD or greater. Aton Securities, Inc.
of New York City acted as the Managing Private Placement Agent, and as part of
its compensation has also been granted warrants to purchase one million
(1,000,000) restricted common shares exercisable at the price of $1.25 per share
within eighteen months of April 4, 2006.

On April 19, 2006, Mego-Gold LLC ("Mego", a 51% owned subsidiary of Global Gold
Mining) entered into a contract with Zeppelin International AG to purchase two
used Caterpillar Hydraulic Excavators for $293,830.

On April 19, 2006, Mego entered into a contract with Vahan EHA,LLC to drill
5,000 meters of NQ core drilling at the Tukhmanuk property for a cost of
approximately $875,000.

On April 29, 2006, Mego entered into a contract with Zeppelin International AG
to purchase one new D9 bulldozer for $680,000.

Effective May 1, 2006, Global Gold Mining amended the contract of Simon
Cleghorn, the Director of Exploration and Mining. The amended terms increases
his time devoted to 100%, increases his salary to $125,000, and extends the
contract an additional year through July 31, 2009.

Effective May 1, 2006, the Company amended the contract of Jan Dulman, the
Controller. The amended terms increases his time devoted to 60%, increases his
salary to $60,000 and 50,000 options annually contingent on a plan being adopted
and approved by the compensation committee.

Effective May 10, 2006, the Company adopted a compensation committee charter and
committee. The committee will be comprised of three independent Board of
Director members, Ian Hague, Mike Mason, and Nick Aynilian.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

When used in this discussion, the words "expect(s)", "feel(s)", "believe(s)",
"will", "may", "anticipate(s)" and similar expressions are intended to identify
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these
forward-looking statements, and are urged to carefully review and consider the
various disclosures elsewhere in this Form 10-QSB.

                                       8
<PAGE>

RESULTS OF OPERATIONS

THREE-MONTHS ENDED MARCH 31, 2006 AND THREE-MONTHS ENDED MARCH 31, 2005

During the three-month period ended March 31, 2006, the Company's administrative
and other expenses were $167,319 which represented an increase of $40,602 from
$126,717 in the same period last year. The expense increase was
primarily attributable to higher compensation expense of $15,555 and an
allowance for doubtful accounts of $15,217.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2006, the Company's total assets were $3,824,386, of which
$57,003 consisted of cash or cash equivalents. (This position changed materially
on April 4, 2006, as described in the Subsequent Events section above.)

The Company's plan of operation for the calendar year 2006 is:

(a) To mine and produce gold at the Tukhmanuk property;

(b) To review and acquire additional mineral bearing properties in the Former
Soviet Union and in Chile; and

(c) To further develop the Tukhmanuk, Getik, Hankavan, and surrounding
properties in the North Central Belt of Armenia as well as joint venture
interests held with Iberian Resources in the Marjan and Litchkvadz/Sipan 1
mining properties in Southern Armenia and to engage in further exploration in
Armenia to generate cash flow and establish gold, uranium, copper, and
molybdenum reserves to Western standards.


The Company retains the right until December 31, 2009 to elect to participate at
a level of up to twenty percent with Sterlite Gold Ltd. or any of its affiliates
in any exploration project undertaken in Armenia.

The Company anticipates in 2006 spending approximately $200,000 per month to
finance Tukhmanuk operations that are anticipated to begin production in May,
generating revenue in June that will level at approximately $555,000 per month
starting in July. The Company further anticipates spending approximately
$3,000,000 on exploration at Tukhmanuk including 15,000 meters of NQ core
drilling. In addition, the Company is implementing its exploration plans at
Hankavan and surrounding areas, including an initial 7,000 meters of NQ core
drilling.

The Company also anticipates spending additional funds in the Former Soviet
Union and in Chile for further exploration and development of its other
properties as well as acquisition of properties. The Company anticipates that it
will issue additional equity or debt. The Company anticipates that it might
obtain additional financing from the holders of its Warrants to purchase
3,000,000 million shares of Common Stock of the Company at an exercise price of
$0.75 per share, which expire on December 1, 2006. If these Warrants were
exercised in full, the Company would receive $2,250,000 in gross proceeds. In
addition, the Company anticipates that it might obtain additional financing from
the holders of its Warrants to purchase 2,000,000 million shares of Common Stock
of the Company at an exercise price of $1.50 per share, which expire on July 31,
2007. If these Warrants were exercised in full, the Company would receive
$3,000,000 in gross proceeds. The Company further anticipates that it might
obtain additional financing from the holders of its Warrants issued on April 4,
2006: (i)to purchase 3,466,665 shares of Common Stock of the Company at an
exercise price of $2.00 per share, which expire or before the sooner of (a)
April 1, 2008 or (b) sixty (60)days following a determination by the Company
that the weighted average trading price of the common shares over a thirty (30)
consecutive trading day period commencing after August 1, 2006 is $3.00 USD or
greater, which if exercised in full would result in the Company receiving
$6,933,330 in gross proceeds; and (ii)to purchase 1,000,000 shares of Common
Stock of the Company at an exercise price of $1.25 per share, which expire on
October 3, 2007, which if exercised in full would result in the Company
receiving $1,250,000 in gross proceeds.

                                       9
<PAGE>

The Company does not intend to engage in any research and development during
2006 and does not expect to sell any plant or significant equipment; it does
anticipate purchasing processing plant and equipment assets.




Item 3.  Controls and Procedures.

As of the end of the period covered by 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 Rules 13a-14 and 15d-14 under
the Securities Exchange Act of 1934). 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 Company in reports that it files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within 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 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.

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities.

     (a)  On January 31, 2006, Global Gold Mining closed the transaction  agreed
          to by the share purchase  agreement  dated as of January 23, 2006 with
          Athelea Investments,  CJSC ("AI") and Messrs.  Simon Cleghorn,  Sergio
          DiGiovani,  Armen  Ghazarian,  and Frank  Pastorino (the "Sellers") to
          transfer 80% of the shares of AI to Global Gold Mining in exchange for
          100,000 shares of the Company's common stock.

     (b)  On February 10, 2006, the Company issued 24,000 shares to Dr. Urquhart
          at the fair market value of $1.50 per share. The shares were issued as
          compensation for the prior year.

     (c)  On February 10, 2006,  the Company  issued  50,000  shares at the fair
          market  value  of  $1.50  per  share  as  determined  by the  Board of
          Directors to each of its five directors, Messrs. Aynilian,  Gallagher,
          Hague,  Mason and  Krikorian  (for a total  share  issuance of 250,000
          shares) as compensation for their service on the Board in 2006.


Item 3. Defaults Upon Senior Securities.

None

                                       10
<PAGE>

Item 4. Submission of Matters to a Vote of Security Holders.

None

Item 5. Other Information.

None

Item 6. Exhibits.

The following documents are filed as part of this report:

o    Unaudited Financial  Statements of the Company,  including Balance Sheet as
     of March 31, 2006;

o    Statements of Operations and Statements of Cash Flows for the  three-months
     ended  March 31, 2006 and March 31,  2005,  and for the  development  stage
     period from January 1, 1995 through  March 31, 2006 and the Exhibits  which
     are listed on the Exhibit Index.

EXHIBIT NO.       DESCRIPTION OF EXHIBIT

Exhibit 31.1      Certification of Chief Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002

Exhibit 31.2      Certification of Chief Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002

Exhibit 32.1      Certification of Chief Executive Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002

Exhibit 32.2      Certification of Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002

                                       11
<PAGE>

SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                                     GLOBAL GOLD CORPORATION


                                                  By:  /s/ Drury J. Gallagher
May 15, 2006                                           -------------------------
                                                       Drury J. Gallagher,
                                                       Chairman, Chief Executive
                                                       Officer and Treasurer