UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington, D.C.
20549




FORM
10-Q




(Mark
One)




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




For the
quarterly period ended September 30, 2008




[
 ] 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
      Employerincorporation
      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)




Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 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 [ ].




Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).  Yes [ ]  No [X]





APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY


PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:




Indicate
by check mark whether the registrant filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]. Not applicable.




As of
November 14, 2008 there were 34,417,023 shares of the issuer's Common Stock
outstanding.




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.   See definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.






Large accelerated
      filer    [ ]
            Accelerated
      filer      [ ]Non-accelerated
      filer      [ ] (Do not check if smaller
      reporting company)
            Smaller reporting
      company [X]







TABLE
OF CONTENTS




PART
      I FINANCIAL INFORMATIONItem
      1.
              Consolidated
      Financial Statements (Unaudited)Consolidated
      Balance Sheets as of September 30, 2008 and as of December 31, 2007
      (Audited)
              3Consolidated
      Statements of Operations for the three months and nine months ended
      September 30, 2008 and September 30, 2007 and for the development stage
      period from January 1, 1995 (inception) through September 30, 2008
              4Consolidated
      Statements of Cash Flows for the nine months ended September 30, 2008 and
      September 30, 2007 and for the development stage period from January 1,
      1995 (inception) through September 30, 2008
              5Notes
      to Consolidated Financial Statements (Unaudited)
              6-16Item
      2.
              Management's
      Discussion and Analysis or Plan of Operation
              16-17Item
      3.
              Quantitative
      and Qualitative Disclosures About Market Risk
              17Item
      4T.
              Controls
      and Procedures
              17-18PART
      II OTHER INFORMATIONItem
      1.
              Legal
      Proceedings
              18Item
      2.
              Unregistered
      Sale of Equity Securities and Use of Proceeds
              18Item
      3.
              Defaults
      Upon Senior Securities
              18Item
      4.
              Submission
      of Matters to a Vote of Security Holders
              18Item
      5.
              Other
      Information
              18Item
      6.
              Exhibits
              19SIGNATURESCERTIFICATIONS




2


PART
I - FINANCIAL INFORMATION




Item
1. Financial Statements.




GLOBAL
      GOLD CORPORATION AND SUBSIDIARIES(A
      Development Stage Company)CONSOLIDATED
      BALANCE SHEETSASSETS
  September 30, 2008
              
              
              December 31, 2007(Unaudited)
              
              
              (Audited)CURRENT
      ASSETS:Cash
              
              $
              133,033
              
              
              $
              298,032Inventories
              
              
              1,557,112
              
              
              
              602,412Tax
      refunds receivable
              
              
              253,643
              
              
              
              104,574Royalty
      receivable
              
              
              -
              
              
              
              25,449Prepaid
      expenses
              
              
              13,637
              
              
              
              23,852Other
      current assets
              
              
              48,826
              
              
              
              94,259TOTAL
      CURRENT ASSETS
              
              
              2,006,251
              
              
              
              1,148,578LICENSES,
      net of accumulated amortization of $1,302,408 and $926,668,
      respectively
              
              
              3,683,193
              
              
              
              3,937,433DEPOSITS
      ON CONTRACTS AND EQUIPMENT
              
              
              342,036
              
              
              
              1,694,016LONG
      LIVED ASSETS HELD FOR SALE
              
              
              915,264
              
              
              
              -PROPERTY,
      PLANT AND EQUIPMENT, net of accumulated depreciation of $1,423,822 and
      $854,453, respectively
              
              
              3,008,871
              
              
              
              2,836,118$
              9,955,615
              
              
              $
              9,616,145LIABILITIES AND
      STOCKHOLDERS' EQUITYCURRENT
      LIABILITIES:Accounts
      payable and accrued expenses
              
              $
              1,279,544
              
              
              $
              1,587,213Deposit
      payable
              
              
              150,000
              
              
              
              -Secured
      line of credit - short term portion
              
              
              221,749
              
              
              
              -Current
      portion of note payable to Director
              
              
              437,500
              
              
              
              -TOTAL
      CURRENT LIABILITIES
              
              
              2,088,793
              
              
              
              1,587,213SECURED
      LINE OF CREDIT - LONG TERM PORTION
              
              
              119,135
              
              
              
              -NOTE
      PAYABLE TO DIRECTOR
              
              
              3,070,171
              
              
              
              -TOTAL
      LIABILITIES
              
              
              5,278,099
              
              
              
              1,587,213STOCKHOLDERS'
      EQUITYCommon
      stock $0.001 par, 100,000,000 shares authorized;34,117,023
      shares issued and outstanding
              
              
              34,116
              
              
              
              33,866Additional
      paid-in-capital
              
              
              30,303,151
              
              
              
              29,318,147Accumulated
      deficit prior to development stage
              
              
              (2,907,648
              )
              
              
              (2,907,648
              )Deficit
      accumulated during the development stage
              
              
              (24,966,242
              )
              
              
              (20,527,133
              )Accumulated
      other comprehensive income
              
              
              2,214,139
              
              
              
              2,111,700TOTAL
      STOCKHOLDERS' EQUITY
              
              
              4,677,516
              
              
              
              8,028,932$
              9,955,615
              
              
              $
              9,616,145
  The
      accompanying notes are an integral part of these unaudited financial
      statements


3
 
 GLOBAL
      GOLD CORPORATION AND SUBSIDIARIES(A
      Development Stage Company)UNAUDITED
      CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
    LOSS
  Cumulativeamount
      fromThree
      Months Ended
                
                
                Nine
      Months Ended
                
                
                January
      1, 1995September
      30,
                
                
                September
      30,
                
                
                through2008
                
                
                2007
                
                
                2008
                
                
                2007
                
                
                September
      30, 2008REVENUES
                
                $
                -
                
                
                $
                -
                
                
                $
                12,074
                
                
                $
                -
                
                
                $
                53,907EXPENSES:General
      and administrative
                
                
                562,815
                
                
                
                1,208,988
                
                
                
                2,589,775
                
                
                
                3,471,364
                
                
                
                16,561,610Mine
      exploration costs
                
                
                242,121
                
                
                
                4,523,624
                
                
                
                862,666
                
                
                
                5,474,347
                
                
                
                10,944,113Amortization
      and depreciation
                
                
                307,920
                
                
                
                275,050
                
                
                
                923,269
                
                
                
                679,535
                
                
                
                2,607,454Write-off
      on investment
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                135,723Gain
      on sale of investment
                
                
                -
                
                
                
                (1,507,085
                )
                
                
                -
                
                
                
                (1,507,085
                )
                
                
                (2,779,778
                )Loss/(Gain)
      from investment in joint ventures
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                (3,138,965
                )Interest
      expense
                
                
                32,805
                
                
                
                -
                
                
                
                78,038
                
                
                
                -
                
                
                
                352,038Loss/(Gain)
      on foreign exchange
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                70,971Interest
      income
                
                
                -
                
                
                
                (27,250
                )
                
                
                (2,564
                )
                
                
                (120,821
                )
                
                
                (357,238
                )TOTAL
      EXPENSES
                
                
                1,145,661
                
                
                
                4,473,327
                
                
                
                4,451,184
                
                
                
                7,997,340
                
                
                
                24,395,928Loss
      from Continuing Operations
                
                
                (1,145,661
                )
                
                
                (4,473,327
                )
                
                
                (4,439,109
                )
                
                
                (7,997,340
                )
                
                
                (24,342,021
                )Discontinued
      Operations:Loss
      from discontinued operations
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                386,413Loss
      on disposal of discontinued operations
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                237,808Net
      Loss Applicable to Common Shareholders
                
                
                (1,145,661
                )
                
                
                (4,473,327
                )
                
                
                (4,439,109
                )
                
                
                (7,997,340
                )
                
                
                (24,966,242
                )Foreign
      currency translation adjustment
                
                
                23,164
                
                
                
                (262,577
                )
                
                
                123,597
                
                
                
                (38,738
                )
                
                
                2,768,503Unrealized
      gain on investments
                
                
                -
                
                
                
                (1,111,382
                )
                
                
                -
                
                
                
                368,098
                
                
                
                353,475Comprehensive
      Net Loss
                
                $
                (1,122,497
                )
                
                $
                (5,847,286
                )
                
                $
                (4,315,512
                )
                
                $
                (7,667,980
                )
                
                $
                (21,844,264
                )NET
      LOSS PER SHARE-BASICAND
      DILUTED
                
                $
                (0.03
                )
                
                $
                (0.13
                )
                
                $
                (0.13
                )
                
                $
                (0.24
                )WEIGHTED
      AVERAGE SHARESOUTSTANDING
      - BASIC AND DILUTED
                
                
                34,117,023
                
                
                
                33,873,877
                
                
                
                34,027,461
                
                
                
                33,649,605
  The
      accompanying notes are an integral part of these unaudited financial
      statements
  4
 GLOBAL
      GOLD CORPORATION AND SUBSIDIARIES(A
      Development Stage Enterprise)UNAUDITED
      CONSOLIDATED STATEMENTS OF CASH
FLOWS
  January
      1, 1995January
      1, 2008
                
                
                January
      1, 2007
                
                
                Cumulative
      amountthrough
                
                
                through
                
                
                throughSeptember
      30, 2008
                
                
                September
      30, 2007
                
                
                September
      30, 2008OPERATING
      ACTIVITIES:Net
      loss
                
                $
                (4,439,110
                )
                
                $
                (7,997,340
                )
                
                $
                (24,966,243
                )Adjustments
      to reconcile net lossto
      net cash used in operating activities:Amortization
      of unearned compensation
                
                
                587,930
                
                
                
                744,141
                
                
                
                3,367,724Stock
      option expense
                
                
                202,819
                
                
                
                433,810
                
                
                
                910,159Amortization
      expense
                
                
                375,740
                
                
                
                285,099
                
                
                
                1,522,466Depreciation
      expense
                
                
                547,529
                
                
                
                394,436
                
                
                
                1,310,896Accrual
      of stock bonuses
                
                
                -
                
                
                
                -
                
                
                
                56,613Write-off
      of investment
                
                
                -
                
                
                
                -
                
                
                
                135,723Loss
      on disposal of discontinued operations
                
                
                -
                
                
                
                -
                
                
                
                237,808Equity
      in loss on joint venture
                
                
                -
                
                
                
                -
                
                
                
                12,000Gain
      on extinguishment of debt
                
                
                -
                
                
                
                -
                
                
                
                (110,423
                )Gain
      on sale of investments (non-cash portion)
                
                
                -
                
                
                
                (1,507,085
                )
                
                
                (2,470,606
                )Other
      non-cash expenses
                
                
                2,979
                
                
                
                -
                
                
                
                176,004Changes
      in assets and liabilities:Other
      current and non current assets
                
                
                (585,956
                )
                
                
                (93,122
                )
                
                
                (2,767,189
                )Accounts
      payable and accrued expenses
                
                
                (73,106
                )
                
                
                850,704
                
                
                
                1,854,725NET
      CASH FLOWS USED IN OPERATING ACTIVITIES
                
                
                (3,381,175
                )
                
                
                (6,889,358
                )
                
                
                (20,730,343
                )INVESTING
      ACTIVITIES:Purchase
      of property, plan and equipment
                
                
                (742,122
                )
                
                
                (3,540,094
                )
                
                
                (4,059,641
                )Proceeds
      from sale of Armenia mining interest
                
                
                -
                
                
                
                -
                
                
                
                1,891,155Proceeds
      from sale of Tamaya Common Stock - basis not in income
                
                
                -
                
                
                
                3,130,525
                
                
                
                2,497,600Proceeds
      from sale of investment in common stock of Sterlite Gold
                
                
                -
                
                
                
                -
                
                
                
                246,767Investment
      in joint ventures
                
                
                -
                
                
                
                -
                
                
                
                (260,000
                )Investment
      in mining licenses
                
                
                (9,000
                )
                
                
                -
                
                
                
                (5,756,101
                )NET
      CASH USED IN INVESTING ACTIVITIES
                
                
                (751,122
                )
                
                
                (409,569
                )
                
                
                (5,440,220
                )FINANCING
      ACTIVITIES:Net
      proceeds from private placement offering
                
                
                -
                
                
                
                16,500
                
                
                
                17,680,104Repurchase
      of common stock
                
                
                -
                
                
                
                -
                
                
                
                (25,000
                )Due
      to related parties
                
                
                3,507,671
                
                
                
                -
                
                
                
                3,485,453Secured
      line of credit
                
                
                340,884
                
                
                
                -
                
                
                
                340,884Warrants
      exercised
                
                
                -
                
                
                
                -
                
                
                
                2,322,250NET
      CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
                
                
                3,848,555
                
                
                
                16,500
                
                
                
                23,803,691EFFECT
      OF EXCHANGE RATE ON CASH
                
                
                118,743
                
                
                
                1,582,336
                
                
                
                2,488,553NET
      INCREASE (DECREASE) IN CASH
                
                
                (164,999
                )
                
                
                (5,700,091
                )
                
                
                121,681CASH
      AND CASH EQUIVALENTS - beginning of period
                
                
                298,032
                
                
                
                7,016,380
                
                
                
                11,352CASH
      AND CASH EQUIVALENTS - end of period
                
                $
                133,033
                
                
                $
                1,316,289
                
                
                $
                133,033SUPPLEMENTAL
      CASH FLOW INFORMATIONIncome
      taxes paid
                
                $
                -
                
                
                $
                -
                
                
                $
                2,683Interest
      paid
                
                $
                -
                
                
                $
                -
                
                
                $
                15,422Noncash
      Transactions:Stock
      issued for deferred compensation
                
                $
                -
                
                
                $
                354,267
                
                
                $
                3,947,767Stock
      forfeited for deferred compensation
                
                $
                -
                
                
                $
                210,550
                
                
                $
                953,050Stock
      issued for mine acquisition
                
                $
                112,500
                
                
                $
                127,500
                
                
                $
                1,355,000Stock
      issued for accounts payable
                
                $
                84,563
                
                
                $
                54,395
                
                
                $
                109,563Mine
      acquisition costs in accounts payables
                
                $
                -
                
                
                $
                -
                
                
                $
                50,697Forfeiture
      of common stock subject to put
                
                $
                -
                
                
                $
                1,000,000
                
                
                $
                1,000,000
  The
      accompanying notes are an integral part of these unaudited financial
      statements
 5


GLOBAL
GOLD CORPORATION


(A
Development Stage Company)


Notes
to Unaudited Consolidated Financial Statements


September
30, 2008




1.
ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS FOR PRESENTATION




The
accompanying consolidated 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 (the "Company" or
"Global Gold") and Subsidiaries, through September 30, 2008.




The
accompanying consolidated 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
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the December 31,
2007 annual report on Form 10-KSB and amendments thereto. The results of
operations for the nine month period ended September 30, 2008 are not
necessarily indicative of the operating results to be expected for the full year
ended December 31, 2008. The Company operates in a single segment of activity,
namely the acquisition of certain mineral property, mining rights, and their
subsequent development.




The
consolidated financial statements at September 30, 2008, and for the period then
ended were prepared assuming that the Company would continue as a going concern.
Since its inception, the Company, a developing stage company, has generated
revenues of $53,907 (other than interest income, the proceeds from the sales of
interests in mining ventures, and the sale of common stock of marketable
securities) while incurring losses in excess of $24,960,000. On December 19,
2006, Global Gold Mining LLC restructured the Aigedzor Mining Company Joint
Venture in exchange for: one million dollars; a 2.5% Net Smelter Return royalty
payable on all products produced from the Lichkvaz and Terterasar mines as well
as from any mining properties acquired in a 20 kilometer radius of the town of
Aigedzor in southern Armenia; a 20% participation right in any other projects
undertaken by Iberian, or its successors, outside the 20 kilometer zone; and
five million shares of Iberian Resources Limited's common
stock.  Iberian Resources Limited subsequently merged into Tamaya
Resources Limited and the five million Iberian shares were converted into twenty
million shares of Tamaya Resources Limited.  Management has held
discussions with additional investors and institutions interested in financing
the Company's projects. However, there is no assurance that the Company will
obtain the financing that it requires or will achieve profitable operations. The
Company expected to incur additional losses for the near term until such time as
it would derive substantial revenues from the Chilean and Armenian mining
interests acquired by it or other future projects in Canada or Chile. These
matters raised substantial doubt about the Company's ability to continue as a
going concern. The accompanying financial statements were prepared on a going
concern basis, which contemplated the realization of assets and satisfaction of
liabilities in the normal course of business. The accompanying consolidated
financial statements at September 30, 2008 and for the period then ended did not
include any adjustments that might be necessary should the Company be unable to
continue as a going concern.




Global
Gold is currently in the development stage. It is engaged in exploration for,
and development and mining of, gold, uranium, and other minerals in Armenia,
Canada and Chile. The Company's headquarters are located in Greenwich, CT and
its subsidiaries maintain offices and staff in Yerevan, Armenia, Santiago, Chile
and Toronto, Canada. The Company was incorporated as Triad Energy Corporation in
the State of Delaware on February 21, 1980 and, as further described hereafter,
conducted other business prior to its re-entry into the development stage of
mineral exploration and mining on 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. The Company's stock is publicly traded. The Company employs
approximately 100 people globally on a year round basis and an additional 200
people on a seasonal basis.




In
Armenia, the Company's focus is primarily on the exploration, development and
production of gold at the Tukhmanuk property in the North Central Armenian Belt.
The Company is also focused on the exploration and development of the Marjan and
an expanded Marjan North property. In addition, the Company is exploring and
developing other sites in Armenia including the Company's Getik property. The
Company also holds royalty and participation rights in other locations in the
country through affiliates and subsidiaries.




In Chile,
the Company’s focus is primarily on the exploration, development, and production
of gold at the Madre De Dios property in south central Chile through the Global
Gold Valdivia joint venture.  In addition, the Company has other
exploration and royalty interests.  The Company has entered into an
agreement on October 3, 2008 (the “October 3, 2008 Agreement”) to sell all of
the Company’s interest in its Chiloe and Ipun island properties in Chile as
further described in the Subsequent Events section below.




6




In
Canada, the Company has been focused on uranium exploration.  The
Company entered into an agreement on October 17, 2008 (the “Royalty Agreement”)
to terminate its option interest and to grant the Company a royalty in the
Cochrane Pond Property, as further described in the Subsequent Events section
below.




The
subsidiaries through which the Company operates are as follows:




On
January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as
wholly owned subsidiaries, in the State of Delaware. These companies were formed
to be equal joint owners of a Chilean limited liability company, Minera Global
Chile Limitada ("Minera Global"), formed as of May 6, 2003, for the purpose of
conducting operations in Chile.




On August
18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a wholly owned
subsidiary, which in turn formed Global Gold Mining LLC ("Global Gold Mining"),
as a wholly owned subsidiary, both in the State of Delaware. Global Gold Mining
was qualified to do business as a branch operation in Armenia and owns assets,
royalty and participation interests, as well as shares of operating companies in
Armenia.




On
December 21, 2003, Global Gold Mining acquired 100% of the Armenian limited
liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July
21, 2006), which held the license to the Hankavan and Marjan properties in
Armenia.  On April 28, 2008, the Company was issued a twenty-five year
“special mining license” for the Marjan property effective April 22, 2008 and
expiring April 22, 2033 which expands the prior license term and substantially
increases the license area from approximately 1,400 acres to approximately 4,800
acres.




On August
1, 2005, Global Gold Mining acquired 51% of the Armenian limited liability
company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining property
and seven surrounding exploration sites. On August 2, 2006, Global Gold Mining
acquired the remaining 49% interest of Mego-Gold, LLC, leaving Global Gold
Mining as the owner of 100% of Mego-Gold, LLC.  On May 22, 2008, the
government of Armenia issued a “special exploration license” to the Company for
the Tukhmanuk mining property.  The license is effective May 13, 2008
and expires on May 13, 2010 with the option of being extended for an additional
two years after that.  The special exploration license does not affect
the Company’s twenty five year mining license over the smaller “Central Section”
of the property.  The special exploration license expands the prior
license term and increases the license area by approximately 618 acres, from
approximately 10,297 acres to approximately 10,915 acres.




On
January 31, 2006, Global Gold Mining closed a transaction to acquire 80% of the
Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company,
LLC") and its approximately 27 square kilometer Getik gold/uranium exploration
license area in the northeast Geghargunik province of Armenia. As of May 30,
2007, Global Gold Mining acquired the remaining 20% interest of the Sellers in
Getik Mining Company, LLC, leaving Global Gold Mining as the owner of 100% of
Getik Mining Company, LLC.




On
January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold
Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate
the Company's uranium exploration activities in Canada. Global Gold Uranium was
qualified to do business in the Canadian Province of Newfoundland and
Labrador.




On August
9, 2007 and August 19, 2007, the Company, through Minera Global, signed letters
of intent to enter into a joint venture agreement and on October 29, 2007, the
Company closed its joint venture agreement with members of the Quijano family by
which Minera Global assumes a 51% interest in the placer and hard rock gold
Madre de Dios and Pureo properties in south central Chile, near Valdivia. The
name of the joint venture company is Global Gold Valdivia.  In 2007,
the Company entered into an agreement with members of the Quijano family by
which the Company had the option to earn a 51% interest in the Estrella del Sur
gold-platinum project on Ipun Island and another gold-platinum property on
Chiloe Island, both in Southern Chile.  The agreement, dated August 9,
2007, was subject to confidentiality provisions, and became effective on October
29, 2007   On April 8, 2008 the board of directors of the Company
approved an amendment executed March 31, 2008 to the above option agreement for
mining properties on Ipun Island and Chiloe Island in Southern
Chile.  The key terms of the amendment transfer the Chiloe and Ipun
licenses to the existing Global Gold Valdivia company, and required the Company
to deliver 250,000 restricted shares of Common Stock of the Company on or before
May 1, 2008, which were issued.  Bonus payments to members of the
Quijano family shall be calculated on the same basis as in the existing Global
Gold Valdivia agreement, that is the total produced and proven gold and platinum
equivalent of gold shall be aggregated with the amounts from the Madre de
Dios and Pureo areas in calculating bonus amounts.  The Company entered
into an agreement on July 31, 2008 (the” July 31, 2008 Agreement”) to sell all
of the Company’s interest in its mining claims and properties in Chile (“the
Chilean Interests”) as further described in the Agreements section
below.  On October 3, 2008, the Company has entered into an agreement
to sell all of the Company’s interest in its Chiloe and Ipun island properties
in Chile as further described in the Subsequent Events section
below.




7




2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES




Cash and
Cash Equivalents - Cash and cash equivalents consist of all cash balances and
highly liquid investments with a remaining maturity of three months or less when
purchased and are carried at fair value.




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 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.




Fair
Value of Financial Instruments - The Company's financial instruments includes
cash, receivables, and accounts payable and accrued expenses. The Company
believes that the carrying amounts of these instruments are reasonable estimates
of their fair value because of the short-term nature of such
instruments.




Inventories
- Inventories consists of the following at September 30, 2008 and December 31,
2007:




September
      30,
              
              
              December
      31,2008
              
              
              2007Ore
              
              $
              1,199,034
              
              
              $
              522,872Concentrate
              
              
              69,180
              
              
              
              -Materials,
      supplies and other
              
              
              288,898
              
              
              
              79,539Total
      Inventories
              
              $
              1,557,112
              
              
              $
              602,411




Ore
inventories consist of unprocessed ore and gold concentrate at the Tukhmanuk
mining site in Armenia. The unprocessed ore and gold concentrate is stated at
the lower of cost or market.




Investment
in Tamaya Resources Limited Stock - The Company classifies its marketable equity
securities as available for sale in accordance with SFAS No. 115. During the
year ended December 31, 2007, the Company sold all 20,000,000 shares of the
Tamaya Resources Limited Stock that it owned which resulted in a realized gain
of $2,460,137. As of December 31, 2007, the Company no longer had any investment
in Tamaya Resources Limited stock.




Deposits
on Contracts and Equipment - The Company has made several deposits for
purchases, the majority of which is for the potential acquisition of new
properties, and the remainder for the purchase of mining equipment.




Long
Lived Assets Held for Sale – Long lived assets held for sale consists of
properties in Chile and Canada sold subsequent to the quarter
end.  The Company has entered into an agreement on October 3, 2008
(the “October 3, 2008 Agreement”) to sell all of the Company’s interest in its
Chiloe and Ipun island properties in Chile as further described in the
Subsequent Events section below.  The Company entered into an
agreement on October 17, 2008 (the “Royalty Agreement”) to terminate its option
interest and to grant the Company a royalty in the Cochrane Pond Property, as
further described in the Subsequent Events section below.




Tax
Refunds Receivable - The Company is subject to Value Added Tax ("VAT tax") on
all expenditures in Armenia at the rate of 20%. The Company is entitled to a
credit against this tax towards any sales on which it collects VAT tax. The
Company is carrying a tax refund receivable based on the value of its in-process
inventory which it intends on selling in the next twelve months, at which time
they will collect 20% VAT tax from the purchaser which the Company will be
entitled to keep and apply against its credit.




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 consolidated financial statements as their effect would be
anti-dilutive.





Stock
Based Compensation - The Company periodically issues shares of common stock for
services rendered or for financing costs. Such shares are valued based on the
market price on the transaction date.




The
Company periodically issues stock options and warrants to employees and
non-employees in non-capital raising transactions for services and for financing
costs.




The
Company expenses stock options and warrants under the provisions of Statement of
Financial Accounting Standards (SFAS) No. 123(R), "Share-Based Payment" (SFAS
123(R)). Stock-based compensation represents the cost related to stock-based
awards granted to employees and others. The Company measures stock-based
compensation cost at grant date, based on the estimated fair value of the award,
and recognizes the




8





cost as
expense on a straight-line basis (net of estimated forfeitures) over the
requisite service period. The Company estimates the fair value of stock options
using a Black-Scholes valuation model. The expense is recorded in the
Consolidated Statements of Operations.





The
Black-Scholes option valuation model was developed for use in estimating the
fair value of traded options that have no vesting restrictions and are fully
transferable. In addition, option valuation models require the input of highly
subjective assumptions including the expected stock price
volatility.




For the
nine months ended September 30, 2008, net loss and loss per share include the
actual deduction for stock-based compensation expense. The total stock-based
compensation expense for the nine months ended September 30, 2008 and 2007 was
$790,749 and $1,177,951, respectively. The expense for stock-based compensation
is a non-cash expense item.




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 related to investments by stockholders, changes in
paid-in capital and distribution to owners.




The
following table summarizes the computations reconciling net loss to
comprehensive loss for the nine months ended September 30, 2008 and 2007.




Nine
      Months Ending September 30,2008
              
              
              2007Net
      loss
              
              $
              (4,439,109
              )
              
              $
              (7,997,340
              )Unrealized
      gain/(loss) arising during the year
              
              $
              123,597
              
              
              $
              329,360Comprehensive
      loss
              
              $
              (4,315,512
              )
              
              $
              (7,667,980
              )




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.




Acquisition,
Exploration and Development Costs - Mineral property acquisition, exploration
and related costs are expensed as incurred unless proven and probable reserves
exist and the property may commercially be mined. When it has been determined
that a mineral property can be economically developed, the costs incurred to
develop such property, including costs to further delineate the ore body and
develop the property for production, may be capitalized. In addition, the
Company may capitalize previously expensed acquisition and exploration costs if
it is later determined that the property can economically be developed. Interest
costs, if any, allocable to the cost of developing mining properties and to
constructing new facilities are capitalized until operations commence. Mine
development costs incurred either to develop new ore deposits, expand the
capacity of operating mines, or to develop mine areas substantially in advance
of current production are also capitalized. All such capitalized costs, and
estimated future development costs, are then amortized using the
units-of-production method over the estimated life of the ore body. Costs
incurred to maintain current production or to maintain assets on a standby basis
are charged to operations. Costs of abandoned projects are charged to operations
upon abandonment. The Company evaluates, at least quarterly, the carrying value
of capitalized mining costs and related property, plant and equipment costs, if
any, to determine if these costs are in excess of their net realizable value and
if a permanent impairment needs to be recorded. The periodic evaluation of
carrying value of capitalized costs and any related property, plant and
equipment costs are based upon expected future cash flows and/or estimated
salvage value in accordance with Statement of Financial Accounting Standards
(SFAS) No. 144, "Accounting for Impairment or Disposal of Long-Lived
Assets."




Foreign
Currency Translation - The assets and liabilities of non-U.S. subsidiaries are
translated into U.S. Dollars at year-end exchange rates. Income and expense
items are translated at average exchange rates during the year. Cumulative
translation adjustments are shown as a separate component of stockholders'
equity.




Principles
of Consolidation - Our consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America, and include our accounts, our wholly owned subsidiaries' accounts and a
proportionate share of the accounts of the joint ventures in which we
participate. All significant inter-company balances and transactions have been
eliminated in consolidation.




Depreciation,
Depletion and Amortization - Capitalized costs are depreciated or depleted using
the straight-line method over the shorter of estimated productive lives of such
facilities or the useful life of the individual assets. Productive lives range
from 1 to 10 years, but do not exceed the useful life of the individual asset.
Determination of expected useful lives for amortization calculations are made on
a property-by-property or asset-by-asset basis at least annually.




9




Undeveloped
mineral interests are amortized on a straight-line basis over their estimated
useful lives taking into account residual values. At such time as an undeveloped
mineral interest is converted to proven and probable reserves, the remaining
unamortized basis is amortized on a unit-of-production basis as described
above.




Impairment
of Long-Lived Assets - Management reviews and evaluates the net carrying value
of all facilities, including idle facilities, for impairment at least annually,
or upon the occurrence of other events or changes in circumstances that indicate
that the related carrying amounts may not be recoverable. We estimate the net
realizable value of each property based on the estimated undiscounted future
cash flows that will be generated from operations at each property, the
estimated salvage value of the surface plant and equipment and the value
associated with property interests. All assets at an operating segment are
evaluated together for purposes of estimating future cash flows.




Licenses
- Licenses are capitalized at cost and are amortized on a straight-line basis on
a range from 1 to 10 years, but do not exceed the useful life of the individual
license.




Reclamation
and Remediation Costs (Asset Retirement Obligations) - Costs of future
expenditures for environmental remediation are not discounted to their present
value unless subject to a contractually obligated fixed payment schedule. Such
costs are based on management's current estimate of amounts to be incurred when
the remediation work is performed, within current laws and regulations.
Accordingly, no such costs were accrued at December 31, 2007 or September 30,
2008.




It is
possible that, due to uncertainties associated with defining the nature and
extent of environmental contamination and the application of laws and
regulations by regulatory authorities and changes in reclamation or remediation
technology, the ultimate cost of reclamation and remediation could change in the
future.




Revenue
Recognition - Sales are recognized and revenues are recorded when title
transfers and the rights and obligations of ownership pass to the customer. The
majority of the company's metal concentrates are sold under pricing arrangements
where final prices are determined by quoted market prices in a period subsequent
to the date of sale. In these circumstances, revenues are recorded at the times
of sale based on forward prices for the expected date of the final settlement.
The Company also possesses Net Smelter Return ("NSR") royalty from
non-affiliated companies. As the non-affiliated companies recognize revenue, as
per above, the Company is entitled to its NSR royalty percentage and royalty
income is recognized and recorded.   In 2008 and 2007, the
Company recognized $12,074 and $25,449, respectively, of royalty income form a
2.5% NSR royalty from Tamaya Resources Limited’s Lichkvadz-Tei and Terterasar
properties in Armenia.




New
Accounting Standards:




In
December 2007, the FASB issued FASB Statement No. 141 (revised 2007), Business
Combinations. This Statement replaces FASB Statement No. 141, Business
Combinations. This Statement retains the fundamental requirements in Statement
141 that the acquisition method of accounting (which Statement 141 called the
purchase method) be used for all business combinations and for an acquirer to be
identified for each business combination. This Statement defines the acquirer as
the entity that obtains control of one or more businesses in the business
combination and establishes the acquisition date as the date that the acquirer
achieves control. This Statement's scope is broader than that of Statement 141,
which applied only to business combinations in which control was obtained by
transferring consideration. By applying the same method of accounting--the
acquisition method--to all transactions and other events in which one entity
obtains control over one or more other businesses, this Statement improves the
comparability of the information about business combinations provided in
financial reports.




This
Statement requires an acquirer to recognize the assets acquired, the liabilities
assumed, and any non-controlling interest in the acquiree at the acquisition
date, measured at their fair values as of that date, with limited exceptions
specified in the Statement. That replaces Statement 141's cost-allocation
process, which required the cost of an acquisition to be allocated to the
individual assets acquired and liabilities assumed based on their estimated fair
values.




This
Statement applies to all transactions or other events in which an entity (the
acquirer) obtains control of one or more businesses (the acquirer), including
those sometimes referred to as "true mergers" or "mergers of equals" and
combinations achieved without the transfer of consideration, for example, by
contract alone or through the lapse of minority veto rights. This Statement
applies to all business entities, including mutual entities that previously used
the pooling-of-interests method of accounting for some business combinations. It
does not apply to: (a) The formation of a joint venture, (b) The acquisition of
an asset or a group of assets that does not constitute a business, (c) A
combination between entities or businesses under common control, (d) A
combination between not-for-profit organizations or the acquisition of a
for-profit business by a not-for-profit organization.




This
Statement applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. An entity may not apply it
before that date. Management believes this Statement will have no impact on the
financial statements of the Company once adopted.




In
December 2007, the FASB issued FASB Statement No. 160 - Non-controlling
Interests in Consolidated Financial Statements - an amendment of ARB No. 51.
This Statement applies to all entities that prepare consolidated financial
statements, except not-for-profit




10




organizations,
but will affect only those entities that have an outstanding non-controlling
interest in one or more subsidiaries or that deconsolidate a subsidiary.
Not-for-profit organizations should continue to apply the guidance in Accounting
Research Bulletin No. 51, Consolidated Financial Statements, before the
amendments made by this Statement, and any other applicable standards, until the
Board issues interpretative guidance.




This
Statement amends ARB 51 to establish accounting and reporting standards for the
non-controlling interest in a subsidiary and for the deconsolidation of a
subsidiary. It clarifies that a non-controlling interest in a subsidiary is an
ownership interest in the consolidated entity that should be reported as equity
in the consolidated financial statements. Before this Statement was issued,
limited guidance existed for reporting non-controlling interests. As a result,
considerable diversity in practice existed. So-called minority interests were
reported in the consolidated statement of financial position as liabilities or
in the mezzanine section between liabilities and equity. This Statement improves
comparability by eliminating that diversity.




A
non-controlling interest, sometimes called a minority interest, is the portion
of equity in a subsidiary not attributable, directly or indirectly, to a parent.
The objective of this Statement is to improve the relevance, comparability, and
transparency of the financial information that a reporting entity provides in
its consolidated financial statements by establishing accounting and reporting
standards that require: (a) The ownership interests in subsidiaries held by
parties other than the parent be clearly identified, labeled, and presented in
the consolidated statement of financial position within equity, but separate
from the parent's equity, (b) The amount of consolidated net income attributable
to the parent and to the non-controlling interest be clearly identified and
presented on the face of the consolidated statement of income, (c) Changes in a
parent's ownership interest while the parent retains its controlling financial
interest in its subsidiary be accounted for consistently. A parent's ownership
interest in a subsidiary changes if the parent purchases additional ownership
interests in its subsidiary or if the parent sells some of its ownership
interests in its subsidiary. It also changes if the subsidiary reacquires some
of its ownership interests or the subsidiary issues additional ownership
interests. All of those transactions are economically similar, and this
Statement requires that they be accounted for similarly, as equity transactions,
(d) When a subsidiary is deconsolidated, any retained non-controlling equity
investment in the former subsidiary be initially measured at fair value. The
gain or loss on the deconsolidation of the subsidiary is measured using the fair
value of any non-controlling equity investment rather than the carrying amount
of that retained investment, (e) Entities provide sufficient disclosures that
clearly identify and distinguish between the interests of the parent and the
interests of the non-controlling owners.




This
Statement is effective for fiscal years, and interim periods within those fiscal
years, beginning on or after December 15, 2008 (that is, January 1, 2009, for
entities with calendar year-ends). Earlier adoption is prohibited. This
Statement shall be applied prospectively as of the beginning of the fiscal year
in which this Statement is initially applied, except for the presentation and
disclosure requirements. The presentation and disclosure requirements shall be
applied retrospectively for all periods presented. Management believes this
Statement will have no impact on the financial statements of the Company once
adopted.





In March
2008, the FASB issued FASB Statement No. 161, which amends and expands the
disclosure requirements of FASB Statement No. 133 with the intent to provide
users of financial statements with an enhanced understanding of; how and why an
entity uses derivative instruments, how the derivative instruments and the
related hedged items are accounted for and how the related hedged items affect
an entity’s financial position, performance and cash flows. This Statement is
effective for financial statements for fiscal years and interim periods
beginning after November 15, 2008. Management believes this Statement will have
no impact on the financial statements of the Company once adopted.





In May
2008, the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standards (SFAS) No. 162, “The Hierarchy of Generally
Accepted Accounting Principles.” The new standard is intended to improve
financial reporting by identifying a consistent framework, or hierarchy, for
selecting accounting principles to be used in preparing financial statements
that are presented in conformity with U.S. generally accepted accounting
principles (GAAP) for non-governmental entities. The Company is currently
evaluating the effects, if any, that SFAS No. 162 may have on its financial
reporting.




3.
PROPERTY, PLANT AND EQUIPMENT




The
following table illustrates the capitalized cost less accumulated depreciation
arriving at the net carrying value on our books at September 30, 2008 and
December 31, 2007.




September
      30,
              
              
              December
      31,2008
              
              
              2007Property,
      plant and equipment
              
              $
              4,432,693
              
              
              $
              3,690,571Less
      accumulated depreciation
              
              
              (1,423,822
              )
              
              
              (854,453
              )$
              3,008,871
              
              
              $
              2,836,118




The
Company had depreciation expense for the nine months ended September 30, 2008
and 2007 of $547,529 and $394,436, respectively.




11




4.
ACCOUNTS PAYABLE AND ACCRUED EXPENSES




As of
September 30, 2008 and December 31, 2007, the accounts payable and accrued
expenses consisted of the following:




September
      30,
              
              
              December
      31,2008
              
              
              2007Drilling
      work payable
              
              $
              216,656
              
              
              $
              1,070,459Accounts
      payable
              
              
              1,000,013
              
              
              
              285,468Accrued
      expenses
              
              
              62,875
              
              
              
              231,286$
              1,279,544
              
              
              $
              1,587,213




5.
DEPOSIT PAYABLE




On August
28, 2008, the Company received an advance of $150,000 from one of the Madre
Gold, LLC members on the anticipated signing of the July 31, 2008 Agreement, as
further described in the Agreements section below.   As of
September 16, 2008, the agreement was terminated due to non performance of one
of the closing obligations by one of the parties.  The Company has not
paid back this deposit as of the date of this filing.




6.  SECURED
LINE OF CREDIT




The
Company has secured a secured line of credit from Arexim bank in
Armenia.  The Company pledged certain mining equipment with an
approximate value of $817,550 at its Tukhmanuk property against the line of
credit.  The maximum credit is for $529,590.  As of
September 30, 2008, the Company had used $340,884 of which $251,533 is payable
in 2009 and $89,351 is payable in 2010.




7.
SEGMENT REPORTING BY GEOGRAPHIC AREA




The
Company sells its products to various customers primarily in Europe and the
former Soviet Union. The Company performs ongoing credit evaluations on its
customers and generally does not require collateral. The Company operates in a
single industry segment, production of gold and other precious metals including
royalties from other non-affiliated companies production of gold and other
precious metals.




For the
nine months ending September 30, 2008 and 2007, the Company’s revenue was
$12,074 and $0, respectively, which was all derived from Armenia.




The
following summarizes identifiable assets by geographic area:




September
      30,
              
              
              December
      31,2008
              
              
              2007Armenia
              
              $
              7,268,595
              
              
              $
              6,703,566Chile
              
              
              2,177,695
              
              
              
              2,205,715Canada
              
              
              368,382
              
              
              
              368,382United
      States
              
              
              140,943
              
              
              
              338,482$
              9,955,615
              
              
              $
              9,616,145




The
following summarizes operating losses before provision for income tax:




For
      Nine Months Ended
                September
      30,2008
              
              
              2007Armenia
              
              $
              2,116,320
              
              
              $
              4,829,737Chile
              
              
              411,812
              
              
              
              29,583Canada
      (*)
              
              
              31,565
              
              
              
              613,754United
      States
              
              
              1,879,413
              
              
              
              2,524,266$
              4,439,110
              
              
              $
              7,997,340(*)
      Canada includes a refund of Government fees paid in 2007 which were
      reimbursed in 2008 after completion of exploration work and filing of
      necessary reports.




12




8.
CONCENTRATION RISK




Financial
instruments which potentially subject the Company to concentrations of credit
risk consist principally of cash. The Company places its cash with high credit
quality financial institutions in the United States and Armenia.  Bank
deposits in the United States did not exceed federally insured limits as of
September 30, 2008 but did exceed federally insured limits by approximately
$101,000 as of December 31, 2007.  As of September 30, 2008 and
December 31, 2007, the Company had approximately $21,500 and $163,000,
respectively, in Armenian bank deposits and $51,500 and $70,000, respectively,
in Chilean bank deposits, which may not be insured. The Company has not
experienced any losses in such accounts through September 30, 2008 and as of the
date of this filing.




The
majority of the Company's present activities are in Armenia and Chile. As with
all types of international business operations, currency fluctuations, exchange
controls, restrictions on foreign investment, changes to tax regimes, political
action and political instability could impair the value of the Company's
investments.




9.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS




Transactions
with Officers and Directors:




On
February 7, 2008, the Company received a short term loan in the amount of
$260,000, an additional $280,000 loan on March 10, 2008, and an additional
$300,000 loan on April 14, 2008 (collectively, the “Loans”), from Ian Hague, a
director of the Company, which Loans accrue interest, from the day they are
issued and until the day they are repaid by the Company, at an annual rate of
10%. The Company promises to repay, in full, the Loan and all the Interest
accrued thereon on the sooner of: (1) Mr. Hague’s demand after June 6, 2008; or
(2) from the proceeds of any financing the company receives over $1,000,000. The
Company may prepay this loan in full at any time. But if it is not repaid by
June 10, 2008, Mr. Hague will have the right, among other rights available to
Mr. Hague under the law, to convert the loan plus accrued interest to Common
Stock of the Company at the price calculable and on the terms of the the Global
Gold Corporation 2006 Stock Incentive Plan.  In addition, Mr. Hague
will have the right at any time to convert the terms of all or a portion of the
Loan to the terms provided to any third party investor or lender financing the
company.  In connection with the Loan, pursuant to the Company’s
standing policies, including it’s Code of Business Conduct and Ethics and
Nominating and Governance Charter, the Board of Directors, acting without the
participation of Mr. Hague, reviewed and approved the Loan and its terms, and
determined the borrowings to be in the Company’s best interest.  On
May 12, 2008, the Company received an advance of $1,500,000 and an additional
advance of $800,000 on July 7, 2008 (collectively, the “Advances”), from Mr.
Hague on the anticipated signing of the July 31, 2008 Agreement.  On
September 23, 2008, after the termination of the July 31, 2008 Agreement, the
Company restructured the Loans and the Advances into a new agreement (the “Loan
and Royalty”) which became effective November 6, 2008.  Key terms of
the Loan and Royalty include interest accruing from September 23, 2008 until the
day the loan is repaid in full at an annual rate of 10% and the Company granting
a royalty of 1.75% from distributions to the Company from the sale of gold and
all other metals produced from the Madre De Dios property currently included in
the Global Gold Valdivia joint venture with members of the Quijano family, all
as further described in Exhibit 10.9 below.




On
February 11, 2008, the Company issued a stock bonus to Dr. Urquhart of 100,000
shares of common stock at $0.55 per share for a total value of $55,000 based on
the market share price on December 14, 2007 when they were
authorized.  The shares were issued for services rendered in 2007 and
immediately vested.




The
Company also declared stock bonuses to 82 employees in Armenia for a total of
26,750 shares of common stock at $0.55 per share for a total value of $14,713
based on the market share price on December 14, 2007 when they were authorized.
The $69,713 was included in officers' compensation and in accounts payable and
accrued expenses as of December 31, 2007.  The stock was issued on
February 11, 2008.




On
February 11, 2008, the Company also declared stock bonuses to 8 key employees in
Armenia for a total of 27,000 shares of common stock at $0.55 per share for a
total value of $14,850, based on the market share price on December 14, 2007
when they were authorized, which vest over 2 years. As of December 31, 2007, the
$14,850 was included in unearned compensation and in accounts payable and
accrued expenses.





On April
8, 2008, the Company issued as directors fees to each of the five directors
(Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, and Van Z.
Krikorian) stock options to purchase 100,000 Common Stock of the Company each at
$0.45 per share, vesting on October 8, 2008. The option grants were made
pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.





Between
September 3, 2008, and September 9, 2008, Nicholas Aynilian, one of the
Company’s independent directors, purchased a total of 192,002 shares on the open
market at $0.10 per share.  The purchase was made in accordance with
the Company’s insider trading policies.




13




10.
EQUITY TRANSACTIONS




On August
2, 2006 the Company announced that Global Gold Mining exercised its option to
acquire the remaining forty-nine percent (49%) of the Armenian limited liability
company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining property
and surrounding exploration sites as well as the owner of the related processing
plant and other assets in exchange for one million dollars ($1,000,000) and five
hundred thousand (500,000) restricted shares of the Company's common
stock.  On September 12, 2006, GGM loaned two hundred thousand dollars
($200,000) to Karapet Khachatryan ("Maker") for the benefit of both the sellers
of Mego-Gold, LLC, as evidenced by a convertible promissory note payable to
Global Gold Mining, in lawful money of the United States of America, with
interest in arrears on the unpaid principal balance at an annual rate equal to
ten percent (10%). At any time following September 18, 2006, the Company, at its
sole option, had the right to convert all of Maker's debt from the date of the
Note to the date of conversion into shares of common stock of the Company at the
conversion price of $1.50 per share.  Shares of the Company's common
stock were pledged as security for the obligations under the convertible
note.  Effective February 12, 2008, Global Gold Mining exercised the
option to convert  $229,167 debt from the former owners of Mego-Gold,
LLC (including principal and accrued interest) at the rate of $1.50 per share
equaling 152,778 shares of the Company common stock.  The shares were
returned to the Company’s transfer agent and cancelled.




On April
8, 2008, the board of directors of the Company approved an amendment executed
March 31, 2008 to the above option agreement for mining properties on Ipun
Island and Chiloe Island in Southern Chile.  The key terms of the
amendment transfer the Chiloe and Ipun licenses to the existing Global Gold
Valdivia company and require the Company to deliver 250,000 restricted shares of
Common Stock of the Company on or before May 1, 2008, which shares were
issued.  See the Subsequent Events section below for an update on
these properties.




11.
AGREEMENTS




Global
Gold entered into an extension on an agreement with members of the Quijano
family by which the Company has the option to earn a 51% interest in the
Estrella del Sur Gold-Platinum project on Ipun Island in Chile and another
Gold-Platinum property on Chiloe Island in Southern Chile.  The date
by which the Company must exercise its option was extended to March 31, 2008, as
the Company continued to conduct due diligence.  The mineral
concessions were acquired by the joint venture partner by map staking and
Ministerial approval. The original agreement dated August 9, 2007, became
effective on October 29, 2007 see Exhibits 10.3 and 10.4 below.  The
extension agreement dated December 28, 2007, was subject to confidentiality
provisions, and became effective on January 11, 2008, see Exhibit 10.5,
below.





On April
8, 2008, the board of directors of the Company approved an amendment executed
March 31, 2008 to the above option agreement for mining properties on Ipun
Island and Chiloe Island in Southern Chile.  The key terms of the
amendment transfer the Chiloe and Ipun licenses to the existing Global Gold
Valdivia company and require the Company to deliver 250,000 restricted shares of
Common Stock of the Company on or before May 1, 2008.  Bonus payments
to members of the Quijano family shall be calculated on the same basis as in the
existing Global Gold Valdivia agreement, that is the total produced and proven
gold and platinum equivalent of gold shall be aggregated with the amounts
from the Madre de Dios and Pureo areas in calculating bonus
amounts.   On October 3, 2008, the Company sold all of its
interests in Chiloe and Ipun islands in Southern Chile as further described in
the Subsequent Events section below.




The
Global Gold Valdivia joint venture company terms include equity interests set at
51%-49% in favor of Global Gold; of the 3 directors, two (Mr. Krikorian and Dr.
Ted Urquhart, Global's Vice President in Santiago) are appointed by Global Gold;
Global Gold will pay its partner an extra share based on the following scale of
28 million euros for (a) 5 million ounces of gold or platinum equivalent of gold
produced in 5 years or (b) 5 million ounces of gold or platinum equivalent of
gold proven as reserves according to Canadian 43-101 standards in 5 years, all
as described in the exhibit 10.4, below.




In
connection with its private placement of stock in Global Gold which closed on
April 4, 2006, the Company issued warrants dated April 4, 2006 to acquire a
total of 3,466,666 additional shares of the Company "at any time or from time to
time before 5:30 P.M., Eastern Standard Time on 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." Pursuant to the decision of the Board of Directors on March 25, 2008,
the Company has extended the April 1, 2008 expiration date on the warrants to
December 31, 2008.




As of
July 31, 2008, the Company entered into an agreement to sell all of the
Company’s interests in its mining claims and properties in Chile (the “Chilean
Interests”) in exchange for five million dollars (“Purchase Price”) to a private
company Madre Gold, LLC, a Delaware Limited Liability Company (“MG”). The
Company would also receive a production royalty of 2.5%, and would be the
operator and developer of the property, providing office space, and services of
the Company’s employees and technical assistance for development, production and
exploration of the Chilean Interests through August 31, 2009, all as described
in exhibit 10.6 below.  The closing date for the agreement was
September 15, 2008.  As of September 16, 2008, the agreement was
terminated due to non performance of one of the closing obligations by one of
the parties.  The Company immediately resumed developing the
properties for production and further exploration.




14




12. LEGAL
PROCEEDINGS




In 2005,
GGH, which was the license holder for the Hankavan and Marjan properties, was
the subject of corrupt and improper demands and threats from the then Minister
of the Ministry of Environment and Natural Resources of Armenia, Mr. Vardan
Ayvazyan. The Company reported this situation to the appropriate authorities in
Armenia and in the United States. Although the Minister took the position that
the licenses at Hankavan and Marjan were terminated, other Armenian governmental
officials assured the Company to the contrary and Armenian public records
confirmed the continuing validity of the licenses. The Company received
independent legal opinions that all of its licenses were valid and remained in
full force and effect, continued to work at those properties, and engaged
international and local counsel to pursue prosecution of the illegal and corrupt
practices directed against the subsidiary, including international arbitration.
On November 7, 2006, the Company initiated the thirty-day good faith negotiating
period (which is a prerequisite to filing for international arbitration under
the 2003 SHA, LLC Share Purchase Agreement) with the three named shareholders
and one previously undisclosed principal, Mr. Ayvazyan. The Company filed for
arbitration under the rules under the International Chamber of Commerce,
headquartered in Paris, France, ("ICC") on December 29, 2006. The forum for this
arbitration is New York City. In addition and based on the US Armenia Bilateral
Investment Treaty, Global Gold Mining filed a request for arbitration against
the Republic of Armenia for the actions of the former Minister of Environment
and Natural Resources with the International Centre for Settlement of Investment
Disputes, which is a component agency of the World Bank in Washington, D.C.,
("ICSID") on January 29, 2007. Damages will be determined during the arbitration
proceedings. On August 31, 2007, the Government of Armenia and Global Gold
Mining jointly issued the following statement, "{they} jointly announce that
they have suspended the ICSID arbitration pending conclusion of a detailed
settlement agreement. The parties have reached a confidential agreement in
principle, and anticipate that the final settlement agreement will be reached
within 10 days of this announcement." The Company has learned from public
records that GeoProMining Ltd., through an affiliate, has become the sole
shareholder of an Armenian Company, Golden Ore, LLC, which was granted an
illegal and competing license for Hankavan. GeoProMining Ltd. is subject to the
20% obligations as successor to Sterlite Resources, Ltd.  As of
February 25, 2008 Global Gold Mining entered into a conditional, confidential
settlement agreement with the Government of the Republic of Armenia to
discontinue the ICSID arbitration proceedings, and the ICSID arbitration was
discontinued on May 2, 2008.  Neither the agreement nor the
discontinuance affects the pending ICC arbitration involving similar subject
matter. On June 25, 2008, the Federal District Court for the Southern District
of New York issued an order in Global Gold Mining’s favor ordering that Vardan
Ayvazian be a respondent in ICC Case No. 14 770/EBS, and that the tribunal of
arbitrators convened in ICC Case No. 14 770/EBS shall finally resolve the claims
brought by Global Gold Mining against him; and that Ayvazian shall pay costs to
Global Gold Mining; and that Global Gold Mining may move for attorney’s fees
pursuant to Rule 54(d) of the Federal Rules of Civil Procedure within 14 days of
entry thereof.   The ICC has complied with that order, named Mr.
Ayvazian as a respondent, and is proceeding with the
arbitration.




13.
SUBSEQUENT EVENTS




On
October 3, 2008, the Company authorized the issuance of 300,000 shares of
restricted common stock to Dr. Urquhart at $0.17 per share for a total value of
$51,000 based on the market share price.  The shares were issued both
as a bonus for services rendered in 2008 (200,000 shares) and in exchange for
cancellation of $46,343 of debt (100,000 shares).  The shares vested
immediately.





On
October 3, 2008, the Company entered into an agreement to sell all of the
Company’s interest in its Chiloe and Ipun island properties in Chile, held by a
Joint Venture with the Quijano family (see exhibits 10.3 and 10.4 on Form 8-K
filed on November 1, 2007), to the Quijano family.  The Company will
retain its Joint Venture with the Quijano family with the remainder of the Joint
Venture’s Chile properties.  The agreement was to be concluded by
October 15, 2008 and the properties transferred to the purchaser by November 1,
2008.  This transaction is currently being registered by the Chilean
authorities.





The
consideration for the sale of the Chiloe and Ipun island properties include the
following to Global Gold or its designee: (a) $200,000 USD, fifty percent of
which will be paid at the closing and the other fifty percent to be paid within
sixty days; (b) certain second hand equipment and parts used for mining which
are currently on or around the territory of the Global Gold Valdivia joint
venture to be specified in the mutually agreed transfer documents, including a
Caterpillar 966 wheel loader, a Warner Swasey excavator, and a Caterpillar 290
kva generator; (c) certain land rights, buildings and improvements which are
currently on or around the territory of the Global Gold Valdivia joint
venture,  generally described as an approximately five
hectare  property, known as Lote No11, situated in Pureo, where Amparo
and Pureo mining properties are located, and approximately ten hectares
including two properties with their buildings, situated in the area where the
mining property Guadalupe 61-120 is located, all as  to be specified
in the mutually agreed transfer documents; and (d) a first priority right of
payment from the profits of the Global Gold Valdivia joint venture company of
$200,000 USD, all as described in exhibit 10.7 below.




On
October 8, 2008, Nicholas Aynilian, an independent Director of the Company, had
an open order to purchase 250,000 shares of the Company’s common stock
inadvertently executed and filled.  Upon becoming aware of this
transaction and to avoid any appearance of a conflict, per our inside trading
policies, Mr. Aynilian immediately sold the 250,000 shares on October 15, 2008
and disgorged profits to the Company.




15




On
October 17, 2008, the Company through Global Gold Uranium entered into an
agreement (the "Royalty Agreement") with Commander Resources Ltd. (“Commander”)
and Bayswater Uranium Corporation (“Bayswater”) ” pertaining to the Cochrane
Pond Property (the “Property”) located in southern Newfoundland that is owned
50% by Commander and 50% by Bayswater through a joint venture (the “CPJV”). The
Company originally entered into an agreement acquiring an option (the “Option
Agreement”) on the Property with Commander and Bayswater on April 12, 2007 (see
exhibit 10.3 on Form 8-K filed on April 16, 2007).  The Royalty
Agreement grants Global Gold a royalty in the Property and terminates Global
Gold’s pre-existing rights and obligations associated with
Property.





The key
terms of the Royalty Agreement are that the CPJV shall provide a royalty to
Global Gold for uranium produced from the Property in the form of a 1% gross
production royalty from the sale of uranium concentrates (yellowcake) capped at
CDN $1 million after which the royalty shall be reduced to a 0.5%
royalty.





The
royalty shall remain attached to the Property and in the name of Global Gold or
GGU as required under the local laws and exchange regulations.The royalty
shall survive the sale and transfer of the property to a third
party.





In
consideration for the royalty, Global Gold shall pay a total of US $50,000 cash,
US $25,000 cash each to Commander and Bayswater, on or before November 14, 2008,
all as described in exhibit 10.8 below.




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-Q. The provision of Section 27A of
the Securities Act of 1933 and Section 21 of the Securities and Exchange Act of
1934 shall apply to any forward looking information in this Form
10-Q.




RESULTS
OF OPERATIONS




NINE
MONTHS ENDED SEPTEMBER 30, 2008 AND NINE MONTHS ENDED SEPTEMBER 30,
2007




During
the nine month period ended September 30, 2008, the Company's administrative and
other expenses were $2,589,775 which represented a decrease of $881,589 from
$3,471,364 in the same period last year. The expense decrease was primarily
attributable to lower stock compensation expense of $156,211, option expense of
$230,991, and legal expenses of $340,705.  During the nine-month
period ended September 30, 2008, the Company's mine exploration costs were
$862,666 which represented a decrease of $4,611,681 from $5,474,347 in the same
period last year.  The expense decrease was primarily attributable to
the decreased drilling and exploration activity at the Tukhmanuk property of
$3,195,597, at the Hankavan property of $1,128,696, at the Canadian properties
of $582,189, and increased drilling and exploration activity at the Marjan
Property of $194,349 and at the Chilean properties of
$281,449.   During the nine-month period ended September 30,
2008, the Company's amortization and depreciation expenses were $923,269 which
represented an increase of $243,734 from $679,535 in the same period last year.
The expense increase was primarily attributable to the increased depreciation
expense of $153,093 and an increase in amortization expense of
$90,641.




LIQUIDITY
AND CAPITAL RESOURCES




As of
September 30, 2008, the Company's total assets were $9,955,615, of which
$133,033 consisted of cash or cash equivalents.




The
Company's plan of operation for at least the next twelve months ending September
30, 2009:




(a)
To increase and maintain production at the Tukhmanuk property in Armenia at the
rates of 8,000 tonnes of ore per month and gold production of 200 or more ounces
of gold per month, to continue trials and implement new processing technology of
gold recovery considering the particular metallurgical composition of ore being
mined at Tukhmanuk, to reevaluate the resource in light of the recent discovery
of significantly wider veins and mineralization structure, to generate income
from offering services from the ISO certified lab operating at Tukhmanuk, and to
continue to explore this property to update historical reserve reports, and to
explore and develop Marjan, Getik and other mining properties in Armenia and to
generate cash flow and establish gold, uranium, copper, and molybdenum reserves
to Western standards;




(b) To
evaluate uranium exploration activities in the Canadian province of Newfoundland
and Labrador;




(c) To
review and acquire additional mineral bearing properties; and




(d)
Pursue additional financing through private placements, asset sales, debt and/or
joint ventures.




16




The
Company retains the right until December 31, 2009 to elect to participate at a
level of up to 20% with Sterlite Gold Ltd. or any of its affiliates in any
exploration project undertaken in Armenia. This agreement is governed by New
York law and includes New York courts as choice of forum. On October 2, 2006,
Vedanta Resourcs Plc announced that its tender to take control of Sterlite Gold
Ltd. was successful which made it a successor to the twenty percent obligation
of Sterlite Gold Ltd. In September 2007, Vedanta (and Sterlite) announced that
they had closed a stock sale transaction with GeoProMining Ltd., which made
GeoProMining Ltd. and its affiliates the successors to the 20%
obligation.




The
Company retains the right to participate up to 20% in any new projects
undertaken by Iberian Resources Limited, which has merged into Tamaya Resources
Limited, or its affiliates in Armenia until August 15, 2015. In addition, the
Company has a 2.5% NSR royalty on production from the Lichkvaz-Tei and
Terterasar mines as well as from any mining properties in a 20 kilometer radius
of the town of Aigedzor in southern Armenia. On February 28, 2007, Iberian
Resources Limited announced its merger with Tamaya Resources
Limited.




The
Company also anticipates spending additional funds in Armenia, Canada and Chile
for further exploration and development of its other properties as well as
acquisition of new properties. The Company is also reviewing new technologies in
exploration and processing. The Company anticipates that it will issue
additional equity or debt to finance its planned activities. The Company
anticipates that it might obtain additional financing from the holders of its
Warrants to purchase 3,466,666 million shares of Common Stock of the Company at
an exercise price of $2.00 per share, which expire on December 31, 2008, as
extended. If these Warrants were exercised in full, the Company would receive
$6,933,332 in gross proceeds.




The
Company may engage in research and development related to exploration and
processing at Tukhmanuk during 2008, but does not expect to sell any plant or
significant equipment but it does anticipate purchasing processing plant and
equipment assets.




The
Company has been able to continue based upon its receipt of funds from the
issuance of equity securities and by acquiring assets or paying expenses by
issuing stock, debt, or sale of assets. The Company's continued existence is
dependent upon its continued ability to raise funds through the issuance of
securities. Management's plans in this regard are to obtain other financing
until profitable operation and positive cash flow are achieved and maintained.
Although management believes that it will be able to secure suitable additional
financing for the Company's operations, there can be no assurances that such
financing will continue to be available on reasonable terms, or at
all.




Item
3. Quantitative and Qualitative Disclosures About Market Risk




The
Company does not hold any market risk sensitive instruments nor does it have any
foreign currency exchange agreements.  The Company maintains an
inventory of unprocessed ore and gold concentrate which are carried on the
balance sheet at $1,199,034 and $69,180, respectively, with our Armenian
subsidiary Mego-Gold LLC.  The Company does not maintain any commodity
hedges or futures arrangements with respect to this unprocessed
ore.




Financial
instruments which potentially subject the Company to concentrations of credit
risk consist principally of cash. The Company places its cash with high credit
quality financial institutions in the United States and Armenia.  Bank
deposits in the United States did not exceed federally insured limits as of
September 30, 2008 but did exceed federally insured limits by approximately
$101,000 as of December 31, 2007.  As of September 30, 2008 and
December 31, 2007, the Company had approximately $21,500 and $163,000,
respectively, in Armenian bank deposits and $51,500 and $70,000, respectively,
in Chilean bank deposits, which may not be insured. The Company has not
experienced any losses in such accounts through September 30, 2008 and as of the
date of this filing.




The
majority of the Company's present activities are in Armenia and Chile. As with
all types of international business operations, currency fluctuations, exchange
controls, restrictions on foreign investment, changes to tax regimes, political
action and political instability could impair the value of the Company's
investments.




Item
4T. Controls and Procedures.




Evaluation
of Disclosure Controls and Procedures




Under the
supervision and with the participation of our management, including our
principal executive officer and principal financial officer, we conducted an
evaluation of our disclosure controls and procedures, as such term is defined
under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities
Exchange Act of 1934, as amended ("Exchange Act"), as of September 30, 2008.
Based on this evaluation, our principal executive officer and principal
financial officer have concluded that our disclosure controls and procedures are
effective to ensure that information required to be disclosed by us in the
reports we file or submit under the Exchange Act is recorded, processed,
summarized, and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms and that our disclosure and controls are
designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is accumulated and
communicated to our management, including our principal executive officer and
principal financial officer, or persons performing similar functions, as
appropriate to allow timely decisions regarding required
disclosure.




17




Management's
internal control report over financial reporting was not subject to attestation
by the Company's independent registered public accounting firm pursuant to
temporary rules of the Securities and Exchange Commission that permit the
Company to provide only management's report.




Changes
in Internal Control over Financial Reporting




There
were no changes in our internal control over financial reporting that occurred
during our most recently completed fiscal quarter that has materially affected,
or is reasonably likely to materially affect, our internal control over
financial reporting except raw material and work in process physical inventories
are being performed at the end of each quarter.




PART
II - OTHER INFORMATION




Item
1. Legal Proceedings.




In 2005,
GGH, which was the license holder for the Hankavan and Marjan properties, was
the subject of corrupt and improper demands and threats from the then Minister
of the Ministry of Environment and Natural Resources of Armenia, Mr. Vardan
Ayvazyan. The Company reported this situation to the appropriate authorities in
Armenia and in the United States. Although the Minister took the position that
the licenses at Hankavan and Marjan were terminated, other Armenian governmental
officials assured the Company to the contrary and Armenian public records
confirmed the continuing validity of the licenses. The Company received
independent legal opinions that all of its licenses were valid and remained in
full force and effect, continued to work at those properties, and engaged
international and local counsel to pursue prosecution of the illegal and corrupt
practices directed against the subsidiary, including international arbitration.
On November 7, 2006, the Company initiated the thirty-day good faith negotiating
period (which is a prerequisite to filing for international arbitration under
the 2003 SHA, LLC Share Purchase Agreement) with the three named shareholders
and one previously undisclosed principal, Mr. Ayvazyan. The Company filed for
arbitration under the rules under the International Chamber of Commerce,
headquartered in Paris, France, ("ICC") on December 29, 2006. The forum for this
arbitration is New York City. In addition and based on the US Armenia Bilateral
Investment Treaty, Global Gold Mining filed a request for arbitration against
the Republic of Armenia for the actions of the former Minister of Environment
and Natural Resources with the International Centre for Settlement of Investment
Disputes, which is a component agency of the World Bank in Washington, D.C.,
("ICSID") on January 29, 2007. Damages will be determined during the arbitration
proceedings. On August 31, 2007, the Government of Armenia and Global Gold
Mining jointly issued the following statement, "{they} jointly announce that
they have suspended  the ICSID arbitration pending conclusion of a
detailed settlement agreement. The parties have reached a confidential agreement
in principle, and anticipate that the final settlement agreement will be reached
within 10 days of this announcement." The Company has learned from public
records that GeoProMining Ltd., through an affiliate, has become the sole
shareholder of an Armenian Company, Golden Ore, LLC, which was granted an
illegal and competing license for Hankavan. GeoProMining Ltd. is subject to the
20% obligations as successor to Sterlite Resources, Ltd.  As of
February 25, 2008 Global Gold Mining entered into a conditional, confidential
settlement agreement with the Government of the Republic of Armenia to
discontinue the ICSID arbitration proceedings, and the ICSID arbitration was
discontinued on May 2, 2008.  Neither the agreement nor the
discontinuance affects the pending ICC arbitration involving similar subject
matter. On June 25, 2008, the Federal District Court for the Southern District
of New York issued an order in Global Gold Mining’s favor ordering that Vardan
Ayvazian be a respondent in ICC Case No. 14 770/EBS, and that the tribunal of
arbitrators convened in ICC Case No. 14 770/EBS shall finally resolve the claims
brought by Global Gold Mining against him; and that Ayvazian shall pay costs to
Global Gold Mining; and that Global Gold Mining may move for attorney’s fees
pursuant to Rule 54(d) of the Federal Rules of Civil Procedure within 14 days of
entry thereof.   The ICC has complied with that order, named Mr.
Ayvazian as a respondent, and is proceeding with the arbitration.




Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.




None




Item
3. Defaults Upon Senior Securities.




None




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




At the annual shareholder meeting, on June 13, 2008,
the following directors were re-elected: Messrs. Drury J. Gallagher, Van Z.
Krikorian, Nicholas J. Aynilian, Ian C. Hague, and Harry Gilmore. Sherb &
Co., LLP was also re-elected as the Company's outside auditor.




Item
5. Other Information.




None





18




Item
6. Exhibits.




The
following documents are filed as part of this report:




Unaudited
Consolidated Financial Statements of the Company, including Balance Sheets as
of  September 30, 2008 and as of December 31, 2007; Statements of
Operations and Comprehensive Loss for the nine-months ended September 30, 2008
and September 30, 2007, and for the development stage period from January 1,
1995 through September 30, 2008, and Statements of Cash Flows for the nine
months September 30, 2008 and  September 30, 2007, and for the
development stage period from January 1, 1995 through September 30, 2008 and the
Exhibits which are listed on the Exhibit Index.




EXHIBIT NO.
              DESCRIPTION OF
      EXHIBITExhibit
      10.3
              Material
      Contract - Madre de Dios Mining Property Joint Venture and Options for
      Chiloe and Ipun Island Properties Agreement dated as of August 9, 2007.
      (1)Exhibit
      10.4
              Material
      Contract - (Unofficial English Translation) Contractual Mining Company
      Agreement dated October 29, 2007. (2)Exhibit
      10.5
              Material
      Contract - (Unofficial English Translation) Options for Chiloe and Ipun
      Island Properties Extension Agreement dated December 28, 2007.
      (3)Exhibit
      10.6
              Material
      Contract – Agreement to sell all of the Company’s interest in its mining
      claims and properties in Chile dated July 31, 2008. (4)Exhibit
      10.7
              Material
      Contract – Chiloe and Ipun Island Properties Sale Agreement dated as of
      October 3, 2008. (5)Exhibit
      10.8
              Material
      Contract – Royalty Agreement on Cochrane Pond Property, Newfoundland dated
      as of October 17, 2008. (6)Exhibit
      10.9
              Material
      Contract – Loan to Global Gold Corporation and Royalty dated as of
      November 6, 2008Exhibit
      31.1
              Certification
      of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant
      to Section 302 of the Sarbanes-Oxley Act of 2002Exhibit
      31.2
              Certification
      of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant
      to Section 302 of the Sarbanes-Oxley Act of 2002Exhibit
      32.1
              Certification
      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002Exhibit
      32.2
              Certification
      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002




(1)
Incorporated herein by reference to Exhibit 10.3 to the Company's report on Form
8-K filed with the SEC on September 7, 2007.




(2)
Incorporated herein by reference to Exhibit 10.4 to the Company's report on Form
8-K filed with the SEC on November 1, 2007.




(3)
Incorporated herein by reference to Exhibit 10.5 to the Company's report on Form
8-K filed with the SEC on February 12, 2008.




(4)
Incorporated herein by reference to Exhibit 10.1 to the Company's report on Form
8-K filed with the SEC on August 4, 2008.




(5)
Incorporated herein by reference to Exhibit 10.3 to the Company's report on Form
8-K filed with the SEC on October 8, 2008.




(6)
Incorporated herein by reference to Exhibit 10.3 to the Company's report on Form
8-K filed with the SEC on October 22, 2008.





19




SIGNATURES




Pursuant
to the requirements 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
      CORPORATIONDate:
      November 14, 2008
              By:
              /s/ Van
      Z. KrikorianVan
      Z. Krikorian
                Chairman
      and Chief Executive Officer