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

                                   FORM 10-QSB

(Mark One)

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

                  For the quarterly period ended September 30, 2004

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
           For the transition period from ____________ to ____________

                  Commission file number 02-69494



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

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

                    104 Field Point Road, Greenwich, CT 06830
                    -----------------------------------------
                    (Address of principal executive offices)

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

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ].

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

As of November 10, 2004 there were 12,571,301 shares of the issuer's Common
Stock outstanding.

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


<PAGE>



                                TABLE OF CONTENTS

                          PART I FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements (Unaudited)
         Condensed Balance Sheet - as of September 30, 2004 ..................3

         Condensed Consolidated Statements of Operations for the three
         months and nine months ended September 30, 2004 and September
         30, 2003 and for the development stage period from January 1,
         1995 through September 30,2004 ......................................4

         Condensed Consolidated Statements of Cash Flows for the nine
         months ended September 30, 2004 and September 30, 2003 and for
         the development stage period from January 1, 1995 through
         September 30, 2004 ..................................................5

         Notes to Condensed Consolidated Financial Statements (Unaudited)...6-9

Item 2.  Management's Discussion and Analysis or Plan of Operation ......  10-11

Item 3.  Controls and Procedures ............................................11

                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings ..................................................11

Item 2.  Changes in Securities............................................11-12

Item 3   Defaults Upon Senior Securities ....................................12

Item 4   Submission of Matters to a Vote of Security Holders ................12

Item 5   Other Information ..................................................12

Item 6.  Exhibits and Reports on Form 8-K ...................................12

SIGNATURES...................................................................13




                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                 Unaudited Condensed Consolidated Balance Sheet

                               September 30, 2004


                                     ASSETS
                                     ------

CURRENT ASSETS:Cash..............................................$     5,505

MINE ACQUISITION COSTS ..............................................438,849
                                                                     -------
                                                                 $   444,354
                                                                     =======


                      LIABILITIES AND STOCKHOLDERS' DEFICIT
                      -------------------------------------

CURRENT LIABILITIES:

 Accounts payable and accrued expenses ..........................$   251,262
 Due to related parties .............................................307,462
                                                                     -------
                  TOTAL CURRENT LIABILITIES .........................558,724
                                                                     -------

  STOCKHOLDERS' EQUITY:
   Common stock $0.001 par, 100,000,000 shares authorized,
    9,281,301 shares issued and outstanding............................9,281
   Additional paid-in capital..................................... 6,170,834
   Unearned compensation............................................(294,191)
   Accumulated deficit............................................(2,907,648)
   Deficit accumulated during the development stage..... .........(3,092,646)
                                                                  -----------
                  TOTAL STOCKHOLDERS' DEFICIT.......................(114,370)
                                                                  -----------
                                                                 $   444,354
                                                                  ===========

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


                                       3
<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

            Unaudited Condensed Consolidated Statements of Operations

<TABLE>
<CAPTION>
                                                                                                                         Cumulative
                                                                                                                           amount
                                                                                                                             from
                                                                                                                          January 1,
                                                                                                                             1995
                                         July 1, 2004         July 1, 2003       January 1, 2004     January 1, 2003       through
                                            through              through             through             through       September 30,
                                      September 30, 2004   September 30, 2003   September 30, 2004  September 30, 2003       2004
                                      ------------------   ------------------   ------------------  ------------------  ------------
<S>                                          <C>                  <C>                  <C>                 <C>                 <C>
REVENUES                                     $-0-                 $-0-                 $-0-                $-0-                $-0-
                                             ----                 ----                 ----                ----                ----

EXPENSES:

Selling general and administrative         120,089               191,570             525,452           291,904            2,346,200
Mine exploration costs                       5,264                 8,997              36,169            53,613              196,057
Legal fees                                   3,575                   ---              23,116               ---              715,750
Write-off investment in Georgia
   mining interests                            ---                   ---                 ---               ---              135,723
Gain on sale of interest in Global
   Gold Armenia                                ---                   ---                 ---               ---            (268,874)
Gain on sale of interest in Sterlite
   Gold Ltd.                                   ---               (10,492)             (8,748)          (37,400)             (50,767)
Miscellaneous other                            ---                   ---                 ---               ---               18,557
                                      ----------------     -----------------    ----------------    --------------      ------------
         TOTAL EXPENSES                    128,928               190,075             575,989           308,117            3,092,646

NET GAIN/(LOSS)                           (128,928)             (190,075)           (575,989)         (308,117)         $(3,092,646)
                                        ===========          ============         ============    ==============        ============

NET LOSS PER SHARE-BASIC AND DILUTED
                                          $(0.01)                $(0.02)             $(0.06)           $(0.04)
                                      ================     =================    ================    ==============

WEIGHTED AVERAGE SHARES OUTSTANDING
                                         9,281,301             9,068,134            9,268,663         7,550,048
                                      ================     =================    ================    ==============
</TABLE>



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


                                       4
<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
            Unaudited Condensed Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>

                                                                                               Cumulative Amount
                                                                                                     from
                                                   January 1, 2004       January 1, 2003        January 1, 1995
                                                        through               through               through
                                                  September 30, 2004    September 30, 2003     September 30, 2004
                                                   -----------------    ------------------     -----------------
NET CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                   <C>                  <C>                   <C>
Net Loss..........................................    $(575,989)           $(308,117)            $(3,092,646)
Adjustments to reconcile net loss
to net cash used in operating activities:
 Provision for bad debts..........................          ---                  ---                 325,000
 Amortization of unearned compensation............      230,799              112,132                 396,601
 Gain on sale of Armenia mining interests...                ---                  ---                (268,874)
 Write-off of mining investment in
  Georgia.........................................          ---                  ---                 135,723
 Gain on sale of investment
  in common stock of Sterlite Gold Ltd............       (8,748)             (37,400)                (50,767)
 Non-cash expenses related to issuance of common
  stock...........................................          ---                  ---                 174,500
Changes in assets and liabilities:
 Organization costs...............................          ---                  ---                  (9,601)
 Accounts receivable and deposits.................          ---                  ---                    (154)
 Accounts payable and accrued expenses............       75,725              101,525                 367,957
                                                         ------              -------               -----------

  NET CASH FLOWS USED IN OPERATING ACTIVITIES          (278,213)            (131,860)             (2,022,261)
                                                        -------             ---------              ---------
NET CASH FLOWS FROM INVESTING ACTIVITIES:
 Proceeds from sale of Armenia mining
  interests.........................................        ---                  ---               1,891,155
 Proceeds from sale of investment in
  common stock of Sterlite Gold Ltd.................     34,879              161,537                 246,766
 Investment in certain mining interests
  - net of financing................................        ---                  ---                (153,494)
 Mine acquisition costs..............................   (66,075)            (245,613)             (1,228,080)
                                                        --------            ---------             -----------
  NET CASH PROVIDED BY (USED IN)
       INVESTING ACTIVITIES                             (31,196)             (84,076)                756,347
                                                        --------             --------                -------
NET CASH FLOWS FROM FINANCING ACTIVITIES:
 Net proceeds from private placement                        ---              395,000                 999,073
 Repuchase of common stock...........................       ---              (25,000)                (25,000)
 Due to related parties..............................   167,667               25,863                 285,244
 Sale of warrants....................................       ---                  ---                     650
 Warrants exercised..................................       ---                  ---                     100
                                                        -------              -------                 -------
  NET CASH FLOWS PROVIDED BY FINANCING
       ACTIVITIES                                       167,667              395,863               1,260,067
                                                        -------              -------               ---------
NET INCREASE (DECREASE) IN CASH......................  (141,742)             179,927                  (5,847)
CASH AND CASH EQUIVALENTS - beginning of
     period..........................................   147,247                7,784                  11,352
                                                        -------              -------               ---------
CASH AND CASH EQUIVALENTS - end of period............ $   5,505            $ 187,711             $     5,505
                                                        -------              -------               ---------
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid....................................      $0                  $0                    $2,683
                                                           ==                  ==                     =====
Interest paid........................................     $15                  $0                   $15,437
                                                          ===                  ==                    ======
Noncash Transactions:

Stock issued for unearned compensation...............   $125,000            $675,000               $822,500
Stock issued in exchange for accounts
payable..............................................        ---             $25,000                 $25,000
                                                             ====            =======                 =======
</TABLE>

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

                                       5
<PAGE>




                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)
                               September 30, 2004

1. ORGANIZATION AND BUSINESS

Global Gold Corporation (the "Company") is currently in the development stage.
Effective March 30, 2004, the Company was approved for trading on the OTC BB,
with the trading symbol GBGD. The Company was incorporated as Triad Energy
Corporation in the State of Delaware on February 21, 1980 and conducted other
business prior to its entry into the mining development stage 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 was engaged in the
development of a gold mining project in Armenia, and had pursued various mining
and other business opportunities thereafter, but without any such transactions
until 2002.

In September 2002, the Company entered into negotiations to acquire a mining
property in Chile. The Company, on January 15, 2003, entered into an
option/purchase/lease agreement with Alfredo Soto Torino and Adrian Soto Torino
for the purchase of copper gold properties in Chile (the Candelaria 1 to 3, the
Santa Candelaria 1 to 8 and the Torino I mining claims 1 through 7 and Torino II
mining claims 1 through 11) Chanaral District III (the "Chilean Agreement"). The
Agreement was converted into a purchase Agreement on February 4, 2004, when the
transfer was closed. In addition to the Chilean Agreement, in 2003, the Company
has entered into agreements with two companies in Armenia, a member of the
Commonwealth of Independent States. These agreements are with SHA, LLC for the
acquisition of the Hankavan and Marjan mines (a transaction which was closed on
December 21, 2003) and a "Purchase Deposit Agreement" on January 20, 2004 with
Sipan I LLC, an Armenian company, for the purchase of the Litchkvadz-Tei and
Terterasar gold properties and associated processing plant and related assets in
southern Armenia. On May 21, 2004, the date to conclude the share purchase
agreement for this acquisition, was extended to June 30, 2004 and on July 19,
2004 it was extended again to September 1, 2004. On October 18, 2004, the
agreement was extended to December 1, 2004.

On January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as
wholly owned subsidiaries, in the State of Delaware. The companies were formed
to be and are equal joint owners of a Chilean Limited Liability
Company, Minero Global Limitada which was formed as of May 6, 2003, for the
purpose of owning the Santa Candelaria Project.

On August 18, 2003, the Company formed Global Gold Armenia, LLC. as a wholly
owned subsidiary, in the State of Delaware. Global Gold Armenia, LLC formed
Global Gold Mining LLC, as its wholly owned subsidiary in the State of Delaware
which in turn owns SHA LLC (which holds the licenses to the Hankavan and Marjan
mines)and is intended to own SIPAN I LLC (which owns the licenses and property
known as the Litchkvadz-Tei and Terterasar mines as well as the associated
processing plant)(SIPAN I LLC).

On May 27, 2004, the Company signed a financing and acquisition agreement with
Melrose Metals & Minerals Limited of Perth, Australia (Melrose). Melrose failed
to perform its obligations and funding under the agreement. The Company is
reviewing its options in consultation with Melrose.

On November 4, 2004, the Company closed a private placement, described below, in
which it raised $1,500,000 by selling 3,000,000 shares of its common stock at a
price of $0.50 per share and warrants exercisable on or before December 1, 2006
to purchase an additional 3,000,000 shares at $0.75 per share. The Company is

                                       6

<PAGE>

using these funds to further develop mining properties in Armenia and Chile and
to pursue new opportunities.

2.BASIS OF PRESENTATION

The accompanying financial statements are unaudited. In the opinion of
management, all necessary adjustments (which include only normal recurring
adjustments) have been made to present fairly the financial position, results of
operations and cash flows for the periods presented. Certain information and
footnote disclosure normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States of
America have been condensed or omitted. However, the Company believes that the
disclosures are adequate to make the information presented not misleading. These
financial statements should be read in conjunction with the financial statements
and notes thereto included in the December 31, 2003 annual report on Form
10-KSB. The results of operations for the nine-month period ending September 30,
2004 are not necessarily indicative of the operating results to be expected for
the full year ending December 31, 2004

3. GOING CONCERN

These financial statements have been prepared assuming that the Company will
continue as a going concern. Since its inception, the Company, a development
stage enterprise, has yet to generate revenues (other than interest income,
proceeds from the sale of an interest in an Armenian mining venture, and the
sale of marketable securities (consisting of common stock) received as
consideration therewith) while incurring costs in excess of $3,412,000.
Management is currently pursuing additional investors and lending institutions
interested in financing the Company's projects. However, there is no assurance
that the Company will obtain the financing that it requires or achieve
profitable operations. The Company expects to incur additional losses for the
near term until such time as it derives substantial revenues from the Chilean
mining interest acquired by it or other future projects. The accompanying
financial statements do not include any adjustments that may be necessary should
the Company be unable to continue as a going concern.

4. RELATED PARTY TRANSACTIONS

Transactions with Officers
The Company entered into Amended and Restated Employment Agreements with Messrs.
Gallagher and Garrison and an initial Employment Agreement with Van Krikorian
dated as of February 1, 2003 through June 30, 2006.

The Employment Agreements provided for base compensation of $100,000 for each
twelve-month period (subject to payment as cash flow permits), and the granting
of 900,000 shares as a restricted stock award subject to a substantial risk of
forfeiture if any employee terminates his employment with the Company (other
than by death or disability) over the term of the agreement, and which is to be
earned, and vest ratably, during such period.

The Company issued 900,000 shares on February 21, 2003 to Messrs. Gallagher and
Garrison and on June 1, 2003 to Mr. Krikorian at the fair market value of $0.25
per share as determined by the Board of Directors. Such amounts have been
reflected as unearned compensation and are being amortized as compensation
expense on a straight-line basis over the term of the agreements. Compensation
expense for the nine-months ended September 30, 2004 is $200,000

Mr. Garrison resigned as of June 30, 2004. Under applicable provision of Mr.
Garrison's Employment Agreement he became vested in 373,167 shares out of the

                                       7

<PAGE>

900,000 shares of common stock awarded to him, and forfeited 526,833 shares of
such stock. In addition, the unpaid amount of $100,000.00 of his base
compensation for the 12-month period ended June 30, 2004 will become due and
payable on June 30, 2005. Mr.Garrison will serve as a director through December
31, 2004.

The amount of total unearned compensation amortized for the nine-months ended
September 30, 2004 is $362,507

Transactions with Directors

On March 17, 2004 the Company issued 50,000 shares at the fair market value of
$0.50 per share as determined by the Board of Directors to each of its five
directors, Messrs. Aynilian, Gallagher, Garrison, Mason and Krikorian (for a
total share issuance of 250,000 shares)as compensation for their service on the
Board in 2004. Such amounts have been reflected as unearned compensation and are
being amortized as compensation expense on a straight-line basis over the term
of the agreements. Compensation expense for the nine-months ended September 30,
2004 is $93,750.

5. INVESTMENTS IN SECURITIES

During the nine months ended September 30, 2004, the Company sold 400,000 shares
of common stock of Sterlite Gold Ltd. for net proceeds of $34,879 resulting in a
gain on the sale of $8,748.

6. INCOME TAXES

The Company had deferred tax assets of approximately $1,104,000 at September 30,
2004. The Company established a valuation allowance for the full amount of such
deferred tax assets at September 30, 2004, as management of the Company is
unable to determine that it is more likely than not that the deferred tax assets
will be realized. Additionally, the limitations of Section 382 of the Internal
Revenue Code would further impair the utilization of a net operating loss
deduction.

The following table reflects the Company's deferred tax assets as of September
30, 2004:

            Net operating loss carryforward             $1,104,000

            Valuation allowance                         (1,104,000)
                                                        -----------

            Net deferred tax asset                      $  -0-
                                                        ========


The provision for income tax benefits differs from the amount computed by
applying the statutory federal income tax rate to the loss before income taxes
as follows:

                                                 September 30,     September 30,
                                                    2004               2003
                                                 -------------     -------------
           Income tax benefit computed
           at statutory rate                      $ 202,000         $ 108,000

           Tax benefit not recognized              (202,000)         (108,000)
                                                   --------          ---------

           Provision for income taxes             $   -0-           $   -0-
                                                   ========          =========

The net operating loss carryforward at September 30, 2004, was approximately
$3,154,000 expires in the years 2004 to 2024.

                                       8
<PAGE>

7.       SUBSEQUENT EVENTS

a.       Effective October 1, 2004 Van Z. Krikorian became President of the
         Company, effective October 1, 2004.

b.       Effective October 1, 2004 Dr. W.E.S. (Ted) Urquhart became Vice
         President for South America.

c.       As of October 15, 2004, Robert Garrison resigned as a director of the
         Company. Mr. Garrison had previously resigned as President as of June
         30, 2004.

d.       On October 20, 2004, Sipan 1 confirmed the extension to December 1,
         2004 of the January 2004 Purchase Deposit Agreement/option with the
         Company regarding the acquisition of the Litchkvadz-Tey and Terterasar
         mines as well as the associated processing plant in southern Armenia.

e.       On November 4, 2004, the Company entered agreements and closed on a
         private placement of its common stock including one warrant for each
         share purchased with Firebird Global Master Fund, Ltd. ("FGMF"),
         Firebird Republics Fund, Ltd ("FRF"), and Firebird Avrora Fund, Ltd
         ("FAF") (the "Closing"). The price per share was $0.50.   The warrants
         to purchase additional shares are exercisable on or before December 1,
         2006 at a price of $0.75 per share. At the Closing, the Company, FGMF,
         FRF, FAF, Drury J. Gallagher, NJA Investments, and Van Z.  Krikorian
         entered a Stock Subscription and Stockholders Agreement. The Company
         issued: 1,500,000 shares of its common stock and 1,500,000 warrants to
         FGMF; 750,000 shares of its common stock and 750,000 warrants to FRF;
         and 750,000 shares of its common stock and 750,000 warrants to FAF.
         NJA Investments and Messrs. Gallagher and Krikorian, as stockholders,
         also agreed to other conditions, including: to vote their shares to
         elect one designee of FGMF, FRF, and FAF collectively to the Company's
         Board of Directors; and to grant FGMF, FRF, and FAF certain  tag-along
         rights.   At the Closing, the Company, FGMF, FRF, and FAF also entered
         a Registration Rights Agreement, which generally grants on demand
         registration to FGMF, FRF, and FAF.  As a further condition to close,
         the Company agreed to reduce accounts payable.

f.       In connection with the Closing, on November 4, 2004, Drury J. Gallagher
         agreed with the Company to convert $100,000 of debt, which the Company
         owed him to 200,000 shares of the Company's common stock.

g.       In connection with the Closing, on November 4, 2004, Robert Garrison
         agreed to exchange all of the Company's debt to him for a $50,000
         salary payment to be made on or before November 15, 2004.

h.       In connection with the Closing, on November 4, 2004, Analytix Capital
         agreed to terminate its consulting agreement with the Company in
         exchange for 90,000 shares of the Company's common stock, to cancel its
         warrants to purchase 15,000 shares of the Company's common stock in
         exchange for $15,000, and to maintain the Company's current office
         lease arrangements until at least May 4, 2005.

i.       On November 4, 2004, NJA Investments, and Messrs. Gallagher, Garrison,
         and Krikorian agreed to the withdrawal of Robert Garrison from the
         parties' January 1, 2004 Stockholders Agreement. The January 1, 2004
         Stockholders Agreement continues to be in force for the remaining
         parties.



                                       9


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

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


1. RESULTS OF OPERATIONS

NINE-MONTHS ENDED SEPTEMBER 30, 2004 AND NINE-MONTHS ENDED SEPTMEBER 30, 2003

During the nine-month period ended September 30, 2004, the Company's
administrative and other expenses were $525,452 which represented an increase of
$233,548 from $291,904 in the same period last year. The expense increase was
primarily attributable to higher compensation expense of $430,799, exploration
expenses of $36,169, accounting fees of $52,450, and higher travel expenses of
$22,258 due to increased activity resulting from project development in Armenia
and Chile.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2004, the Company's total assets were $444,354, of which
$5,505 consisted of cash or cash equivalents.

The Company's plan of operation for the balance of calendar year 2004 is:

(a) To continue activities with regard to the Chilean mining properties acquired
in January 2003;

(b) To develop the Hankavan and Marjan mining properties in Armenia acquired in
December 2003 and to pursue and consummate the acquisition of the Armenia mining
properties from Sipan 1, LLC;

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

(d) Pursue additional financing through private placements or joint ventures.

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

The Company needs financing to meet its anticipated monthly administrative
expenses of about $20,000, plus additional amounts for legal and accounting
costs. The Company anticipates that it might obtain additional financing from
the holders of its Warrants to purchase 330,000 shares of Common Stock of the
Company at an exercise price of $0.25 per share, which expire on October 31,
2005. If the Warrants were exercised in full, the Company would receive $82,500
in gross proceeds. However, the Company does not believe that the Warrants will
be exercised under existing circumstances, and thus it does not anticipate that
any amount thereof will be exercised.

The Company does not intend to engage in any research and development during
2004 and does not expect to purchase or sell any plant or significant equipment.

                                       10

<PAGE>

GOING CONCERN CONSIDERATION

The following has been affected by transactions described in Item 5, Subsequent
Events.

We have continued losses in each of our years of operation, negative cash flow
and liquidity problems. Employee salaries are not being paid. These conditions
raise substantial doubt about our ability to continue as a going concern. The
accompanying condensed financial statements do not include any adjustments
relating to the recoverability of reported assets or liabilities should we be
unable to continue as a going concern.

We have been able to continue based upon our receipt of funds from the issuance
of equity securities and shareholder loans, and by acquiring assets or paying
expenses by issuing stock. Our continued existence is dependent upon our
continued ability to raise funds through the issuance of our securities or
borrowings, and our ability to acquire assets or satisfy liabilities by the
issuance of stock. Management's plans in this regard are to obtain other debt
and equity 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 guarantee that such financing will continue to be available on reasonable
terms, or at all.

Item 3.  Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried
out under the supervision and with the participation of the Company's Chief
Executive Officer and Chief Financial Officer of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under
the Securities Exchange Act of 1934). Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer have concluded that the Company's
disclosure controls and procedures are effective to ensure that information
required to be disclosed by the Company in reports that it files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in Securities and Exchange Commission
rules and forms. Subsequent to the date of their evaluation, there were no
significant changes in the Company internal controls or in other factors that
could significantly affect the disclosure controls, including any corrective
actions with regard to significant deficiencies and material weaknesses.

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities.

On March 17, 2004 the Company issued 50,000 shares at the fair market value of
$0.50 per share as determined by the Board of Directors to each of its five
directors, Messrs. Aynilian, Gallagher, Garrison, Mason and Krikorian (for a
total share issuance of 250,000 shares)as compensation for their service on the
Board in 2004. Mr. Garrison resigned as of June 30, 2004. Under applicable
provision of Mr. Garrison's Amended and Restated Employment Agreement he became
vested in 373,167 shares out of the 900,000 shares of common stock awarded to
him on a forfeitable basis, and forfeited 526,833 shares of such stock.

Item 3. Defaults Upon Senior Securities.

None

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

None

                                       11

<PAGE>

Item 5. Other Information.
Subsequent Events
-----------------
a.       Effective October 1, 2004 Van Z. Krikorian became President of the
         Company, effective October 1, 2004.

b.       Effective October 1, 2004 Dr. W.E.S. (Ted) Urquhart became Vice
         President for South America.

c.       As of October 15, 2004, Robert Garrison resigned as a director of the
         Company. Mr. Garrison had previously resigned as President as of June
         30, 2004.

d.       On October 20, 2004, Sipan 1 confirmed the extension to December 1,
         2004 of the January 2004 Purchase Deposit Agreement/option with the
         Company regarding the acquisition of the Litchkvadz-Tey and Terterasar
         mines as well as the associated processing plant in southern Armenia.

e.       On November 4, 2004, the Company entered agreements and closed on a
         private placement of its common stock including one warrant for each
         share purchased with Firebird Global Master Fund, Ltd. ("FGMF"),
         Firebird Republics Fund, Ltd ("FRF"), and Firebird Avrora Fund, Ltd
         ("FAF") (the "Closing"). The price per share was $0.50.   The warrants
         to purchase additional shares are exercisable on or before December 1,
         2006 at a price of $0.75 per share. At the Closing, the Company, FGMF,
         FRF, FAF, Drury J. Gallagher, NJA Investments, and Van Z.  Krikorian
         entered a Stock Subscription and Stockholders Agreement. The Company
         issued: 1,500,000 shares of its common stock and 1,500,000 warrants to
         FGMF; 750,000 shares of its common stock and 750,000 warrants to FRF;
         and 750,000 shares of its common stock and 750,000 warrants to FAF.
         NJA Investments and Messrs. Gallagher and Krikorian, as stockholders,
         also agreed to other conditions, including: to vote their shares to
         elect one designee of FGMF, FRF, and FAF collectively to the Company's
         Board of Directors; and to grant FGMF, FRF, and FAF certain  tag-along
         rights.   At the Closing, the Company, FGMF, FRF, and FAF also entered
         a Registration Rights Agreement, which generally grants on demand
         registration to FGMF, FRF, and FAF.  As a further condition to close,
         the Company agreed to reduce accounts payable.

f.       In connection with the Closing, on November 4, 2004, Drury J. Gallagher
         agreed with the Company to convert $100,000 of debt, which the Company
         owed him to 200,000 shares of the Company's common stock.

g.       In connection with the Closing, on November 4, 2004, Robert Garrison
         agreed to exchange all of the Company's debt to him for a $50,000
         salary payment to be made on or before November 15, 2004.

h.       In connection with the Closing, on November 4, 2004, Analytix Capital
         agreed to terminate its consulting agreement with the Company in
         exchange for 90,000 shares of the Company's common stock, to cancel its
         warrants to purchase 15,000 shares of the Company's common stock in
         exchange for $15,000, and to maintain the Company's current office
         lease arrangements until at least May 4, 2005.

i.       On November 4, 2004, NJA Investments, and Messrs. Gallagher, Garrison,
         and Krikorian agreed to the withdrawal of Robert Garrison from the
         parties' January 1, 2004 Stockholders Agreement. The January 1, 2004
         Stockholders Agreement continues to be in force for the remaining
         parties.


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<PAGE>


Item 6. Exhibits and Reports on Form 8-K.

a. Reports on 8-K:

         None


EXHIBIT NO.       DESCRIPTION OF EXHIBIT



10.1              November 4, 2004 Stock Subscription and Stockholders Agreement

10.2              November 4, 2004 Registration Rights Agreement

10.3              November 4, 2004 Common Stock Purchase Warrants - (a) Firebird
                  Global Master Fund, Ltd.;

10.4              November 4, 2004 Common Stock Purchase Warrants - (b) Firebird
                  Republics Fund, Ltd.;

10.5              November 4, 2004 Common Stock Purchase Warrants - (c) Firebird
                  Avrora Fund, Ltd.

10.6              November 4, 2004 Analytix Capital Agreement

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

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


 (b) Reports on Form 8-K filed during the quarter ended September 30, 2004

                                      None
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<PAGE>




                                   SIGNATURES

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

                                                GLOBAL GOLD CORPORATION



                                                By:  /s/ Drury J. Gallagher
November 12, 2004                                  ---------------------------
                                                   Drury J. Gallagher, Chairman,
                                                   Chief Executive Officer and
                                                   Treasurer


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