COMMANDER RESOURCES LIMITED



April 12, 2007


Global Gold Uranium LLC.
45 East Putnam Ave.
Greenwich, CT
06830

Attention:  Van Z. Krikorian, Manager


Dear Mr. Krikorian:

Following is a summary of the terms under which Global Gold Uranium LLC ("Global
Gold Uranium), a wholly owned subsidiary of Global Gold Corporation ("Global
Gold") may earn an interest in the Cochrane Pond Property in southern
Newfoundland (the "Property") from Commander Resources Ltd. (`Commander") and
Bayswater Uranium Corp ("Bayswater"). Bayswater is the successor company to
Pathfinder Resources Ltd., (Pathfinder"). The Property is further described in
Schedule I to this Agreement.

Commander and Bayswater (collectively the "Companies") own the 2,600 claim,
61,000 hectare Property as to 50% each (the `Property") under a Joint Venture
Agreement dated June 19, 2006 between Commander and Pathfinder (the "Underlying
Agreement"). The claims were staked in early 2006 to cover favourable geology
after uranium discoveries were made on Commander's adjacent Hermitage Property.
The Underlying Agreement is attached as Schedule II to this Agreement.

The Companies are prepared to enter into an option agreement with Global Gold
Uranium on the Property under the following terms and conditions. The effective
date of the agreement will be April 12, 2007 (the "Effective Date").

In the first instance, a 2007 work program would be required as a commitment.
This would consist of an approximately 6,100 line Km airborne radiometric and
magnetic survey. At $80/km, the survey would cost about $500,000. This work
would also cover all first year assessment requirements.

<PAGE>


A.   Global Gold Uranium may earn an initial 51% interest in the Property over a
     four (4) year period ("Initial Option") by completion of the following:

1.   Cash Payments - US$700,000

     (a)  US$200,000 on signing and approval ($120,550 of this amount is a claim
          staking security deposit paid when the Property was acquired initially
          by the  Companies  and will be refunded to Global Gold  Uranium by the
          Newfoundland  Government  upon  filing of the first  years  assessment
          work) - FIRM
     (b)  US$100,000 at the commencement of Year 2 ("Term 2")
     (c)  US$150,000 at the commencement of Year 3 ("Term 3")
     (d)  US$250,000 at the commencement of Year 4 ("Term 4")


2.   Share Issuance - 350,000 shares of Global Gold  Corporation  (issued 50% as
     to Commander and Bayswater)

     (a)  150,000 treasury shares of Global Gold on signing and approval - FIRM
     (b)  70,000 treasury shares before commencement of Term 2
     (c)  70,000 treasury shares before commencement of Term 3
     (d)  60,000 treasury shares before commencement of Term 4

3.   Expenditures $3.5 million

     (a)  $500,000 in Term 1 - FIRM
     (b)  $750,000 in Term 2
     (c)  $1,000,000 in Term 3
     (d)  $1,250,000 in Term 4

Expenditures under A3 in excess of annual requirements may be applied to
Expenditure requirements in subsequent terms of the Initial Option or to
Expenditures under the Second Stage.

Upon completion of the cash payments in A1, share issuances in A2 and
Expenditures in A3, Global Gold Uranium will have earned a 51% interest in and
to the Property such that at that time the Property interests would become 51%
as to Global Gold Uranium and 49% as to the Companies (24.5% as to Commander and
24.5% as to Bayswater).

B.   Once  Global  Gold  Uranium  has vested a 51% in the  Property  through the
     Initial Option,  Global Gold Uranium shall continue  funding the project by
     either:

     (a)  Completing  the next $2 million in  exploration on the Property over a
          maximum two (2) year term; or

     (b)  funding and  delivering to the  Companies a  feasibility  study on the
          property within a maximum of three (3) years.

Following completion of either B(a) or B(b), herein defined as the "Second
Stage," Global Gold Uranium will have increased its interest in and to the
Property to 60%.

Global Gold Uranium shall provide notification to the Companies within 60 days
of Global Gold Uranium vesting in the Initial Option, which of B(a) or B(b) it
elects to pursue to complete the Second Stage.


<PAGE>


For clarity, following vesting by Global Gold Uranium at 51% by completing the
Initial Option, the Companies' 49% interest will be carried until Global Gold
Uranium has completed the Second Stage as required in B at which time Global
Gold Uranium's interests would be 60% as to Global Gold Uranium and 40% as to
the Companies.

C.   Should  Global Gold Uranium fail to complete the Second Stage by completing
     either B(a) or B(b),  the interest will flip such that the  Companies  will
     hold 51% and Global Gold Uranium 49% in and to the Property.

D.   Once Global Gold Uranium has vested the Second Stage,  a joint venture will
     be formed,  60% as to Global Gold Uranium and 40% as to the  Companies.  In
     the case of C, the joint  venture  would be 51% as to the Companies and 49%
     as to Global Gold  Uranium.  The project will be funded  pro-rata by Global
     Gold Uranium and the Companies  according to their  retained  interest.  If
     either Global Gold  Uranium's or the  Companies'  interest is diluted below
     10%,  that party's  interest  will convert to a Royalty.  The joint venture
     will be negotiated  substantially in the form of the standard joint venture
     agreement  published  in  1999 by the  British  Columbia  Continuing  Legal
     Education Society.

Either party may, at any time up to the commencement of commercial production,
elect to convert the their respective interest to a 2% gross uranium sales
royalty in the case of a uranium deposit or a 2% NSR in the case of a
non-uranium deposit ("Royalty"). In either case, 50% of the Royalty obligation
may be purchased at any time prior to commercial production for a $1,000,000
cash payment.

E.   Commander  will be the  Operator  for the first year of the Option,  unless
     Global Gold  Uranium  chooses  otherwise  on or before May 1, 2007.  In any
     event the parties will mutually agree on  contractors  for the first year's
     work program.

F.   There will be no Area of Interest.

G.   On  termination  of the  option,  the  Property  must  be  returned  to the
     Companies  with one year of  assessment  work  filed  and  approved  by the
     government of Newfoundland and Labrador.

H.   Global  Gold  Uranium  must  expend a minimum  of $3.5  million,  make cash
     payments of USD$700,000 to the Companies and issue 350,000 common shares of
     Global Gold Uranium to the Companies  before it vests an interest in and to
     the Property.

The requirements and deadlines under A1(a), A2(a) and A3(a) are firm commitments
("Firm Commitments") of this Agreement. Should Global Gold Uranium fail to
fulfill these Firm Commitments by the first anniversary of the Effective Date,
Global Gold Uranium shall pay 110% of the shortfall to the Companies in cash
irrespective of whether Global Gold Uranium elects to proceed with successive
terms of the Initial Option.

Following completion of the Firm Commitments, Global Gold Uranium shall have the
right to opt out of the Initial Option with no further obligation, provided
notification is given to the Companies on or before each anniversary of the
Effective Date in the Initial Option. Should Global Gold Uranium elect to
proceed with a successive term of the Initial Option and fail to meet the
requirements of that term as outlined in A above, then Global Gold Uranium shall
pay 110% of the shortfall for that term's commitment to the Companies in cash.

<PAGE>


I.   The first  anniversary date of the Property is July 5th, 2007 and under the
     regulations  and Mining laws of  Newfoundland  and  Labrador,  work for the
     first year of assessment  must be completed by the  anniversary  date or an
     extension  must be  requested  by paying a deposit to cover the  assessment
     work  for the  subsequent  year.  This  deposit  is fully  refundable  upon
     completion and filing of the assessment work. It is understood that as part
     of this  Agreement,  Global Gold  Uranium  shall  provide for any  required
     deposits to maintain the Property in good standing including the event that
     the airborne survey planned as part of the first work commitment  cannot be
     completed by July 5th.

J.   Global Gold Uranium  represents  and warrants to the Companies that it is a
     wholly owned  subsidiary of Global Gold  Corporation  duly  registered as a
     Limited  Liability Company in the State of Delaware and is registered as an
     extra-provincial  corporation  in  Newfoundland  and Labrador.  Global Gold
     Corporation acknowledges that is bound by all provisions of this Agreement.

This Agreement is subject to approval by the Boards of Commander, Bayswater and
Global Gold Uranium.

If you are in agreement with the terms, please sign below and we will follow
with a formal Option Agreement.

 Regards,
                                          Accepted this 12th day of  April, 2007
COMMANDER RESOURCES LTD.

                                          GLOBAL GOLD URANIUM LLC.

                                          ____________/s/______________
                                               Authorized Signatory
_____________/s/______________
Kenneth E. Leigh                          Print Name: Van Z. Krikorian
President  & CEO                          Title: Manager


BAYSWATER URANIUM CORP.                   GLOBAL GOLD CORPORATION
                                          _____________/s/__________________
                                                Authorized Signatory
                                          Print name: Van Z. Krikorian
____________/s/_______________            Title: Chairman
   Authorized Signatory


<PAGE>


                                   SCHEDULE I
                              PROPERTY DESCRIPTION

 The Property is defined by the claims listed in the table below and illustrated
in hatched pattern on the attached map. Location of the claims is registered
with the Government of Newfoundland and Labrador.



<TABLE>
<CAPTION>

              Claim                                               Licence Expiry
  License #    Units     Anniversary Date     Registered Owner         date        Claim Expiry date
----------------------------------------------------------------------------------------------------
<S>              <C>         <C>   <C>                               <C>   <C>         <C>   <C>
   12262M        51          6-Jul-06                CMD             6-Jul-11          6-Jul-07

   12264M       202          7-Jul-06                CMD             7-Jul-11          7-Jul-07

   12265M       235          7-Jul-06                CMD             7-Jul-11          7-Jul-07

   12266M       205          7-Jul-06                CMD             7-Jul-11          7-Jul-07

   12267M        16          7-Jul-06                CMD             7-Jul-11          7-Jul-07

   12268M        28          7-Jul-06                CMD             7-Jul-11          7-Jul-07

   12260M       195          5-Jul-06                PHR             5-Jul-11          5-Jul-08

   12269M       255          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12270M       251          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12271M        66          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12272M       255          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12273M       251          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12276M       242          7-Jul-06                PHR             7-Jul-11          7-Jul-07

   12277M       159          7-Jul-06                PHR             7-Jul-11          7-Jul-07
----------------------------------------------------------------------------------------------------
</TABLE>

PHR = Pathfinder Resources Ltd., predecessor company to
Bayswater Uranium Corp (BAY)