Document:

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                                     Global
                                      Gold
                                  Corporation
                   -------------------------------------------
                   45 East Putnam Avenue o Greenwich, CT 06830
                      Tel: 203.422.2300 o Fax: 203.422.2330
                          Email: ggc@globalgoldcorp.com

                                                              August 9, 2007

Juan Jose Quijano Fernandez
El Vergel 2316
Santiago Chile

RE: Madre de Dios Mining Property Joint Venture and Options for Chiloe and
                            Ipuin Island Properties

         Dear Juan Jose:

         I am pleased to confirm that our board has authorized our Chilean
subsidiary to proceed with the joint venture on the Madre de Dios mining project
that we have been discussing. I know our attorney, Mr. Jose Manuel Borques has
been in touch with you, and we appreciate your working with him to expedite and
complete the due diligence and joint venture formation. Dr. Ted Urquhart is
planning to return to Santiago on August 14, and we have arranged for our
technical expert in placer deposits to visit Santiago and the property during
the week of August 20. In addition, we are interested in pursuing options on the
Ipuin and Chiloe projects now, and we would also like Dr. Urquhart to visit the
Lippangue property after he returns. Our commitment, as you understand, is
subject to completion of satisfactory legal and technical due diligence.

In summary, the terms for the Madre de Dios project are as follows: a 500,000
euro deposit upon execution of the acquisition agreement anticipated to be on
August 14, 2007 (provided our preliminary due diligence is satisfactorily
completed 250,000 euros will be released to you as a payment from this deposit
on or before September 3, 2007, and, provided the subsequent due diligence is
also satisfactorily completed, the additional 250,00 euros will be released to
you from this deposit on or before October 1, 2007); a 60 day due diligence
period; upon our satisfaction with the due diligence, the formation of a joint
venture company 51-49 in favor of Global Gold (including 3 directors two of whom
will be appointed by Global Gold, myself and Dr. Urquhart, but with certain
major issues decided unanimously); also upon formation of the joint venture
company and transfer of properties, the payment of an additional 500,000 euros
bringing the total payment to 1 million euros at the start (with the release of
the prior deposit); Global Gold commits to finance at least one plant and mining

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operation within 6 months as well as a mutually agreed exploration program to
establish proven reserves according to Canadian 43-101 standards (estimated to
be up to $3 million--we acknowledge that you think that plant will be closer to
$1.3 million, but are prepared to commit up to $3 million), if that is
successful we will finance two additional plants/operations within a year; from
the profit of the joint venture, you will be entitled to an extra share based on
the following scale of 28 million euros for (a) 5 million ounces of gold
produced in 5 years or (b) 5 million ounces of gold proven as reserves according
to Canadian 43-101 standards in 5 years- so, if within five years the joint
venture produces 5 million ounces of gold you would get 27 million additional
euros (bringing the total to the 28 million euros), if we only recover 2.5
million ounces in 5 years, you get an extra profit share to total to 14 million
euros, and if in 5 years we produce 10 million ounces of gold would get an extra
profit share to total to 56 million euros (payments to you will come as the
joint venture produces gold as mutually agreed , for example after the
production of every 100,000 or 250,000 ounces); and part of our payments to you
on the Madre de Dios and/or other properties/options may be in Global Gold stock
on mutually agreeable terms.

         As an advance on our investment in the joint venture, we will also pay
on or before August 29, 2007 $60,000 USD to cover payment due to the government
to maintain the license on the Madre de Dios property. On or before August 29,
2007 we will also pay $100,000 USD to acquire a three month exclusive option to
acquire the Ipuin Island and Chiloe Island projects on mutually agreeable terms;
this $100,000 payment will be used to cover government charges and mensura fees
for those properties.

         If you have any comments or questions on this feel free to discuss them
with Mr. Borquez or call me directly. If you are in agreement with the
foregoing, please so indicate by signing and returning one copy of this letter
agreement, whereupon it will constitute our agreement with respect to the
subject matter hereof.

         We all look forward to a bright future together.

                                             Sincerely yours,

                                             Global Gold Corporation

                                             By:
                                                 --------------------------
                                                 Van Z. Krikorian, Chairman

Confirmed and Agreed to:

____________________________
Juan Jose Quijano Fernandez

Date: ___________________COMMITMENT TO CONTRIBUTE MINING CONCESSIONS TO A
                           CONTRACTUAL MINING COMPANY

In Santiago, Chile, on August 19, 2007, by and between Mr. Juan Jose Quijano
Fernandez, mining entrepreneur, and Mr. Juan Jose Quijano Claro, business
manager, both Chilean, for themseves and on behalf of the legal mining companies
called S.L.M. Columbo 61 al 120 de la Comuna de Mariquina, S.L.M. Columbo 121 al
180 de la Comuna de Mariquina, S.L.M., Columbo 181 al 220 de la Comuna de
Mariquina, Alaska 1 al 60 de la Comuna Mafil, S.L.M. Roble 1 al 40 de la Comuna
de Mafil y S.L.M. Roble 41 al 100 de la Comuna de Mafil, S.L.M. Konig 1 al 30 de
la Comuna de Mafil, S.L.M. Konig 31 al 50 de la Comuna de Mafil y S.L.M.
Troltrohue 1 al 60 de la Comuna de Mafil, all domiciled for this purposes at El
Vergel 2316, Providencia, Santiago, and, Mr. William Edward Shouldice Urquhart,
geophycisist, canadian, on behalf of Minera Global Chile Limitada, and they
state that they appear on this day to commit to create a contractual mining
company based fundamentally on the terms laid out in the August 9, 2007 letter
agreement executed by Global Gold Corporation and Juan Jose Quijano Fernandez
which is made an integral part of this commitment as Annex A:

FIRST:

Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro, are owners
and/or controllers of the companies called S.L.M. Columbo 61 al 120 de la Comuna
de Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina, S.L.M.,
Columbo 181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la Comuna Mafil,
S.L.M. Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al 100 de la Comuna
de Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M. Konig 31 al 50 de
la Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de Mafil,that own
mining concessions either created or in the process of being created located in
the districts of Mariquina, Mafil, Lanco and Panguipulli in the province of
Valdivia, Tenth Region de los Lagos. The details of these properties and its
status is listed in Annex B that is deemed as an integral part of this
agreement. The referred properties that amount to 186 are recorded in the Mining
Registrar of Mariquina and its total surface amount to approximately 25.000
hectares.

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SECOND:

Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro for themselves
and on behalf of the legal mining companies called S.L.M. Columbo 61 al 120 de
la Comuna de Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina,
S.L.M., Columbo 181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la
Comuna Mafil, S.L.M. Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al
100 de la Comuna de Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M.
Konig 31 al 50 de la Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de
Mafil, commit to contribute the mining concessions listed in the Annex B to
Sociedad Contractual Minera Oro del Sur that shall be formed between Mr. Juan
Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro for themseves and on
behalf of the legal mining companies called S.L.M. Columbo 61 al 120 de la
Comuna de Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina,
S.L.M., Columbo 181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la
Comuna Mafil, S.L.M. Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al
100 de la Comuna de Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M.
Konig 31 al 50 de la Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de
Mafil, and Minera Global Chile Limitada. Mr. William Edward Shouldice Urquhart,
accepts the commitment to contribute the mining concessions on behalf of Minera
Global Chile Limitada.

THIRD:

As compensation for this commitment to contribute the mining concessions listed
in Annex B, Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro and
the legal mining companies called S.L.M. Columbo 61 al 120 de la Comuna de
Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina, S.L.M., Columbo
181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la Comuna Mafil, S.L.M.
Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al 100 de la Comuna de
Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M. Konig 31 al 50 de la
Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de Mafil, shall receive
49% of the shares of Sociedad Contractual Minera Oro del Sur and Minera Global
Chile Limitada shall receive 51%. The latter shall be entitled to appoint two
directors and Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro
and the legal mining companies called S.L.M. Columbo 61 al 120 de la Comuna de
Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina, S.L.M., Columbo
181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la Comuna Mafil, S.L.M.
Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al 100 de la Comuna de
Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M. Konig 31 al 50 de la
Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de Mafil, shall appoint
one director of a three member.Board of Directors.

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FOURTH:

In addition, as a direct consequence of signing this Commitment Agreement and
and granting Minera Global Chile Limitada an exclusive right to review within
sixty days the mining concessions listed in Annex B, Mr. Juan Jose Quijano
Fernandez and Mr. Juan Jose Quijano Claro and the legal mining companies called
S.L.M. Columbo 61 al 120 de la Comuna de Mariquina, S.L.M. Columbo 121 al 180 de
la Comuna de Mariquina, S.L.M., Columbo 181 al 220 de la Comuna de Mariquina,
Alaska 1 al 60 de la Comuna Mafil, S.L.M. Roble 1 al 40 de la Comuna de Mafil y
S.L.M. Roble 41 al 100 de la Comuna de Mafil, S.L.M. Konig 1 al 30 de la Comuna
de Mafil, S.L.M. Konig 31 al 50 de la Comuna de Mafil y S.L.M. Troltrohue 1 al
60 de la Comuna de Mafil, shall receive a compensatory payment for the fact that
they will be damaged by the withdrawal of the properties from the market for
sixty days, of one million euros in its equivalent in Chilean pesos based on the
exchange rate applicable in the day of payment that shall be paid in the
following manner:
a.       250.000 euros at the moment that the prelimianry technical review is
         completed within the term that elapses on September 3, 2007 at the
         complete satisfaction of Minera Global Chile Limitada.
b.       250.000 euros at the moment that the further technical and legal review
         is completed within the term that elapses on October 1, 2007 at the
         complete satisfaction of Minera Global Chile Limitada.
c.       500.000 euros in its equivalent in Chilean pesos based on the exchange
         rate applicable at the moment of the execution of the agreement that
         creates the contractual mining company within the term that cannot go
         further than October 19, 2007.
The payments referred to in letters a) and b) shall be subject to the
fulfillment of the following conditions:
1.       That the technical and geological aspects are evaluated favorably by
         Minera Global Chile Limitada.
2.       That the legal aspects are evaluated favorably by Minera Global Gold
         Chile Limitada.
3.       Minera Global Chile Limitada delivers to the Notary a written
         instruction together with two checks for $ 179.325.000 in the names of
         Juan Jose Quijano Fernandez , and Juan Jose Quijano Claro, so that the
         Notary shall deliver each of them provided that they show to the Notary
         a letter from Mr.William Edward Shouldice Urquhart , in each case, in
         which Minera Global Chile Limitada states that it deems the
         requirements set in numbers 1 and 2 of this paragraph as fulfilled.

FIFTH:

Aditionally, the payment of the late mining fees and surveys that amounts to US$
70.000 shall be borne by Minera Global Gold Chile Limitada whithout any right to
reimbursement and it shall make the payments on or before August 31, 2007.

<PAGE>

SIXTH:

The agreement that creates the contractual mining company shall be executed
within 60 days from the date of the execution of this agreement through the
execution of a public deed in which a contractual mining company is created. The
term for the execution of the said agreement is suspensive and not extinctive,
and, therefore, at its lapsing the fulfilling party shall be entitled to demand
compliance with this agreement or its resolution, in both cases with an
entitlement to sue for damages.

Both parties or one of them shall ask Mrs. Antonieta Mendoza Escalas, Notary
Public of Santiago, to grant the public deed as evidence of the creation of a
contractual mining company with all documents and certifications that may apply.
For all the purposes of this agreement, a certification by the Notary Public
that a party has appeared before him willing to execute the committed agreement
shall be enough evidence of the willingness of such party once the conditions
and terms are met.

In the event that Minera Global Chile Limitada is in full compliance of the
provisions of this agreement and, particularly, having fulfilled its obligations
under letters a) and b) of Clause Fourth, if the committing contributor, by a
deed that is attributable to it and is under its control refuses to execute the
committed agreement of creation of a contractual mining company, in the form and
terms provided by this agreement, it shall pay Minera Global Chile Limitada, as
anticipated and punitive damages, a fine that amounts to a total of 500.000
euros in its equivalent in Chilean pesos, which is the amount in which the
parties evaluate the said damages. Notwithstanding its right to sue for damages
and payment of the agreed upon amount, Minera Global Chile Limitada, shall be
entitled to sue for the compulsory fulfillment of this agreement.

SEVENTH:

With the purpose of guaranteeing the fulfillment of this agreement, the
committing contributor agrees to a voluntary prohibition to sell and pledge in
favor of Minera Global Chile Limitada over the mining concessions listed in
Annex B during all the time in which this agreement is in force and effect and
until the date set for the creation of the committed contractual mining company.
Minera Global Gold Chile Limitada may request the recording of this prohibition
to the Mining Registrar.

EIGHTH:

For all legal purposes the parties set their domicile in the city and district
of Santiago and submit to its Courts of Justice.

NINTH: notwithstanding its nature as a public deed, the parties shall use its
best efforts to keep this transaction as well as the relationship between the
parties as confidential.

TENTH: Each of the parties shall be entitled to assign this agreement to a
subsidiary or affiliate without the authorization of the other. In particular,
Minera Global Chile Limitada may choose not to create a contractual mining
company and instead, use Minera Global Chile Limitada as the vehicle to
implement the transaction related to the properties listed in the Annex B. so
that its parent company, Global Gold Corporation controls 51% of Minera Global
Chile Limitada and Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano
Claro and the legal mining companies called are the owners of 49% of the same.

<PAGE>

ELEVENTH: The parties agree that, should Minera Global Chile Limitada choose to
exercise the option granted to it by the preceding clause, its parent company,
Global Gold Corporation shall own or control 51% of Minera Global Chile Limitada
and Mr. Juan Jose Quijano Fernandez and Mr. Juan Jose Quijano Claro and the
legal mining companies called S.L.M. Columbo 61 al 120 de la Comuna de
Mariquina, S.L.M. Columbo 121 al 180 de la Comuna de Mariquina, S.L.M., Columbo
181 al 220 de la Comuna de Mariquina, Alaska 1 al 60 de la Comuna Mafil, S.L.M.
Roble 1 al 40 de la Comuna de Mafil y S.L.M. Roble 41 al 100 de la Comuna de
Mafil, S.L.M. Konig 1 al 30 de la Comuna de Mafil, S.L.M. Konig 31 al 50 de la
Comuna de Mafil y S.L.M. Troltrohue 1 al 60 de la Comuna de Mafil, shall be the
owners or controllers of a 49% of the same and they shall not contribute or
concur to any capital increases.

TWELVETH: The contractual mining company that may be created by Minera Global
Chile Limitada shall have By-Laws that will be negotiated between the parties to
this agreement between the date of this agreement and October 19, 2007. The
following shall be an integral part of the said agreement to create a
contractual mining company:
a.       That the shares of the contributing party or owner that represent 49%
         of the equity shall not contribute or concur to any capital increases.
b.       That an amount equivalent to 27 million euros that shall be paid to the
         contributing party in exchange for the 51% that shall be owned by
         Minera Global Chile Limitada or one of the Global Gold Group of
         Companies, shall be paid quarterly to the owners with at least 25% of
         the profits that are received as a result of the operation and mining
         of the project until such debt is retired, all within different tax
         seasons.
c.       That the investing party commits to the  contributors to pay a minimum
         of 15% of the debt referred to in the preceding  letter through the
         delivery of free trading shares or stock options.
d.       That such base price may be increased as a result of the geological
         exploration that the investing party is committed to make within a
         maximum term of five years and should such exploration yield a proven
         reserve of more than 5 million ounces of equivalent gold in accordance
         to Canadian Regulations N(0) 43-101, then the base price shall be
         increased according to the letter agreement dated August 9, 2007
         executed by Global Gold Corporation and Mr. Juan Jose Quijano
         Fernandez.

THIRTEENTH:

Messrs. Juan Jose Quijano Fernandez and Juan Jose Quijano Claro appear in this
same act and act as an Assembly and sole shareholders of the legal mining
companies called S.L.M. Columbo 61 al 120 de la Comuna de Mariquina, S.L.M.
Columbo 121 al 180 de la Comuna de Mariquina, S.L.M., Columbo 181 al 220 de la
Comuna de Mariquina, Alaska 1 al 60 de la Comuna Mafil, S.L.M. Roble 1 al 40 de
la Comuna de Mafil y S.L.M. Roble 41 al 100 de la Comuna de Mafil, S.L.M. Konig
1 al 30 de la Comuna de Mafil, S.L.M. Konig 31 al 50 de la Comuna de Mafil y
S.L.M. Troltrohue 1 al 60 de la Comuna de Mafil, such Assembly not needing a
previous notification as all the shareholders are present and state their
consent to this agreement of commitment and ratify each and every of its terms
and conditions.

PERSONERIAS.-

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