TOUKHMANUK
The Toukhmanuk Property, located in the north central Armenian belt, is Global Gold’s major gold and silver project in Armenia.  Global Gold acquired the property in two stages in 2005 and 2006.  The property is now 100% owned by Global Gold which brought the property into small scale production in November 2008.  Based on a new discovery announced in October 2008, Toukhmanuk is on schedule to produce 130,000 ounces of gold per year within 3 years at a cash cost of approximately $350 per ounce.  The entire Toukhmanuk license area is 53.76 sq km.

The historic GKZ reserve data for the ‘Central Area’ (2.2 sq km) where mining has commenced suggest 2.63 million ounces of gold; however, the new discovery of wider veins suggests a reserve figure much greater.  As of February 2009, approximately 20,000 meters of diamond drilling has been completed, and as of March 2009, a new reserve report has been submitted to the State Committee on Reserves for review.

Global Gold’s new discovery confirms potential for a world-class gold and silver mine at Toukhmanuk.  Test mining and exploration results of the No. 1 and 15 mineralized areas indicate that there are at least 18 mineralized zones within a 150 m to 200 m wide east-north east trending alteration zone in the Central Area.  The mineralized zones are 5 m to 25 m wide, extend more than 300 m along strike, and extend to more than 150 m at depth.  Assay results of surface sampling show values ranging from 1 g/t Au to 280 g/t Au, and from 8 g/t to 520 g/t Ag.  Gold mineralization is associated with sulphide minerals, in places as distinct veins within the wider alteration zone.  As of February 2009, Global Gold has tested only about 20% of the mineralized trend in the Central Area, which is interpreted to extend to more than 1.5 km along strike.

Existing infrastructure in and around the Toukhmanuk property is in good condition.  Global Gold built its own international class mine laboratory and received ISO Certification to ensure quality control of test samples.

Disclaimer:  To the extent that statements are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company’s development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.  Former Soviet country or “GKZ” estimations are presented for historical reporting and to provide a basis for assessing Global Gold’s choices for its business activities and not to be understood as indicating the existence of reserves or resources.