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, 2006
[ ] 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.)	

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)
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, 2006 there were 30,255,301 shares of the issuer's Common Stock outstanding.
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X].
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (Unaudited)
        Consolidated Balance Sheet as of September 30, 2006 .................3

        Consolidated Statements of Operations for the three months and
        nine months ended September 30, 2006 and September 30, 2005
        and for the development stage period from January 1, 1995
        (inception) through September 30, 2006 ..............................4

        Consolidated Statements of Cash Flows for the nine months
        ended September 30, 2006 and September 30, 2005 and for the
        development stage period from January 1, 1995 (inception)
        through September 30, 2006 ..........................................5

        Notes to Consolidated Financial Statements (Unaudited) ..............6

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

Item 3. Controls and Procedures ............................................13	

PART II OTHER INFORMATION

Item 1. Legal Proceedings ..................................................13

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds..........13

Item 3  Defaults Upon Senior Securities ....................................14

Item 4  Submission of Matters to a Vote of Security Holders ................14

Item 5  Other Information ..................................................14	

Item 6. Exhibits............................................................14
SIGNATURES
CERTIFICATIONS
   
PART I - FINANCIAL INFORMATION
RPORATION
GLOBAL GOLD CORPORATION
 (A Development Stage Company)
Unaudited Consolidated Balance Sheet
September 30, 2006
ASSETS
CURRENT ASSETS:

      Cash                                             $       6,530,078
      Inventories                                                 36,980
      Accounts Receivable                                          5,600
      Tax Refunds Receivable                                     263,279
      Deposits on equipment and contracts                      2,326,684
      Prepaid expenses                                            11,806
      Other Current Assets                                        45,568
                                                          ---------------
          TOTAL CURRENT ASSETS                                 9,219,995

LICENSES, net of accumulated amortization
 of $455,027                                                   3,063,909
INVESTMENT IN JOINT VENTURES                                     315,730
SECURITY DEPOSITS                                                  7,368
PROPERTY, PLANT AND EQUIPMENT, net of accumulated
  depreciation of $109,653                                       652,824
                                                          ---------------
                                                       $      13,259,826
                                                          ===============	

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:

      Accounts payable and accrued expenses            $          10,024
                                                          ---------------
          TOTAL CURRENT LIABILITIES                               10,024

COMMON STOCK ISSUED SUBJECT TO PUT (500,000
 shares issued)                                                  800,000
                                                          ---------------

          TOTAL LIABILITIES                                      810,024

STOCKHOLDERS' EQUITY
      Common stock $0.001 par, 100,000,000 shares
       authorized; 30,255,301 shares issued and
       outstanding                                                29,755
      Additional paid-in-capital                              26,060,683
      Unearned compensation                                   (2,067,083)
      Accumulated deficit                                     (2,907,648)
      Deficit accumulated during the development stage        (8,929,717)
      Accumulated other comprehensive income                     263,812
                                                          ---------------

          TOTAL STOCKHOLDERS' EQUITY                          12,449,802
                                                          ---------------

                                                       $      13,259,826
                                                          ===============	

The accompanying notes are an integral part of these consolidated financial statements
3
 
GLOBAL GOLD CORPORATION
 (A Development Stage Company)
Unaudited Consolidated Statements of Operations

                                                                                                                Cumulative amount
                                                                                                                       from
                                                                                                                 January 1, 1995
                                                  Three Months Ended               Nine Months Ended                 through
                                                September 30,                   September 30,                   September 30, 2006
                                               -----------------------------    ----------------------------    -------------------
                                                   2006            2005             2006           2005

REVENUES                                       $          -    $          -     $      5,600   $          -     $            5,600
COST OF REVENUES                                          -               -           74,579              -                 74,579
                                               -------------   -------------    -------------  -------------    -------------------

GROSS PROFIT                                              -               -          (68,979)             -                (68,979)

EXPENSES
General and administrative                          583,233         277,598        1,563,182        734,116              5,509,657
Mine exploration costs                              884,737         253,011        1,640,425        365,285              1,873,998
Amortization and depreciation                       183,652               -          328,147              -                505,386
                                               -------------   -------------    -------------  -------------    -------------------

TOTAL OPERATING EXPENSES                          1,651,622         530,609        3,531,754      1,099,401              7,889,041
                                               -------------   -------------    -------------  -------------    -------------------

OPERATING LOSS                                   (1,651,622)       (530,609)      (3,600,733)    (1,099,401)            (7,958,020)

OTHER INCOME (EXPENSE)
Interest expense                                    (10,788)              -          (75,518)             -               (129,460)
Interest income                                      79,127           3,654          161,862          9,232                176,640
Write-off of investment                                   -               -                -              -                135,723
Gain on sale of investment                                -               -                -              -               (319,641)
Gain on early extinguishment of debt                129,460               -          129,460              -                129,460
Gain/(Loss) from investment in joint
 ventures                                            22,007               -          (30,905)             -                (42,905)
Miscellaneous other                                       -               -                -              -                110,423
                                               -------------   -------------    -------------  -------------    -------------------

TOTAL OTHER                                         219,806           3,654          184,899          9,232                 60,240

LOSS FROM CONTINUING OPERATIONS                  (1,431,816)       (526,955)      (3,415,834)    (1,090,169)            (7,897,780)

Discontinued Operations
     Loss from discontinued operations                    -          91,329                -        142,175                386,413
     Loss on disposal of discontinued
      operations                                          -               -                -              -                237,808
                                               -------------   -------------    -------------  -------------    -------------------

Net Loss Applicable to Common Shareholders       (1,431,816)       (618,284)      (3,415,834)    (1,232,344)            (8,929,717)

Other Comprehensive Loss
     Loss from foreign exchange                      25,599               -           41,080              -                 79,591
                                               -------------   -------------    -------------  -------------    -------------------

Comprehensive Net Loss                         $ (1,457,415)   $   (618,284)    $ (3,456,914)  $ (1,232,344)    $       (9,009,308)
                                               =============   =============    =============  =============    ===================

NET LOSS PER SHARE-BASIC
           AND DILUTED                         $      (0.05)   $      (0.04)    $      (0.13)  $      (0.09)
                                               =============   =============    =============  =============

WEIGHTED AVERAGE
          SHARES OUTSTANDING                     29,949,214      16,219,018       25,512,704     14,356,393
                                               =============   =============    =============  =============	

The accompanying notes are an integral part of these consolidated financial statements
4
 
GLOBAL GOLD CORPORATION
 (A Development Stage Company)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                                                  Cumulative amount
                                                                                                        from
                                                                         Nine months ended         January 1, 1995
                                                             -------------------------------------     through
                                                                September 30,     September 30,      September 30,
                                                                    2006             2005                2006
                                                             ----------------- -----------------  -----------------
OPERATING ACTIVITIES:
Net loss                                                     $     (3,415,834)  $    (1,232,344)  $     (8,929,717)
Adjustments to reconcile net loss
to net cash used in operating activities:
      Amortization of deferred compensation                           663,157           207,315          1,438,709
      Stock based compensation                                         59,792                 -             59,792
      Amortization of licenses                                        373,680            21,577            530,545
      Depreciation expense                                            104,564                 -            129,265
      Equity in loss on joint venture                                  30,905                 -             42,905
      Gain on extinguishment of debt                                 (129,460)                -           (239,883)
      Gain on sale of investments                                           -                 -           (319,641)
      Write-off of investment                                               -                 -            135,723
      Loss on disposal of discontinued operations                           -                 -            237,808
      Non-cash expenses                                                     -                 -            174,500
Changes in assets and liabilities:
      Deposits on equipment and contracts                          (2,326,684)                -         (2,326,684)
      Other current and non current assets                           (220,849)                -           (112,847)
      Accounts payable and accrued expenses                          (303,634)           11,906            150,642
                                                                --------------     -------------     --------------

      NET CASH FLOWS USED IN OPERATING ACTIVITIES                  (5,164,363)         (991,546)        (9,028,883)
                                                                --------------     -------------     --------------

INVESTING ACTIVITIES:
      Proceeds from sale of Armenia mining interest                         -                 -          1,891,155
      Proceeds from sale of investment in common stock
       of Sterlite Gold                                                     -                 -            246,767
      Purchase of equipment                                          (389,825)                -           (389,825)
      Investment in joint ventures                                          -                 -           (260,000)
      Investment in mining licenses                                (1,000,000)       (1,499,593)        (3,892,936)
                                                                --------------     -------------     --------------

      NET CASH USED IN INVESTING ACTIVITIES                        (1,389,825)       (1,499,593)        (2,404,839)
                                                                --------------     -------------     --------------

FINANCING ACTIVITIES:
      Net proceeds from private placement offering                 12,235,031         3,000,000         17,680,104
      Repurchase of common stock                                            -                 -            (25,000)
      Due to related parties                                                -                 -            (22,218)
      Warrants exercised                                                    -                 -             55,750
                                                                --------------     -------------     --------------

      NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES              12,235,031         3,000,000         17,688,636
                                                                --------------     -------------     --------------

EFFECT OF EXCHANGE RATE ON CASH                                       302,323                 -            263,812
                                                                --------------     -------------     --------------

NET INCREASE IN CASH                                                5,983,166           508,861          6,518,726

CASH AND CASH EQUIVALENTS - beginning of period                       546,912         1,014,268             11,352
                                                                --------------     -------------     --------------

CASH AND CASH EQUIVALENTS - end of period                    $      6,530,078   $     1,523,129   $      6,530,078
                                                                --------------     -------------     --------------

SUPPLEMENTAL CASH FLOW INFORMATION

Income taxes paid                                            $              -   $             -   $          2,683
                                                                ==============     =============     ==============

Interest paid                                                $              -   $             -   $         15,422
                                                                ==============     =============     ==============

Noncash Transactions:

Stock issued for deferred compensation                       $      2,233,500   $       555,000   $      3,696,000
Stock forfeited for deferred compensation                    $        (45,000)  $             -   $       (176,708)
Stock issued in exchange for acquisition of mining licenses  $      1,150,000   $             -   $      1,150,000
Stock issued in exchange for accounts payable                $              -   $             -   $         25,000
Stock issued in exchange for services                        $         36,000   $             -   $         36,000	

The accompanying notes are an integral part of these consolidated financial statements
5
GLOBAL GOLD CORPORATION
 (A Development Stage Company)
Notes to Consolidated Financial Statements (Unaudited) September 30, 2006
1. BASIS FOR PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements present the development stage activities of the Company and its wholly owned subsidiaries from January 1, 1995, the period commencing the Company's operations as Global Gold Corporation, through September 30, 2006.
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, 2005 annual report on Form 10-KSB, as amended. The results of operations for the nine-month period ended September 30, 2006 are not necessarily indicative of the operating results to be expected for the full year ended December 31, 2006. The Company operates in a single segment of activity, namely the acquisition of certain mineral property, mining rights, and their subsequent development.
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.
Fair Value of Financial Instruments - The Company's financial instruments includes cash, receivables, and accounts payable. The Company believes that the carrying amounts of these accounts are reasonable estimates of their fair value because of the short-term nature of such instruments.
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.
Inventory - Inventory consists of the following:

                                         For the nine   For the nine
                                         months ended   months ended
                                         September 30,  September 30,
                                               2006         2005
                                               ----         ----

In-process .............................  $     3,952   $         0
Materials, supplies and other ..........       33,028         8,511
                                          -----------   -----------
Total Inventory.........................  $    36,980   $     8,511
                                          ===========   ===========	

6
Stock Based Compensation - On March 1, 2006, the Company adopted Statement of Financial Accounting Standards (SFAS) 123R, Share-Based Payment, under the modified prospective method. As the Company had previously accounted for stock-based compensation plans under the fair value provisions of SFAS 123. The adoption of SFAS 123 did not significantly impact the Company's financial position or results of operations. Under SFAS 123R, actual tax benefits recognized in excess of tax benefits previously established upon grant are reported as a financing cash inflow. Prior to adoption, such excess tax benefits were reported as an increase to operating cash flows.
During the transition period of the Company's adoption of SFAS 123R, the weighted-average fair value of options has been estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions used:

Expected Life (Years) .................      1-3
Interest Rate .........................   5.0-5.7%
Annual Rate of Dividends ..............       0%
Volatility ............................   100-145%	

For the nine months ended September 30, 2006, net income and earnings per share reflect the actual deduction for stock-based compensation expense. The total stock-based compensation expense for the nine months ended September 30, 2006 was $167,947. The expense for stock-based compensation is a non-cash expense item.
Under the requirements of FAS 123R, the Company is not required to restate prior period earnings, however, the Company is required to supplement its financial statements with additional pro forma disclosures. Had compensation cost for the Company's stock option plan been determined based on the fair value at the date of grant, the Company's net income and basic and diluted earnings per share would have remained the same as the pro forma amounts for the periods as indicated below.

                                          For the nine   For the nine
                                          months ended   months ended
                                          September 30,  September 30,
                                             2006           2005
                                             ----           ----

Net loss as reported ...................  $(1,232,344)  $  (618,284)
Deduct: Total stock-based compensation
 expense determined under fair
 value-based method for all
 awards, net of related tax effect .....        -              -
                                          -----------   -----------
Pro forma net loss .....................  $(1,232,344)  $  (618,284)
                                          ===========   ===========
Basic and diluted net loss per share
 as reported ...........................  $     (0.09)  $     (0.04)
                                          ===========   ===========
Basic and diluted pro forma net loss
 per share .............................  $     (0.09)  $     (0.04)
                                          ===========   ===========
Weighted average shares outstanding        14,356,393    16,219,018
                                          ===========   ===========	

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 intercompany balances and transactions have been eliminated in consolidation.
7
Income Taxes - The Company accounts for income taxes under Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes ("SFAS No. 109"). SFAS No. 109 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. SFAS No. 109 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. At September 30, 2006, the Company had net deferred tax assets of $9,000,000. The Company has provided a valuation allowance, which increased during 2006 by $550,000, against the full amount of its deferred tax asset, since the likelihood of realization cannot be determined.
The following table illustrates the source and status of the Company's major deferred tax assets as of September 30, 2006.

Net operating loss carryforward ..............      $ 9,000,000
Valuation allowance ..........................       (9,000,000)
                                                      ---------
Net deferred tax asset recorded ..............      $       -
                                                      =========	

The provision for income taxes for year ended September 30, 2006 and 2005 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows:

                                               Through September 30,
                                                 2006        2005
                                               ---------   --------

Income tax benefit computed at statutory rate $1,440,000  $ 700,000
Increase in valuation allowance .............  1,440,000    700,000
                                               ---------   --------
Provision for income taxes ..................  $       -   $      -
                                               =========   ========	

8
The Company had net operating loss carry forwards for tax purposes of approximately $9,000,000 at September 30, 2006 expiring at various dates from 2012 to 2026. A significant portion of these carry forwards are subject to limitations on annual utilization due to "equity structure shifts" or "owner shifts" involving "5 percent stockholders" (as defined in the Internal Revenue Code of 1986, as amended), which resulted in more than a 50 percent change in ownership.
2. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Transactions with Officers and Directors:
On September 18, 2006, the Company entered an employment agreement with Michael T. Mason, designating him as the Company's Chief Operating Officer. The employment agreement provides that Mr. Mason will receive an annual base salary of $150,000, and is entitled to receive any bonus as determined in accordance with any plan approved by the Board of Directors. Mr. Mason resigned from the Board of Directors effective September 18, 2006. The employment agreement is for an initial term of two years and twelve days, terminating on September 30, 2008.
Pursuant to the employment agreement, Mr. Mason was also granted (i) 200,000 shares of restricted common stock to vest in four equal installments of 50,000 shares on March 18, 2007, September 18, 2007, March 18, 2008, and September 18, 2008 and (ii) options to purchase 200,000 shares of Common Stock at $1.25 per share (the arithmetic mean of the high and low prices of the Company's stock on September 18, 2006), to vest in two equal installments of 100,000 shares on September 18, 2006, September 18, 2007. The restricted stock and options are subject to a substantial risk of forfeiture upon termination of his employment with the Company during the term of the Agreement and the option grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.
On September 30, 2006, the resignation of Mr. Simon Cleghorn as the Director of Mining and Exploration and his assumption of a more limited role as "Senior Geologist" in Armenia of the Company's subsidiary, Global Gold Mining, LLC was effective. In connection with this transition and pursuant to the applicable restricted stock awards from the Company, a total of 40,000 shares previously granted to Mr. Cleghorn did not vest and have reverted back to the Company.
Cash compensation expense for the nine months ended September 30, 2006 is $460,892.
The amount of unearned compensation amortized for the nine months ended September 30, 2006 is $663,157.
3. EQUITY TRANSACTIONS - COMMON STOCK ISSUED SUBJECT TO PUT
On August 2, 2006 the Company announced that Global Gold Mining, LLC ("GGM") 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 with a contingency allowing the sellers to sell back the 500,000 shares on or before September 15, 2007 for a payment of $1 million if the Company's stock is not traded at or above two dollars and fifty cents ($2.50) at any time between July 1, 2007 and August 31, 2007. On September 12, 2006, GGM loaned two hundred thousand dollars ($200,000) to Karapet Khachatryan ("Maker"), one of the sellers of Mego-Gold LLC, a citizen of the Republic of Armenia, as evidenced by a convertible promissory note payable to GGM, 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, shall have 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 with all of such shares as security for all obligations. Maker pledged two hundred fifty five thousand (255,000) shares of the Company's common stock as security for his obligations thereunder.
9
On September 18, 2006, Mr. Mason was granted (i) 200,000 shares of restricted common stock to vest in four equal installments of 50,000 shares each on March 18, 2007, September 18, 2007, March 18, 2008, and September 18, 2008 and (ii) options to purchase 200,000 shares of Common Stock at $1.25 per share (the arithmetic mean of the high and low prices of the Company's stock on September 18, 2006), to vest in two equal installments of 100,000 shares each on September 18, 2006, September 18, 2007. The restricted stock and options are subject to a substantial risk of forfeiture upon termination of his employment with the Company during the term of the Agreement and the option grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.
On September 30, 2006, the resignation of Mr. Simon Cleghorn as the Director of Mining and Exploration and his assumption of a more limited role as "Senior Geologist" in Armenia of the Company's subsidiary, Global Gold Mining, LLC was effective. In connection with this transition and pursuant to the applicable restricted stock awards from the Company, a total of 40,000 shares previously granted to Mr. Cleghorn did not vest and have reverted back to the Company.
4. AGREEMENTS
On August 2, 2006 the Company announced that GGM 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. According to the August 1, 2005 share purchase agreement, GGM (which is a wholly owned subsidiary of Global Gold Armenia, LLC which in turn is a wholly owned subsidiary of the Company) acquired a fifty one percent (51%) interest for one million five hundred thousand dollars ($1,500,000) and was to pay another two million dollars ($2,000,000) by August 1, 2007 for the remaining forty nine percent (49%). As of July 19, 2006, GGM entered into an amendment of the August 1, 2005 share purchase agreement which allows for the acquisition of the remaining forty nine percent (49%) in exchange for one million dollars ($1,000,000) and five hundred thousand (500,000) restricted shares of the Company's stock, if GGM elects on or before August 19, 2006. The July 19, 2006 amendment also contains a contingency allowing the sellers to sell back the 500,000 shares on or before September 15, 2007 for a payment of $1 million if Global Gold Corporation stock is not traded at or above two dollars and fifty cents ($2.50) at any time between July 1, 2007 and August 31, 2007. On September 12, 2006, GGM loaned two hundred thousand dollars ($200,000) to Karapet Khachatryan ("Maker"), one of the sellers of Mego-Gold LLC, a citizen of the Republic of Armenia, as evidenced by a convertible promissory note payable to GGM, 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, shall have 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 with all of such shares as security for all obligations. Maker pledged two hundred fifty five thousand (255,000) shares of the Company's common stock as security for his obligations thereunder.
As of August 18, 2006, GGM and Caucasus Resources Pty Ltd ("CR") (which is subsidiary of and Iberian Resources Limited ("Iberian")) have terminated the Marjan Mining Company Joint Venture Agreement entered into as of October 28, 2005. As a result of the termination agreement, the two companies will have no further obligations toward one another with respect to the Marjan mining property. The Marjan mining property is located in Southwestern Armenia, along the Nakichevan border. GGM will continue to develop the Marjan property, and Iberian is focusing its activities in Armenia into bringing the Litchkvadz project (which is a separate 80-20 joint venture with GGM) into production.
10
5. NEW ACCOUNTING PRONOUNCEMENTS
In September 2005, the FASB issued FASB Statement No. 157. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. This statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is a relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. However, for some entities, the application of this Statement will change current practices. This Statement is effective for financial statements for fiscal years beginning after November 15, 2007. Earlier application is permitted provided that the reporting entity has not yet issued financial statements for that fiscal year. Management believes this Statement will have no impact on the financial statements of the Company once adopted.
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. 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-QSB.
RESULTS OF OPERATIONS
NINE-MONTHS ENDED SEPTEMBER 30, 2006 AND NINE-MONTHS ENDED SEPTEMBER 30, 2005
During the nine-month period ended September 30, 2006, the Company's administrative and other expenses were $1,563,182 which represented an increase of $829,066 from $734,116 in the same period last year. The expense increase was primarily attributable to higher compensation expense of $526,332 and legal expenses of $225,228.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2006, the Company's total assets were $13,259,826, of which $6,530,078 consisted of cash or cash equivalents.
The Company's plan of operation for at least the twelve months ending September 30, 2007:
(a) To mine and produce gold at the Tukhmanuk property;
(b) To review and acquire additional mineral bearing properties in the Former Soviet Union and in Chile; and
(c) To further develop the Tukhmanuk, Getik, Marjan, Hankavan, and surrounding properties in the North Central Belt of Armenia as well as joint venture interests held with Iberian Resources in the Litchkvadz/Sipan 1 mining properties in Southern Armenia and to engage in further exploration in Armenia to generate cash flow and establish gold, uranium, copper, and molybdenum reserves to Western standards.
11
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. On October 2, 2006, Vendanta Resourcs Plc announced that its tender to take control of Sterlite Gold Ltd. was successful which makes it a successor to the twenty percent obligation of Sterlite Gold Ltd.
The Company anticipated increased production at Tukhmanuk in September 2006. Operational factors delayed the increase in production until the end of October 2006. Currently, the Company's mining is operating at a rate of approximately 750 mt per day on a 24 hours operating basis while milling is operating at a rate of approximately 400 mt per day on a 24 hours operating basis. The present mine plan is expected to produce 20,250 mt of broken ore per month on a 27 days per month schedule that will generate approximately 1,016 troy ounces of gold in the form of final concentrates having an estimated contained value of $550,000 per month with an approximate operating cost of $200,000 per month. The Company further anticipates that it will exceed the previously revised 11,000 meter target for exploration and development drilling at Tukhmanuk though as the region moves into the winter season, final figures will be largely weather dependent.
The Company's Armenian subsidiary, SHA, LLC, (renamed "Global Gold Hankavan, LLC" as of July 21, 2006) which is the license holder for the Hankavan and Marjan properties has continued to be the subject of corrupt and improper demands and threats from the Minister of the Ministry of Environment and Natural Resources. The Company has reported this situation to the appropriate authorities in Armenia and in the United States. Although the Minister has taken the position that the licenses at Hankavan and Marjan have been terminated, governmental officials have assured the Company to the contrary and public records confirm the continuing validity of the licenses. The Company has received independent legal opinions that all of its licenses are valid and remain in full force and effect, continues to work at those properties, and has engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary. In addition, 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. The Ministry of Environment has also sent a notice to terminate GGM's license at Getik. GGM continues to work at this property and will oppose any attempt to terminate this license. In addition, GGM has put the sellers of the license on notice that termination by the Ministry would be a breach under the January 2006 acquisition agreement.
The Company is aware that another company has been using a similar name in the CIS and counsel has received assurances the other company will cease using the similar name and that company is now in the process of changing its name.
The Company also anticipates spending additional funds in the Former Soviet Union and in Chile for further exploration and development of its other properties as well as acquisition of properties. The Company anticipates that it will issue additional equity or debt. The Company anticipates that it might obtain additional financing from the holders of its Warrants to purchase 3,000,000 million shares of Common Stock of the Company at an exercise price of $0.75 per share, which expire on December 1, 2006. If these Warrants were exercised in full, the Company would receive $2,250,000 in gross proceeds. In addition, the Company anticipates that it might obtain additional financing from the holders of its Warrants to purchase 2,000,000 million shares of Common Stock of the Company at an exercise price of $1.50 per share, which expire on July 31, 2007. If these Warrants were exercised in full, the Company would receive $3,000,000 in gross proceeds. The Company further anticipates that it might obtain additional financing from the holders of its Warrants issued on April 4, 2006: (i)to purchase 3,466,665 shares of Common Stock of the Company at an exercise price of $2.00 per share, which expire or before 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, which if exercised in full would result in the Company receiving $6,933,330 in gross proceeds; and (ii)to purchase 1,000,000 shares of Common Stock of the Company at an exercise price of $1.25 per share, which expire on October 3, 2007, which if exercised in full would result in the Company receiving $1,250,000 in gross proceeds. There can be no assurance that any of the foregoing warrants will be exercised or the timing of any exercise.
12
The Company does not intend to engage in any research and development during 2006 and does not expect to sell any plant or significant equipment; it does anticipate purchasing processing plant and equipment assets.
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. Unregistered Sales of Equity Securities and Use of Proceeds.
On August 2, 2006 the Company announced that Global Gold Mining, LLC ("GGM") 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) shares of the Company's restricted common stock. This sale of securities was exempt from registration pursuant to Regulation S promulgated under the Securities Act of 1933, based upon representations of the sellers.
On September 18, 2006, Mr. Mason was granted (i) 200,000 shares of restricted common stock to vest in four equal installments of 50,000 shares on March 18, 2007, September 18, 2007, March 18, 2008, and September 18, 2008 and (ii) options to purchase 200,000 shares of Common Stock at $1.25 per share (the arithmetic mean of the high and low prices of the Company's stock on September 18, 2006), to vest in two equal installments of 100,000 shares on September 18, 2006, September 18, 2007. The restricted common stock and options are subject to a substantial risk of forfeiture upon termination of his employment with the Company during the term of the Agreement and the option grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan. These issuances of securities were exempt under Rule 701 promulgated in the Securities Act of 1933.
13
On September 30, 2006, the resignation of Mr. Simon Cleghorn as the Director of Mining and Exploration and his assumption of a more limited role as "Senior Geologist" in Armenia of the Company's subsidiary, Global Gold Mining, LLC was effective. In connection with this transition and pursuant to the applicable restricted stock awards from the Company, a total of 40,000 shares of common stock previously granted to Mr. Cleghorn did not vest and have reverted back to the Company.
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information.
None
Item 6. Exhibits.
The following documents are filed as part of this report:
Unaudited Condensed Financial Statements of the Company, including Balance Sheet as of September 30, 2006; Statements of Operations for the three-months and nine months ended September 30, 2006 and September 30, 2005, and for the development stage period from January 1, 1995 through September 30, 2006, and Statements of Cash Flows for the nine months ended September 30, 2006 and September 30, 2005, and for the development stage period from January 1, 1995 through September 30, 2006 and the Exhibits which are listed on the Exhibit Index

EXHIBIT NO.                         DESCRIPTION OF EXHIBIT
--------------------------------------------------------------------------------

Exhibit 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 2002

Exhibit 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 2002

Exhibit 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 2002

Exhibit 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

Exhibit 10.1    June 15, 2006 Amendment to Employment Agreement of Drury
                Gallagher as reported on June 21, 2006 of Form 8K but not
                attached to Form 10QSB for period ended June 30, 2006.

Exhibit 10.2    June 15, 2006 Amendment to Employment Agreement of Van Krikorian
                as reported on June 21, 2006 of Form 8K but not attached to Form
                10QSB for period ended June 30, 2006.

Exhibit 10.3    June 15, 2006 Amendment to Employment Agreement of Ashot
                Boghossian as reported on June 21, 2006 of Form 8K but not
                attached to Form 10QSB for period ended June 30, 2006.

Exhibit 10.4    May 1, 2006 Amendment to Employment Agreement of Jan Dulman as
                reported on June 21, 2006 of Form 8K but not attached to Form
                10QSB for period ended June 30, 2006.

Exhibit 10.5    September 18, 2006 Employment Agreement of Michael Mason as
                reported on September 18, 2006 on Form 8K.	

(b) Reports on Form 8-K filed during the quarter ended September 30, 2006
Current Reports on Form 8-K, filed with the Securities and Exchange Commission on July 20, 2006, under Item 4.02 of Form 8K, on August 2, 2006 under Items 1.01 and 2.01 of Form 8K, on August 15, 2006 under Item 4.02 of Form 8K/A, on August 16, 2006 under Items 1.01 and 2.01 of Form 8K, on September 18, 2006 on Form 8K and on October 3, 2006 under Item 3.02 of Form 8K. Also, on August 10, 2006, on Form 10KSB/A and on September 8, 2006 on Form 10KSB/A.
SIGNATURES
14
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 10, 2006                             -----------------------------
                                              Drury J. Gallagher, Chairman,
                                              Chief Executive Officer and
                                              Treasurer	

6/26/06
FIRST AMENDMENT TO
 FEBRUARY 1, 2003
GLOBAL GOLD CORPORATION - DRURY J. GALLAGHER
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDMENT, dated as of the 15th day of June, 2006, between Global Gold Corporation, a Delaware corporation (the "Corporation"), and Drury J. Gallagher (the "Employee") to the Amended and Restated Employment Agreement, dated as of February 1, 2003 (the "Agreement"), between the parties;
W I T N E S S E T H T H A T:
WHEREAS, the Employee currently serves as Chairman and Chief Executive Officer and the Corporation needs the continued active service of the Employee in light of the Corporation's expanding efforts to obtain and exploit mining projects and increased financial, reporting, and business development obligations;
WHEREAS, the Corporation and the Employee desire to enter into an amendment of the Agreement on the terms and conditions hereinafter set forth; NOW, THEREFORE, the parties hereto agree as follows:
1. AMENDMENT OF DUTIES. Employee shall continue his current duties as Chairman and Chief Executive Officer until December 31, 2006 and effective January 1, 2007, Employee's employment shall continue as Treasurer and Chairman Emeritus and the first sentence of Section 1 of the Agreement is hereby amended to read as follows:
The Corporation hereby employs the Employee, and the Employee hereby accepts and agrees to such employment, as Chairman and Chief Executive Officer until December 31, 2006 and thereafter as Treasurer and Chairman Emeritus, in such capacities, to be responsible for overseeing, supervising and participating in the day-to-day activities of the Corporation until December 31, 2006 and thereafter to supervise the treasury functions of the Corporation and such other duties assigned by the Board of Directors.
2. EXTENSION OF INITIAL TERM. The initial term of the Agreement is hereby further extended for two years and Section 2 of the Agreement is hereby amended to read as follows:
"TERM. The term of this Agreement shall commence on July 1, 2002 and end on June 30, 2008, and shall be automatically renewed for consecutive one-year periods thereafter unless (a) terminated on the anniversary of June 30 by either party on 120 days written notice or (b) sooner terminated as otherwise provided herein."
3. COMPENSATION. The Corporation increases the annual sum payable to the Employee as base compensation salary under the Agreement to $125,000 effective as of June 30, 2006. In addition, Employee is awarded as additional base compensation a Restricted Stock Award of 50,000 shares, vesting 25% on each December 31 and June 30 commencing December 31, 2006 and pursuant to the terms set forth in the Restricted Stock Award attached to this Amendment. Section 3(a) of the Agreement is hereby amended to read as follows:
"Base Compensation. In consideration for the services rendered by the Employee under this Agreement, the Corporation shall transfer and deliver to the Employee as base compensation for the initial term of this Agreement a total of 900,000 and 50,000 shares of its common stock pursuant to the terms of the Restricted Stock Awards attached hereto as Exhibit A and the Amendment hereof, dated June 15, 2006, and set forth in the Awards (the "Restricted Stock Award") delivered to the Employee. In addition to foregoing, the Corporation shall pay to the Employee, as base compensation, the sum of $100,000 for each 12-month period commencing on and after February 1, 2003 during the term of this Agreement until June 30, 2005, when such annual salary shall be $125,000 until December 31, 2008, payable in equal monthly installments on the 30th day of each month."
4. GRANT OF OPTIONS. The Employee has been granted options to purchase 250,000 shares of the Corporation's Common Stock, par value $.001 per share, pursuant to the Stock Option Agreement attached hereto as Exhibit B. 5. CHANGE OF CONTROL.
(a) Section 3(d)(ii)(B)(1)(a)(ii) of the Agreement and Section 12(a)(i) of the Restricted Stock Award, dated February 1, 2003 and hereby amended to read as follows:
"(a)(i) thirty-five percent (35%) or more of the outstanding voting stock of the Corporation has been acquired by any person (as defined by Section 3 (a) (9) of the Securities Exchange Act of 1934, as amended) other than directly from the Company; (ii) a merger or equivalent combination involving the Corporation after which 49% or more of the voting stock of the surviving corporation is held by persons other than former shareholders of the Company; (iii) twenty percent (20%) or more of the members of the Board of Directors elected by shareholders are persons who were not nominated in the then most recent proxy statement of the Corporation; or
(iv) the Corporation sells or disposes of all or substantially all of its assets."
(b) Section 3(d)(ii)(B)(1)(a)(ii) is amended by deletion of the name "Robert A. Garrison," and insertion of the name "Firebird Global Master Fund, Ltd.." and deletion of the phrase beginning with ", except that" and ending with "transaction or otherwise."
6. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree that Shares awarded under each of the Awards to the Employee shall immediately vest if a Change in Control occurs.
7. NOTICES. Section 12(a) of the Agreement is hereby amended to substitute the Corporation's current address and facsimile number for that of Mr. Garrison and the substitution of the word "President" for "Robert A. Garrison" and deletion of the requirement of a copy to counsel.
8. SURVIVAL OF AGREEMENT. This Amendment is limited as specified above and shall not constitute a modification or waiver of any other provision of the Agreement except as required by terms agreed here. Except as specifically amended by this Amendment, the Agreement terms shall remain in full force and effect and all of its terms are hereby ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
GLOBAL GOLD CORPORATION
By ____________________________________ __________________________________ Van Z. Krikorian, President Drury J. Gallagher
 
6/26/06
SECOND AMENDMENT TO
 FEBRUARY 1, 2005
GLOBAL GOLD CORPORATION - VAN Z. KRIKORIAN
EMPLOYMENT AGREEMENT
AMENDMENT, dated as of the 15th day of June, 2006, between Global Gold Corporation, a Delaware corporation (the "Corporation"), and Van Z. Krikorian (the "Employee"), to the Employment Agreement, dated as of February 1, 2003 (the "Agreement"), amended as of January 1, 2005, between the parties;
W I T N E S S E T H T H A T:
WHEREAS, the Employee currently serves as President and General Counsel and the Corporation needs the continued active service of the Employee in light of the Corporation's expanding efforts to obtain and operate mining projects and increased financial, reporting, and business development obligations and in light of other considerations;
WHEREAS, the Corporation and the Employee desire to enter into an amendment of the Agreement on the terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as follows:
1. EXTENSION OF TERM. The term of the Agreement is hereby further extended until June 30, 2009 and Section 2 of the Agreement is hereby amended to read as follows:
"TERM. The term of this Agreement shall commence on June 1, 2003 (or such other date as mutually agreed by the parties) and end on June 30, 2009, and shall be automatically renewed for consecutive one-year periods thereafter unless (a) terminated on the anniversary of June 30 by either party on 120 days written notice or (b) sooner terminated as otherwise provided herein."
2. COMPENSATION. The Corporation increases the annual sum payable to the Employee as base compensation salary under the Agreement to $225,000 effective as of June 30, 2006. In addition, Employee is awarded as additional base compensation a Restricted Stock Award of 600,000 shares vesting 1/3 on each anniversary of June 30, 2006 and pursuant to the terms set forth in the Restricted Stock Award attached to this Amendment. Section 3(a) of the Agreement is hereby amended to read as follows:
"Base Compensation. In consideration for the services rendered by the Employee under this Agreement, the Corporation shall transfer and deliver to the Employee as base compensation for the term of this Agreement a total of 900,000, 600,000 and 600,000 shares of its common stock pursuant to the terms of the Restricted Stock Awards attached hereto as Exhibit A, the First Amendment, dated as of January 1, 2005 and the Second Amendment, dated as of June 15, 2006 and as set forth in such Awards (the "Restricted Stock Awards") delivered to the Employee. In addition to foregoing, the Corporation shall pay to the Employee, as base compensation, the sum of $100,000 for each 12-month period commencing on and after June 1, 2003 during the term of this Agreement until January 1, 2005, when such annual salary shall be $180,000 until June 30, 2006 when such annual salary shall be $225,000, payable in equal monthly installments on the 30th day of each month."
3. CHANGE OF CONTROL. (a) Section 3(d)(i) of the Agreement is hereby amended by
(i) inserting immediately following the phrase "(as defined herein) "or during the 180 day period following a Change of Control a material diminution in the status of Employee's responsibilities from those in effect on the date of the Amendment inserting this phrase, divestiture or dissolution of Employee's unit or a portion thereof or a change in the Corporation, which would materially adversely effect the nature or status of Employee's job responsibilities, which Employee gives notice of to the Corporation within such period", (ii) insertion of "after termination of employment hereunder or the giving of the notice provided for above, whichever occurs earlier" following the phrase "30 days after" and (iii) deletion of the phrase "the occurrence of a Change in control."
(b) Section 3(d)(ii)(B)(1)(a)(ii)of the Agreement is hereby amended to read as follows:
"(a)(i) thirty-five percent (35%) or more of the outstanding voting stock of the Corporation all of which has been acquired by any person (as defined by Section 3
(a) (9) of the Securities Exchange Act of 1934, as amended) other than directly from the Company; (ii) a merger or equivalent combination involving the Corporation after which 49% or more of the voting stock of the surviving corporation is held by persons other than former shareholders of the Company; (iii) twenty percent (20%) or more of the members of the Board of Directors elected by shareholders are persons who were not nominated in the then most recent proxy statement of the Corporation; or
(iv) the Corporation sells or disposes of all or substantially all of its assets."
(c) Section 3(d)(ii)(B)(1)(a)(ii) is amended by deletion of the name "Robert A. Garrison," and insertion of the name "Firebird Global Master Fund, Ltd.." and deletion of the phrase beginning with ", except that" and ending with "transaction or otherwise."
4. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree that Shares awarded under each of the Awards to the Employee shall immediately vest if a Change in Control occurs without further action by either party.
5. NOTICES. Section 12(a) of the Agreement is hereby amended to substitute the Corporation's current address and facsimile number for that of Mr. Garrison and the substitution of the word "Chairman" for "Robert A. Garrison" and deletion of the requirement of a copy to counsel.
6. SURVIVAL OF AGREEMENT. This Amendment is limited as specified above and shall not constitute a modification or waiver of any other provision of the Agreement except as required by terms agreed here. Except as specifically amended by this Amendment, the Agreement terms shall remain in full force and effect and all of its terms are hereby ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
GLOBAL GOLD CORPORATION
By ___________________________________________
Drury J. Gallagher, Chairman and CEOVan Z. Krikorian
 
6/28/06
SECOND AMENDMENT TO
 AUGUST 1, 2003
GLOBAL GOLD CORPORATION - ASHOT BOGHOSSIAN
EMPLOYMENT AGREEMENT
AMENDMENT, dated as of the 15th day of June, 2006, between Global Gold Mining, LLC, a Delaware limited liability company (the "Corporation"), and Ashot Boghossian (the "Employee"), to the Employment Agreement, dated as of August 1, 2003 (the "Agreement"), amended as of January 1, 2006, between the parties;
W I T N E S S E T H T H A T:
WHEREAS, the Employee currently serves as Director and Regional Manager and the Corporation needs the continued active service of the Employee in light of the Corporation's expanding efforts to obtain and operate mining projects and increased financial, reporting, and business development obligations and in light of other considerations;
WHEREAS, the Corporation and the Employee desire to enter into an amendment of the Agreement on the terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as follows:
1. EXTENSION OF TERM. The term of the Agreement is hereby further extended until June 30, 2009 and Section 2 of the Agreement is hereby amended to read as follows:
"TERM. The term of this Agreement shall commence on August 1, 2003 (or such other date as mutually agreed by the parties) and end on June 30, 2009, and shall be automatically renewed for consecutive one-year periods thereafter unless (a) terminated on the anniversary of June 30 by either party on 120 days written notice or (b) sooner terminated as otherwise provided herein."
2. COMPENSATION. Employee is awarded as additional base compensation a Restricted Stock Award of 225,000 shares vesting in twelve quarterly installments through June 30, 2009, and pursuant to the terms set forth in the Restricted Stock Award attached to this Amendment. First sentence of Section 3(a) of the Agreement is hereby amended to read as follows:
"Base Compensation. In consideration for the services rendered by the Employee under this Agreement, the Corporation shall transfer and deliver to the Employee as base compensation for the term of this Agreement a total of 90,000, 10,000 and 225,000 shares of its common stock pursuant to the terms of the Restricted Stock Awards attached hereto as Exhibit A, the First Amendment, dated as of January 1, 2005, and the Second Amendment, dated as of June 15, 2006 and as set forth in such Awards (the "Restricted Stock Awards") delivered to the Employee."
3. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree that Shares awarded under each of the Awards to the Employee shall immediately vest if a Change in Control occurs without further action by either party.
4. NOTICES. Section 12(a) of the Agreement is hereby amended to substitute the Corporation's current address and facsimile number for that of Mr. Garrison and the substitution of the word "Chairman" for "Robert A. Garrison" and deletion of the requirement of a copy to counsel.
5. SURVIVAL OF AGREEMENT. This Amendment is limited as specified above and shall not constitute a modification or waiver of any other provision of the Agreement except as required by terms agreed here. Except as specifically amended by this Amendment, the Agreement terms shall remain in full force and effect and all of its terms are hereby ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
GLOBAL GOLD MINING, LLC
By ______________________________ ______________________________ Van Z. Krikorian, Manager Ashot Boghossian
 
FIRST AMENDMENT TO
AUGUST 1, 2005
GLOBAL GOLD CORPORATION- JAN DULMAN
EMPLOYMENT AGREEMENT
AMENDMENT dated as of the 1st day of May, 2006 between Global Gold Corporation, a Delaware corporation (the "Company"), and Jan Dulman (the "Employee") to the Employment Agreement between the parties dated as of August 15, 2005 (the "Agreement").
W I T N E S S E T H :
WHEREAS, the Company has made the Employee Controller and needs the more active service of the Employee in light of the Company's expanding efforts to obtain and exploit mining projects and increased financial, reporting, and business development obligations;
WHEREAS, the Corporation and the Employee desire to enter into an amendment of the Agreement on the terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as follows:
1. CHANGE IN TIME COMMITMENT. Effective May 1, 2006, the Employee agrees to devote 60% of his available business time to the performance of his duties under the Agreement, as amended. Section 1(b) of the Agreement is amended to replace the term "20%" in the first sentence and the second sentence as well as in
Section 3 (c) with the term "60%". Employee understands that travel and specifically foreign travel may be required.
2. COMPENSATION. The Company increases the annual sum payable to the Employee as base compensation salary under the Agreement to $60,000 effective as of May 1, 2005. Section 3(a) is amended accordingly and to establish the monthly installment amount as "$5,000". In addition, and contingent on both (a) the approval of a Stock Incentive/Option Plan by the Shareholders and (b) the approval of the Compensation Committee (which will be proposed to the directors at their next meeting), Employee shall be awarded stock options to acquire common stock of Company at the rate of 50,000 per year form May 1, 2006 through the term of the Agreement (totaling 62,500) all in accordance with the terms and conditions of (a) and (b) above. If either of (a) a Stock Incentive/Option Plan is not adopted, or (b) a Compensation Committee is not formed or does not approve the anticipated grant of options, then the parties shall renegotiate an appropriate increase in the equity portion of Employee's compensation. The Company shall also provide health and other benefits to Employee in accordance with the Company's plan.
3. CHANGE OF COMPANY ADDRESS. The parties acknowledge that the Company has changed its address to 45 East Putnam Avenue, Greenwich, CT 06830.
4. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree that Shares awarded under the Restricted Stock Award executed in conjunction with the Agreement shall immediately vest if the company is sold or if Employee's employment terminates for reasons other than Employee's voluntary resignation or the Company's termination for cause.
5. SURVIVAL OF AGREEMENT. This Amendment is limited as specified above and shall not constitute a modification or waiver of any other provision of the Agreement except as required by terms agreed here. Except as specifically amended by this Amendment the Agreement terms shall remain in full force and effect and all of its terms are hereby ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.
GLOBAL GOLD CORPORATION
By__________________________________ ________________________________ Drury J. Gallagher, Chairman and CEO Jan Dulman
 
EMPLOYMENT AGREEMENT
AGREEMENT dated as of the 18th day of September, 2006 between Global Gold Corporation, a Delaware corporation (the "Company"), and Michael T. Mason, (the "Employee") (the "Agreement").
W I T N E S S E T H:
WHEREAS, the Company needs the active service of the Employee in light of the Company's efforts to acquire, develop, and operate mining projects and to carry out its exploration, mining, and business operations;
WHEREAS, the Company and the Employee desire to enter into an employment agreement on the terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as follows:
1. DUTIES.
(a) The Company hereby employs the Employee, and the Employee hereby accepts and agrees to such employment, as Chief Operating Officer and, in such capacity, to be responsible for activities overseeing and implementing exploration and mining projects as well as those customarily associated with such a position including, controls, systems, operations, exploration and mining programs and their implementation, and supervision of technical staff in the United States and in countries where the Company has operations. The Employee shall, subject to the supervision and control of the Chairman and President of the Company, perform such executive duties and exercise such supervisory powers over and with regard to the business of the Company and any present and future subsidiaries, consistent with such position, and such additional duties as specified or as may be assigned to him from time to time. The Employee understands that significant travel is included in this position.
(b) The Employee agrees to devote 80% of his available business time to the performance of his duties hereunder. The Employee may provide services to other organizations, on a compensation or pro bono basis, provided that such services do not constitute more than 80% of his available business time.
2. TERM. The term of this Agreement shall be for a period of two years and twelve days, commencing on September 18, 2006 and ending on September 30, 2008, and shall be automatically renewed for consecutive one-year periods thereafter unless terminated (a) by either party on 90 days written notice prior to the expiration of the initial term hereof or any year thereafter or (b) sooner terminated as otherwise provided herein.
1
3. COMPENSATION.
(a) Base Compensation. In consideration for the services rendered by the Employee under this Agreement, the Company shall deliver to the Employee as base compensation for the term of this Agreement a total of Two Hundred Thousand (200,000) shares of the common stock of Global Gold Corporation pursuant to the terms of the Restricted Stock Award attached hereto as Exhibit A, (the "Restricted Stock Award"). In addition to the foregoing, the Company shall pay to the Employee, as base compensation, the sum of $150,000 for each 12-month period commencing on and after September 18, 2006 during the term of this Agreement, payable in equal monthly installments of $ 12,500 on the 15th day of each month. In addition and contingent on the approval of the Compensation Committee (which will be proposed to the directors at their next meeting), Employee shall be awarded stock options to acquire Two Hundred Thousand (200,000) shares of common stock of Company at the rate of 100,000 per year form September 18, 2006 through September 18, 2008 (totaling 200,000) all in accordance with the terms and conditions above.
(b) Bonus Compensation. In addition to the foregoing compensation, the Employee shall be entitled to receive annual bonus compensation ("Annual Bonus") in an amount determined in accordance with any bonus plan approved by the Board of Directors, or any committee thereof duly authorized by the Board to make such determination, based upon qualitative and quantitative goals determined by the Board of Directors, or such committee thereof, in its sole discretion, as the case may be. Any Annual Bonus shall be subject to all applicable tax withholdings.
4. WORKING FACILITIES. The Company shall provide office space for the Employee for the performance of his services hereunder, and will provide such other facilities and services commensurate with the Company's needs as are reasonably necessary for the performance of his duties hereunder, as determined by the board of Directors.
5. INDEMNFICATION. During the term of this Agreement, the Company shall provide to the Employee insurance covering indemnification for activities taken in good faith on the Company's behalf.
6. VACATIONS. The Employee shall be entitled each year during the term of this Agreement to a vacation period of four weeks during which period all compensation and other rights to which the Employee is entitled hereunder shall be provided in full. Such vacation may be taken, in the Employee's discretion, at such time or times as are not inconsistent with the reasonable business needs of the Company upon the consent of the Company. During the term of this Agreement, the vacation time provided for herein shall not be cumulative to the extent not taken by the Employee during a given year.
2
7. TERMINATION.
(a) Early Termination by Company for Cause. During the term of this Agreement, the Employee's employment may be terminated by the Company for Cause (as defined herein) on 30 days prior written notice by means of a Notice of Termination, and an opportunity for the Employee, accompanied by counsel of his choice, to address the full Board of Directors, that one of the following conditions exists or one of the following events has occurred (each of which is defined as "Cause"):
(i) Wrongful act or acts on the part of the Employee which caused material damage to the Company;
(ii) The arrest, filing of charges or conviction of the Employee for a crime involving the Company or moral turpitude;
(iii) The refusal or inability by the Employee, continued for at least 14 days, to perform such employment duties as may reasonably be delegated or assigned to him under this Agreement;
(iv) Willful and unexcused neglect by the Employee of his employment duties under this Agreement continued for at least 14 days after written warning; or
(v) Any other material breach by the Employee of the provisions of this Agreement.
Pending termination, the Company may suspend Employee at will. Subject only to a final determination by dispute resolution procedure pursuant to the provisions of Section 10 of this Agreement, the Board of Directors' determination, in good faith, in writing that cause exists for termination of the Employee's employment shall be binding and conclusive for all purposes under this Agreement. Upon such determination by the Board of Directors, the Employee's compensation pursuant to Section 3 hereof and all other benefits provided hereunder shall terminate on the Termination Date, except that the Employee shall be entitled to be paid severance pay equal to his then base compensation for a period of three months thereafter, unless the termination is based on fraud or reasons stated in Section 7(a) (ii) above. In the event that the Employee desires to take any matter with respect to such determination of Termination to arbitration, he must commence a proceeding within 30 days after receipt of written notice of the Board of Directors' determination. If the Employee fails to take such action within such period, he will be deemed conclusively to have waived his right to adjudication of the termination of his employment hereunder.
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(b) Termination by Employee. In the event that the Company shall default in the performance of any of its obligations under this Agreement in any material respect, and shall not cure such default within 10 days of receipt by the Company of written notice of such default from the Employee, the Employee may terminate this Agreement by delivery of a Notice of Termination. Upon any termination pursuant to the provisions of this Section 7(b), the Employee shall be entitled to receive, as liquidated damages and not as a penalty, one month's payments which would have been made to the Employee on account of his base salary in effect at the date of the delivery of a Notice of Termination. Upon fulfillment of the conditions set forth in Section 7(b) hereof and subject to
Section 7(f) hereof, all rights and obligations of the parties under this Agreement shall thereupon be terminated. The Employee shall have no obligation to mitigate damages, and amounts payable pursuant to the provisions of this
Section 7(b) shall not be reduced on account of any income earned by the Employee from other employment or other sources.
(c) Termination by Reason of Disability. In the event that Employee shall be prevented from rendering all of the services or performing all of his duties hereunder by reason of illness, injury or incapacity (whether physical or mental) for a period of six consecutive months, determined by an independent physician selected by the Board of Directors of the Company, the Company shall have the right to terminate this Agreement, by giving 10 days prior written notice to the Employee, provided that the Company shall continue to pay his then base compensation for a period of 12 months thereafter (exclusive of any benefit under the Restricted Stock Award). Until terminated in the manner set forth in this Section 7(c), the Employee shall be entitled to receive his full compensation and benefits provided hereunder through the Termination Date. Any payments to the Employee under any disability insurance or plan maintained by the Company shall be applied against and shall reduce the amount of the base compensation payable by the Company under this Section 7(c).
(d) Termination by Reason of Death. In the event that the Employee shall die during the term of this Agreement, this Agreement shall terminate upon such death. The death benefit payable to the Employee under this Agreement (exclusive of any benefit under the Restricted Stock Award) shall be three months salary plus the life insurance benefits provided to the Employee, if any.
(e) Certain Definitions.
(i) Any termination of the Employee's employment by the Company or by the Employee shall be communicated by a Notice of Termination to the other party hereto. For purposes hereof, a "Notice of Termination" shall mean a notice which shall state the specific reasons, and shall set forth in reasonable detail the facts and circumstances, for such termination.
(ii) "Termination Date" shall mean the date specified in the Notice of Termination as the last day of Employee's employment by the Company.
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(f) Continued Maintenance of Benefit Plans in Certain Cases. Notwithstanding anything contained in this Agreement to the contrary, if the Employee's employment is terminated pursuant to Sections 7(b) or 7(c) hereof, the Company shall maintain in full force and effect, at the Employee's expense, for the continued benefit of the Employee for the number of years (including partial years) remaining in the term of employment hereunder, all employee benefit plans and programs in which the Employee was entitled to participate immediately prior to the Termination Date, provided that the Employee's continued participation is possible under the general terms and provisions of such plans and programs. In the event that the Employee's participation in any such plan or program is barred, the Company shall have no obligation to provide any substitute benefits for the Employee.
8. CONFIDENTIALITY.
(a) During the term of this Agreement, and for a period of two years thereafter, the Employee shall not, without the prior written consent of the Board of Directors of the Company, disclose to any person, other than an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Employee of his duties hereunder, any of the Company's confidential information obtained by the Employee during the term of this Agreement, including, without limitation, trade secrets, products, designs, customers or methods of distribution.
(b) The obligations of confidentiality contained in this Section shall not extend to any matter which is disclosed by the Employee pursuant to an order of a governmental body or court of competent jurisdiction or as required pursuant to a legal proceeding in which the Employee or the Company is a party. These obligations of confidentiality are in addition to, not in place of any other applicable confidentiality obligations.
9. CERTAIN REMEDIES IN EVENT OF BREACH. In the event that the Employee commits a breach, or threatens to commit a breach, of any of the restrictions on confidentiality, the Company shall have the following rights and remedies:
(a) to obtain an injunction restraining any violation or threatened violation of the confidentiality provisions or any other appropriate decree of specific performance by any court having jurisdiction, it being acknowledged and agreed by the Employee that the services rendered, and to be rendered to the Company by him as an Employee and as legal counsel, are of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company; and
(b) to require the Employee to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits (collectively the "Benefits") derived or received by the Employee as the result of any transactions constituting a breach of any of the confidentiality provisions, and the Employee hereby agrees to account for and pay over the Benefits to the Company.
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Each of the rights and remedies enumerated in this Section 10 shall be independent of the other, and shall be severally enforceable, and such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity.
10. DISPUTE RESOLUTION.
(a) Venue and Choice of Law. In the event of any disagreement or controversy arising out of or relating to this Agreement, such controversy or disagreement shall be resolved by arbitration administered by the American Arbitration Association in New York City, and any award granted in such arbitration shall finally determine such controversy or dispute.
(b) This Agreement and the rights of the parties hereunder shall be governed by the law of the State of New York, without regard to conflicts of law principles.
11. MISCELLANEOUS.
(a) Notices. All notices or other communications required or permitted to be given pursuant to this Agreement shall be in writing and shall be considered as duly given on (a) the date of delivery, if delivered in person, by nationally recognized overnight delivery service or by facsimile or (b) three days after mailing if mailed from within the contin-ental United States by registered or certified mail, return receipt requested to the party entitled to receive the same, if to the Company, Global Gold Corporation, 45 East Putnam Avenue, Greenwich, Connecticut 06830, facsimile number (203) 422-2330; and if to the Employee, Mr. Michael T. Mason, 142 Stratford Avenue, Garden City, NY 11530. Any party may change his or its address by giving notice to the other party stating his or its new address. Commencing on the 10th day after the giving of such notice, such newly designated address shall be such party's address for the purpose of all notices or other communications required or permitted to be given pursuant to this Agreement.
(b) Entire Agreement; Waiver of Breach. This Agreement constitutes the entire agreement among the parties and supersedes any prior agreement or understanding among them with respect to the subject matter hereof, and it may not be modified or amended in any manner other than as provided herein; and no waiver of any breach or condition of this Agreement shall be deemed to have occurred unless such waiver is in writing, signed by the party against whom enforcement is sought, and no waiver shall be claimed to be a waiver of any subsequent breach or condition of a like or different nature.
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(c) Binding Effect; Assignability. This Agreement and all the terms and provision hereof shall be binding upon and shall inure to the benefit of the parties and their respective heirs, successors and permitted assigns. This Agreement and the rights of the parties hereunder shall not be assigned except with the written consent of all parties hereto.
(d) Captions. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provision hereof.
(e) Number and Gender. Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pro-nouns stated in either the masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter.
(f) Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unen-forceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.
(g) Amendments. This Agreement may not be amended except in a writing signed by all of the parties hereto.
(h) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. In addition, this Agreement may contain more than one counterpart of the signature page and this Agreement may be executed by the affixing of such signature pages executed by the parties to one copy of the Agreement; all of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

Global Gold Corporation

By:  ______________________                          ______________________
         Drury J.Gallagher,                          Michael T. Mason
         Chairman and CEO	

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EXHIBIT A
Global Gold Corporation
45 East Putnam Avenue
Greenwich, CT 06830
September 18, 2006
Mr. Michael Mason
142 Stratford Avenue
Garden City, NY 11530
Re: Restricted Stock Award
Dear Mr. Mason:
As consideration for your employment agreement with Global Gold Corporation (the "Corporation") and as an inducement for your rendering of services to the Corporation, we hereby grant you Two Hundred Thousand (200,000) shares of the Common Stock of Global Gold Corporation, evidenced by a certificate of shares of our common stock, $.001 par value per share (the "Shares"), subject to applicable securities law restrictions and the terms and conditions set forth herein:
1. For the first six month period commencing with the date hereof within which you render the services provided herein, you shall become fully vested in one fourth of the total Shares granted hereunder. For each successive six month period thereafter commencing on March 18, 2006 through September 18, 2008, you shall become fully vested in an additional one fourth of the total Shares granted hereunder. Thus, if you complete six, twelve, eighteen, and then twenty four months of service as provided hereunder, you shall be vested in 50,000, 100,000, 150,000 and 200,000 of the Shares granted hereunder, respectively.
2. In the event of your termination of your employment on or before the expiration of the initial twelve month period commencing with the date hereof or any subsequent twelve month period thereafter during the 24-month period commencing with September 18, 2006 for any reason, you shall forfeit all right, title and interest in and to any of the Shares granted hereunder which have not become vested in you, without any payment by the Company therefore unless mutually agreed otherwise.
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3. (a) Any Shares granted hereunder are not transferable and cannot be assigned, pledged, hypothecated or disposed of in any way until they become vested, and may be transferred thereafter in accordance with applicable securities law restrictions. Any attempted transfer in violation of the Section shall be null and void.
(b) Notwithstanding anything contained in this Agreement to the contrary, after you become vested in any of the Shares granted hereunder, no sale, transfer or pledge thereof may be effected without an effective registration statement or an opinion of counsel for the Corporation that such registration is not required under the Securities Act of 1933, as amended, and any applicable state securities laws.
4. During the period commencing with the date hereof and prior to your forfeiture of any of the Shares granted hereunder, you shall have all right, title and interest in and to the Shares granted hereunder, including the right to vote the Shares and receive dividends or other distributions with respect thereto.
5. You shall be solely responsible for any and all Federal, state and local income taxes arising out of your receipt of the Shares and your future sale of other disposition of them.
6. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of law principles. All parties hereto
(i) agree that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted only in a Federal or state court in the City of New York in the State of New York, (ii) waive any objection which they may now or hereafter have to the laying of the venue of any such suit, action or proceeding, and (iii) irrevocably submit to the exclusive jurisdiction of any Federal or state court in the City of New York in the State of New York, in any such suit, action or proceeding, but such consent shall not constitute a general appearance or be available to any other person who is not a party to this Agreement. All parties hereto agree that the mailing of any process in any suit, action or proceeding at the addresses of the parties shown herein shall constitute personal service thereof.
7. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.
8. This Agreement and all the terms and provisions hereof shall be binding upon and shall inure to the benefit of the parties and their respective heirs and successors and, in the case of the Corporation, its assigns.
9. This Agreement may not be amended except in a writing signed by all of the parties hereto.
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10. Nothing contained herein shall be construed to create an employment agreement between the Corporation and you or require the Corporation to employ or retain you under such a contract or otherwise.
11. Notwithstanding anything contained this in Agreement to the contrary the Shares shall become fully vested upon your death or upon your becoming disabled, which shall mean you shall have been unable to render all of your duties by reason of illness, injury or incapacity (whether physical or mental) for a period of six consecutive months, determined by an independent physician selected by the Board of Directors of the Corporation.
12. In the event of any conflict between the terms of this Agreement and of the Employment Agreement, the provisions contained in this Agreement shall control.
If this letter accurately reflects our understanding, please sign the enclosed copy of this letter at the bottom and return it to us.
Very truly yours, Global Gold Corporation
By:___________________________ Drury J. Gallagher, Chairman
Agreed:

Michael Mason
 
Exhibit 31.1
CERTIFICATIONS
I, Drury J. Gallagher, certify that:
1) I have reviewed this Quarterly Report on Form 10-QSB of Global Gold Corporation for the period ended September 30, 2006;
2) Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
3) Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;
b) [Reserved]
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and
d) Disclosed in this Quarterly Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 10, 2006                               /s/ Drury J. Gallagher
                                                      --------------------------
                                                      Drury J. Gallagher
                                                      Chairman, Chief Executive
                                                      Officer and Treasurer	

Exhibit 31.2
CERTIFICATIONS
I, Lester S. Caesar, certify that:
1) I have reviewed this Quarterly Report on Form 10-QSB of Global Gold Corporation for the quarter ended September 30, 2006;
2) Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
3) Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;
b) [Reserved]
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and
d) Disclosed in this Quarterly Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 10, 2006                              /s/ Lester S. Caesar
                                                     --------------------------
                                                     Lester S. Caesar
                                                     Chief Financial Officer	

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Global Gold Corporation (the "Company") on Form 10-QSB for the period ending September 30, 2006 as filed with the Securities and Exchange Commission (the "Report"), I, Drury J. Gallagher, the Chairman, Chief Executive Officer and Treasurer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 10, 2006

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

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Global Gold Corporation (the "Company") on Form 10-QSB for the period ending September 30, 2006 as filed with the Securities and Exchange Commission (the "Report"), I, Lester S. Caesar, the Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)______The Report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and
(2)______The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 10, 2006

                                                     By:  /s/ Lester S. Caesar
                                                     ---------------------------
                                                     Lester S. Caesar
                                                     Chief Financial Officer