Letter to Global Gold's Shareholders

June 10, 2005

Dear Stockholder:

This past year was pivotal for Global Gold Corporation ("Global Gold"). Our business was successful on several fronts. We have added employees, begun developing properties, proceeded with new acquisitions, and have become increasingly visible. Our stock now trades on the Over the Counter Bulletin Board (OTCBB) under the stock symbol "GBGD," and you are able to follow the company's stock performance and current activities as well as news releases on the internet. Our web site is www.globalgoldcorp.com, where you can also access both current and past financial information for Global Gold Corporation.

In November, the Company was pleased to have a large investment group take a leading equity position, becoming our largest shareholder. Firebird Management Company, LLC, www.fbird.com which manages seven mutual funds with assets in excess of $1.3 billion, participated in a private placement, and one of the principals Ian Hague, joined Mike Mason, Nick Aynilian and the two of us as Global Gold Directors.

After reviewing several options, Global Gold is focusing its efforts in the exploration, development and mining of gold and other mineral properties in Armenia and Chile, which we feel brings both promise and balance to our activity. We started in Armenia in1995, and have an office in Yerevan, the capital of Armenia, under the directorship of Ashot Boghossian. We own two properties in Armenia which were explored during Soviet times, Hankavan and Marjan. The Hankavan mine is a copper, molybdenum and gold ore body. Marjan is a polymetallic property with gold, silver, lead and zinc exploration opportunities. In addition, until 2010 we hold the right to participate up to twenty percent in any new exploration in Armenia by the Canadian company, Sterlite Gold, Ltd. We continue to seek new acquisitions in the mining business.

In Chile, our offices are located in the capital, Santiago. W.E.S. Urquhart, Vice President, is responsible for operations and management of projects in South America. Our Chilean property consists of approximately 1,100 acres in total, including Candelaria 1 to 3, Santa Candelaria 1 to 8 and the Torino I, 1 to 7 and Torino II, 1 to 11. A feasibility report for the development of these properties has not been prepared and we have not yet ascertained the amount of the proven and probable reserves of gold, copper and other minerals on the property, if any. On March 2005, our subsidiary, Minera Global Chile Limitada., entered into a contract with Adrian Soto-Torino to mine the vein structure historically mined at the Santa Candelaria, and that work has begun. We plan to begin a drilling program in the third quarter of 2005 to further explore the property.

Global Gold is looking forward to a successful year in 2005. Our board and employees are committed to building a dynamic company, developing good mining properties, and conducting business with ethical and environmentally sound polices. To our shareholders, we thank you for your continued support and invite you to keep up with our efforts.

Van Z. Krikorian President

Drury J. Gallagher Chairman and CEO

To view the Notice of Annual Meeting and Proxy Statement, click here (pdf document).