Global Gold Corporation - International Gold Mining, Development and Exploration in Armenia and Chile

Global Gold Announces Exercise of Warrants By Firebird Funds

Greenwich, CT -- December 4, 2006 -- Global Gold Corporation (OTCBB-GBGD) ( today announced Global Gold Corporation sold $2,250,000 in common shares, pursuant to exemptions from registration requirements of the Securities Act. The transaction closed on December 1, 2006 and involved the exercise of warrants originally issued on November 4, 2004. Global Gold issued 3,000,000 shares of common stock at $0.75 per share in accordance with the warrants. The purchasers and corresponding shares issued are: Firebird Global Master Fund, Ltd, 1,500,000 shares; Firebird Avrora Fund, Ltd. 750,000 shares; and Firebird Republics Fund, Ltd. 750,000 shares.

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

Global Gold Corporation
International Corporate Center at Rye
555 Theodore Fremd Avenue, Suite C208
Rye, New York 10580
Tel: 914-925-0020
Fax: 914-925-8860

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