Global Gold Corporation Closes Private Placement With Firebird Funds; Names Van Krikorian President, Ted Urquhart Vice President.

GREENWICH, Conn. -- Global Gold Corporation (OTCBB-GBGD) (www.globalgoldcorp.com) announced today it has completed a $1,500,000 private placement with Firebird Global Master Fund, Ltd. ("FGMF"), Firebird Republics Fund, Ltd ("FRF"), and Firebird Avrora Fund, Ltd ("FAF") (www.fbird.com). Global Gold will use the proceeds to further its mining and exploration projects in Armenia and Chile as well as for working capital to continue evaluating other mining and exploration projects.

The transaction involved the issuance of 3 million shares of common stock at $0.50 per share. Each new share issued carries a warrant to purchase an additional share at $0.75 per share. The warrants are exercisable on or before December 1, 2006. Three stockholders, NJA Investments, Drury J. Gallagher and Van Krikorian, also agreed to other conditions, including: to vote their shares to elect one designee of FGMF, FRF, and FAF collectively to the Company's Board of Directors; and to grant FGMF, FRF, and FAF certain tag-along rights. The Company, FGMF, FRF, and FAF also entered a Registration Rights Agreement. As a further condition to close, the Company agreed to reduce accounts payable.

In other developments, Van Krikorian, previously Vice President and General Counsel became President of Global Gold succeeding Robert Garrison, who resigned for personal reasons. Geophysicist Dr. W.E.S. (Ted) Urquhart, resident in Santiago, Chile, became Vice President for South America. Drury J. Gallagher continues as Chairman and CEO.

Global Gold Corporation is an international gold mining, development and exploration company with mining properties in Chile and Armenia. Global Gold Corporation is located at 104 Field Point Road, Greenwich, CT 06830. The main phone number is 203-422-2300. More information can be found at www.globalgoldcorp.com.

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.