10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(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, 2011

o     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.)

555 Theodore Fremd Avenue, Rye, NY 10580

(Address of principal executive offices)

(914) 925-0020

(Issuer's telephone number)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).       Yes   o       No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.   See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o  (Do not check if smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).          Yes  o       No  x

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  o       No  o .  Not applicable.

As of November 21, 2011 there were 83,540,475 shares of the issuer's Common Stock outstanding.

GLOBAL GOLD CORPORATION

Amendment No. 1 to the Quarterly Report on Form 10-Q

For the Quarterly Period Ended September 30, 2011

EXPLANATORY NOTE

This Amendment No. 1 on Form 10-Q/A (the "Amended Filing") amends Global Gold Corporation's (the "Company") Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, originally filed on November 21, 2011 (the "Original Filing").

As disclosed in the Company's Report on Form 8-K, dated April 13, 2012, the Company is required to amend its financial statements for the fiscal quarters ended June 30, 2011 and September 30, 2011 to reflect amounts received pursuant to various agreements relating to the Company's joint venture with Consolidated Resources USA LLC and affiliates as liabilities pending the closing or termination of the contemplated joint venture.  The purpose of this filing is to reclassify such amount, $3,687,460 as of September 30, 2011, as a liability under Minority Interest in Joint Venture Pending.  See Note 2 and Note 8 of the Company's Unaudited Consolidated Notes to Financial Statements.  As a result of this reclassification, Deficit Accumulated During the Development Stage increased by a like amount as did Total Stockholders’ Deficit.  In addition, Other Income in the financial statements decreased by $3,612,460 to $0, General and Administrative expense increased by $75,000, Total (Income)Expense increased by the total of $3,687,460, and the Net Loss and Comprehensive Loss increased by $3,687,460.  The Net Loss Per Share increased to $0.06.

In accordance with Rule 12b-15 under the Exchange Act, each item of the Original Filing that is amended by this Amended Filing is also restated in its entirety, and this Amended Filing is accompanied by currently dated certifications on Exhibits 31.1, 31.2, and 32.1 by the Company’s Chief Executive Officer and Chief Financial Officer.  Except as described above, this Amended Filing does not amend, update, or change any items, financial statements, or other disclosures in the Original Filing, and does not reflect events occurring after the filing of the Original Filing.  Information not affected by the changes described above is unchanged and reflects the disclosures made at the time of the Original Filing. Accordingly, this Amended Filing should be read in conjunction with the Original Filing and our other SEC filings subsequent to the filing of the Original Filing.

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TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Balance Sheets as of September 30, 2011 and as of December 31, 2010 (Audited)	4
	Consolidated Statements of Operations for the three months and nine months ended September 30, 2011 and September 30, 2010 and for the exploration stage period from January 1, 1995 (inception) through September 30, 2011	5
	Consolidated Statements of Cash Flows for the three months and nine months ended September 30, 2011 and September 30, 2010 and for the exploration stage period from January 1, 1995 (inception) through September 30, 2011	6
	Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management's Discussion and Analysis or Plan of Operation	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	36
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Submission of Matters to a Vote of Security Holders	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
SIGNATURES		41
CERTIFICATIONS

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

(An Exploration Stage Company)

CONSOLIDATED BALANCE SHEETS

ASSETS
	September 30,			December 31,
	2011			2010
	(Unaudited)			(Audited)
	(As Restated - See Note 2)
CURRENT ASSETS:
Cash	$	226,660		$	14,083
Inventories		901,572			740,096
Tax refunds receivable		134,084			106,910
Prepaid expenses		13,907			7,705
Other current assets		68,548			38,369
TOTAL CURRENT ASSETS		1,344,771			907,163
LICENSES, net of accumulated amortization of $2,066,392 and $1,842,655, respectively		1,143,544			1,367,281
ASSETS HELD FOR SALE, net of accumulated amortization of $540,518 and $498,939, respectively		1,123,127			1,164,226
DEPOSITS ON CONTRACTS AND EQUIPMENT		590,878			1,002,195
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $2,710,009 and $2,442,299, respectively		1,288,041			1,570,241
	$	5,490,361		$	6,011,106
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	2,320,205		$	2,263,998
Wages payable		796,284			1,024,423
Employee loans		259,400			286,170
Advance from customer		168,722			168,722
Deposit on sale of property		1,000,000			250,000
Minority interest in joint venture pending		3,687,460			-
Secured line of credit - short term portion		684,000			588,000
Current portion of note payable to Directors		11,673			27,627
TOTAL CURRENT LIABILITIES		8,927,744			4,608,940
SECURED LINE OF CREDIT - LONG TERM PORTION		1,667,835			2,238,486
TOTAL LIABILITIES		10,595,579			6,847,426
STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 100,000,000 shares authorized; 83,040,475 and 79,190,475 at September 30, 2011 and December 31, 2010, respectively, shares issued and outstanding		83,041			79,191
Additional paid-in-capital		37,675,696			37,064,893
Accumulated deficit prior to development stage		(2,907,648	)		(2,907,648	)
Deficit accumulated during the development stage		(42,304,356	)		(37,643,409	)
Accumulated other comprehensive income		2,348,049			2,570,653
TOTAL STOCKHOLDERS' DEFICIT		(5,105,218	)		(836,320	)
	$	5,490,361		$	6,011,106

The accompanying notes are an integral part of these unaudited consolidated financial statements

4

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

													Cumulative amount from
													January 1, 1995
	Three Months Ended						Nine Months Ended						through
	September 30,						September 30,						September 30,
	2011			2010			2011			2010			2011
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	(As Restated - See Note 2)						(As Restated - See Note 2)						(As Restated - See Note 2)
REVENUES	$	-		$	-		$	-		$	94,943		$	551,152
COST OF GOODS SOLD		-			-			-			32,855			189,998
GROSS PROFIT		-			-			-			62,088			361,154
(INCOME)/EXPENSES:
General and administrative		846,431			519,914			2,196,703			1,342,984			23,630,030
Mining and exploration costs		1,067,263			139,599			1,543,839			355,312			16,137,828
Amortization and depreciation		162,931			228,405			591,958			773,266			5,697,038
Write-off on investment		-			-			-			-			176,605
Gain on sale of investment		-			-			-			-			(2,779,778	)
Loss/(Gain) from investment in joint ventures		-			-			-			(192,977	)		(2,523,701	)
Interest expense		104,805			236,546			329,121			526,155			2,012,755
Bad debt expense		-			-			-			-			151,250
Loss on foreign exchange		-			-			-			-			193,852
Gain on extinguishment of debt		-			-			-			-			(289,766	)
Interest income		(268	)		-			(674	)		(1,833	)		(364,825	)
TOTAL (INCOME)/EXPENSES		2,181,163			1,124,464			4,660,947			2,802,907			42,041,289
Income/(Loss) from Continuing Operations		(2,181,163	)		(1,124,464	)		(4,660,947	)		(2,740,819	)		(41,680,135	)
													`
Discontinued Operations:
Loss from discontinued operations		-			-			-			-			386,413
Loss on disposal of discontinued operations		-			-			-			-			237,808
Net Income/(Loss) Applicable to Common Shareholders		(2,181,163	)		(1,124,464	)		(4,660,947	)		(2,740,819	)		(42,304,356	)
Foreign currency translation adjustment		(159,760	)		(336,510	)		(222,604	)		(157,920	)		1,994,575
Unrealized gain/(loss) on investments		-			(25,636	)		-			(31,113	)		353,475
Comprehensive Net Income/(Loss)	$	(2,340,923	)	$	(1,486,610	)	$	(4,883,551	)	$	(2,929,852	)	$	(39,956,306	)
NET LOSS PER SHARE - BASIC AND DILUTED	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	(0.07	)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED		83,040,475			41,206,334			80,487,911			41,170,878

The accompanying notes are an integral part of these unaudited consolidated financial statements

5

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

(An Exploration Stage Enterprise)

CONSOLIDATED STATEMENTS OF CASH FLOWS

							Cumulative amount
							from
	January 1, 2011			January 1, 2010			January 1, 1995
	through			through			through
	September 30, 2011			September 30, 2010			September 30, 2011
	(Unaudited)			(Unaudited)			(Unaudited)
	(As Restated - See Note 2)						(As Restated - See Note 2)
OPERATING ACTIVITIES:
Net loss	$	(4,660,947	)	$	(2,740,819	)	$	(42,304,356	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		42,564			46,822			3,890,531
Stock option expense		7,089			59,589			1,194,079
Amortization expense		265,316			348,465			2,832,594
Depreciation expense		326,642			424,801			3,090,352
Stock based compensation		240,000			-			306,613
Write-off of investment		-			-			176,605
Loss on disposal of discontinued operations		-			-			237,808
Gain from investment in joint ventures		-			(192,977	)		(2,473,701	)
Gain on extinguishment of debt		-			-			(289,766	)
Gain on sale of investments		-			-			(2,779,778	)
Bad debt expense		-			-			151,250
Other non-cash expenses		-			-			155,567
Changes in assets and liabilities:
Other current and non current assets		186,285			(1,496,714	)		(2,039,307	)
Accounts payable and accrued expenses		(7,731	)		433,430			3,012,538
Accrued interest		37,168			349,981			1,111,115
Wages payable		71,861			389,482			1,096,284
NET CASH FLOWS USED IN OPERATING ACTIVITIES		(3,491,753	)		(2,377,940	)		(32,631,572	)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(186,914	)		-			(4,725,471	)
Proceeds from sale of mining interest		750,000			-			3,891,155
Proceeds from sale of Tamaya Common Stock		-			-			4,957,737
Proceeds from sale of investment in common stock of Sterlite Gold		-			-			246,767
Proceeds from the sale of minority interest in joint venture pending		3,687,460			-			3,687,460
Investment in joint ventures		-			-			(260,000	)
Investment in mining licenses		-			-			(5,756,101	)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES		4,250,546			-			2,041,547
FINANCING ACTIVITIES:
Net proceeds from private placement offering		-			-			18,155,104
Repurchase of common stock		-			-			(25,000	)
Advance from customer		-			432,246			168,722
Proceeds from secured line of credit		-			2,167,523			3,189,374
Repayment of secured line of credit		(410,976	)		-			(1,052,313	)
Note payable to Directors		(15,954	)		92,500			4,387,375
Warrants exercised		25,000			-			2,597,250
NET CASH FLOWS PROVIDED BY/(USED) IN FINANCING ACTIVITIES		(401,930	)		2,692,269			27,420,512
EFFECT OF EXCHANGE RATE ON CASH		(144,286	)		85,033			3,384,821
NET INCREASE IN CASH		212,577			399,362			215,308
CASH AND CASH EQUIVALENTS - beginning of period		14,083			29,551			11,352
CASH AND CASH EQUIVALENTS - end of period	$	226,660		$	428,913		$	226,660
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	$	-		$	-		$	2,683
Interest paid	$	197,396		$	124,345		$	540,535
Noncash Transactions:
Stock issued for deferred compensation	$	-		$	2,000		$	3,871,217
Stock forfeited for deferred compensation	$	-		$	-		$	742,500
Stock issued for mine acquisition	$	-		$	-		$	1,227,500
Stock issued for notes payable	$	-		$	-		$	5,337,643
Stock issued for wages payable	$	300,000		$	-		$	300,000
Stock cancelled for receivable settlement	$	-		$	-		$	77,917
Mine acquisition costs in accounts payables	$	-		$	-		$	50,697

The accompanying notes are an integral part of these unaudited consolidated financial statements

6

GLOBAL GOLD CORPORATION

 (An Exploration Stage Company)

Notes to Unaudited Consolidated Financial Statements

September 30, 2011

1. ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS FOR PRESENTATION

The accompanying consolidated financial statements present the available exploration stage activities information of the Company from January 1, 1995, the period commencing the Company's operations as Global Gold Corporation (the "Company" or "Global Gold") and Subsidiaries, through September 30, 2011.

The accompanying consolidated 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 consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the December 31, 2010 annual report on Form 10-K. The results of operations for the nine month period ended September 30, 2011 are not necessarily indicative of the operating results to be expected for the full year ended December 31, 2011. The Company operates in a single segment of activity, namely the acquisition of certain mineral property, mining rights, and their subsequent development.

The consolidated financial statements at September 30, 2011, and for the period then ended were prepared assuming that the Company would continue as a going concern. Since its inception, the Company, an exploration stage company, has generated revenues of $551,152 (other than interest income, the proceeds from the sales of interests in mining ventures, and the sale of common stock of marketable securities) while incurring operating losses of approximately $42 million. Management has held discussions with additional investors and institutions interested in financing the Company's projects. However, there is no assurance that the Company will obtain the financing that it requires or will achieve profitable operations. The Company is expected to incur additional losses for the near term until such time as it would derive substantial revenues from the Chilean and Armenian mining interests acquired by it or other future projects in Armenia or Chile. These matters raised substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements at September 30, 2011 and for the period then ended did not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Global Gold is currently in the exploration stage. It is engaged in exploration for, and development and mining of, gold, silver, and other minerals in Armenia, Canada and Chile. Until March 31, 2011, the Company's headquarters were located in Greenwich, Connecticut and as of April 1, 2011 the Company’s headquarters are in Rye, NY.  Its subsidiaries maintain offices and staff in Yerevan, Armenia, and Santiago, Chile. The Company was incorporated as Triad Energy Corporation in the State of Delaware on February 21, 1980 and, as further described below, conducted other business prior to January 1, 1995. During 1995, the Company changed its name from Triad Energy Corporation to Global Gold Corporation to pursue certain gold and copper mining rights in the former Soviet Republics of Armenia and Georgia. The Company has not established proven and probable reserves, in accordance with SEC Industry Guide 7, at any of its properties.  The Company's stock is publicly traded. The Company employs approximately 100 people globally on a year round basis and an additional 200 people on a seasonal basis.   

In Armenia, the Company’s focus is primarily on the exploration, development and production of gold at the Tukhmanuk property in the North Central Armenian Belt.  The Company is also focused on the exploration and development of the Marjan and an expanded Marjan North property.  In addition, the Company is exploring and developing other sites in Armenia, including the Company’s Getik property.  The Company also holds royalty and participation rights in other locations in the country through affiliates and subsidiaries.

7

In Chile, the Company’s focus is primarily on the exploration, development and production of gold at the Pureo property in south central Chile, near Valdivia.  The Company is also engaged in identifying exploration and production opportunities at other locations in Chile.

In Canada, the Company has engaged in uranium exploration activities in the provinces of Newfoundland and Labrador, but has phased out this activity, retaining a royalty interest in the Cochrane Pond property in Newfoundland.

The Company also assesses exploration and production opportunities in other countries.

The subsidiaries of which the Company operates are as follows:

On January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as wholly owned subsidiaries, in the State of Delaware. These companies were formed to be equal joint owners of a Chilean limited liability company, Minera Global Chile Limitada ("Minera Global"), formed as of May 6, 2003, for the purpose of conducting operations in Chile.

On August 18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a wholly owned subsidiary, which in turn formed Global Gold Mining LLC ("Global Gold Mining"), as a wholly owned subsidiary, both in the State of Delaware. Global Gold Mining was qualified to do business as a branch operation in Armenia and owns assets, royalty and participation interests, as well as shares of operating companies in Armenia.

On December 21, 2003, Global Gold Mining acquired 100% of the Armenian limited liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July 21, 2006), which held the license to the Hankavan and Marjan properties in Armenia.  On December 18, 2009, the Company entered into an agreement with Caldera outlining the terms of a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”).  On March 12, 2010, GGH transferred the rights, title and interest for the Marjan property to Marjan Mining Company, a limited liability company incorporated under the laws of the Republic of Armenia (“Marjan RA”).  An involuntary bankruptcy petition was filed against GGH which was granted and was appealed.  On July 22, 2011 the Armenian Court of Cassation endorsed GGH’s claim to dismiss the bankruptcy.  On June 18, 2010, the Company closed Marjan JV leaving the Company with a 45% interest.  On October 7, 2010, the Company terminated the Marjan JV for Caldera’s non-payment and non-performance.  Recently, the Company also learned that the TSX Venture Exchange never approved the actual, executed march 24, 2010 amended Marjan JV agreement, which was a condition precedent.  On July 29, 2011, an Armenian court decided that Global Gold Mining owns 100% of the Marjan Mining Company.  See Legal Matters for an update on the Marjan JV.

On August 1, 2005, Global Gold Mining acquired 51% of the Armenian limited liability company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining property and seven surrounding exploration sites.  On August 2, 2006, Global Gold Mining acquired the remaining 49% interest of Mego-Gold, LLC, leaving Global Gold Mining as the owner of 100% of Mego-Gold, LLC.  See Agreements Section for an update on Mego-Gold, LLC.

On January 31, 2006, Global Gold Mining closed a transaction to acquire 80% of the Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company, LLC") and it’s approximately 27 square kilometer Getik gold/uranium exploration license area in the northeast Geghargunik province of Armenia.  As of May 30, 2007, Global Gold Mining acquired the remaining 20% interest in Getik Mining Company, LLC, leaving Global Gold Mining as the owner of 100% of Getik Mining Company, LLC.  See Agreements Section for an update on Getik Mining Company, LLC.

On January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate the Company's uranium exploration activities in Canada.

8

On August 9, 2007 and August 19, 2007, the Company, through Minera Global, entered agreements to form a joint venture and on October 29, 2007, the Company closed its joint venture agreement with members of the Quijano family (“Quijano”) by which Minera Global assumed a 51% interest in the placer and hard rock gold Madre de Dios and Pureo properties in south central Chile, near Valdivia. The name of the joint venture company is Compania Minera Global Gold Valdivia S.C.M. (“Global Gold Valdivia” or “GGV”).  On August 14, 2009, the Company amended the above agreement whereby Global Gold Valdivia became wholly owned by the Company and retained only the Pureo Claims Block (approximately 8,200 hectares), transferring the Madre De Dios claims block to the sole ownership to members of the Quijano family.  On October 27, 2010, the Company entered into an agreement with Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in GGV.  See Agreements Section for an update on GGV.

The accompanying consolidated financial statements present the available exploration stage activities information of the Company from January 1, 1995, the period commencing the Company's operations as Global Gold Corporation and Subsidiaries, through September 30, 2011.

2. RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENT

The Company is hereby restating its quarterly financial statements as of September 30, 2011, originally filed on November 21, 2011.  The purpose of this filing is to reflect amounts received pursuant to various agreements relating to the Company's joint venture with Consolidated Resources USA LLC and affiliates as liabilities pending the closing or termination of the contemplated joint venture.  The Company has reclassified the related amounts, $3,687,460 as of September 30, 2011, as a liability (see Note 8).  As a result of this reclassification, Other Income in the financial statements decreased by $3,612,460, General and Administrative expense increased by $75,000, and the Net Loss and Comprehensive Loss increased by $3,687,460.  The Net Loss Per Share increased to $0.03.

The following tables present the reclassifications made herein of the Company’s previously issued consolidated balance sheet, consolidated statement of operations and comprehensive loss, and consolidated statement of cash flows as of September 30, 2011.

9

CONSOLIDATED BALANCE SHEET

September 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
ASSETS
CURRENT ASSETS:
Cash	$	226,660		$	-		$	226,660
Inventories		901,572			-			901,572
Tax refunds receivable		134,084			-			134,084
Prepaid expenses		13,907			-			13,907
Other current assets		68,548			-			68,548
TOTAL CURRENT ASSETS		1,344,771			-			1,344,771
LICENSES, net of accumulated amortization of $2,066,392		1,143,544			-			1,143,544
ASSETS HELD FOR SALE, net of accumulated amortization of $540,518		1,123,127			-			1,123,127
DEPOSITS ON CONTRACTS AND EQUIPMENT		590,878			-			590,878
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $2,710,009		1,288,041			-			1,288,041
	$	5,490,361		$	-		$	5,490,361
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	2,320,205		$	-		$	2,320,205
Wages payable		796,284			-			796,284
Employee loans		259,400			-			259,400
Advance from customer		168,722			-			168,722
Deposit on sale of property		1,000,000			-			1,000,000
Minority interest in joint venture pending		-			3,687,460			3,687,460
Secured line of credit - short term portion		684,000			-			684,000
Current portion of note payable to Directors		11,673			-			11,673
TOTAL CURRENT LIABILITIES		5,240,284			3,687,460			8,927,744
SECURED LINE OF CREDIT - LONG TERM PORTION		1,667,835			-			1,667,835
TOTAL LIABILITIES		6,908,119			3,687,460			10,595,579
STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 100,000,000 shares authorized; 83,040,475 at June 30, 2011 shares issued and outstanding		83,041			-			83,041
Additional paid-in-capital		37,675,696			-			37,675,696
Accumulated deficit prior to development stage		(2,907,648	)		-			(2,907,648	)
Deficit accumulated during the development stage		(38,616,896	)		(3,687,460	)		(42,304,356	)
Accumulated other comprehensive income		2,348,049			-			2,348,049
TOTAL STOCKHOLDERS' DEFICIT		(1,417,758	)		(3,687,460	)		(5,105,218	)
	$	5,490,361		$	-		$	5,490,361

10

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

THREE MONTHS ENDED SEPTEMBER 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	-		$	-		$	-
COST OF GOODS SOLD		-			-			-
GROSS PROFIT		-			-			-
(INCOME)/EXPENSES:
General and administrative		846,431			-			846,431
Mining and exploration costs		1,067,263			-			1,067,263
Amortization and depreciation		162,931			-			162,931
Write-off on investment		-			-			-
Gain on sale of investment		-			-			-
Loss/(Gain) from investment in joint ventures		-			-			-
Interest expense		104,805			-			104,805
Bad debt expense		-			-			-
Loss on foreign exchange		-			-			-
Gain on extinguishment of debt		-			-			-
Other income		(1,640,000	)		1,640,000			-
Interest income		(268	)		-			(268	)
TOTAL (INCOME)/EXPENSES		541,162			1,640,000			2,181,163
Income/(Loss) from Continuing Operations		(541,162	)		(1,640,000	)		(2,181,163	)
Discontinued Operations:
Loss from discontinued operations		-			-			-
Loss on disposal of discontinued operations		-			-			-
Net Income/(Loss) Applicable to Common Shareholders		(541,162	)		(1,640,000	)		(2,181,163	)
Foreign currency translation adjustment		(159,760	)		-			(159,760	)
Unrealized gain/(loss) on investments		-			-			-
Comprehensive Net Income/(Loss)	$	(700,922	)	$	(1,640,000	)	$	(2,340,923	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.01	)				$	(0.03	)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED		83,040,475						83,040,475

11

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

NINE MONTHS ENDED SEPTEMBER 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	-		$	-		$	-
COST OF GOODS SOLD		-			-			-
GROSS PROFIT		-			-			-
(INCOME)/EXPENSES:
General and administrative		2,121,703			75,000			2,196,703
Mining and exploration costs		1,543,839			-			1,543,839
Amortization and depreciation		591,958			-			591,958
Write-off on investment		-			-			-
Gain on sale of investment		-			-			-
Loss/(Gain) from investment in joint ventures		-			-			-
Interest expense		329,121			-			329,121
Bad debt expense		-			-			-
Loss on foreign exchange		-			-			-
Gain on extinguishment of debt		-			-			-
Other income		(3,612,460	)		3,612,460			-
Interest income		(674	)		-			(674	)
TOTAL (INCOME)/EXPENSES		973,487			3,687,460			4,660,947
Income/(Loss) from Continuing Operations		(973,487	)		(3,687,460	)		(4,660,947	)
Discontinued Operations:
Loss from discontinued operations		-			-			-
Loss on disposal of discontinued operations		-			-			-
Net Income/(Loss) Applicable to Common Shareholders		(973,487	)		(3,687,460	)		(4,660,947	)
Foreign currency translation adjustment		(222,604	)		-			(222,604	)
Unrealized gain/(loss) on investments		-			-			-
							$
Comprehensive Net Income/(Loss)		(1,196,091	)	$	(3,687,460	)	$	(4,883,551	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.01	)				$	(0.06	)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED		80,487,911						80,487,911

12

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

CUMULATIVE AMOUNT FROM JANUARY 1, 1995 THROUGH SEPTEMBER 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	551,152		$	-		$	551,152
COST OF GOODS SOLD		189,998			-			189,998
GROSS PROFIT		361,154			-			361,154
(INCOME)/EXPENSES:
General and administrative		23,555,030			75,000			23,630,030
Mining and exploration costs		16,137,828			-			16,137,828
Amortization and depreciation		5,697,038			-			5,697,038
Write-off on investment		176,605			-			176,605
Gain on sale of investment		(2,779,778	)		-			(2,779,778	)
Loss/(Gain) from investment in joint ventures		(2,523,701	)		-			(2,523,701	)
Interest expense		2,012,755			-			2,012,755
Bad debt expense		151,250			-			151,250
Loss on foreign exchange		193,852			-			193,852
Gain on extinguishment of debt		(289,766	)		-			(289,766	)
Other income		(3,612,460	)		3,612,460			-
Interest income		(364,825	)		-			(364,825	)
TOTAL (INCOME)/EXPENSES		38,353,828			3,687,460			42,041,289
Income/(Loss) from Continuing Operations		(37,992,674	)		(3,687,460	)		(41,680,135	)
	`			`			`
Discontinued Operations:
Loss from discontinued operations		386,413			-			386,413
Loss on disposal of discontinued operations		237,808			-			237,808
Net Income/(Loss) Applicable to Common Shareholders		(38,616,895	)		(3,687,460	)		(42,304,356	)
Foreign currency translation adjustment		1,994,575			-			1,994,575
Unrealized gain/(loss) on investments		353,475			-			353,475
Comprehensive Net Income/(Loss)	$	(36,268,845	)	$	(3,687,460	)	$	(39,956,306	)

13

CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
OPERATING ACTIVITIES:
Net loss	$	(973,487	)	$	(3,687,460	)	$	(4,660,947	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		42,564			-			42,564
Stock option expense		7,089			-			7,089
Amortization expense		265,316			-			265,316
Depreciation expense		326,642			-			326,642
Stock based compensation		240,000			-			240,000
Write-off of investment		-			-			-
Loss on disposal of discontinued operations		-			-			-
Gain from investment in joint ventures		-			-			-
Gain on extinguishment of debt		-			-			-
Gain on sale of investments		-			-			-
Bad debt expense		-			-			-
Other non-cash expenses		-			-			-
Changes in assets and liabilities:
Other current and non current assets		186,285			-			186,285
Accounts payable and accrued expenses		(7,731	)		-			(7,731	)
Accrued interest		37,168			-			37,168
Wages payable		71,861			-			71,861
NET CASH FLOWS PROVIDED BY/(USED) IN OPERATING ACTIVITIES		195,707			(3,687,460	)		(3,491,753	)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(186,914	)		-			(186,914	)
Proceeds from sale of mining interest		750,000			-			750,000
Proceeds from sale of Tamaya Common Stock		-			-			-
Proceeds from sale of investment in common stock of Sterlite Gold		-			-			-
Proceeds from the sale of minority interest in joint venture pending		-			3,687,460			3,687,460
Investment in joint ventures		-			-			-
Investment in mining licenses		-			-			-
NET CASH PROVIDED BY INVESTING ACTIVITIES		563,086			3,687,460			4,250,546
FINANCING ACTIVITIES:
Net proceeds from private placement offering		-			-			-
Repurchase of common stock		-			-			-
Advance from customer		-			-			-
Proceeds from secured line of credit		-			-			-
Repayment of secured line of credit		(410,976	)		-			(410,976	)
Note payable to Directors		(15,954	)		-			(15,954	)
Warrants exercised		25,000			-			25,000
NET CASH FLOWS USED IN FINANCING ACTIVITIES		(401,930	)		-			(401,930	)
EFFECT OF EXCHANGE RATE ON CASH		(144,286	)		-			(144,286	)
NET INCREASE IN CASH		212,577			-			212,577
CASH AND CASH EQUIVALENTS - beginning of period		14,083			-			14,083
CASH AND CASH EQUIVALENTS - end of period	$	226,660		$	-		$	226,660

14

CONSOLIDATED STATEMENTS OF CASH FLOWS

CUMULATIVE AMOUNT FROM JANUARY 1, 1995 THROUGH SEPTEMBER 30, 2011

(Unaudited)

	Previously
	Reported			Adjustments			As Restated
OPERATING ACTIVITIES:
Net loss	$	(38,616,896	)	$	(3,687,460	)	$	(42,304,356	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		3,890,531			-			3,890,531
Stock option expense		1,194,079			-			1,194,079
Amortization expense		2,832,594			-			2,832,594
Depreciation expense		3,090,352			-			3,090,352
Stock based compensation		306,613			-			306,613
Write-off of investment		176,605			-			176,605
Loss on disposal of discontinued operations		237,808			-			237,808
Gain from investment in joint ventures		(2,473,701	)		-			(2,473,701	)
Gain on extinguishment of debt		(289,766	)		-			(289,766	)
Gain on sale of investments		(2,779,778	)		-			(2,779,778	)
Bad debt expense		151,250			-			151,250
Other non-cash expenses		155,567			-			155,567
Changes in assets and liabilities:
Other current and non current assets		(2,039,307	)		-			(2,039,307	)
Accounts payable and accrued expenses		3,012,538			-			3,012,538
Accrued interest		1,111,115			-			1,111,115
Wages payable		1,096,284			-			1,096,284
NET CASH FLOWS USED IN OPERATING ACTIVITIES		(28,944,112	)		(3,687,460	)		(32,631,572	)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(4,725,471	)		-			(4,725,471	)
Proceeds from sale of mining interest		3,891,155			-			3,891,155
Proceeds from sale of Tamaya Common Stock		4,957,737			-			4,957,737
Proceeds from sale of investment in common stock of Sterlite Gold		246,767			-			246,767
Proceeds from the sale of minority interest in joint venture pending		-			3,687,460			3,687,460
Investment in joint ventures		(260,000	)		-			(260,000	)
Investment in mining licenses		(5,756,101	)		-			(5,756,101	)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES		(1,645,913	)		3,687,460			2,041,547
FINANCING ACTIVITIES:
Net proceeds from private placement offering		18,155,104			-			18,155,104
Repurchase of common stock		(25,000	)		-			(25,000	)
Advance from customer		168,722			-			168,722
Proceeds from secured line of credit		3,189,374			-			3,189,374
Repayment of secured line of credit		(1,052,313	)		-			(1,052,313	)
Note payable to Directors		4,387,375			-			4,387,375
Warrants exercised		2,597,250			-			2,597,250
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		27,420,512			-			27,420,512
EFFECT OF EXCHANGE RATE ON CASH		3,384,821			-			3,384,821
NET INCREASE IN CASH		215,308			-			215,308
CASH AND CASH EQUIVALENTS - beginning of period		11,352			-			11,352
CASH AND CASH EQUIVALENTS - end of period	$	226,660		$	-		$	226,660

15

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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.  

Fair Value of Financial Instruments - The Company adopted FASB ASC 820-Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2:     Ovservable market-based inputs or unobservable inputs that are corroborated by market data

Level 3:     Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The Company did not have any Level 2 or Level 3 assets or liabilities as of September 30, 2011 and September 30, 2010.

The Company discloses the estimated fair values for all financial instruments for which it is practicable to estimate fair value. As of September 30, 2011 and September 30, 2010, the fair value short-term financial instruments including cash, receivables, and accounts payable and accrued expenses, approximates book value due to their short-term duration.

Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy.

16

In addition, the Financial Accounting Standards Board (“FASB”) issued, “The Fair Value Option for Financial Assets and Financial Liabilities,” effective for January 1, 2008. This guidance expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value option for any of its qualifying financial instruments.

Inventories - Inventories consists of the following at September 30, 2011 and December 31, 2010:

	September 30,		December 31,
	2011		2010
Ore	$	636,181	$	560,560
Concentrate		34,237		3,994
Materials, supplies and other		231,154		175,542
Total Inventories	$	901,572	$	740,096

Ore inventories consist of unprocessed ore at the Tukhmanuk mining site in Armenia. The unprocessed ore and concentrate are stated at the lower of cost or market.

Deposits on Contracts and Equipment - The Company has made several deposits for purchases, the majority of which is for the potential acquisition of new properties, and the remainder for the purchase of mining equipment.

Tax Refunds Receivable - The Company is subject to Value Added Tax ("VAT tax") on all expenditures in Armenia at the rate of 20%. The Company is entitled to a credit against this tax towards any sales on which it collects VAT tax. The Company is carrying a tax refund receivable based on the value of its in-process inventory which it intends on selling in the next twelve months, at which time they will collect 20% VAT tax from the purchaser which the Company will be entitled to keep and apply against its credit.

Net Loss Per Share - Basic net loss per share is based on the weighted average number of common and common equivalent shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented in the consolidated financial statements as their effect would be anti-dilutive.  The total number of warrants plus options that are exercisable at September 30, 2011 and September 30, 2010 was 4,919,167 and 6,954,167, respectively.

Stock Based Compensation - The Company periodically issues shares of common stock for services rendered or for financing costs. Such shares are valued based on the market price on the transaction date.  The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs.

The Company accounts for the grant of stock and warrants awards in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718).  ASC 718 requires companies to recognize in the statement of operations the grant-date fair value of warrants and stock options and other equity based compensation.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.

17

For the nine months ended September 30, 2011 and 2010, net loss and loss per share include the actual deduction for stock-based compensation expense. The total stock-based compensation expense for the nine months ended September 30, 2011 and 2010 was $289,653 and $116,411, respectively. The expense for stock-based compensation is a non-cash expense item.

Comprehensive Income - The Company has adopted ASC Topic 220, “Comprehensive Income.”  Comprehensive income is comprised of net income (loss) and all changes to stockholders' equity (deficit), except those related to investments by stockholders, changes in paid-in capital and distribution to owners.

The following table summarizes the computations reconciling net loss to comprehensive loss for the nine months ended September 30, 2011 and 2010.

	Nine Months Ending September 30,
	2011			2010
Net loss	$	(4,660,947	)	$	(2,740,819	)
Foreign currency translation adjustment		(222,604	)		(157,920	)
Unrealized gain arising		-			(31,113	)
Comprehensive loss	$	(4,883,551	)	$	(2,929,852	)

Income Taxes - Income taxes are accounted for in accordance with the provisions of FASB ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.

Acquisition, Exploration and Development Costs - Mineral property acquisition costs are capitalized. Additionally, mine development costs incurred either to develop new ore deposits and constructing new facilities are capitalized until operations commence.  All such capitalized costs are amortized using a straight-line basis on a range from 1-10 years, based on the minimum original license term at acquisition, but do not exceed the useful life of the capitalized costs.  Upon commercial development of an ore body, the applicable capitalized costs would then be amortized using the units-of-production method.  Exploration costs, costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations.  Costs of abandoned projects are charged to operations upon abandonment.  The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded.  The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected cash flows and/or estimated salvage value in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long-Lived Assets."

Foreign Currency Translation - The assets and liabilities of non-U.S. subsidiaries are translated into U.S. Dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of stockholders' equity.  

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 the accounts of the Company and more-than-50%-owned subsidiaries that it controls.   Inter-company balances and transactions have been eliminated in consolidation.

Depreciation, Depletion and Amortization - Capitalized costs are depreciated or depleted using the straight-line method over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 1 to 20 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually.

18

Impairment of Long-Lived Assets - Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment at least annually, or upon the occurrence of other events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We estimate the net realizable value of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment and the value associated with property interests. All assets at an operating segment are evaluated together for purposes of estimating future cash flows.

Licenses - Licenses are capitalized at cost and are amortized on a straight-line basis on a range from 1 to 10 years, but do not exceed the useful life of the individual license.  At September 30, 2011 and 2010, amortization expense totaled $265,316 and $348,465, respectively.

Reclamation and Remediation Costs (Asset Retirement Obligations) - Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management's current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations. The Company has accrued approximately $30,000 as of September 30, 2011 and December 31, 2010 which it needs to pay towards it environmental costs which remain unpaid as of the date of this filing. 

It is possible that, due to uncertainties associated with defining the nature and extent of environmental contamination and the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future.

Revenue Recognition - Sales are recognized and revenues are recorded when title transfers and the rights and obligations of ownership pass to the customer. The majority of the company's metal concentrates are sold under pricing arrangements where final prices are determined by quoted market prices in a period subsequent to the date of sale. In these circumstances, revenues are recorded at the times of sale based on forward prices for the expected date of the final settlement.  The Company recognized $0 and $94,943, respectively, for the nine months ended September 30, 2011 and 2010 of sales from its Tukhmanuk property in Armenia.  The Company also possesses Net Smelter Return (“NSR”) royalty from non-affiliated companies.  As the non-affiliated companies recognize revenue, as per above, the Company is entitled to its NSR royalty percentage and royalty income is recognized and recorded.  The Company did not recognize any royalty income for the nine months ended September 30, 2011 and 2010.  

New Accounting Standards:

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to our consolidated financial statements.

19

4. PROPERTY, PLANT AND EQUIPMENT

The following table illustrates the capitalized cost less accumulated depreciation arriving at the net carrying value on our books at September 30, 2011 and December 31, 2010.

	September 30,			December 31,
	2011			2010
Property, plant and equipment	$	3,998,050		$	4,012,540
Less accumulated depreciation		(2,710,009	)		(2,442,299	)
	$	1,288,041		$	1,570,241

The Company had depreciation expense for the nine months ended September 30, 2011 and 2010 of $326,642 and $424,801, respectively.

5. OTHER RECEIVABLE

As of September 30, 2011, the Company was owed 500,000 shares of Caldera Common Stock, and a minimum of $1,350,000 plus interest at 10% from Caldera Resources per the terms of the Marjan JV agreement.  The Company has decided to not carry this receivable as an asset, even though the Company is in arbitration to have Caldera perform its obligations, because Caldera has not performed its obligations to Global per the Marjan JV agreement as further described in the Agreements Section and Legal Proceedings.

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

As of September 30, 2011 and December 31, 2010, the accounts payable and accrued expenses consisted of the following:

	September 30,		December 31,
	2011		2010
Drilling work payable	$	323,677	$	313,324
Accounts payable		1,871,071		1,858,991
Accrued expenses		125,457		91,683
	$	2,320,205	$	2,263,998

7. DEPOSIT ON SALE OF PROPERTY

On October 29, 2010, the Company received an advance of $250,000 from Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in the Compania Minera Global Gold Valdivia S.C.M. company (“GGV”) which holds the Pureo mining assets in Chile, as further described in the Agreements section below.   In the first quarter of 2011, the Company received an additional $750,000 of funding as required to complete the sale with Conventus.  As of September 30, 2011, the Company is carrying the $1,000,000 deposit as a liability until such time as the Company has finalized the sale agreement in Chile and transferred the licenses to Conventus which it is in the process of completing.  

20

8. MINORITY INTEREST IN JOINT VENTURE PENDING

The Company received $3,687,460 from a joint venture of the $5,000,000 total commitment, as fully described below, and is carrying this $3,687,460 as a liability pending closing or termination of the joint venture.  Subject to satisfaction of the contractual terms and conditions, the joint venture agreement calls for a closing date of April 26, 2012.

As of  March 17, 2011, the Company entered into an agreement (the “Formation Agreement”) with Consolidated Resources USA, LLC, a Delaware company (“CRU”) for a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”).  Upon payment of the initial consideration as provided below, Global Gold and CRU will work together for twelve months (the “12 Month Period”) to develop the Properties and cause the Properties to be contributed to a new joint venture company, whose identity and terms will be mutually agreed, (the “JVC”).   Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  

Key terms include CRU paying initial consideration of $5,000,000 as a working capital commitment to Global Gold payable by: a $500,000 advance immediately following the execution of the Formation Agreement (the “Advance”); $1,400,000 payable following the satisfactory completion of due diligence by CRU and the execution of definitive documents in 30 days from the date of this Agreement; and $3,100,000 according to a separate schedule in advance and payable within 5 business days of the end of every calendar month as needed.  

On April 27, 2011, the Company entered into an agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”); and its affiliate CRU, (hereinafter collectively referred to as “CR”), to fund development and form a joint venture on the Properties (the “JV Agreement”).  The JV Agreement was entered pursuant to the Formation Agreement.

CR completed its due diligence with satisfaction, and as of the date of the JV Agreement has completed the funding of the required $500,000 Advance.  Upon the terms and subject to the conditions of JV Agreement, CR will complete the funding of the remaining $4,500,000 of its $5,000,000 working capital commitment related to Toukhmanuk and Getik according to an agreed, restricted funding schedule which includes $1,400,000 payable following the execution of the Agreement and the remaining $3,100,000 payable over the next 12 months with payments occurring within 5 business days of the end of each calendar month as needed.  In addition, Mr. Jeffrey Marvin of CR was elected a member of the Global Gold Board of Directors and attended the Company's annual meeting on June 10, 2011.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  

Pursuant to the JV Agreement, Global Gold and CR are working together for twelve months (the “12 Month Period”) from the date of the JV Agreement to develop the Properties, improve the financial performance and enhance shareholder value.  The JV Agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Global Gold and CR agree to form a new Joint Venture Company (“JVC”) to be established by CR, subject to terms and conditions mutually and reasonably agreed with Global Gold, provided that JVC shall have no liabilities, obligations, contingent or not, or commitments, except pursuant to a shareholders’ agreement.  Global Gold and CR intend to integrate all of Global Gold’s Toukhmanuk and Getik mining and exploration operations into the JVC.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process of being listed on such exchange and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the shareholders agreement.  The JVC will issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a) 51% of the equity of JVC, or (b) $40.0 million in newly issued stock of JVC, calculated based on the volume weighted average price ("VWAP") of such shares over the first 30 (thirty) days of trading following the IPO, assuming issuance of all shares issuable in the IPO, and assuming issuance of all shares issuable as management shares and conversion of the Notes issued under the Instrument (as defined hereinafter) and all other convertible securities and exercise of any warrants or other securities issued in connection with the IPO, such that if following any reverse merger or IPO, the value of $40.0 million in newly issued shares based on VWAP of JVC shares is greater than the Global Gold's 51% equity ownership in JVC valued as above, new shares in JVC will be issued to the Global Gold such that the aggregate value of Global Gold's ownership in JVC is shares having a value of $40.0 million based on VWAP, and the Company shall remain in control of the JVC following the public listing.

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9.  SECURED LINE OF CREDIT

The Company had secured a secured line of credit from Arexim bank in Armenia.  The Company pledged certain mining equipment with an approximate value of $817,550 at its Tukhmanuk property against the line of credit.  The maximum credit was for $656,631.  The credit accrued interest at approximately 15% per year.  In the first quarter of 2011, the Company had paid off the secured line of credit and it was closed.

On March 26, 2010, the Company, through its wholly owned subsidiary Mego Gold, LLC (“Mego”) entered into a credit line agreement for 1 billion Armenian Drams (approximately $2,500,000) with Armbusinessbank Close Joint Stock Company (“ABB”) in Yerevan, Armenia.  The credit line includes a grace period on repayment until April 20, 2011, is not revolving, may be prepaid at any time, and is to be drawn down towards equipment purchases, construction, and expansion of the existing plant and operations to increase production capacity to 300,000 tonnes of ore per year at Mego’s Tukhmanuk property in Armenia.  The loan is for a period of 5 years through March 20, 2015, bears interest at 14% for amounts borrowed, and bears interest at 2% for amount available but not borrowed.  The loan is made and payable in local AMD currency.  As security, 100% of the Mego shares and the mining right certified by the Mining License Agreement #287 with Purpose of Sub-Surface Exploitation and Mining License #HA-L-14/356 issued on August 5, 2005.  The balance owed at September 30, 2011 was $2,351,835 which includes no accrued interest.  The balance has decreased due to principal payments made for April 2011 through September 2011 and offset by foreign currency rates as of September 30, 2011.

10. SEGMENT REPORTING BY GEOGRAPHIC AREA

The Company sells its products primarily to one customer in Europe. The Company performs ongoing credit evaluations on its customers and generally does not require collateral. The Company operates in a single industry segment, production of gold and other precious metals including royalties from other non-affiliated companies production of gold and other precious metals.

For the nine months ending September 30, 2011 and 2010, the Company had revenues of $0 and $94,943, respectively, all in Armenia from a single customer.

The following summarizes identifiable assets by geographic area:

Assets table:

	September 30,		December 31,
	2011		2010
Armenia	$	4,300,185	$	4,833,042
Chile		1,123,986		1,165,085
United States		66,190		12,979
	$	5,490,361	$	6,011,106

The following summarizes operating losses before provision for income tax:

Net Loss table:

	September 30,		September 30,
	2011		2010
Armenia	$	3,730,281	$	1,569,068
Chile		62,701		165,172
United States		867,965		1,006,579
	$	4,660,947	$	2,740,819

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11. CONCENTRATION RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions in the United States and Armenia.  As of September 30, 2011 and December 31, 2010, bank deposits in the United States did not exceed federally insured limits.  As of September 30, 2011 and December 31, 2010, the Company had approximately $183,000 and $9,800, respectively, in Armenian bank deposits and approximately $800 and $800, respectively, in Chilean bank deposits, which may not be insured. The Company has not experienced any losses in such accounts through September 30, 2011 and as of the date of this filing.

The majority of the Company's present activities are in Armenia and Chile. As with all types of international business operations, currency fluctuations, exchange controls, restrictions on foreign investment, changes to tax regimes, political action and political instability could impair the value of the Company's investments.

12. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The Company values shares issued to officers using the fair value of common shares on grant date.

On June 19, 2009, the Company’s independent compensation committee and the board of directors authorized employment amendments and extensions to Messrs. Krikorian, Boghossian, Dulman, and Caesar under the same terms of their prior agreements.

On August 12, 2009, the Company finalized employment agreement amendments and extensions under the same terms of their current contracts which were approved on June 19, 2009 by the Company’s independent compensation committee of the board of director’s to retain key employees, for Messrs. Krikorian, Boghossian, Dulman and Caesar.  Annual compensation terms were not increased.  Mr. Krikorian’s employment agreement was extended for an additional 3 year term from July 1, 2009 through June 30, 2012 with an annual salary of $225,000 and Mr. Krikorian was granted 1,050,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  Mr. Boghossian’s employment agreement was extended for an additional 3 year term from July 1, 2009 through June 30, 2012 with an annual salary of $72,000 and Mr. Boghossian was granted 337,500 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  

Mr. Dulman’s employment agreement was extended for an additional 3 year term from August 1, 2009 through July 31, 2012 with an annual salary of $150,000 and Mr. Dulman was granted 225,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  Mr. Dulman was also granted stock options to purchase 225,000 shares of common stock of the Company at $0.14 per share (based on the closing price at his renewal) vesting in equal quarterly installments over the term of his employment agreement.  Mr. Caesar’s employment agreement was extended for an additional year from August 1, 2009 through July 31, 2010 with an annual salary of $30,000 and Mr. Caesar was granted 20,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  The option grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.  The restricted stock is subject to a substantial risk of forfeiture upon termination of employment with the Company during the term of the Employment Agreements.

On August 18, 2010, the Company and Mr. Caesar, the Company’s Controller, decided to not extend his contract which ended on July 31, 2010.

On August 19, 2010, Mr. Gallagher received 20,000 shares of restricted common stock and stock options to purchase 100,000 of common stock of the Company.  Mr. Gallagher’s contract was previously automatically renewed and extended through December 31, 2010.  On June 18, 2010, pursuant to Mr. Gallagher’s employment agreement extension under his contract and as confirmed by the independent compensation committee and board of directors, Mr. Gallagher was granted 20,000 shares of restricted common stock with 10,000 shares vesting immediately, and 10,000 shares vesting on December 31, 2010.  Mr. Gallagher was also granted stock options to purchase 100,000 shares of common stock of the Company at $0.10 per share, based on the fair market value on June 18, 2010 when they were authorized, vesting on November 19, 2010.  The restricted stock is subject to a substantial risk of forfeiture upon termination of his employment with the Company during the term of the Employment Agreement. 

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On August 19, 2010, the Company issued as directors fees to each of the five directors (Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, and Van Z. Krikorian) stock options to purchase 100,000 shares of common stock of the Company each at $0.10 per share, vesting on November 18, 2010. The option grants were made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan and pursuant to the Board’s June 18, 2010 decision from which date the options were valued.

On August 19, 2010, the Company declared a stock bonus to Dr. Urquhart of 100,000 shares of common stock at $0.10 per share for a total value of $10,000   pursuant to the Board’s June 18, 2010 decision from which date the shares were valued.

On May 3, 2011, the Company issued 250,000 restricted shares of the Company’s Common Stock at $0.15 per share to Rasia, FZE as partial compensation for advisory services in connection with the joint venture agreement with Consolidated Resources.

On June 10, 2011, the Company’s non-interested members of the Board of Directors approved an offering of up to 2,000,000 restricted shares of the Company’s Common Stock, at the current fair market value of $0.15 per share, in aid of settlement of up to $300,000 of this debt to extinguish and convert some of the outstanding debt.  As of June 23, 2011, the Company has been given acceptance for the entire conversion.  The transaction will benefit the Company by reducing the current debt by $300,000 and eliminating the interest from continuing to accrue on these debts.  On June 23, 2011, the Company issued a total of 2,000,000 shares of the Company’s common stock which will be restricted in exchange for the debt cancellation.  

On June 23, 2011, the Company issued as directors’ fees to each of the six directors (Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, Jeffrey Marvin and Van Z. Krikorian) 50,000 restricted shares of the Company’s Common Stock at $0.15 per share for a total value of $45,000.  The shares were issued pursuant to the Board’s June 10, 2011 decision from which date the shares were valued.

On June 23, 2011, the Company declared a stock bonus to employees in Armenia and Chile of 800,000 restricted shares of the Company’s Common Stock at $0.15 per share for a total value of $120,000. The shares were issued pursuant to the Board’s June 10, 2011 decision from which date the shares were valued.

On June 23, 2011, the Company issued 250,000 restricted shares of the Company’s Common Stock at $0.15 per share to Rasia, FZE as additional partial compensation for advisory services in connection with the joint venture agreement with Consolidated Resources.

Compensation expense for the nine months ended September 30, 2011 and 2010 was $847,550 and $629,233.  The amount of total deferred compensation amortized for the nine months ended September 30, 2011 and 2010 was $42,564 and $46,822.  

On February 7, 2008, the Company received a short term loan in the amount of $260,000, an additional $280,000 loan on March 10, 2008, and an additional $300,000 loan on April 14, 2008 (collectively, the “Loans”), from Ian Hague, a director of the Company, which Loans accrued interest, from the day they are issued and until the day they are repaid by the Company, at an annual rate of 10%. The Company promised to repay, in full, the Loan and all the Interest accrued thereon on the sooner of: (1) Mr. Hague’s demand after June 6, 2008; or (2) from the proceeds of any financing the company receives over $1,000,000. The Company may prepay this loan in full at any time. But if it is not repaid by June 10, 2008, Mr. Hague had the right, among other rights available to Mr. Hague under the law, to convert the loan plus accrued interest to Common Stock of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  In  addition, Mr. Hague had the right at any time to convert all or a portion of the Loan to the same terms provided to any third party investor or lender financing the company.  In connection with the Loan, pursuant to the Company’s standing policies, including it’s Code of Business Conduct and Ethics and Nominating and Governance Charter, the Board of Directors, acting without the participation of Mr. Hague, reviewed and approved the Loan and its terms, and determined the borrowings to be in the Company’s best interest.  On May 12, 2008, the Company received an advance of $1,500,000 and an additional advance of $800,000 on July 7, 2008 (collectively, the “Advances”), from Mr. Hague.  On September 23, 2008, the Company restructured the Loans and the Advances into a new agreement (the “Loan and Royalty”) which became effective November 6, 2008.  Key terms of the Loan and Royalty include interest accruing from September 23, 2008 until the day the loan is repaid in full at an annual rate of 10% and the Company granting a royalty of 1.75% from distributions to the Company from the sale of gold and all other metals produced from the Madre De Dios property currently included in the Global Gold Valdivia joint venture with members of the Quijano family. 

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Pursuant to two short-term loan agreements dated April 14, 2009 for $32,000 and May 4, 2009 for $20,000 the Company borrowed a total of $52,000 from one of its directors, Nicholas J. Aynilian.  The terms of both agreements included an annual rate of 10% with repayment on the sooner of: (1) demand after June 6, 2009; or (2) from the proceeds of any financing the Company receives.  In addition, if the loans are not repaid by June 10, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  

On April 16, 2009 and April 27, 2009, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $3,000 and $1,000.

On May 13, 2009, pursuant to a loan agreement, the Company borrowed $550,000 from two of its directors Ian Hague ($500,000) and Nicholas J. Aynilian ($50,000). The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after June 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loans are not repaid by June 10, 2009, the lenders had the right, among other rights available, to convert the loans plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lenders also had right until the loans are repaid at any time to convert the terms of the loans to the terms provided to any third party investor or lender financing the Company.  

On August 27, 2009 and September 10, 2009, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $20,000 and $1,500.

On September 14, 2009, pursuant to a loan agreement, the Company borrowed an additional $50,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after November 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 1, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.    

On October 29, 2009, pursuant to a loan agreement, the Company borrowed an additional $60,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after December 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 31, 2009, the lender has the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender has the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

On November 12, 2009, pursuant to a loan agreement, the Company borrowed an additional $10,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after January 1, 2010; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 31, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

On December 10, 2009, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $2,000 to the Company.

On December 28, 2009, pursuant to a loan agreement, the Company borrowed $110,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after February 1, 2010; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by January 31, 2010, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

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On February 2, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made an interest free loan of $5,000 to the Company. The Company repaid $2,500 to Mr. Aynilian on March 1, 2010.

On March 29, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $20,000.

On May 20, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000.

On June 30, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000.

On July, 15, 2010, July 26, 2010, August 17, 2010, September 1, 2010 and September 14, 2010, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $5,000, $7,500, $3,000, $3,000 and $6,000, respectively, to the Company.

On July 1, 2010, July, 15, 2010, August 2, 2010, August 17, 2010 and September 7, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made interest free loans of $5,000, $5,000, $7,500, $3,000 and $9,000, respectively, to the Company.

On October 4, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made an interest free loan of $5,000 to the Company.

On October 4, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000 to the Company.

As of October 10, 2010, the Company owed Drury Gallagher, the Company’s Director and Treasurer, approximately $19,350 for expense reimbursement which bears no interest.  

As of October 15, 2010, the Company had outstanding loans, as discussed above, plus accrued interest totaling $5,312,642.95 from three of the Company’s Directors, Mr. Ian Hague ($5,052,262.27), Mr. Nicholas J. Aynilian ($154,030.68), and Mr. Drury Gallagher ($106,350).  On October 19, 2010, the Company’s non-interested members of the Board of Directors approved a restructuring in aid of settlement of all this debt to extinguish and convert this outstanding debt.  Pursuant to the restructuring, the loans were cancelled and became convertible into shares of the Company’s common stock at $0.15 per share.  As of October 22, 2010, the Company had been given acceptance for the entire conversion.  The transaction benefited the Company by reducing the current debt by $5,312,642.95 and eliminating the interest from continuing to accrue on these debts.  The Company issued a total of 35,417,619 shares of the Company’s common stock which are restricted in exchange for the debt cancellation.  The conversion of debt by Mr. Hague did impact his 1.75% NSR royalty on the Pureo property in Chile and remains in force.

On December 28, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $23,500 to the Company which was repaid as of June 30, 2011.

On January 21, 2011, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $12,500 to the Company which was repaid as of June 30, 2011.

On May 2, 2011, the Company approved amendments to its Charters for the Nominating and Governance Committee, Audit Committee, and Compensation Committee, adopting the corporate governance and director independence provisions of the NYSE Amex.

On June 28, 2011, in connection with its private placement of stock in the Company which closed on December 30, 2008 and pursuant to the decision of the non-interested members of the Board of Directors on October 19, 2010 amending the warrant strike price per share from $0.15 to $0.10, the Company had 25,000 warrants exercised, out of 2,250,000 warrants remaining available of the original 4,750,000 issued with the private placement, for a total of $25,000.  The restricted shares of the Company’s Common Stock were issued pursuant to the exemptions from registration requirements of the Securities Act under Regulation D based upon representations and covenants provided by the respective purchasers.  The Company anticipates that the balance of the 2,250,000 warrants will be exercised.

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As of September 30, 2011, the Company owed Drury Gallagher, the Company’s Director and Treasurer, approximately $11,673 for expense reimbursement which bears no interest and remain unpaid as of the date of this filing.

As of September 30, 2011, the Company owes unpaid wages of approximately $499,000 to management.  The Company is accruing interest at an annual rate of 9% on the net of taxes wages owed to management.  As of September 30, 2011, the Company had accrued interest of approximately $85,000.

As of September 30, 2011, the Company had loans due to employees in Armenia of approximately $259,000 including interest which is accruing at an annual rate of 14%.  

13. AGREEMENTS

On August 9, 2007 and August 19, 2007, the Company, through Minera Global, entered agreements to form a joint venture and on October 29, 2007, the Company closed its joint venture agreement with members of the Quijano family by which Minera Global assumed a 51% interest in the placer and hard rock gold Madre de Dios and Pureo properties.  The name of the joint venture company is Compania Minera Global Gold Valdivia S.C.M. (“Global Gold Valdivia” or “GGV”). 

Key agreement terms for the Madre De Dios joint venture agreement include a 1,000,000 euro payment from Global Gold (paid as of October 30, 2007), and the following joint venture terms equity interests set at 51%-49% in favor of Global Gold; of the 3 directors, two (Mr. Krikorian and Dr. Ted Urquhart, Global's Vice President in Santiago) are appointed by Global Gold; Global Gold commits to finance at least one plant and mining operation within 6 months as well as a mutually agreed exploration program to establish proven reserves, if that is successful, two additional plants/operations will be financed; from the profits of the joint venture, Global Gold will pay its partner an extra share based on the following scale of 28 million euros for (a) 5 million ounces of gold produced in 5 years or (b) 5 million ounces of gold proven as reserves according to Canadian National Instrument 43-101 (“NI 43-101”) standards in 5 years.  The 6 month obligation was amended and extended by the October 27, 2007 Pact to a period of 3 years.  The definitions of proven and probable reserves in NI 43-101 reports differ from the definitions in SEC Industry Guide 7.  Also, the SEC does not recognize the terms “measured resources and indicated resources” or “inferred resources” which are used in NI 43-101 reports.  The Company has not financed any plants as of December 31, 2009.

On July 24, 2009, Global Gold entered into an amendment with members of the Quijano family (“Quijano”) to the October 29, 2007 Global Gold Valdivia joint venture subject to final board approval on or before July 31, 2009 whereby GGV will become wholly owned by Global Gold and retain only the Pureo Claims Block (approximately 8,200 hectares), transferring the Madre De Dios claims block to the sole ownership to members of the Quijano family.  On July 28, 2009, the amendment was approved by the Company’s board of directors.

Key terms of the amendment included that on or before August 15, 2009, GGV transfer to Quijano or his designee one hundred percent (100%) interest in the current GGV claims identified as the Madre De Dios Claims Block and Quijano transfer to Global Gold one hundred percent (100%) interest in the GGV, or its designee, and the remaining claims identified as the Pureo Claims Block.  All transfers were closed in Santiago, Chile on August 14, 2009 which terminated the joint venture.  If GGV does not commence production on a commercial basis on the property being transferred to its sole control pursuant to this agreement within two years (subject to any time taken for permitting purposes), the property shall revert to Quijano.  Quijano shall be entitled a 3% NSR royalty interest in all metals produced from the properties retained in GGV up to a maximum of 27 million Euros, subject to Quijano’s initial repayment of $200,000 to Global Gold. For three years,  GGV or its designee shall have a right of first refusal on any bona fide offers for all or any part of the properties transferred to Quijano (to be exercised within five (5) days).  For three years, Quijano shall also have a right of first refusal on any bona fide offers for all or any part of the properties retained by GGV or its designee (to be exercised within twenty (20) days).

On October 27, 2010, the Company entered into an agreement with Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in the GGV which holds the Pureo mining assets in Chile.  The Company will provide Conventus with consulting services and technical assistance for development, production, exploration, and expansion of the GGV mining properties in further consideration of the payment terms below.

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Key terms include that Conventus shall pay $5.0 million USD over four years and two months  payable as follows: $250,000 on or before October 31, 2010; $250,000 on or before November 30, 2010; $500,000 at the closing on or before March 31, 2011; $1,000,000 on or before December 31, 2011; $1,000,000 on or before December 31, 2012; $1,000,000 on or before December 31, 2013; and $1,000,000 on or before December 31, 2014 until $5,000,000 in total has been paid.  If the sale does not close, the Company is responsible for repayment of the $500,000 in payments made prior to closing based on terms contingent upon the reason for the closing to not occur.  Payments to the Company will be secured. As of October 27, 2010, Conventus Ltd shall be solely responsible, at its own expense for all expenses and other matters required by contract or law to comply with conditions related to the Pureo property, and in particular with the July 24, 2009 contractual condition to commence production on a commercial basis on the property being transferred to its sole control pursuant to this agreement on or before August 15, 2011(subject to any time taken for permitting purposes). 

As additional consideration, if within seven years, Conventus or any of its successors produces 150,000 ounces of gold from the GGV property or property in Chile which the Company assists GGV or Conventus in acquiring, then Conventus shall or shall cause GGV to pay the Company a one-off and once only $2,500,000 bonus within 60 days of achieving such production. The closing of the transaction is subject to a definitive agreement and agreement being reached with Mr. Ian Hague, with respect to his royalty to the satisfaction of Conventus.  

On March 31, 2011, the Company received the $500,000 closing payment funding Conventus, per the terms of the agreement above.  The total payments made by Conventus are $1,000,000.  Shares of GGV will be transferred in accordance with the agreement but have not been transferred as of the date of this filing.  On August, 12, 2011, Conventus advised the Company that it has received an extension of the August 15, 2011 deadline in the July 24, 2009 contract concerning the Pureo property.  The Company has received the signed written confirmation of that extension.

On October 27, 2009, the Company issued a press release announcing the first stage of approval of reserves for its Toukhmanuk expansion. The Republic of Armenia’s State Natural Resources Agency (the "Agency") issued its certificate based on the proposal of the Agency’s State Geological Expert Commission made during its October 23, 2009 session. The total ore reserve approved  was roughly 21,900,000 tonnes with an average gold grade of 1.62 grams per tonne at a cut off grade of 0.80 grams per tonne and an average silver grade of 4.88 grams per tonne.   Total approved reserves in the C1 and C2 categories are roughly 35.614 tonnes (or 1,145,000 ounces) of gold and 107 tonnes (or 3,440,000 ounces) of silver. In its approval, the Agency added that the “approved reserves entirely correspond to the requirements for Measured and Indicated reserves under International Standards." 

On November 18, 2009, the Company issued a press release announcing that following up on the issuance of the approving a first stage gold reserve, the Republic of Armenia’s State Natural Resources Agency (the “Agency”) has delivered its full decision with backup calculations on November 13, 2009 confirming an additional gold resource in the inferred category. The Agency issued its decision based on the proposal of the Agency’s State Geological Expert Commission made during its October 23, 2009 session. A copy of the official approval and a partial unofficial translation are available on the company’s website www.globalgoldcorp.com .

The approved gold resource in the Inferred category is 35 tonnes (or 1,225,276 ounces), which together with the approved 1.145 million ounces of reserves marks a sharp increase from the 8.0 tonnes approved under GKZ decision N28 of January, 26, 2004. The reserve and resource estimates were concluded at a cutoff grade of 0.8 grams per tonne (please refer to the “Cautionary Note to U.S. Investors” on page 3 of this report). 

On December 18, 2009, the Company entered into an agreement with Caldera Resources Inc. (“Caldera”) outlining the terms for a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”).  

Key terms include that Caldera shall, subject to terms and conditions, earn a 55% interest in the Marjan Gold-Silver-Polymetallic Project after completing a bankable feasibility study on the project or spending US$3.0M on the property.

As additional consideration, Caldera made a non-refundable US$50,000 deposit by December 30, 2009 and issued 500,000 shares of the company on a post-consolidated basis. Caldera will also make a payment of US$100,000 no later than March 30, 2010. A definitive agreement will be signed as soon as possible, upon completion of due diligence review, respective board approvals and any regulatory approval that may be required.  The Company received the US$50,000 deposit on December 29, 2009.  

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On March 24, 2010, the Company entered into an amended agreement with Caldera establishing the terms for a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”) which amends the December 18, 2009 agreement.

Key terms include that Caldera shall own 55% of the shares of a newly created joint venture company, become the operator of the project, and be responsible for all expenses.  To maintain its 55% interest, Caldera is obligated to spend up to US$ 3,000,000 on the Property, issue 500,000 shares of Caldera and make a payment of US$ 100,000 on or before March 30, 2010 to Global Gold Corporation.  The joint venture board shall have two Caldera representatives and one Global Gold representative.  However, certain actions including adoption of the annual operating and capital budgets require unanimous consent.  Should Caldera not perform in accordance with the terms of the Marjan JV, then Global Gold will have 100% interest of the Marjan JV transferred back and Caldera will receive an NSR on the Marjan property equal to .5% for each tranche of US$ 1,000,000 up to a maximum NSR of 3% without any prorating.

Also under the joint venture agreement Caldera will own 100% in the Marjan Gold-Silver Project by making quarterly payments totaling US$ 2,850,000, starting September 30, 2010.  If Caldera misses one of its quarterly payments based on its failure to raise funds from capital markets, it is entitled to an automatic 30 day extension from each quarterly payment; if Caldera defaults on an extended payment then Caldera shall forfeit its shares of the Marjan JV, be relieved of its investment commitment, but still be liable for the payments to Global Gold which shall accrue interest at 10%, and possibly retain a royalty interest as described above.  If Caldera makes its payments and completes its obligations, Global Gold will retain a 1.5% NSR on all production on the Central zone and a 2.5% NSR on all production on the Northern zone.  Caldera can prepay the payments, fulfill the investment commitment, and take 100% interest of the JV at any time.

The agreement was subject to approval by the TSX Venture Exchange and the Board of Directors of the respective companies.  As of April 30, 2010, Caldera paid the Company $100,000 and received TSX Venture Exchange approval on the transaction and was waiting for final approval of its 43-101 to finalize the transaction.  The parties announced that on June 18, 2010, the transaction was closed, but Caldera did not deliver the 500,000 shares.  The Company has also recently learned that the TSX Venture Exchange did not approve the March 24, 2010 agreement but a materially different, option agreement, version which Caldera submitted, unbeknownst to Global Gold, thus failing to meet a condition precedent.

On October 7, 2010, the Company terminated the Marjan JV due to lack of performance by Caldera.  Issues related to the termination of the Marjan JV are pending before an American Arbitration Association proceeding in New York.  Issues related to Caldera’s illegal registration of charter changes in Armenia were decided in Global Gold’s favor on July 29, 2011.  See Legal Proceedings for more information on the Marjan JV termination.

On March 26, 2010, the Company, through its wholly owned subsidiary Mego Gold, LLC (“Mego”) entered into a credit line agreement for 1 billion Armenian Drams (approximately $2,500,000) with Armbusinessbank Close Joint Stock Company (“ABB”) in Yerevan, Armenia.  The credit line includes a grace period on repayment until April 20, 2011, is not revolving, may be prepaid at any time, and is to be drawn down towards equipment purchases, construction, and expansion of the existing plant and operations to increase production capacity to 300,000 tonnes of ore per year at Mego’s Tukhmanuk property in Armenia.  The loan is for a period of 5 years through March 20, 2015, bears interest at 14% for amounts borrowed, and bears interest at 2% for amount available but not borrowed.  The loan is made and payable in local AMD currency.  As security, 100% of the Mego shares and the mining right certified by the Mining License Agreement #287 with Purpose of Sub-Surface Exploitation and Mining License #HA-L-14/356 issued on August 5, 2005.

As of  March 17, 2011, the Company entered into an agreement with Consolidated Resources USA, LLC, a Delaware company (“CRU”) for a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”).  Upon payment of the initial consideration (“Initial Consideration”) as provided below, Global Gold and CRU will work together for twelve months (the “12 Month Period”) to develop the Properties and cause the Properties to be contributed to a new joint venture company “Newco”, whose identity and terms will be mutually agreed, (the “JVC”).  This agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.

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The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the Shareholders Agreement.  Global Gold’s ownership in the JVC shall be the greater value of either 51% or the pro forma value of $40.0 million in newly issued stock of the JVC at the end of the 12 Month Period.  Current Global Gold director Ian Hague and Chairman Van Krikorian will serve on the JVC board, which will reflect the parties’ interests.  CRU and Global Gold will also form a technical committee to oversee exploration and production matters.

Other key terms include CRU paying initial consideration of $5,000,000 as a working capital commitment (“Initial Consideration”) to Global Gold payable by; a $500,000 Advance immediately following the execution of the Agreement (the “Advance”); $1,400,000 payable following the satisfactory completion of due diligence by CRU and the execution of definitive documents in 30 days from the date of this Agreement; and $3,100,000 according to a separate schedule in advance and payable within 5 business days of the end of every calendar month as needed.  

In a proportion to be mutually agreed and payable in 12 months from the date of the signing of a definitive agreement (the “12 Month Period”), $40.0 million in cash and/or newly issued stock of the JVC and a Net Smelter Royalty, if any, to be defined in the definitive agreement (the “Remaining Consideration”).  Any unused working capital from the Initial Consideration is to be added to the Remaining Consideration for payment to Global Gold.  

On April 27, 2011, the Company entered into an agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”); and its affiliate Consolidated Resources USA (“CRU”), LLC, a Delaware limited liability company, (hereinafter collectively referred to as “CR”), to fund development and form a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”)(the “Agreement”).  GGC and CRU previously entered into a binding agreement, subject to the satisfactory completion of due diligence, entitled Agreement for Formation of Joint Venture to Develop Properties, dated March 17, 2011 (the “Formation Agreement”).  The April 27, 2011 Agreement was entered pursuant to the Formation Agreement.

CR completed its due diligence with satisfaction, and as of the date of the Agreement has completed the funding of the required $500,000 Advance.  Upon the terms and subject to the conditions of April 27, 2011 Agreement, CR will complete the funding of the remaining $4,500,000 of its $5,000,000 working capital commitment related to Toukhmanuk and Getik (“Initial Consideration”) according to an agreed, restricted funding schedule which includes $1,400,000 payable following the execution of the Agreement and the remaining $3,100,000 payable over the next 12 months with payments occurring within 5 business days of the end of each calendar month as needed.  Mr. Jeffrey Marvin of CR was elected to join the Global Gold Board and attended the Company's annual meeting on June 10, 2011.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  As of September 30, 2011, the Company has received the full $1,400,000 funding and has received additional funding payments. 

Global Gold and CR will work together for twelve months (the “12 Month Period”) from the date of the Agreement to develop the Properties, improve the financial performance and enhance shareholder value.  The Agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Global Gold and CR agree to form a new Joint Venture Company (“JVC”) to be established by CR, subject to terms and conditions mutually and reasonably agreed with Global Gold, provided that JVC shall have no liabilities, obligations, contingent or not, or commitments, except pursuant to a shareholders’ agreement.  Global Gold and CR intend to integrate all of Global Gold’s Toukhmanuk and Getik mining and exploration operations into the JVC.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process of being listed on such exchange and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the shareholders agreement.  Global Gold’s ownership in the JVC shall be the greater value of either 51% or the pro forma value of $40.0 million in newly issued stock of the JVC at the end of the 12 Month Period.  Current Global Gold director Ian Hague and Chairman Van Krikorian will serve on the JVC board, which will reflect the parties’ interests.  CR and Global Gold will also form a technical committee to oversee exploration and production matters.  This transaction is more particularly described in Exhibit 10.20 below.

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The Company rented office space in a commercial building at 45 East Putnam Avenue, Greenwich, CT where it signed a 5-year lease starting on March 1, 2006 at a starting annual rental cost of $44,200. On October 1, 2006, the Company expanded its office space by assuming the lease of the adjacent office space. The assumed lease had less then one year remaining, through September 30, 2008, at an annual rental cost of $19,500.  The assumed lease was extended for an additional year through September 30, 2009 at an annual rental cost of $22,860 for that period.   The assumed lease was further extended through October 15, 2009 at which point the Company vacated the additional space.  Messrs. Gallagher and Krikorian gave personal guarantees of the Company's performance for the first two years of the lease.   As of April 1, 2011, the Company has moved its corporate headquarters from Greenwich, CT to Rye, NY.  The new contact information is:

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

14. LEGAL PROCEEDINGS

GGH, which is the license holder for the Hankavan and Marjan properties, was the subject of corrupt and improper demands and threats from the former Minister of the Ministry of Environment and Natural Resources of Armenia, Vardan Ayvazian. The Company reported this situation to the appropriate authorities in Armenia and in the United States. Although the Minister took the position that the licenses at Hankavan and Marjan were terminated, other Armenian governmental officials assured the Company to the contrary and Armenian public records confirmed the continuing validity of the licenses. The Company received independent legal opinions that all of its licenses are valid and remain in full force and effect, continued to work at those properties, and engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary, including international arbitration. 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, Mr. Ayvazian The Company filed for arbitration  under the rules under the International Chamber of Commerce, headquartered in Paris, France, ("ICC") on December 29, 2006. The forum for this arbitration is New York City, and the hearing is currently still pending.  On June 25, 2008, the Federal District Court for the Southern District of New York ruled that Mr. Ayvazian was required to appear as a respondent in the ICC arbitration.  On September 5, 2008, the ICC International Court of Arbitration ruled that Mr. Ayvazian shall be a party in accordance with the decision rendered on June 25, 2008 by the Federal District Court for the Southern District of New York.  In addition and based on the US Armenia Bilateral Investment Treaty, Global Gold Mining filed a request for arbitration against the Republic of Armenia for the actions of the former Minister of Environment and Natural Resources with the International Centre for Settlement of Investment Disputes, which is a component agency of the World Bank in Washington, D.C., ("ICSID") on January 29, 2007. On August 31, 2007, the Government of Armenia and Global Gold Mining jointly issued the following statement, "{they} jointly announce that they have suspended the ICSID arbitration pending conclusion of a detailed settlement agreement. The parties have reached a confidential agreement in principle, and anticipate that the final settlement agreement will be reached within 10 days of this announcement." The Company has learned from public records that GeoProMining Ltd., through an affiliate, has become the sole shareholder of an Armenian Company, Golden Ore, LLC, which was granted an illegal and competing license for Hankavan. GeoProMining Ltd. is subject to the 20% obligations as successor to Sterlite Resources, Ltd.  As of February 25, 2008 Global Gold Mining has entered into a conditional, confidential settlement agreement with the Government of the Republic of Armenia to discontinue the ICSID arbitration proceedings. This agreement does not affect the pending ICC arbitration involving similar subject matter.

On June 17, 2010, Global Gold Corporation and its subsidiary Global Gold Mining, LLC (collectively “Global”) and Caldera Resources, Inc (“Caldera”) announced TSX-V approval of their March 24, 2010 joint venture agreement to explore and bring the Marjan property into commercial production.  However, the Company has recently learned that the TSX-V did not approve the fully executed March 24, 2010 joint venture agreement.  Rather, according to its final approval letter, the TSX-V approved a prior and materially different version of the agreement, submitted by Caldera unbeknownst to Global, which the TSX-V described as an “option” in its June 16, 2010 final approval letter.  Thus a condition precedent to the joint venture agreement – TSX-V approval of the March 24, 2010 agreement never took place.  As previously reported, the property is held with a twenty-five year “special mining license,” effective April 22, 2008 and expiring April 22, 2033, which expanded the prior license term and substantially increased the license area.  The license required payments of annual governmental fees and   the performance of work at the property as submitted and approved in the mining plan which includes annual mining at 50,000 tonnes of mineralized rock, as well as exploration work to have additional reserves approved under Armenian Law in order to maintain the license in good standing.  Caldera advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 day termination notices from the government and formed one basis for the October 7, 2010 joint venture termination notice from Global, which Global had agreed to keep the termination notice confidential until October 15, 2010.  

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The joint venture agreement provided that Caldera would be solely responsible for license compliance and conducting the approved mining plan, and that “[i]n the event that Caldera does not, or is otherwise unable to, pursue this project and pay to Global Gold the amounts provided for hereunder, Caldera’s rights to the Property and the shares of Marjan-Caldera Mining LLC shall be forfeited and replaced by a Net Smelter Royalty (the “NSR”).” Caldera did not meet the threshold to earn any NSR under the agreement, and its notice of license non-compliance as well as its failure to pay the consideration required under the JVA resulted in an automatic termination of its rights by operation of the agreement.  The agreement provided that Caldera would deliver 500,000 of its shares to Global, “subject to final approval of this agreement by the TSX Venture Exchange.” Although a TSX Venture Exchange approval specifically authorizing the share issuance was issued in June 2010, Caldera failed to deliver the shares.  Subject to a 30 day extension if it could not raise the funds in capital markets, Caldera agreed to make the following cash payments to the Company on or before the following dates; $300,000 payments on September 30, 2010 and December 31, 2010; $250,000 on March 30, 2011, June 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, June 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012.  Caldera raised sufficient funds, but has not made any of these payments.

In addition, Global’s October 7, 2010 termination notice noted Caldera’s illegal behavior in registering charter changes harmful to and without the consent of Global, material misrepresentations on technical and other matters, and more.  Caldera officials have also engaged in behavior at odds with the Foreign Corrupt Practices Act, which the Company has reported to Armenian and United States Government officials.  In October 2010, two Caldera officials came under criminal investigation in Armenia for fraud, and in September 2010, Global brought a separate action in Armenian court to correct Caldera’s illegal re-registration of shares and charter changes in Armenia.  On July 29, 2011, an Armenian court verdict confirmed that Caldera Resources, Inc.’s registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership of Marjan Mining Company, LLC rests fully with Global Gold Mining, LLC (a wholly owned subsidiary of Global Gold Corporation).  The decision is pending appeal by Caldera.  Global has a security interest freezing the shares of Marjan Mining Company pending the formal turn-over or any appeal.  Based, in part, on a misunderstanding of the June 2010 TSX Venture Exchange approval letter and Caldera’s misrepresentations that payments due to Global Gold were being held in escrow, the criminal investigation of two Caldera officials was declined by prosecutors and the first instance judicial review in Armenia.  In accordance with Armenian law, those decisions are now pending further judicial review.  These Armenian criminal proceedings related to fraud are separate from and do not effect Global Gold’s property rights and the Foreign Corrupt Practices Act matter.

Separately, there is an arbitration pending in New York whereby Caldera is seeking confirmation through the American Arbitration Association of the joint venture’s existence plus damages for alleged breaches of contract and fiduciary duties, and Global is seeking an award declaring that the JVA is not in effect and awarding damages of more than $850,000 of accrued but unpaid amounts at the contractual rate of 10% interest, the 500,000 shares of stock Caldera failed to deliver in June 2010, and damages for Caldera’s other breaches, non-performance, and attacks on Global.  

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect the Company’s consolidated financial statements or results of operations.   The Company has been brought to court by several former employees and contractors for unpaid salaries and invoices, respectively, as well as some penalties for non payment which totals approximately $350,000.  The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $130,000 as of June 30, 2011.   The Company is currently, and will continue to, vigorously defending its position in courts against these claims that are without merit.  The Company is also negotiating directly with these individuals outside of the courts in attempt to settle based on the amounts of the actual amounts due as recorded by the Company in exchange for prompt and full payment.

15. SUBSEQUENT EVENTS

On October 17, 2011, the Company issued a press release announcing that an updated NI-43-101 format independent technical report prepared by Behre Dolbear International Limited has been completed for the Toukhmanuk and Getik properties in Armenia and reporting on new discoveries at Toukhmanuk.

On October 25, 2011, the Company sold and delivered approximately 56 tonnes of gold and silver concentrate pursuant to its agreement with IM.   The tentative amount due to the Company was $130,924.

On November 7, 2011, the Company issued 500,000 shares to Rasia, a Dubai-based principal advisory company, as the balance of compensation as sole advisor on the Consolidated Resources transaction.

On November 21, 2011, the Company received the balance of the $5 million from Consolidated Resources per the Agreement.

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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-Q. 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-Q.

RESULTS OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2011 AND NINE MONTHS ENDED SEPTEMBER 30, 2010

During the nine month period ended September 30, 2011, the Company had revenue of $0 and $94,943 in the same period last year.  The decrease in revenue is primarily attributable to a decrease in sales of gold concentrate of $94,943.  

During the nine month period ended September 30, 2011, the Company's administrative and other expenses were $2,121,703 which represented an increase of $778,719 from $1,342,984 in the same period last year. The expense increase was primarily attributable increased stock compensation expense of $183,242, legal expense of $369,712 and professional fees of $80,774. 

During the nine month period ended September 30, 2011, the Company's mine exploration costs were $1,543,839 which represented an increase of $1,188,527 from $355,312 in the same period last year.  The expense increase was primarily attributable to the increased activity at the Tukhmanuk Property of $1,231,158, and decreased activity at the Chile property of $40,444, at the Getik Property of $1,237 and at the Marjan Property of $950.

During the nine month period ended September 30, 2011, the Company's amortization and depreciation expenses were $591,958 which represented a decrease of $181,308 from $773,266 in the same period last year. The expense decrease was primarily attributable to a decrease in amortization of $93,149 and depreciation expense of $98,159.

During the nine month period ended September 30, 2011, the Company had interest expense of $329,121 which represented a decrease of $197,034 from $526,155 in the same period last year.  The expense decrease was attributable to a decrease in interest expense of $324,012 on note payable to directors and an increase interest expense of $118,227 on a secured line of credit both due to amounts borrowed.  

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2011, the Company's total assets were $5,490,361, of which $226,660 consisted of cash or cash equivalents.

The Company's plan of operation for at least the next twelve months ending September 30, 2012:

The Company's expected plan of operation for the calendar year 2011 is:

(a) To expedite implementation of the joint venture agreement with Consolidated Resources USA, LLC prior to the agreed twelve month period, to continue to operate expanded mining operations at Tukhmanuk where mining has reached or exceeded 1,000 tonnes per day, to expand the Tukhmanuk plant capacity with two new mills installed to 300,000 tonnes per year, to continue and to expand gold and silver production at the Tukhmanuk property in Armenia, to generate income from offering services from the ISO certified lab operating at Tukhmanuk, and to continue to explore this property to confirm historical reserve reports, and to explore and develop Marjan, Getik and other mining properties in Armenia and to generate cash flow and establish gold, silver and other reserves;

(b) To implement exploration recommendations from the October 17, 2011 Behre Dolbear technical report related to the Toukhmanuk property;

(c) To implement the sale agreement with Conventus Ltd. at the Pureo property in Chile;

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(d) To review and acquire additional mineral bearing properties in Chile, Armenia, and other countries; and

(e) Pursue additional financing through private placements, debt and/or joint ventures.

The Company retained the right until December 31, 2009 to elect to participate at a level of up to 20% with Sterlite Gold Ltd. or any of its affiliates in any exploration project undertaken in Armenia. This agreement is governed by New York law and includes New York courts as choice of forum. On October 2, 2006, Vedanta Resources Plc announced that its tender offer to take control of Sterlite Gold Ltd. was successful which made it a successor to the twenty percent participation with Sterlite Gold Ltd. In September 2007, Vedanta (and Sterlite) announced that they had closed a stock sale transaction with GeoProMining Ltd., which made GeoProMining Ltd. and its affiliates the successors to the 20% participation right.  The Company is now reviewing legal options to enforce the 20% right.

The Company retains the right to participate up to 20% in any new projects undertaken by the Armenian company Sipan 1, LLC and successors to and affiliates of Iberian Resources Limited, which merged with Tamaya Resources Limited, in Armenia, until August 15, 2015.  In addition, the Company has a 2.5% NSR royalty on production from the Lichkvaz-Tei and Terterasar mines as well as from any mining properties in a 20 kilometer radius of the town of Aigedzor in southern Armenia.  On February 28, 2007, Iberian Resources Limited announced its merger with Tamaya Resources Limited.  However, as of December 31, 2008, Iberian Resources and Tamaya filed for bankruptcy in Australia and the Company has taken action to protect its rights.  In 2009, the bankruptcy administrators sold the shares of Sipan 1, LLC to Terranova Overseas company organized in the United Arab Emirates which, on information and belief, includes local and foreign investors and  which also assumes the continuing obligations of Sipan 1, LLC to Global Gold. 

The Company also anticipates spending additional funds in Armenia and Chile for further exploration and development of its other properties as well as acquisition of new properties.  The Company is also reviewing new technologies in exploration and processing.  The Company anticipates that it will issue additional equity or debt to finance its planned activities.  The Company anticipates that it might obtain additional financing from the holders of its Warrants to purchase 4,750,000 shares of Common Stock of the Company at an exercise price of $0.15 per share, which expire on December 9, 2013.  These Warrants were amended to an exercise price of $0.10 per share.   On October 25, 2010, in connection with the aforementioned warrants, the Company had 2,500,000 warrants exercised, out of 4,750,000 warrants available, for a total of $250,000.  On June 28, 2011, the Company had 250,000 warrants exercised for a total of $25,000.  The shares were issued pursuant to the exemptions from registration requirements of the Securities Act under Regulation D based upon representations and covenants provided by the respective purchasers.  The Company anticipates that the balance of the 4,750,000 warrants will be exercised which will provide for an additional $200,000 but these warrants have not been exercised as of the date of this filing.

The Company may engage in research and development related to exploration and processing at Tukhmanuk during 2011, and is purchasing processing plant and equipment assets to expand production.

The Company has received a going concern opinion from its independent public accounting firm.  This means that our auditors believe that there is doubt that we can continue as an on-going business for the next twelve months unless we raise additional capital to pay our bills.  This is because the Company has not generated any substantial revenues.  The Company has been able to continue based upon its receipt of funds from the issuance of equity securities and by acquiring assets or paying expenses by issuing stock, debt, or sale of assets. The Company's continued existence is dependent upon its continued ability to raise funds through the issuance of securities. Management's plans in this regard are to obtain other financing until profitable operation and positive cash flow are achieved and maintained.

Besides the funding from agreements with both Conventus Ltd. and Consolidated Resources USA, LLC, there are no firm commitments from third parties to provide additional financing and the Company needs additional funds in order to conduct any active mining development and production operations in the foreseeable future. Especially in light of the international financial crisis starting in 2008, there can be no assurance that any financing for acquisitions or future projects will be available for such purposes or that such financing, if available, would be on terms favorable or acceptable to the Company.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results or operations, liquidity, capital expenditures or capital resources that is material to investors.

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Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations", included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010.  

New Accounting Standards

Please see Note 2 of the Notes to Financial Statements in this quarterly report concerning new accounting standards.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company does not hold any market risk sensitive instruments nor does it have any foreign currency exchange agreements.  The Company maintains an inventory of unprocessed ore and gold concentrate which are carried on the balance sheet at $670,418 and $564,554, respectively, with our Armenian subsidiary Mego-Gold LLC.  The Company does not maintain any commodity hedges or futures arrangements with respect to this unprocessed ore.

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions in the United States and Armenia.  As of September 30, 2011 and December 31, 2010, bank deposits in the United States did not exceed federally insured limits.  As of September 30, 2011 and December 31, 2010, the Company had approximately $183,000 and $9,800, respectively, in Armenian bank deposits and approximately $800 and $800, respectively, in Chilean bank deposits, which may not be insured. The Company has not experienced any losses in such accounts through September 30, 2011 and as of the date of this filing.

The majority of the Company's present activities are in Armenia and Chile. As with all types of international business operations, currency fluctuations, exchange controls, restrictions on foreign investment, changes to tax regimes, political action and political instability could impair the value of the Company's investments.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of March 31, 2011. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Management's internal control report over financial reporting was not subject to attestation by the Company's independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting except raw material and work in process physical inventories are being performed at the end of each quarter.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

GGH, which is the license holder for the Hankavan and Marjan properties, was the subject of corrupt and improper demands and threats from the former Minister of the Ministry of Environment and Natural Resources of Armenia, Vardan Ayvazian. The Company reported this situation to the appropriate authorities in Armenia and in the United States. Although the Minister took the position that the licenses at Hankavan and Marjan were terminated, other Armenian governmental officials assured the Company to the contrary and Armenian public records confirmed the continuing validity of the licenses. The Company received independent legal opinions that all of its licenses are valid and remain in full force and effect, continued to work at those properties, and engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary, including international arbitration. 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, Mr. Ayvazian The Company filed for arbitration  under the rules under the International Chamber of Commerce, headquartered in Paris, France, ("ICC") on December 29, 2006. The forum for this arbitration is New York City, and the hearing is currently still pending.  On June 25, 2008, the Federal District Court for the Southern District of New York ruled that Mr. Ayvazian was required to appear as a respondent in the ICC arbitration.  On September 5, 2008, the ICC International Court of Arbitration ruled that Mr. Ayvazian shall be a party in accordance with the decision rendered on June 25, 2008 by the Federal District Court for the Southern District of New York.  In addition and based on the US Armenia Bilateral Investment Treaty, Global Gold Mining filed a request for arbitration against the Republic of Armenia for the actions of the former Minister of Environment and Natural Resources with the International Centre for Settlement of Investment Disputes, which is a component agency of the World Bank in Washington, D.C., ("ICSID") on January 29, 2007. On August 31, 2007, the Government of Armenia and Global Gold Mining jointly issued the following statement, "{they} jointly announce that they have suspended the ICSID arbitration pending conclusion of a detailed settlement agreement. The parties have reached a confidential agreement in principle, and anticipate that the final settlement agreement will be reached within 10 days of this announcement." The Company has learned from public records that GeoProMining Ltd., through an affiliate, has become the sole shareholder of an Armenian Company, Golden Ore, LLC, which was granted an illegal and competing license for Hankavan. GeoProMining Ltd. is subject to the 20% obligations as successor to Sterlite Resources, Ltd.  As of February 25, 2008 Global Gold Mining has entered into a conditional, confidential settlement agreement with the Government of the Republic of Armenia to discontinue the ICSID arbitration proceedings. This agreement does not affect the pending ICC arbitration involving similar subject matter.

On June 17, 2010, Global Gold Corporation and its subsidiary Global Gold Mining, LLC (collectively “Global”) and Caldera Resources, Inc (“Caldera”) announced TSX-V approval of their March 24, 2010 joint venture agreement to explore and bring the Marjan property into commercial production.  However, the Company has recently learned that the TSX-V did not approve the fully executed March 24, 2010 joint venture agreement.  Rather, according to its final approval letter, the TSX-V approved a prior and materially different version of the agreement, submitted by Caldera unbeknownst to Global, which the TSX-V described as an “option” in its June 16, 2010 final approval letter.  Thus a condition precedent to the joint venture agreement – TSX-V approval of the March 24, 2010 agreement never took place.  As previously reported, the property is held with a twenty-five year “special mining license,” effective April 22, 2008 and expiring April 22, 2033, which expanded the prior license term and substantially increased the license area.  The license required payments of annual governmental fees and   the performance of work at the property as submitted and approved in the mining plan which includes annual mining at 50,000 tonnes of mineralized rock, as well as exploration work to have additional reserves approved under Armenian Law in order to maintain the license in good standing.  Caldera advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 day termination notices from the government and formed one basis for the October 7, 2010 joint venture termination notice from Global, which Global had agreed to keep the termination notice confidential until October 15, 2010.  

The joint venture agreement provided that Caldera would be solely responsible for license compliance and conducting the approved mining plan, and that “[i]n the event that Caldera does not, or is otherwise unable to, pursue this project and pay to Global Gold the amounts provided for hereunder, Caldera’s rights to the Property and the shares of Marjan-Caldera Mining LLC shall be forfeited and replaced by a Net Smelter Royalty (the “NSR”).” Caldera did not meet the threshold to earn any NSR under the agreement, and its notice of license non-compliance as well as its failure to pay the consideration required under the JVA resulted in an automatic termination of its rights by operation of the agreement.  The agreement provided that Caldera would deliver 500,000 of its shares to Global, “subject to final approval of this agreement by the TSX Venture Exchange.” Although a TSX Venture Exchange approval specifically authorizing the share issuance was issued in June 2010, Caldera failed to deliver the shares.  Subject to a 30 day extension if it could not raise the funds in capital markets, Caldera agreed to make the following cash payments to the Company on or before the following dates; $300,000 payments on September 30, 2010 and December 31, 2010; $250,000 on March 30, 2011, June 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, June 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012.  Caldera raised sufficient funds, but has not made any of these payments.

36

In addition, Global’s October 7, 2010 termination notice noted Caldera’s illegal behavior in registering charter changes harmful to and without the consent of Global, material misrepresentations on technical and other matters, and more.  Caldera officials have also engaged in behavior at odds with the Foreign Corrupt Practices Act, which the Company has reported to Armenian and United States Government officials.  In October 2010, two Caldera officials came under criminal investigation in Armenia for fraud, and in September 2010, Global brought a separate action in Armenian court to correct Caldera’s illegal re-registration of shares and charter changes in Armenia.  On July 29, 2011, an Armenian court verdict confirmed that Caldera Resources, Inc.’s registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership of Marjan Mining Company, LLC rests fully with Global Gold Mining, LLC (a wholly owned subsidiary of Global Gold Corporation).  The decision is pending appeal by Caldera.  Global has a security interest freezing the shares of Marjan Mining Company pending the formal turn-over or any appeal.  Based, in part, on a misunderstanding of the June 2010 TSX Venture Exchange approval letter and Caldera’s misrepresentations that payments due to Global Gold were being held in escrow, the criminal investigation of two Caldera officials was declined by prosecutors and the first instance judicial review in Armenia.  In accordance with Armenian law, those decisions are now pending further judicial review.  These Armenian criminal proceedings related to fraud are separate from and do not effect Global Gold’s property rights and the Foreign Corrupt Practices Act matter.

Separately, there is an arbitration pending in New York whereby Caldera is seeking confirmation through the American Arbitration Association of the joint venture’s existence plus damages for alleged breaches of contract and fiduciary duties, and Global is seeking an award declaring that the JVA is not in effect and awarding damages of more than $850,000 of accrued but unpaid amounts at the contractual rate of 10% interest, the 500,000 shares of stock Caldera failed to deliver in June 2010, and damages for Caldera’s other breaches, non-performance, and attacks on Global.  

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect the Company’s consolidated financial statements or results of operations.   The Company has been brought to court by several former employees and contractors for unpaid salaries and invoices, respectively, as well as some penalties for non payment which totals approximately $350,000.  The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $130,000 as of September 30, 2011.   The Company is currently, and will continue to, vigorously defending its position in courts against these claims that are without merit.  The Company is also negotiating directly with these individuals outside of the courts in attempt to settle based on the amounts of the actual amounts due as recorded by the Company in exchange for prompt and full payment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None

Item 4.

None

Item 5. Other Information.

None

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Item 6. Exhibits.

The following documents are filed as part of this report:

Unaudited Consolidated Financial Statements of the Company, including Balance Sheets as of  September 30, 2011 and as of December 31, 2010; Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2011 and September 30, 2010, and for the exploration stage period from January 1, 1995 through September 30, 2011, and Statements of Cash Flows for the nine months ended September 30, 2011 and September 30, 2010, and for the exploration stage period from January 1, 1995 through September 30, 2011 and the Exhibits which are listed on the Exhibit Index  

Exhibit 3.1  Amended and Restated Certificate of Incorporation of the Company, effective November 20, 2003. (1)

Exhibit 3.2  Amended and Restated Bylaws of the Company, effective November 20, 2003. (2)

Exhibit 10.1  Madre De Dios Mining Property Joint Venture Agreement and Options for Chiloe and Ipun Island  properties dated as of August 9, 2007. (3)

Exhibit 10.2  Commitment to Contribute Mining Concession to a Contractual Mining Company (Unofficial English Translation) dated as of August 19, 2007. (4)

Exhibit 10.3  Contractual Mining Company Agreement (Unofficial English Translation) dated as of October 29, 2007. (5)

Exhibit 10.4  Private Placement Agreement, dated December 8, 2008. (6)

Exhibit 10.5  Employment Agreement, dated as of August 11, 2009, by and between Global Gold Corporation and Van Krikorian. (7)

Exhibit 10.6 Employment Agreement, dated as of August 11, 2009, by and between Global Gold Mining, LLC and Ashot Boghossian. (8)

Exhibit 10.7  Employment Agreement, dated as of August 11, 2009, by and between Global Gold Corporation and Jan Dulman. (9)

Exhibit 10.8  Employment Agreement, dated as of August 11, 2009, by and between Global Gold Corporation and Lester Caesar. (10)

Exhibit 10.9  Armenian State Natural Resources Agency Decision N234 on the Recalculation of Reserves for Toukhmanuk – delivered Friday, November 13, 2009 – Partial Unofficial Translation . (11)

Exhibit 10.10 Material Contract – Marjan Joint Venture Agreement dated as of December 18, 2009. (12)

Exhibit 10.11 Material Contract – Mego Gold, LLC Gold Concentrate Supply Contract with Industrial Minerals SA dated as of February 25, 2010. (13)

Exhibit 10.12 Material Contract – Mego Gold, LLC Security Agreement with Industrial Minerals SA dated as of February 25, 2010. (14)

Exhibit 10.13 Material Contract – Global Gold Corporation Guarantee to Industrial Minerals SA dated as of February 25, 2010. (15)

Exhibit 10.14 Material Contract – Marjan Joint Venture Agreement dated as of March 24, 2010. (16)

Exhibit 10.15 Material Contract – (Unofficial English Translation) Mego Gold, LLC non revolving credit line from Armbusinessbank signed March 26, 2010. (17)

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Exhibit 10.16	Employment Agreement, dated as of August 19, 2010, by and between Global Gold Corporation and Drury Gallagher. (18)
Exhibit 10.17	Material Agreement – Debt cancellation and restructuring with conversion rights. (19)
Exhibit 10.18	Material Agreement – October 27, 2010 signed agreement for the sale of Compania Minera Global Gold Valdivia S.C.M. company to Conventus Ltd. (20)
Exhibit 10.19	Material Contract – Global Gold Corporation and Consolidated Resources USA, LLC Joint Venture Agreement dated as of March 17, 2011. (21)
Exhibit 10.20	Material Contract – Global Gold Corporation and Consolidated Resources Joint Venture Agreement dated as of April 27, 2011. (22)

Exhibit 31.1  Certification of Chief Executive Officer Pursuant to Rule 13a-14 (a) of the  Sarbanes-Oxley Act of 2002.

Exhibit 31.2  Certification of Chief Financial Officer Pursuant to Rule 13a-14 (a) of the  Sarbanes-Oxley Act of 2002.

Exhibit 32.1	Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to  Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation
101.DEF*	XBRL Taxonomy Extension Definition
101.LAB*	XBRL Taxonomy Extension Labels
101.PRE*	XBRL Taxonomy Extension Presentation

* XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 (1) Incorporated herein by reference to Exhibit 3.1 to the Company's annual report on 10-KSB for the year ended December 31, 2007 filed with the SEC on March 31, 2008.

(2) Incorporated herein by reference to Exhibit 3.2 to the Company's annual report on 10-KSB for the year ended December 31, 2007 filed with the SEC on March 31, 2008.

(3) Incorporated herein by reference to Exhibit 10.3 to the Company's current report on Form 8-K filed with the SEC on September 7, 2007.

(4) Incorporated herein by reference to Exhibit 10.4 to the Company's current report on Form 8-K filed with the SEC on September 7, 2007.

(5) Incorporated herein by reference to Exhibit 10.4 to the Company's current report on Form 8-K filed with the SEC on November 1, 2007.

(6) Incorporated herein by reference to Exhibit 10.15 to the Company’s annual report on Form 10-K filed with the SEC on April 15, 2009.

(7) Incorporated herein by reference to Exhibit 10.10 to the quarterly report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.

39

(8) Incorporated herein by reference to Exhibit 10.11 to the quarterly report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.

(9) Incorporated herein by reference to Exhibit 10.12 to the quarterly report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.

(10) Incorporated herein by reference to Exhibit 10.13 to the quarterly report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.

(11) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on November 19, 2009.

(12) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on December 22, 2009.

(13) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on March 2, 2010.

(14) Incorporated herein by reference to Exhibit 10.4 to the Company’s current report on Form 8-K filed with the SEC on March 2, 2010.

(15) Incorporated herein by reference to Exhibit 10.5 to the Company’s current report on Form 8-K filed with the SEC on March 2, 2010.

(16) Incorporated herein by reference to Exhibit 10.4 to the Company’s current report on Form 8-K filed with the SEC on March 25, 2010.

(17) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on March 30, 2010.

(18) Incorporated herein by reference to Exhibit 10.16 to the quarterly report on 10-Q for the second quarter ended June 30, 2010, filed with the SEC on August 23, 2010.

(19) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on October 22, 2010.

(20) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on November 1, 2010.

(21) Incorporated herein by reference to Exhibit 10.3 to the Company’s current report on Form 8-K filed with the SEC on March 21, 2011.

(22) Incorporated herein by reference to Exhibit 10.4 to the Company’s current report on Form 8-K filed with the SEC on May 2, 2011.

40

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBAL GOLD CORPORATION
Date: July 2, 2012	By:	/s/ Van Z. Krikorian
		Van Z. Krikorian
		Chairman and Chief Executive Officer

41

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Van Z. Krikorian, certify that:

1) I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of Global Gold Corporation for the period ended September 30, 2011;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(b)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

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: July 2, 2012	/s/ Van. Z. Krikorian
	Van. Z. Krikorian
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Jan E. Dulman, certify that:

1) I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of Global Gold Corporation for the quarter ended September 30, 2011;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(b)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

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: July 2, 2012	/s/ Jan E. Dulman
	Jan E. Dulman
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC REPORT

Each of the undersigned, in his capacity as an officer of Global Gold Corporation (the "Company”), hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that:

(1) the Amendment No. 1 to the Quarterly Report on Form 10-Q of the Company for the nine months ended September 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 2, 2012	/s/ Van Z. Krikorian
	Van Z. Krikorian
	Chairman and Chief Executive Officer

Date: July 2, 2012	/s/ Jan E. Dulman
	Jan E. Dulman
	Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Note 4. Property, Plant and Equipment

6 Months Ended

Jun. 30, 2011

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY, PLANT AND EQUIPMENT

The following table illustrates the capitalized cost less accumulated depreciation arriving at the net carrying value on our books at September 30, 2011 and December 31, 2010.

	September 30,			December 31,
	2011			2010
Property, plant and equipment	$	3,998,050		$	4,012,540
Less accumulated depreciation		(2,710,009	)		(2,442,299	)
	$	1,288,041		$	1,570,241

The Company had depreciation expense for the nine months ended September 30, 2011 and 2010 of $326,642 and $424,801, respectively.

XML

Note 3. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Significant Accounting Policies [Text Block]

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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.  

Fair Value of Financial Instruments - The Company adopted FASB ASC 820-Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2:     Ovservable market-based inputs or unobservable inputs that are corroborated by market data

Level 3:     Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The Company did not have any Level 2 or Level 3 assets or liabilities as of September 30, 2011 and September 30, 2010.

The Company discloses the estimated fair values for all financial instruments for which it is practicable to estimate fair value. As of September 30, 2011 and September 30, 2010, the fair value short-term financial instruments including cash, receivables, and accounts payable and accrued expenses, approximates book value due to their short-term duration.

Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy.

In addition, the Financial Accounting Standards Board (“FASB”) issued, “The Fair Value Option for Financial Assets and Financial Liabilities,” effective for January 1, 2008. This guidance expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value option for any of its qualifying financial instruments.

Inventories - Inventories consists of the following at September 30, 2011 and December 31, 2010:

	September 30,		December 31,
	2011		2010
Ore	$	636,181	$	560,560
Concentrate		34,237		3,994
Materials, supplies and other		231,154		175,542
Total Inventories	$	901,572	$	740,096

Ore inventories consist of unprocessed ore at the Tukhmanuk mining site in Armenia. The unprocessed ore and concentrate are stated at the lower of cost or market.

Deposits on Contracts and Equipment - The Company has made several deposits for purchases, the majority of which is for the potential acquisition of new properties, and the remainder for the purchase of mining equipment.

Tax Refunds Receivable - The Company is subject to Value Added Tax ("VAT tax") on all expenditures in Armenia at the rate of 20%. The Company is entitled to a credit against this tax towards any sales on which it collects VAT tax. The Company is carrying a tax refund receivable based on the value of its in-process inventory which it intends on selling in the next twelve months, at which time they will collect 20% VAT tax from the purchaser which the Company will be entitled to keep and apply against its credit.

Net Loss Per Share - Basic net loss per share is based on the weighted average number of common and common equivalent shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented in the consolidated financial statements as their effect would be anti-dilutive.  The total number of warrants plus options that are exercisable at September 30, 2011 and September 30, 2010 was 4,919,167 and 6,954,167, respectively.

Stock Based Compensation - The Company periodically issues shares of common stock for services rendered or for financing costs. Such shares are valued based on the market price on the transaction date.  The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs.

The Company accounts for the grant of stock and warrants awards in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718).  ASC 718 requires companies to recognize in the statement of operations the grant-date fair value of warrants and stock options and other equity based compensation.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.

For the nine months ended September 30, 2011 and 2010, net loss and loss per share include the actual deduction for stock-based compensation expense. The total stock-based compensation expense for the nine months ended September 30, 2011 and 2010 was $289,653 and $116,411, respectively. The expense for stock-based compensation is a non-cash expense item.

Comprehensive Income - The Company has adopted ASC Topic 220, “Comprehensive Income.”  Comprehensive income is comprised of net income (loss) and all changes to stockholders' equity (deficit), except those related to investments by stockholders, changes in paid-in capital and distribution to owners.

The following table summarizes the computations reconciling net loss to comprehensive loss for the nine months ended September 30, 2011 and 2010.

	Nine Months Ending September 30,
	2011			2010
Net loss	$	(4,660,947	)	$	(2,740,819	)
Foreign currency translation adjustment		(222,604	)		(157,920	)
Unrealized gain arising		-			(31,113	)
Comprehensive loss	$	(4,883,551	)	$	(2,929,852	)

Income Taxes - Income taxes are accounted for in accordance with the provisions of FASB ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.

Acquisition, Exploration and Development Costs - Mineral property acquisition costs are capitalized. Additionally, mine development costs incurred either to develop new ore deposits and constructing new facilities are capitalized until operations commence.  All such capitalized costs are amortized using a straight-line basis on a range from 1-10 years, based on the minimum original license term at acquisition, but do not exceed the useful life of the capitalized costs.  Upon commercial development of an ore body, the applicable capitalized costs would then be amortized using the units-of-production method.  Exploration costs, costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations.  Costs of abandoned projects are charged to operations upon abandonment.  The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded.  The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected cash flows and/or estimated salvage value in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long-Lived Assets."

Foreign Currency Translation - The assets and liabilities of non-U.S. subsidiaries are translated into U.S. Dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of stockholders' equity.  

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 the accounts of the Company and more-than-50%-owned subsidiaries that it controls.   Inter-company balances and transactions have been eliminated in consolidation.

Depreciation, Depletion and Amortization - Capitalized costs are depreciated or depleted using the straight-line method over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 1 to 20 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually.

Impairment of Long-Lived Assets - Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment at least annually, or upon the occurrence of other events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We estimate the net realizable value of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment and the value associated with property interests. All assets at an operating segment are evaluated together for purposes of estimating future cash flows.

Licenses - Licenses are capitalized at cost and are amortized on a straight-line basis on a range from 1 to 10 years, but do not exceed the useful life of the individual license.  At September 30, 2011 and 2010, amortization expense totaled $265,316 and $348,465, respectively.

Reclamation and Remediation Costs (Asset Retirement Obligations) - Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management's current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations. The Company has accrued approximately $30,000 as of September 30, 2011 and December 31, 2010 which it needs to pay towards it environmental costs which remain unpaid as of the date of this filing. 

It is possible that, due to uncertainties associated with defining the nature and extent of environmental contamination and the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future.

Revenue Recognition - Sales are recognized and revenues are recorded when title transfers and the rights and obligations of ownership pass to the customer. The majority of the company's metal concentrates are sold under pricing arrangements where final prices are determined by quoted market prices in a period subsequent to the date of sale. In these circumstances, revenues are recorded at the times of sale based on forward prices for the expected date of the final settlement.  The Company recognized $0 and $94,943, respectively, for the nine months ended September 30, 2011 and 2010 of sales from its Tukhmanuk property in Armenia.  The Company also possesses Net Smelter Return (“NSR”) royalty from non-affiliated companies.  As the non-affiliated companies recognize revenue, as per above, the Company is entitled to its NSR royalty percentage and royalty income is recognized and recorded.  The Company did not recognize any royalty income for the nine months ended September 30, 2011 and 2010.  

New Accounting Standards:

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to our consolidated financial statements.

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Consolidated Balance Sheets (Unaudited) (USD $)	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash	$ 226,660	$ 14,083
Inventories	901,572	740,096
Tax refunds receivable	134,084	106,910
Prepaid expenses	13,907	7,705
Other current assets	68,548	38,369
TOTAL CURRENT ASSETS	1,344,771	907,163
LICENSES, net of accumulated amortization of $2,066,392 and $1,842,655, respectively	1,143,544	1,367,281
ASSETS HELD FOR SALE, net of accumulated amortization of $540,518 and $498,939, respectively	1,123,127	1,164,226
DEPOSITS ON CONTRACTS AND EQUIPMENT	590,878	1,002,195
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $2,710,009 and $2,442,299, respectively	1,288,041	1,570,241
	5,490,361	6,011,106
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,320,205	2,263,998
Wages payable	796,284	1,024,423
Employee loans	259,400	286,170
Advance from customer	168,722	168,722
Deposit on sale of property	1,000,000	250,000
Minority interest in joint venture pending	3,687,460
Secured line of credit - short term portion	684,000	588,000
Current portion of note payable to Directors	11,673	27,627
TOTAL CURRENT LIABILITIES	8,927,744	4,608,940
SECURED LINE OF CREDIT - LONG TERM PORTION	1,667,835	2,238,486
TOTAL LIABILITIES	10,595,579	6,847,426
STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 100,000,000 shares authorized; 83,040,475 and 79,190,475 at September 30, 2011 and December 31, 2010, respectively, shares issued and outstanding	83,041	79,191
Additional paid-in-capital	37,675,696	37,064,893
Accumulated deficit prior to development stage	(2,907,648)	(2,907,648)
Deficit accumulated during the development stage	(42,304,356)	(37,643,409)
Accumulated other comprehensive income	2,348,049	2,570,653
TOTAL STOCKHOLDERS' DEFICIT	(5,105,218)	(836,320)
	$ 5,490,361	$ 6,011,106

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Note 1. Organization, Description of Business, and Basis For Presentation

6 Months Ended

Jun. 30, 2011

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1. ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS FOR PRESENTATION

The accompanying consolidated financial statements present the available exploration stage activities information of the Company from January 1, 1995, the period commencing the Company's operations as Global Gold Corporation (the "Company" or "Global Gold") and Subsidiaries, through September 30, 2011.

The accompanying consolidated 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 consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the December 31, 2010 annual report on Form 10-K. The results of operations for the nine month period ended September 30, 2011 are not necessarily indicative of the operating results to be expected for the full year ended December 31, 2011. The Company operates in a single segment of activity, namely the acquisition of certain mineral property, mining rights, and their subsequent development.

The consolidated financial statements at September 30, 2011, and for the period then ended were prepared assuming that the Company would continue as a going concern. Since its inception, the Company, an exploration stage company, has generated revenues of $551,152 (other than interest income, the proceeds from the sales of interests in mining ventures, and the sale of common stock of marketable securities) while incurring operating losses of approximately $42 million. Management has held discussions with additional investors and institutions interested in financing the Company's projects. However, there is no assurance that the Company will obtain the financing that it requires or will achieve profitable operations. The Company is expected to incur additional losses for the near term until such time as it would derive substantial revenues from the Chilean and Armenian mining interests acquired by it or other future projects in Armenia or Chile. These matters raised substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements at September 30, 2011 and for the period then ended did not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Global Gold is currently in the exploration stage. It is engaged in exploration for, and development and mining of, gold, silver, and other minerals in Armenia, Canada and Chile. Until March 31, 2011, the Company's headquarters were located in Greenwich, Connecticut and as of April 1, 2011 the Company’s headquarters are in Rye, NY.  Its subsidiaries maintain offices and staff in Yerevan, Armenia, and Santiago, Chile. The Company was incorporated as Triad Energy Corporation in the State of Delaware on February 21, 1980 and, as further described below, conducted other business prior to January 1, 1995. During 1995, the Company changed its name from Triad Energy Corporation to Global Gold Corporation to pursue certain gold and copper mining rights in the former Soviet Republics of Armenia and Georgia. The Company has not established proven and probable reserves, in accordance with SEC Industry Guide 7, at any of its properties.  The Company's stock is publicly traded. The Company employs approximately 100 people globally on a year round basis and an additional 200 people on a seasonal basis.   

In Armenia, the Company’s focus is primarily on the exploration, development and production of gold at the Tukhmanuk property in the North Central Armenian Belt.  The Company is also focused on the exploration and development of the Marjan and an expanded Marjan North property.  In addition, the Company is exploring and developing other sites in Armenia, including the Company’s Getik property.  The Company also holds royalty and participation rights in other locations in the country through affiliates and subsidiaries.

In Chile, the Company’s focus is primarily on the exploration, development and production of gold at the Pureo property in south central Chile, near Valdivia.  The Company is also engaged in identifying exploration and production opportunities at other locations in Chile.

In Canada, the Company has engaged in uranium exploration activities in the provinces of Newfoundland and Labrador, but has phased out this activity, retaining a royalty interest in the Cochrane Pond property in Newfoundland.

The Company also assesses exploration and production opportunities in other countries.

The subsidiaries of which the Company operates are as follows:

On January 24, 2003, the Company formed Global Oro LLC and Global Plata LLC, as wholly owned subsidiaries, in the State of Delaware. These companies were formed to be equal joint owners of a Chilean limited liability company, Minera Global Chile Limitada ("Minera Global"), formed as of May 6, 2003, for the purpose of conducting operations in Chile.

On August 18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a wholly owned subsidiary, which in turn formed Global Gold Mining LLC ("Global Gold Mining"), as a wholly owned subsidiary, both in the State of Delaware. Global Gold Mining was qualified to do business as a branch operation in Armenia and owns assets, royalty and participation interests, as well as shares of operating companies in Armenia.

On December 21, 2003, Global Gold Mining acquired 100% of the Armenian limited liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July 21, 2006), which held the license to the Hankavan and Marjan properties in Armenia.  On December 18, 2009, the Company entered into an agreement with Caldera outlining the terms of a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”).  On March 12, 2010, GGH transferred the rights, title and interest for the Marjan property to Marjan Mining Company, a limited liability company incorporated under the laws of the Republic of Armenia (“Marjan RA”).  An involuntary bankruptcy petition was filed against GGH which was granted and was appealed.  On July 22, 2011 the Armenian Court of Cassation endorsed GGH’s claim to dismiss the bankruptcy.  On June 18, 2010, the Company closed Marjan JV leaving the Company with a 45% interest.  On October 7, 2010, the Company terminated the Marjan JV for Caldera’s non-payment and non-performance.  Recently, the Company also learned that the TSX Venture Exchange never approved the actual, executed march 24, 2010 amended Marjan JV agreement, which was a condition precedent.  On July 29, 2011, an Armenian court decided that Global Gold Mining owns 100% of the Marjan Mining Company.  See Legal Matters for an update on the Marjan JV.

On August 1, 2005, Global Gold Mining acquired 51% of the Armenian limited liability company Mego-Gold, LLC, which is the licensee for the Tukhmanuk mining property and seven surrounding exploration sites.  On August 2, 2006, Global Gold Mining acquired the remaining 49% interest of Mego-Gold, LLC, leaving Global Gold Mining as the owner of 100% of Mego-Gold, LLC.  See Agreements Section for an update on Mego-Gold, LLC.

On January 31, 2006, Global Gold Mining closed a transaction to acquire 80% of the Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company, LLC") and it’s approximately 27 square kilometer Getik gold/uranium exploration license area in the northeast Geghargunik province of Armenia.  As of May 30, 2007, Global Gold Mining acquired the remaining 20% interest in Getik Mining Company, LLC, leaving Global Gold Mining as the owner of 100% of Getik Mining Company, LLC.  See Agreements Section for an update on Getik Mining Company, LLC.

On January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate the Company's uranium exploration activities in Canada.

On August 9, 2007 and August 19, 2007, the Company, through Minera Global, entered agreements to form a joint venture and on October 29, 2007, the Company closed its joint venture agreement with members of the Quijano family (“Quijano”) by which Minera Global assumed a 51% interest in the placer and hard rock gold Madre de Dios and Pureo properties in south central Chile, near Valdivia. The name of the joint venture company is Compania Minera Global Gold Valdivia S.C.M. (“Global Gold Valdivia” or “GGV”).  On August 14, 2009, the Company amended the above agreement whereby Global Gold Valdivia became wholly owned by the Company and retained only the Pureo Claims Block (approximately 8,200 hectares), transferring the Madre De Dios claims block to the sole ownership to members of the Quijano family.  On October 27, 2010, the Company entered into an agreement with Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in GGV.  See Agreements Section for an update on GGV.

The accompanying consolidated financial statements present the available exploration stage activities information of the Company from January 1, 1995, the period commencing the Company's operations as Global Gold Corporation and Subsidiaries, through September 30, 2011.

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Note 2. Restatement of Previously Reported Consolidated Financial Statement

6 Months Ended

Jun. 30, 2011

Accounting Changes and Error Corrections [Text Block]

2. RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENT

The Company is hereby restating its quarterly financial statements as of September 30, 2011, originally filed on November 21, 2011.  The purpose of this filing is to reflect amounts received pursuant to various agreements relating to the Company's joint venture with Consolidated Resources USA LLC and affiliates as liabilities pending the closing or termination of the contemplated joint venture.  The Company has reclassified the related amounts, $3,687,460 as of September 30, 2011, as a liability (see Note 8).  As a result of this reclassification, Other Income in the financial statements decreased by $3,612,460, General and Administrative expense increased by $75,000, and the Net Loss and Comprehensive Loss increased by $3,687,460.  The Net Loss Per Share increased to $0.03.

The following tables present the reclassifications made herein of the Company’s previously issued consolidated balance sheet, consolidated statement of operations and comprehensive loss, and consolidated statement of cash flows as of September 30, 2011.

	Previously
	Reported			Adjustments			As Restated
ASSETS
CURRENT ASSETS:
Cash	$	226,660		$	-		$	226,660
Inventories		901,572			-			901,572
Tax refunds receivable		134,084			-			134,084
Prepaid expenses		13,907			-			13,907
Other current assets		68,548			-			68,548
TOTAL CURRENT ASSETS		1,344,771			-			1,344,771
LICENSES, net of accumulated amortization of $2,066,392		1,143,544			-			1,143,544
ASSETS HELD FOR SALE, net of accumulated amortization of $540,518		1,123,127			-			1,123,127
DEPOSITS ON CONTRACTS AND EQUIPMENT		590,878			-			590,878
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $2,710,009		1,288,041			-			1,288,041
	$	5,490,361		$	-		$	5,490,361
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	2,320,205		$	-		$	2,320,205
Wages payable		796,284			-			796,284
Employee loans		259,400			-			259,400
Advance from customer		168,722			-			168,722
Deposit on sale of property		1,000,000			-			1,000,000
Minority interest in joint venture pending		-			3,687,460			3,687,460
Secured line of credit - short term portion		684,000			-			684,000
Current portion of note payable to Directors		11,673			-			11,673
TOTAL CURRENT LIABILITIES		5,240,284			3,687,460			8,927,744
SECURED LINE OF CREDIT - LONG TERM PORTION		1,667,835			-			1,667,835
TOTAL LIABILITIES		6,908,119			3,687,460			10,595,579
STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 100,000,000 shares authorized; 83,040,475 at June 30, 2011 shares issued and outstanding		83,041			-			83,041
Additional paid-in-capital		37,675,696			-			37,675,696
Accumulated deficit prior to development stage		(2,907,648	)		-			(2,907,648	)
Deficit accumulated during the development stage		(38,616,896	)		(3,687,460	)		(42,304,356	)
Accumulated other comprehensive income		2,348,049			-			2,348,049
TOTAL STOCKHOLDERS' DEFICIT		(1,417,758	)		(3,687,460	)		(5,105,218	)
	$	5,490,361		$	-		$	5,490,361

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	-		$	-		$	-
COST OF GOODS SOLD		-			-			-
GROSS PROFIT		-			-			-
(INCOME)/EXPENSES:
General and administrative		846,431			-			846,431
Mining and exploration costs		1,067,263			-			1,067,263
Amortization and depreciation		162,931			-			162,931
Write-off on investment		-			-			-
Gain on sale of investment		-			-			-
Loss/(Gain) from investment in joint ventures		-			-			-
Interest expense		104,805			-			104,805
Bad debt expense		-			-			-
Loss on foreign exchange		-			-			-
Gain on extinguishment of debt		-			-			-
Other income		(1,640,000	)		1,640,000			-
Interest income		(268	)		-			(268	)
TOTAL (INCOME)/EXPENSES		541,162			1,640,000			2,181,163
Income/(Loss) from Continuing Operations		(541,162	)		(1,640,000	)		(2,181,163	)
Discontinued Operations:
Loss from discontinued operations		-			-			-
Loss on disposal of discontinued operations		-			-			-
Net Income/(Loss) Applicable to Common Shareholders		(541,162	)		(1,640,000	)		(2,181,163	)
Foreign currency translation adjustment		(159,760	)		-			(159,760	)
Unrealized gain/(loss) on investments		-			-			-
Comprehensive Net Income/(Loss)	$	(700,922	)	$	(1,640,000	)	$	(2,340,923	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.01	)				$	(0.03	)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED		83,040,475						83,040,475

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	-		$	-		$	-
COST OF GOODS SOLD		-			-			-
GROSS PROFIT		-			-			-
(INCOME)/EXPENSES:
General and administrative		2,121,703			75,000			2,196,703
Mining and exploration costs		1,543,839			-			1,543,839
Amortization and depreciation		591,958			-			591,958
Write-off on investment		-			-			-
Gain on sale of investment		-			-			-
Loss/(Gain) from investment in joint ventures		-			-			-
Interest expense		329,121			-			329,121
Bad debt expense		-			-			-
Loss on foreign exchange		-			-			-
Gain on extinguishment of debt		-			-			-
Other income		(3,612,460	)		3,612,460			-
Interest income		(674	)		-			(674	)
TOTAL (INCOME)/EXPENSES		973,487			3,687,460			4,660,947
Income/(Loss) from Continuing Operations		(973,487	)		(3,687,460	)		(4,660,947	)
Discontinued Operations:
Loss from discontinued operations		-			-			-
Loss on disposal of discontinued operations		-			-			-
Net Income/(Loss) Applicable to Common Shareholders		(973,487	)		(3,687,460	)		(4,660,947	)
Foreign currency translation adjustment		(222,604	)		-			(222,604	)
Unrealized gain/(loss) on investments		-			-			-
							$
Comprehensive Net Income/(Loss)		(1,196,091	)	$	(3,687,460	)	$	(4,883,551	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.01	)				$	(0.06	)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED		80,487,911						80,487,911

	Previously
	Reported			Adjustments			As Restated
REVENUES	$	551,152		$	-		$	551,152
COST OF GOODS SOLD		189,998			-			189,998
GROSS PROFIT		361,154			-			361,154
(INCOME)/EXPENSES:
General and administrative		23,555,030			75,000			23,630,030
Mining and exploration costs		16,137,828			-			16,137,828
Amortization and depreciation		5,697,038			-			5,697,038
Write-off on investment		176,605			-			176,605
Gain on sale of investment		(2,779,778	)		-			(2,779,778	)
Loss/(Gain) from investment in joint ventures		(2,523,701	)		-			(2,523,701	)
Interest expense		2,012,755			-			2,012,755
Bad debt expense		151,250			-			151,250
Loss on foreign exchange		193,852			-			193,852
Gain on extinguishment of debt		(289,766	)		-			(289,766	)
Other income		(3,612,460	)		3,612,460			-
Interest income		(364,825	)		-			(364,825	)
TOTAL (INCOME)/EXPENSES		38,353,828			3,687,460			42,041,289
Income/(Loss) from Continuing Operations		(37,992,674	)		(3,687,460	)		(41,680,135	)
	`			`			`
Discontinued Operations:
Loss from discontinued operations		386,413			-			386,413
Loss on disposal of discontinued operations		237,808			-			237,808
Net Income/(Loss) Applicable to Common Shareholders		(38,616,895	)		(3,687,460	)		(42,304,356	)
Foreign currency translation adjustment		1,994,575			-			1,994,575
Unrealized gain/(loss) on investments		353,475			-			353,475
Comprehensive Net Income/(Loss)	$	(36,268,845	)	$	(3,687,460	)	$	(39,956,306	)

	Previously
	Reported			Adjustments			As Restated
OPERATING ACTIVITIES:
Net loss	$	(973,487	)	$	(3,687,460	)	$	(4,660,947	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		42,564			-			42,564
Stock option expense		7,089			-			7,089
Amortization expense		265,316			-			265,316
Depreciation expense		326,642			-			326,642
Stock based compensation		240,000			-			240,000
Write-off of investment		-			-			-
Loss on disposal of discontinued operations		-			-			-
Gain from investment in joint ventures		-			-			-
Gain on extinguishment of debt		-			-			-
Gain on sale of investments		-			-			-
Bad debt expense		-			-			-
Other non-cash expenses		-			-			-
Changes in assets and liabilities:
Other current and non current assets		186,285			-			186,285
Accounts payable and accrued expenses		(7,731	)		-			(7,731	)
Accrued interest		37,168			-			37,168
Wages payable		71,861			-			71,861
NET CASH FLOWS PROVIDED BY/(USED) IN OPERATING ACTIVITIES		195,707			(3,687,460	)		(3,491,753	)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(186,914	)		-			(186,914	)
Proceeds from sale of mining interest		750,000			-			750,000
Proceeds from sale of Tamaya Common Stock		-			-			-
Proceeds from sale of investment in common stock of Sterlite Gold		-			-			-
Proceeds from the sale of minority interest in joint venture pending		-			3,687,460			3,687,460
Investment in joint ventures		-			-			-
Investment in mining licenses		-			-			-
NET CASH PROVIDED BY INVESTING ACTIVITIES		563,086			3,687,460			4,250,546
FINANCING ACTIVITIES:
Net proceeds from private placement offering		-			-			-
Repurchase of common stock		-			-			-
Advance from customer		-			-			-
Proceeds from secured line of credit		-			-			-
Repayment of secured line of credit		(410,976	)		-			(410,976	)
Note payable to Directors		(15,954	)		-			(15,954	)
Warrants exercised		25,000			-			25,000
NET CASH FLOWS USED IN FINANCING ACTIVITIES		(401,930	)		-			(401,930	)
EFFECT OF EXCHANGE RATE ON CASH		(144,286	)		-			(144,286	)
NET INCREASE IN CASH		212,577			-			212,577
CASH AND CASH EQUIVALENTS - beginning of period		14,083			-			14,083
CASH AND CASH EQUIVALENTS - end of period	$	226,660		$	-		$	226,660

	Previously
	Reported			Adjustments			As Restated
OPERATING ACTIVITIES:
Net loss	$	(38,616,896	)	$	(3,687,460	)	$	(42,304,356	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		3,890,531			-			3,890,531
Stock option expense		1,194,079			-			1,194,079
Amortization expense		2,832,594			-			2,832,594
Depreciation expense		3,090,352			-			3,090,352
Stock based compensation		306,613			-			306,613
Write-off of investment		176,605			-			176,605
Loss on disposal of discontinued operations		237,808			-			237,808
Gain from investment in joint ventures		(2,473,701	)		-			(2,473,701	)
Gain on extinguishment of debt		(289,766	)		-			(289,766	)
Gain on sale of investments		(2,779,778	)		-			(2,779,778	)
Bad debt expense		151,250			-			151,250
Other non-cash expenses		155,567			-			155,567
Changes in assets and liabilities:
Other current and non current assets		(2,039,307	)		-			(2,039,307	)
Accounts payable and accrued expenses		3,012,538			-			3,012,538
Accrued interest		1,111,115			-			1,111,115
Wages payable		1,096,284			-			1,096,284
NET CASH FLOWS USED IN OPERATING ACTIVITIES		(28,944,112	)		(3,687,460	)		(32,631,572	)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(4,725,471	)		-			(4,725,471	)
Proceeds from sale of mining interest		3,891,155			-			3,891,155
Proceeds from sale of Tamaya Common Stock		4,957,737			-			4,957,737
Proceeds from sale of investment in common stock of Sterlite Gold		246,767			-			246,767
Proceeds from the sale of minority interest in joint venture pending		-			3,687,460			3,687,460
Investment in joint ventures		(260,000	)		-			(260,000	)
Investment in mining licenses		(5,756,101	)		-			(5,756,101	)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES		(1,645,913	)		3,687,460			2,041,547
FINANCING ACTIVITIES:
Net proceeds from private placement offering		18,155,104			-			18,155,104
Repurchase of common stock		(25,000	)		-			(25,000	)
Advance from customer		168,722			-			168,722
Proceeds from secured line of credit		3,189,374			-			3,189,374
Repayment of secured line of credit		(1,052,313	)		-			(1,052,313	)
Note payable to Directors		4,387,375			-			4,387,375
Warrants exercised		2,597,250			-			2,597,250
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		27,420,512			-			27,420,512
EFFECT OF EXCHANGE RATE ON CASH		3,384,821			-			3,384,821
NET INCREASE IN CASH		215,308			-			215,308
CASH AND CASH EQUIVALENTS - beginning of period		11,352			-			11,352
CASH AND CASH EQUIVALENTS - end of period	$	226,660		$	-		$	226,660

XML

Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Licenses accumulated amortization (in Dollars)	$ 2,066,392	$ 1,842,655
ASSETS HELD FOR SALE accumulated amortization (in Dollars)	540,518	498,939
PROPERTY, PLANT AND EQUIPMENT accumulated depreciation (in Dollars)	$ 2,710,009	$ 2,442,299
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized	100,000,000	100,000,000
Common stock shares issued	83,040,475	79,190,475
Common stock outstanding	83,040,475	79,190,475

XML

Note 12. Certain Relationships and Related Party Transactions

6 Months Ended

Jun. 30, 2011

Related Party Transactions Disclosure [Text Block]

12. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The Company values shares issued to officers using the fair value of common shares on grant date.

On June 19, 2009, the Company’s independent compensation committee and the board of directors authorized employment amendments and extensions to Messrs. Krikorian, Boghossian, Dulman, and Caesar under the same terms of their prior agreements.

On August 12, 2009, the Company finalized employment agreement amendments and extensions under the same terms of their current contracts which were approved on June 19, 2009 by the Company’s independent compensation committee of the board of director’s to retain key employees, for Messrs. Krikorian, Boghossian, Dulman and Caesar.  Annual compensation terms were not increased.  Mr. Krikorian’s employment agreement was extended for an additional 3 year term from July 1, 2009 through June 30, 2012 with an annual salary of $225,000 and Mr. Krikorian was granted 1,050,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  Mr. Boghossian’s employment agreement was extended for an additional 3 year term from July 1, 2009 through June 30, 2012 with an annual salary of $72,000 and Mr. Boghossian was granted 337,500 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  

Mr. Dulman’s employment agreement was extended for an additional 3 year term from August 1, 2009 through July 31, 2012 with an annual salary of $150,000 and Mr. Dulman was granted 225,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  Mr. Dulman was also granted stock options to purchase 225,000 shares of common stock of the Company at $0.14 per share (based on the closing price at his renewal) vesting in equal quarterly installments over the term of his employment agreement.  Mr. Caesar’s employment agreement was extended for an additional year from August 1, 2009 through July 31, 2010 with an annual salary of $30,000 and Mr. Caesar was granted 20,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement.  The option grant was made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan.  The restricted stock is subject to a substantial risk of forfeiture upon termination of employment with the Company during the term of the Employment Agreements.

On August 18, 2010, the Company and Mr. Caesar, the Company’s Controller, decided to not extend his contract which ended on July 31, 2010.

On August 19, 2010, Mr. Gallagher received 20,000 shares of restricted common stock and stock options to purchase 100,000 of common stock of the Company.  Mr. Gallagher’s contract was previously automatically renewed and extended through December 31, 2010.  On June 18, 2010, pursuant to Mr. Gallagher’s employment agreement extension under his contract and as confirmed by the independent compensation committee and board of directors, Mr. Gallagher was granted 20,000 shares of restricted common stock with 10,000 shares vesting immediately, and 10,000 shares vesting on December 31, 2010.  Mr. Gallagher was also granted stock options to purchase 100,000 shares of common stock of the Company at $0.10 per share, based on the fair market value on June 18, 2010 when they were authorized, vesting on November 19, 2010.  The restricted stock is subject to a substantial risk of forfeiture upon termination of his employment with the Company during the term of the Employment Agreement. 

On August 19, 2010, the Company issued as directors fees to each of the five directors (Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, and Van Z. Krikorian) stock options to purchase 100,000 shares of common stock of the Company each at $0.10 per share, vesting on November 18, 2010. The option grants were made pursuant to the Global Gold Corporation 2006 Stock Incentive Plan and pursuant to the Board’s June 18, 2010 decision from which date the options were valued.

On August 19, 2010, the Company declared a stock bonus to Dr. Urquhart of 100,000 shares of common stock at $0.10 per share for a total value of $10,000   pursuant to the Board’s June 18, 2010 decision from which date the shares were valued.

On May 3, 2011, the Company issued 250,000 restricted shares of the Company’s Common Stock at $0.15 per share to Rasia, FZE as partial compensation for advisory services in connection with the joint venture agreement with Consolidated Resources.

On June 10, 2011, the Company’s non-interested members of the Board of Directors approved an offering of up to 2,000,000 restricted shares of the Company’s Common Stock, at the current fair market value of $0.15 per share, in aid of settlement of up to $300,000 of this debt to extinguish and convert some of the outstanding debt.  As of June 23, 2011, the Company has been given acceptance for the entire conversion.  The transaction will benefit the Company by reducing the current debt by $300,000 and eliminating the interest from continuing to accrue on these debts.  On June 23, 2011, the Company issued a total of 2,000,000 shares of the Company’s common stock which will be restricted in exchange for the debt cancellation.  

On June 23, 2011, the Company issued as directors’ fees to each of the six directors (Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, Jeffrey Marvin and Van Z. Krikorian) 50,000 restricted shares of the Company’s Common Stock at $0.15 per share for a total value of $45,000.  The shares were issued pursuant to the Board’s June 10, 2011 decision from which date the shares were valued.

On June 23, 2011, the Company declared a stock bonus to employees in Armenia and Chile of 800,000 restricted shares of the Company’s Common Stock at $0.15 per share for a total value of $120,000. The shares were issued pursuant to the Board’s June 10, 2011 decision from which date the shares were valued.

On June 23, 2011, the Company issued 250,000 restricted shares of the Company’s Common Stock at $0.15 per share to Rasia, FZE as additional partial compensation for advisory services in connection with the joint venture agreement with Consolidated Resources.

Compensation expense for the nine months ended September 30, 2011 and 2010 was $847,550 and $629,233.  The amount of total deferred compensation amortized for the nine months ended September 30, 2011 and 2010 was $42,564 and $46,822.  

On February 7, 2008, the Company received a short term loan in the amount of $260,000, an additional $280,000 loan on March 10, 2008, and an additional $300,000 loan on April 14, 2008 (collectively, the “Loans”), from Ian Hague, a director of the Company, which Loans accrued interest, from the day they are issued and until the day they are repaid by the Company, at an annual rate of 10%. The Company promised to repay, in full, the Loan and all the Interest accrued thereon on the sooner of: (1) Mr. Hague’s demand after June 6, 2008; or (2) from the proceeds of any financing the company receives over $1,000,000. The Company may prepay this loan in full at any time. But if it is not repaid by June 10, 2008, Mr. Hague had the right, among other rights available to Mr. Hague under the law, to convert the loan plus accrued interest to Common Stock of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  In  addition, Mr. Hague had the right at any time to convert all or a portion of the Loan to the same terms provided to any third party investor or lender financing the company.  In connection with the Loan, pursuant to the Company’s standing policies, including it’s Code of Business Conduct and Ethics and Nominating and Governance Charter, the Board of Directors, acting without the participation of Mr. Hague, reviewed and approved the Loan and its terms, and determined the borrowings to be in the Company’s best interest.  On May 12, 2008, the Company received an advance of $1,500,000 and an additional advance of $800,000 on July 7, 2008 (collectively, the “Advances”), from Mr. Hague.  On September 23, 2008, the Company restructured the Loans and the Advances into a new agreement (the “Loan and Royalty”) which became effective November 6, 2008.  Key terms of the Loan and Royalty include interest accruing from September 23, 2008 until the day the loan is repaid in full at an annual rate of 10% and the Company granting a royalty of 1.75% from distributions to the Company from the sale of gold and all other metals produced from the Madre De Dios property currently included in the Global Gold Valdivia joint venture with members of the Quijano family. 

Pursuant to two short-term loan agreements dated April 14, 2009 for $32,000 and May 4, 2009 for $20,000 the Company borrowed a total of $52,000 from one of its directors, Nicholas J. Aynilian.  The terms of both agreements included an annual rate of 10% with repayment on the sooner of: (1) demand after June 6, 2009; or (2) from the proceeds of any financing the Company receives.  In addition, if the loans are not repaid by June 10, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  

On April 16, 2009 and April 27, 2009, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $3,000 and $1,000.

On May 13, 2009, pursuant to a loan agreement, the Company borrowed $550,000 from two of its directors Ian Hague ($500,000) and Nicholas J. Aynilian ($50,000). The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after June 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loans are not repaid by June 10, 2009, the lenders had the right, among other rights available, to convert the loans plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lenders also had right until the loans are repaid at any time to convert the terms of the loans to the terms provided to any third party investor or lender financing the Company.  

On August 27, 2009 and September 10, 2009, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $20,000 and $1,500.

On September 14, 2009, pursuant to a loan agreement, the Company borrowed an additional $50,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after November 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 1, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.    

On October 29, 2009, pursuant to a loan agreement, the Company borrowed an additional $60,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after December 1, 2009; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 31, 2009, the lender has the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender has the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

On November 12, 2009, pursuant to a loan agreement, the Company borrowed an additional $10,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after January 1, 2010; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by December 31, 2009, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

On December 10, 2009, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $2,000 to the Company.

On December 28, 2009, pursuant to a loan agreement, the Company borrowed $110,000 from Ian Hague. The terms of the agreement included an annual rate of 10% with repayment on the sooner of: (1) demand after February 1, 2010; (2) from the proceeds of any financing the Company; or (3) from the proceeds of the sale of an interest in any Company property.    In addition, if the loan is not repaid by January 31, 2010, the lender had the right, among other rights available, to convert the loan plus accrued interest to common shares of the Company at the price calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive Plan.  The lender had the right until this and any other loans from him are repaid at any time to convert the terms of all or a portion of this or other loans made to the terms provided to any third party investor or lender financing the Company.  

On February 2, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made an interest free loan of $5,000 to the Company. The Company repaid $2,500 to Mr. Aynilian on March 1, 2010.

On March 29, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $20,000.

On May 20, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000.

On June 30, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000.

On July, 15, 2010, July 26, 2010, August 17, 2010, September 1, 2010 and September 14, 2010, the Company’s Director and Treasurer, Drury Gallagher, made interest free loans of $5,000, $7,500, $3,000, $3,000 and $6,000, respectively, to the Company.

On July 1, 2010, July, 15, 2010, August 2, 2010, August 17, 2010 and September 7, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made interest free loans of $5,000, $5,000, $7,500, $3,000 and $9,000, respectively, to the Company.

On October 4, 2010, one of the Company’s Directors, Nicholas J. Aynilian, made an interest free loan of $5,000 to the Company.

On October 4, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $5,000 to the Company.

As of October 10, 2010, the Company owed Drury Gallagher, the Company’s Director and Treasurer, approximately $19,350 for expense reimbursement which bears no interest.  

As of October 15, 2010, the Company had outstanding loans, as discussed above, plus accrued interest totaling $5,312,642.95 from three of the Company’s Directors, Mr. Ian Hague ($5,052,262.27), Mr. Nicholas J. Aynilian ($154,030.68), and Mr. Drury Gallagher ($106,350).  On October 19, 2010, the Company’s non-interested members of the Board of Directors approved a restructuring in aid of settlement of all this debt to extinguish and convert this outstanding debt.  Pursuant to the restructuring, the loans were cancelled and became convertible into shares of the Company’s common stock at $0.15 per share.  As of October 22, 2010, the Company had been given acceptance for the entire conversion.  The transaction benefited the Company by reducing the current debt by $5,312,642.95 and eliminating the interest from continuing to accrue on these debts.  The Company issued a total of 35,417,619 shares of the Company’s common stock which are restricted in exchange for the debt cancellation.  The conversion of debt by Mr. Hague did impact his 1.75% NSR royalty on the Pureo property in Chile and remains in force.

On December 28, 2010, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $23,500 to the Company which was repaid as of June 30, 2011.

On January 21, 2011, the Company’s Director and Treasurer, Drury Gallagher, made an interest free loan of $12,500 to the Company which was repaid as of June 30, 2011.

On May 2, 2011, the Company approved amendments to its Charters for the Nominating and Governance Committee, Audit Committee, and Compensation Committee, adopting the corporate governance and director independence provisions of the NYSE Amex.

On June 28, 2011, in connection with its private placement of stock in the Company which closed on December 30, 2008 and pursuant to the decision of the non-interested members of the Board of Directors on October 19, 2010 amending the warrant strike price per share from $0.15 to $0.10, the Company had 25,000 warrants exercised, out of 2,250,000 warrants remaining available of the original 4,750,000 issued with the private placement, for a total of $25,000.  The restricted shares of the Company’s Common Stock were issued pursuant to the exemptions from registration requirements of the Securities Act under Regulation D based upon representations and covenants provided by the respective purchasers.  The Company anticipates that the balance of the 2,250,000 warrants will be exercised.

As of September 30, 2011, the Company owed Drury Gallagher, the Company’s Director and Treasurer, approximately $11,673 for expense reimbursement which bears no interest and remain unpaid as of the date of this filing.

As of September 30, 2011, the Company owes unpaid wages of approximately $499,000 to management.  The Company is accruing interest at an annual rate of 9% on the net of taxes wages owed to management.  As of September 30, 2011, the Company had accrued interest of approximately $85,000.

As of September 30, 2011, the Company had loans due to employees in Armenia of approximately $259,000 including interest which is accruing at an annual rate of 14%.  

XML

Document And Entity Information	9 Months Ended
	Sep. 30, 2011	Nov. 21, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	GLOBAL GOLD CORP
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		83,540,475
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-Q/A (the "Amended Filing") amends Global Gold Corporation's (the "Company") Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, originally filed on November 21, 2011 (the "Original Filing").As disclosed in the Company's Report on Form 8-K, dated April 13, 2012, the Company is required to amend its financial statements for the fiscal quarters ended June 30, 2011 and September 30, 2011 to reflect amounts received pursuant to various agreements relating to the Company's joint venture with Consolidated Resources USA LLC and affiliates as liabilities pending the closing or termination of the contemplated joint venture. The purpose of this filing is to reclassify such amount, $3,687,460 as of September 30, 2011, as a liability under Minority Interest in Joint Venture Pending. See Note 2 and Note 8 of the Company's Unaudited Consolidated Notes to Financial Statements. As a result of this reclassification, Deficit Accumulated During the Development Stage increased by a like amount as did Total Stockholders’ Deficit. In addition, Other Income in the financial statements decreased by $3,612,460 to $0, General and Administrative expense increased by $75,000, Total (Income)Expense increased by the total of $3,687,460, and the Net Loss and Comprehensive Loss increased by $3,687,460. The Net Loss Per Share increased to $0.06.In accordance with Rule 12b-15 under the Exchange Act, each item of the Original Filing that is amended by this Amended Filing is also restated in its entirety, and this Amended Filing is accompanied by currently dated certifications on Exhibits 31.1, 31.2, and 32.1 by the Company’s Chief Executive Officer and Chief Financial Officer. Except as described above, this Amended Filing does not amend, update, or change any items, financial statements, or other disclosures in the Original Filing, and does not reflect events occurring after the filing of the Original Filing. Information not affected by the changes described above is unchanged and reflects the disclosures made at the time of the Original Filing. Accordingly, this Amended Filing should be read in conjunction with the Original Filing and our other SEC filings subsequent to the filing of the Original Filing.
Entity Central Index Key	0000319671
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3

XML

Note 13. Agreements

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies Disclosure [Text Block]

13. AGREEMENTS

On August 9, 2007 and August 19, 2007, the Company, through Minera Global, entered agreements to form a joint venture and on October 29, 2007, the Company closed its joint venture agreement with members of the Quijano family by which Minera Global assumed a 51% interest in the placer and hard rock gold Madre de Dios and Pureo properties.  The name of the joint venture company is Compania Minera Global Gold Valdivia S.C.M. (“Global Gold Valdivia” or “GGV”). 

Key agreement terms for the Madre De Dios joint venture agreement include a 1,000,000 euro payment from Global Gold (paid as of October 30, 2007), and the following joint venture terms equity interests set at 51%-49% in favor of Global Gold; of the 3 directors, two (Mr. Krikorian and Dr. Ted Urquhart, Global's Vice President in Santiago) are appointed by Global Gold; Global Gold commits to finance at least one plant and mining operation within 6 months as well as a mutually agreed exploration program to establish proven reserves, if that is successful, two additional plants/operations will be financed; from the profits of the joint venture, Global Gold will pay its partner an extra share based on the following scale of 28 million euros for (a) 5 million ounces of gold produced in 5 years or (b) 5 million ounces of gold proven as reserves according to Canadian National Instrument 43-101 (“NI 43-101”) standards in 5 years.  The 6 month obligation was amended and extended by the October 27, 2007 Pact to a period of 3 years.  The definitions of proven and probable reserves in NI 43-101 reports differ from the definitions in SEC Industry Guide 7.  Also, the SEC does not recognize the terms “measured resources and indicated resources” or “inferred resources” which are used in NI 43-101 reports.  The Company has not financed any plants as of December 31, 2009.

On July 24, 2009, Global Gold entered into an amendment with members of the Quijano family (“Quijano”) to the October 29, 2007 Global Gold Valdivia joint venture subject to final board approval on or before July 31, 2009 whereby GGV will become wholly owned by Global Gold and retain only the Pureo Claims Block (approximately 8,200 hectares), transferring the Madre De Dios claims block to the sole ownership to members of the Quijano family.  On July 28, 2009, the amendment was approved by the Company’s board of directors.

Key terms of the amendment included that on or before August 15, 2009, GGV transfer to Quijano or his designee one hundred percent (100%) interest in the current GGV claims identified as the Madre De Dios Claims Block and Quijano transfer to Global Gold one hundred percent (100%) interest in the GGV, or its designee, and the remaining claims identified as the Pureo Claims Block.  All transfers were closed in Santiago, Chile on August 14, 2009 which terminated the joint venture.  If GGV does not commence production on a commercial basis on the property being transferred to its sole control pursuant to this agreement within two years (subject to any time taken for permitting purposes), the property shall revert to Quijano.  Quijano shall be entitled a 3% NSR royalty interest in all metals produced from the properties retained in GGV up to a maximum of 27 million Euros, subject to Quijano’s initial repayment of $200,000 to Global Gold. For three years,  GGV or its designee shall have a right of first refusal on any bona fide offers for all or any part of the properties transferred to Quijano (to be exercised within five (5) days).  For three years, Quijano shall also have a right of first refusal on any bona fide offers for all or any part of the properties retained by GGV or its designee (to be exercised within twenty (20) days).

On October 27, 2010, the Company entered into an agreement with Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in the GGV which holds the Pureo mining assets in Chile.  The Company will provide Conventus with consulting services and technical assistance for development, production, exploration, and expansion of the GGV mining properties in further consideration of the payment terms below.

Key terms include that Conventus shall pay $5.0 million USD over four years and two months  payable as follows: $250,000 on or before October 31, 2010; $250,000 on or before November 30, 2010; $500,000 at the closing on or before March 31, 2011; $1,000,000 on or before December 31, 2011; $1,000,000 on or before December 31, 2012; $1,000,000 on or before December 31, 2013; and $1,000,000 on or before December 31, 2014 until $5,000,000 in total has been paid.  If the sale does not close, the Company is responsible for repayment of the $500,000 in payments made prior to closing based on terms contingent upon the reason for the closing to not occur.  Payments to the Company will be secured. As of October 27, 2010, Conventus Ltd shall be solely responsible, at its own expense for all expenses and other matters required by contract or law to comply with conditions related to the Pureo property, and in particular with the July 24, 2009 contractual condition to commence production on a commercial basis on the property being transferred to its sole control pursuant to this agreement on or before August 15, 2011(subject to any time taken for permitting purposes). 

As additional consideration, if within seven years, Conventus or any of its successors produces 150,000 ounces of gold from the GGV property or property in Chile which the Company assists GGV or Conventus in acquiring, then Conventus shall or shall cause GGV to pay the Company a one-off and once only $2,500,000 bonus within 60 days of achieving such production. The closing of the transaction is subject to a definitive agreement and agreement being reached with Mr. Ian Hague, with respect to his royalty to the satisfaction of Conventus.  

On March 31, 2011, the Company received the $500,000 closing payment funding Conventus, per the terms of the agreement above.  The total payments made by Conventus are $1,000,000.  Shares of GGV will be transferred in accordance with the agreement but have not been transferred as of the date of this filing.  On August, 12, 2011, Conventus advised the Company that it has received an extension of the August 15, 2011 deadline in the July 24, 2009 contract concerning the Pureo property.  The Company has received the signed written confirmation of that extension.

On October 27, 2009, the Company issued a press release announcing the first stage of approval of reserves for its Toukhmanuk expansion. The Republic of Armenia’s State Natural Resources Agency (the "Agency") issued its certificate based on the proposal of the Agency’s State Geological Expert Commission made during its October 23, 2009 session. The total ore reserve approved  was roughly 21,900,000 tonnes with an average gold grade of 1.62 grams per tonne at a cut off grade of 0.80 grams per tonne and an average silver grade of 4.88 grams per tonne.   Total approved reserves in the C1 and C2 categories are roughly 35.614 tonnes (or 1,145,000 ounces) of gold and 107 tonnes (or 3,440,000 ounces) of silver. In its approval, the Agency added that the “approved reserves entirely correspond to the requirements for Measured and Indicated reserves under International Standards." 

On November 18, 2009, the Company issued a press release announcing that following up on the issuance of the approving a first stage gold reserve, the Republic of Armenia’s State Natural Resources Agency (the “Agency”) has delivered its full decision with backup calculations on November 13, 2009 confirming an additional gold resource in the inferred category. The Agency issued its decision based on the proposal of the Agency’s State Geological Expert Commission made during its October 23, 2009 session. A copy of the official approval and a partial unofficial translation are available on the company’s website www.globalgoldcorp.com .

The approved gold resource in the Inferred category is 35 tonnes (or 1,225,276 ounces), which together with the approved 1.145 million ounces of reserves marks a sharp increase from the 8.0 tonnes approved under GKZ decision N28 of January, 26, 2004. The reserve and resource estimates were concluded at a cutoff grade of 0.8 grams per tonne (please refer to the “Cautionary Note to U.S. Investors” on page 3 of this report). 

On December 18, 2009, the Company entered into an agreement with Caldera Resources Inc. (“Caldera”) outlining the terms for a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”).  

Key terms include that Caldera shall, subject to terms and conditions, earn a 55% interest in the Marjan Gold-Silver-Polymetallic Project after completing a bankable feasibility study on the project or spending US$3.0M on the property.

As additional consideration, Caldera made a non-refundable US$50,000 deposit by December 30, 2009 and issued 500,000 shares of the company on a post-consolidated basis. Caldera will also make a payment of US$100,000 no later than March 30, 2010. A definitive agreement will be signed as soon as possible, upon completion of due diligence review, respective board approvals and any regulatory approval that may be required.  The Company received the US$50,000 deposit on December 29, 2009.  

On March 24, 2010, the Company entered into an amended agreement with Caldera establishing the terms for a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”) which amends the December 18, 2009 agreement.

Key terms include that Caldera shall own 55% of the shares of a newly created joint venture company, become the operator of the project, and be responsible for all expenses.  To maintain its 55% interest, Caldera is obligated to spend up to US$ 3,000,000 on the Property, issue 500,000 shares of Caldera and make a payment of US$ 100,000 on or before March 30, 2010 to Global Gold Corporation.  The joint venture board shall have two Caldera representatives and one Global Gold representative.  However, certain actions including adoption of the annual operating and capital budgets require unanimous consent.  Should Caldera not perform in accordance with the terms of the Marjan JV, then Global Gold will have 100% interest of the Marjan JV transferred back and Caldera will receive an NSR on the Marjan property equal to .5% for each tranche of US$ 1,000,000 up to a maximum NSR of 3% without any prorating.

Also under the joint venture agreement Caldera will own 100% in the Marjan Gold-Silver Project by making quarterly payments totaling US$ 2,850,000, starting September 30, 2010.  If Caldera misses one of its quarterly payments based on its failure to raise funds from capital markets, it is entitled to an automatic 30 day extension from each quarterly payment; if Caldera defaults on an extended payment then Caldera shall forfeit its shares of the Marjan JV, be relieved of its investment commitment, but still be liable for the payments to Global Gold which shall accrue interest at 10%, and possibly retain a royalty interest as described above.  If Caldera makes its payments and completes its obligations, Global Gold will retain a 1.5% NSR on all production on the Central zone and a 2.5% NSR on all production on the Northern zone.  Caldera can prepay the payments, fulfill the investment commitment, and take 100% interest of the JV at any time.

The agreement was subject to approval by the TSX Venture Exchange and the Board of Directors of the respective companies.  As of April 30, 2010, Caldera paid the Company $100,000 and received TSX Venture Exchange approval on the transaction and was waiting for final approval of its 43-101 to finalize the transaction.  The parties announced that on June 18, 2010, the transaction was closed, but Caldera did not deliver the 500,000 shares.  The Company has also recently learned that the TSX Venture Exchange did not approve the March 24, 2010 agreement but a materially different, option agreement, version which Caldera submitted, unbeknownst to Global Gold, thus failing to meet a condition precedent.

On October 7, 2010, the Company terminated the Marjan JV due to lack of performance by Caldera.  Issues related to the termination of the Marjan JV are pending before an American Arbitration Association proceeding in New York.  Issues related to Caldera’s illegal registration of charter changes in Armenia were decided in Global Gold’s favor on July 29, 2011.  See Legal Proceedings for more information on the Marjan JV termination.

On March 26, 2010, the Company, through its wholly owned subsidiary Mego Gold, LLC (“Mego”) entered into a credit line agreement for 1 billion Armenian Drams (approximately $2,500,000) with Armbusinessbank Close Joint Stock Company (“ABB”) in Yerevan, Armenia.  The credit line includes a grace period on repayment until April 20, 2011, is not revolving, may be prepaid at any time, and is to be drawn down towards equipment purchases, construction, and expansion of the existing plant and operations to increase production capacity to 300,000 tonnes of ore per year at Mego’s Tukhmanuk property in Armenia.  The loan is for a period of 5 years through March 20, 2015, bears interest at 14% for amounts borrowed, and bears interest at 2% for amount available but not borrowed.  The loan is made and payable in local AMD currency.  As security, 100% of the Mego shares and the mining right certified by the Mining License Agreement #287 with Purpose of Sub-Surface Exploitation and Mining License #HA-L-14/356 issued on August 5, 2005.

As of  March 17, 2011, the Company entered into an agreement with Consolidated Resources USA, LLC, a Delaware company (“CRU”) for a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”).  Upon payment of the initial consideration (“Initial Consideration”) as provided below, Global Gold and CRU will work together for twelve months (the “12 Month Period”) to develop the Properties and cause the Properties to be contributed to a new joint venture company “Newco”, whose identity and terms will be mutually agreed, (the “JVC”).  This agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the Shareholders Agreement.  Global Gold’s ownership in the JVC shall be the greater value of either 51% or the pro forma value of $40.0 million in newly issued stock of the JVC at the end of the 12 Month Period.  Current Global Gold director Ian Hague and Chairman Van Krikorian will serve on the JVC board, which will reflect the parties’ interests.  CRU and Global Gold will also form a technical committee to oversee exploration and production matters.

Other key terms include CRU paying initial consideration of $5,000,000 as a working capital commitment (“Initial Consideration”) to Global Gold payable by; a $500,000 Advance immediately following the execution of the Agreement (the “Advance”); $1,400,000 payable following the satisfactory completion of due diligence by CRU and the execution of definitive documents in 30 days from the date of this Agreement; and $3,100,000 according to a separate schedule in advance and payable within 5 business days of the end of every calendar month as needed.  

In a proportion to be mutually agreed and payable in 12 months from the date of the signing of a definitive agreement (the “12 Month Period”), $40.0 million in cash and/or newly issued stock of the JVC and a Net Smelter Royalty, if any, to be defined in the definitive agreement (the “Remaining Consideration”).  Any unused working capital from the Initial Consideration is to be added to the Remaining Consideration for payment to Global Gold.  

On April 27, 2011, the Company entered into an agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”); and its affiliate Consolidated Resources USA (“CRU”), LLC, a Delaware limited liability company, (hereinafter collectively referred to as “CR”), to fund development and form a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”)(the “Agreement”).  GGC and CRU previously entered into a binding agreement, subject to the satisfactory completion of due diligence, entitled Agreement for Formation of Joint Venture to Develop Properties, dated March 17, 2011 (the “Formation Agreement”).  The April 27, 2011 Agreement was entered pursuant to the Formation Agreement.

CR completed its due diligence with satisfaction, and as of the date of the Agreement has completed the funding of the required $500,000 Advance.  Upon the terms and subject to the conditions of April 27, 2011 Agreement, CR will complete the funding of the remaining $4,500,000 of its $5,000,000 working capital commitment related to Toukhmanuk and Getik (“Initial Consideration”) according to an agreed, restricted funding schedule which includes $1,400,000 payable following the execution of the Agreement and the remaining $3,100,000 payable over the next 12 months with payments occurring within 5 business days of the end of each calendar month as needed.  Mr. Jeffrey Marvin of CR was elected to join the Global Gold Board and attended the Company's annual meeting on June 10, 2011.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  As of September 30, 2011, the Company has received the full $1,400,000 funding and has received additional funding payments. 

Global Gold and CR will work together for twelve months (the “12 Month Period”) from the date of the Agreement to develop the Properties, improve the financial performance and enhance shareholder value.  The Agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Global Gold and CR agree to form a new Joint Venture Company (“JVC”) to be established by CR, subject to terms and conditions mutually and reasonably agreed with Global Gold, provided that JVC shall have no liabilities, obligations, contingent or not, or commitments, except pursuant to a shareholders’ agreement.  Global Gold and CR intend to integrate all of Global Gold’s Toukhmanuk and Getik mining and exploration operations into the JVC.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process of being listed on such exchange and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the shareholders agreement.  Global Gold’s ownership in the JVC shall be the greater value of either 51% or the pro forma value of $40.0 million in newly issued stock of the JVC at the end of the 12 Month Period.  Current Global Gold director Ian Hague and Chairman Van Krikorian will serve on the JVC board, which will reflect the parties’ interests.  CR and Global Gold will also form a technical committee to oversee exploration and production matters.  This transaction is more particularly described in Exhibit 10.20 below.

The Company rented office space in a commercial building at 45 East Putnam Avenue, Greenwich, CT where it signed a 5-year lease starting on March 1, 2006 at a starting annual rental cost of $44,200. On October 1, 2006, the Company expanded its office space by assuming the lease of the adjacent office space. The assumed lease had less then one year remaining, through September 30, 2008, at an annual rental cost of $19,500.  The assumed lease was extended for an additional year through September 30, 2009 at an annual rental cost of $22,860 for that period.   The assumed lease was further extended through October 15, 2009 at which point the Company vacated the additional space.  Messrs. Gallagher and Krikorian gave personal guarantees of the Company's performance for the first two years of the lease.   As of April 1, 2011, the Company has moved its corporate headquarters from Greenwich, CT to Rye, NY.  The new contact information is:

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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Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended		198 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
REVENUES				$ 94,943	$ 551,152
COST OF GOODS SOLD				32,855	189,998
GROSS PROFIT				62,088	361,154
(INCOME)/EXPENSES:
General and administrative	846,431	519,914	2,196,703	1,342,984	23,630,030
Mining and exploration costs	1,067,263	139,599	1,543,839	355,312	16,137,828
Amortization and depreciation	162,931	228,405	591,958	773,266	5,697,038
Write-off on investment					176,605
Gain on sale of investment					(2,779,778)
Loss/(Gain) from investment in joint ventures				(192,977)	(2,523,701)
Interest expense	104,805	236,546	329,121	526,155	2,012,755
Bad debt expense					151,250
Loss on foreign exchange					193,852
Gain on extinguishment of debt					(289,766)
Interest income	(268)		(674)	(1,833)	(364,825)
TOTAL (INCOME)/EXPENSES	2,181,163	1,124,464	4,660,947	2,802,907	42,041,289
Income/(Loss) from Continuing Operations	(2,181,163)	(1,124,464)	(4,660,947)	(2,740,819)	(41,680,135)
Discontinued Operations:
Loss from discontinued operations					386,413
Loss on disposal of discontinued operations					237,808
Net Income/(Loss) Applicable to Common Shareholders	(2,181,163)	(1,124,464)	(4,660,947)	(2,740,819)	(42,304,356)
Foreign currency translation adjustment	(159,760)	(336,510)	(222,604)	(157,920)	1,994,575
Unrealized gain/(loss) on investments		(25,636)		(31,113)	353,475
Comprehensive Net Income/(Loss)	$ (2,340,923)	$ (1,486,610)	$ (4,883,551)	$ (2,929,852)	$ (39,956,306)
NET LOSS PER SHARE - BASIC AND DILUTED (in Dollars per share)	$ (0.03)	$ (0.03)	$ (0.06)	$ (0.07)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED (in Shares)	83,040,475	41,206,334	80,487,911	41,170,878

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Note 7. Deposit on Sale of Property

6 Months Ended

Jun. 30, 2011

Deposit Liabilities Disclosures [Text Block]

7. DEPOSIT ON SALE OF PROPERTY

On October 29, 2010, the Company received an advance of $250,000 from Conventus Ltd. a BVI corporation (“Conventus”) for the sale of 100% interest in the Compania Minera Global Gold Valdivia S.C.M. company (“GGV”) which holds the Pureo mining assets in Chile, as further described in the Agreements section below.   In the first quarter of 2011, the Company received an additional $750,000 of funding as required to complete the sale with Conventus.  As of September 30, 2011, the Company is carrying the $1,000,000 deposit as a liability until such time as the Company has finalized the sale agreement in Chile and transferred the licenses to Conventus which it is in the process of completing.  

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Note 6. Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2011

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

As of September 30, 2011 and December 31, 2010, the accounts payable and accrued expenses consisted of the following:

	September 30,		December 31,
	2011		2010
Drilling work payable	$	323,677	$	313,324
Accounts payable		1,871,071		1,858,991
Accrued expenses		125,457		91,683
	$	2,320,205	$	2,263,998

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Note 14. Legal Proceedings

6 Months Ended

Jun. 30, 2011

Legal Matters and Contingencies [Text Block]

14. LEGAL PROCEEDINGS

GGH, which is the license holder for the Hankavan and Marjan properties, was the subject of corrupt and improper demands and threats from the former Minister of the Ministry of Environment and Natural Resources of Armenia, Vardan Ayvazian. The Company reported this situation to the appropriate authorities in Armenia and in the United States. Although the Minister took the position that the licenses at Hankavan and Marjan were terminated, other Armenian governmental officials assured the Company to the contrary and Armenian public records confirmed the continuing validity of the licenses. The Company received independent legal opinions that all of its licenses are valid and remain in full force and effect, continued to work at those properties, and engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary, including international arbitration. 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, Mr. Ayvazian The Company filed for arbitration  under the rules under the International Chamber of Commerce, headquartered in Paris, France, ("ICC") on December 29, 2006. The forum for this arbitration is New York City, and the hearing is currently still pending.  On June 25, 2008, the Federal District Court for the Southern District of New York ruled that Mr. Ayvazian was required to appear as a respondent in the ICC arbitration.  On September 5, 2008, the ICC International Court of Arbitration ruled that Mr. Ayvazian shall be a party in accordance with the decision rendered on June 25, 2008 by the Federal District Court for the Southern District of New York.  In addition and based on the US Armenia Bilateral Investment Treaty, Global Gold Mining filed a request for arbitration against the Republic of Armenia for the actions of the former Minister of Environment and Natural Resources with the International Centre for Settlement of Investment Disputes, which is a component agency of the World Bank in Washington, D.C., ("ICSID") on January 29, 2007. On August 31, 2007, the Government of Armenia and Global Gold Mining jointly issued the following statement, "{they} jointly announce that they have suspended the ICSID arbitration pending conclusion of a detailed settlement agreement. The parties have reached a confidential agreement in principle, and anticipate that the final settlement agreement will be reached within 10 days of this announcement." The Company has learned from public records that GeoProMining Ltd., through an affiliate, has become the sole shareholder of an Armenian Company, Golden Ore, LLC, which was granted an illegal and competing license for Hankavan. GeoProMining Ltd. is subject to the 20% obligations as successor to Sterlite Resources, Ltd.  As of February 25, 2008 Global Gold Mining has entered into a conditional, confidential settlement agreement with the Government of the Republic of Armenia to discontinue the ICSID arbitration proceedings. This agreement does not affect the pending ICC arbitration involving similar subject matter.

On June 17, 2010, Global Gold Corporation and its subsidiary Global Gold Mining, LLC (collectively “Global”) and Caldera Resources, Inc (“Caldera”) announced TSX-V approval of their March 24, 2010 joint venture agreement to explore and bring the Marjan property into commercial production.  However, the Company has recently learned that the TSX-V did not approve the fully executed March 24, 2010 joint venture agreement.  Rather, according to its final approval letter, the TSX-V approved a prior and materially different version of the agreement, submitted by Caldera unbeknownst to Global, which the TSX-V described as an “option” in its June 16, 2010 final approval letter.  Thus a condition precedent to the joint venture agreement – TSX-V approval of the March 24, 2010 agreement never took place.  As previously reported, the property is held with a twenty-five year “special mining license,” effective April 22, 2008 and expiring April 22, 2033, which expanded the prior license term and substantially increased the license area.  The license required payments of annual governmental fees and   the performance of work at the property as submitted and approved in the mining plan which includes annual mining at 50,000 tonnes of mineralized rock, as well as exploration work to have additional reserves approved under Armenian Law in order to maintain the license in good standing.  Caldera advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 day termination notices from the government and formed one basis for the October 7, 2010 joint venture termination notice from Global, which Global had agreed to keep the termination notice confidential until October 15, 2010.  

The joint venture agreement provided that Caldera would be solely responsible for license compliance and conducting the approved mining plan, and that “[i]n the event that Caldera does not, or is otherwise unable to, pursue this project and pay to Global Gold the amounts provided for hereunder, Caldera’s rights to the Property and the shares of Marjan-Caldera Mining LLC shall be forfeited and replaced by a Net Smelter Royalty (the “NSR”).” Caldera did not meet the threshold to earn any NSR under the agreement, and its notice of license non-compliance as well as its failure to pay the consideration required under the JVA resulted in an automatic termination of its rights by operation of the agreement.  The agreement provided that Caldera would deliver 500,000 of its shares to Global, “subject to final approval of this agreement by the TSX Venture Exchange.” Although a TSX Venture Exchange approval specifically authorizing the share issuance was issued in June 2010, Caldera failed to deliver the shares.  Subject to a 30 day extension if it could not raise the funds in capital markets, Caldera agreed to make the following cash payments to the Company on or before the following dates; $300,000 payments on September 30, 2010 and December 31, 2010; $250,000 on March 30, 2011, June 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, June 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012.  Caldera raised sufficient funds, but has not made any of these payments.

In addition, Global’s October 7, 2010 termination notice noted Caldera’s illegal behavior in registering charter changes harmful to and without the consent of Global, material misrepresentations on technical and other matters, and more.  Caldera officials have also engaged in behavior at odds with the Foreign Corrupt Practices Act, which the Company has reported to Armenian and United States Government officials.  In October 2010, two Caldera officials came under criminal investigation in Armenia for fraud, and in September 2010, Global brought a separate action in Armenian court to correct Caldera’s illegal re-registration of shares and charter changes in Armenia.  On July 29, 2011, an Armenian court verdict confirmed that Caldera Resources, Inc.’s registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership of Marjan Mining Company, LLC rests fully with Global Gold Mining, LLC (a wholly owned subsidiary of Global Gold Corporation).  The decision is pending appeal by Caldera.  Global has a security interest freezing the shares of Marjan Mining Company pending the formal turn-over or any appeal.  Based, in part, on a misunderstanding of the June 2010 TSX Venture Exchange approval letter and Caldera’s misrepresentations that payments due to Global Gold were being held in escrow, the criminal investigation of two Caldera officials was declined by prosecutors and the first instance judicial review in Armenia.  In accordance with Armenian law, those decisions are now pending further judicial review.  These Armenian criminal proceedings related to fraud are separate from and do not effect Global Gold’s property rights and the Foreign Corrupt Practices Act matter.

Separately, there is an arbitration pending in New York whereby Caldera is seeking confirmation through the American Arbitration Association of the joint venture’s existence plus damages for alleged breaches of contract and fiduciary duties, and Global is seeking an award declaring that the JVA is not in effect and awarding damages of more than $850,000 of accrued but unpaid amounts at the contractual rate of 10% interest, the 500,000 shares of stock Caldera failed to deliver in June 2010, and damages for Caldera’s other breaches, non-performance, and attacks on Global.  

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect the Company’s consolidated financial statements or results of operations.   The Company has been brought to court by several former employees and contractors for unpaid salaries and invoices, respectively, as well as some penalties for non payment which totals approximately $350,000.  The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $130,000 as of June 30, 2011.   The Company is currently, and will continue to, vigorously defending its position in courts against these claims that are without merit.  The Company is also negotiating directly with these individuals outside of the courts in attempt to settle based on the amounts of the actual amounts due as recorded by the Company in exchange for prompt and full payment.

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Note 10. Segment Reporting By Geographic Area

6 Months Ended

Jun. 30, 2011

Segment Reporting Disclosure [Text Block]

10. SEGMENT REPORTING BY GEOGRAPHIC AREA

The Company sells its products primarily to one customer in Europe. The Company performs ongoing credit evaluations on its customers and generally does not require collateral. The Company operates in a single industry segment, production of gold and other precious metals including royalties from other non-affiliated companies production of gold and other precious metals.

For the nine months ending September 30, 2011 and 2010, the Company had revenues of $0 and $94,943, respectively, all in Armenia from a single customer.

The following summarizes identifiable assets by geographic area:

Assets table:

	September 30,		December 31,
	2011		2010
Armenia	$	4,300,185	$	4,833,042
Chile		1,123,986		1,165,085
United States		66,190		12,979
	$	5,490,361	$	6,011,106

The following summarizes operating losses before provision for income tax:

Net Loss table:

	September 30,		September 30,
	2011		2010
Armenia	$	3,730,281	$	1,569,068
Chile		62,701		165,172
United States		867,965		1,006,579
	$	4,660,947	$	2,740,819

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Note 8. Deposit on Joint Venture

6 Months Ended

Jun. 30, 2011

Collaborative Arrangement, Nature and Purpose

8. MINORITY INTEREST IN JOINT VENTURE PENDING

The Company received $3,687,460 from a joint venture of the $5,000,000 total commitment, as fully described below, and is carrying this $3,687,460 as a liability pending closing or termination of the joint venture.  Subject to satisfaction of the contractual terms and conditions, the joint venture agreement calls for a closing date of April 26, 2012.

As of  March 17, 2011, the Company entered into an agreement (the “Formation Agreement”) with Consolidated Resources USA, LLC, a Delaware company (“CRU”) for a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”).  Upon payment of the initial consideration as provided below, Global Gold and CRU will work together for twelve months (the “12 Month Period”) to develop the Properties and cause the Properties to be contributed to a new joint venture company, whose identity and terms will be mutually agreed, (the “JVC”).   Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  

Key terms include CRU paying initial consideration of $5,000,000 as a working capital commitment to Global Gold payable by: a $500,000 advance immediately following the execution of the Formation Agreement (the “Advance”); $1,400,000 payable following the satisfactory completion of due diligence by CRU and the execution of definitive documents in 30 days from the date of this Agreement; and $3,100,000 according to a separate schedule in advance and payable within 5 business days of the end of every calendar month as needed.  

On April 27, 2011, the Company entered into an agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”); and its affiliate CRU, (hereinafter collectively referred to as “CR”), to fund development and form a joint venture on the Properties (the “JV Agreement”).  The JV Agreement was entered pursuant to the Formation Agreement.

CR completed its due diligence with satisfaction, and as of the date of the JV Agreement has completed the funding of the required $500,000 Advance.  Upon the terms and subject to the conditions of JV Agreement, CR will complete the funding of the remaining $4,500,000 of its $5,000,000 working capital commitment related to Toukhmanuk and Getik according to an agreed, restricted funding schedule which includes $1,400,000 payable following the execution of the Agreement and the remaining $3,100,000 payable over the next 12 months with payments occurring within 5 business days of the end of each calendar month as needed.  In addition, Mr. Jeffrey Marvin of CR was elected a member of the Global Gold Board of Directors and attended the Company's annual meeting on June 10, 2011.  Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.  

Pursuant to the JV Agreement, Global Gold and CR are working together for twelve months (the “12 Month Period”) from the date of the JV Agreement to develop the Properties, improve the financial performance and enhance shareholder value.  The JV Agreement enables Global Gold to complete its current Toukhmanuk production expansion to 300,000 tonnes per year and advance exploration in Armenia.  Global Gold and CR agree to form a new Joint Venture Company (“JVC”) to be established by CR, subject to terms and conditions mutually and reasonably agreed with Global Gold, provided that JVC shall have no liabilities, obligations, contingent or not, or commitments, except pursuant to a shareholders’ agreement.  Global Gold and CR intend to integrate all of Global Gold’s Toukhmanuk and Getik mining and exploration operations into the JVC.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process of being listed on such exchange and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the shareholders agreement.  The JVC will issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a) 51% of the equity of JVC, or (b) $40.0 million in newly issued stock of JVC, calculated based on the volume weighted average price ("VWAP") of such shares over the first 30 (thirty) days of trading following the IPO, assuming issuance of all shares issuable in the IPO, and assuming issuance of all shares issuable as management shares and conversion of the Notes issued under the Instrument (as defined hereinafter) and all other convertible securities and exercise of any warrants or other securities issued in connection with the IPO, such that if following any reverse merger or IPO, the value of $40.0 million in newly issued shares based on VWAP of JVC shares is greater than the Global Gold's 51% equity ownership in JVC valued as above, new shares in JVC will be issued to the Global Gold such that the aggregate value of Global Gold's ownership in JVC is shares having a value of $40.0 million based on VWAP, and the Company shall remain in control of the JVC following the public listing.

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Note 9. Secured Line of Credit

6 Months Ended

Jun. 30, 2011

Debt Disclosure [Text Block]

9.  SECURED LINE OF CREDIT

The Company had secured a secured line of credit from Arexim bank in Armenia.  The Company pledged certain mining equipment with an approximate value of $817,550 at its Tukhmanuk property against the line of credit.  The maximum credit was for $656,631.  The credit accrued interest at approximately 15% per year.  In the first quarter of 2011, the Company had paid off the secured line of credit and it was closed.

On March 26, 2010, the Company, through its wholly owned subsidiary Mego Gold, LLC (“Mego”) entered into a credit line agreement for 1 billion Armenian Drams (approximately $2,500,000) with Armbusinessbank Close Joint Stock Company (“ABB”) in Yerevan, Armenia.  The credit line includes a grace period on repayment until April 20, 2011, is not revolving, may be prepaid at any time, and is to be drawn down towards equipment purchases, construction, and expansion of the existing plant and operations to increase production capacity to 300,000 tonnes of ore per year at Mego’s Tukhmanuk property in Armenia.  The loan is for a period of 5 years through March 20, 2015, bears interest at 14% for amounts borrowed, and bears interest at 2% for amount available but not borrowed.  The loan is made and payable in local AMD currency.  As security, 100% of the Mego shares and the mining right certified by the Mining License Agreement #287 with Purpose of Sub-Surface Exploitation and Mining License #HA-L-14/356 issued on August 5, 2005.  The balance owed at September 30, 2011 was $2,351,835 which includes no accrued interest.  The balance has decreased due to principal payments made for April 2011 through September 2011 and offset by foreign currency rates as of September 30, 2011.

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Note 11. Concentration Risk

6 Months Ended

Jun. 30, 2011

Concentration Risk Disclosure [Text Block]

11. CONCENTRATION RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions in the United States and Armenia.  As of September 30, 2011 and December 31, 2010, bank deposits in the United States did not exceed federally insured limits.  As of September 30, 2011 and December 31, 2010, the Company had approximately $183,000 and $9,800, respectively, in Armenian bank deposits and approximately $800 and $800, respectively, in Chilean bank deposits, which may not be insured. The Company has not experienced any losses in such accounts through September 30, 2011 and as of the date of this filing.

The majority of the Company's present activities are in Armenia and Chile. As with all types of international business operations, currency fluctuations, exchange controls, restrictions on foreign investment, changes to tax regimes, political action and political instability could impair the value of the Company's investments.

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Consolidated Statements of Cash Flows (Uunaudited) (USD $)	6 Months Ended		198 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
OPERATING ACTIVITIES:
Net loss	$ (4,660,947)	$ (2,740,819)	$ (42,304,356)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation	42,564	46,822	3,890,531
Stock option expense	7,089	59,589	1,194,079
Amortization expense	265,316	348,465	2,832,594
Depreciation expense	326,642	424,801	3,090,352
Stock based compensation	240,000		306,613
Write-off of investment			176,605
Loss on disposal of discontinued operations			237,808
Gain from investment in joint ventures		(192,977)	(2,473,701)
Gain on extinguishment of debt			(289,766)
Gain on sale of investments			(2,779,778)
Bad debt expense			151,250
Other non-cash expenses			155,567
Changes in assets and liabilities:
Other current and non current assets	186,285	(1,496,714)	(2,039,307)
Accounts payable and accrued expenses	(7,731)	433,430	3,012,538
Accrued interest	37,168	349,981	1,111,115
Wages payable	71,861	389,482	1,096,284
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(3,491,753)	(2,377,940)	(32,631,572)
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(186,914)		(4,725,471)
Proceeds from sale of mining interest	750,000		3,891,155
Investment in joint ventures			(260,000)
Investment in mining licenses			(5,756,101)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES	4,250,546		2,041,547
FINANCING ACTIVITIES:
Net proceeds from private placement offering			18,155,104
Repurchase of common stock			(25,000)
Advance from customer		432,246	168,722
Proceeds from secured line of credit		2,167,523	3,189,374
Repayment of secured line of credit	(410,976)		(1,052,313)
Note payable to Directors	(15,954)	92,500	4,387,375
Warrants exercised	25,000		2,597,250
NET CASH FLOWS PROVIDED BY/(USED) IN FINANCING ACTIVITIES	(401,930)	2,692,269	27,420,512
EFFECT OF EXCHANGE RATE ON CASH	(144,286)	85,033	3,384,821
NET INCREASE IN CASH	212,577	399,362	215,308
CASH AND CASH EQUIVALENTS - beginning of period	14,083	29,551	11,352
CASH AND CASH EQUIVALENTS - end of period	226,660	428,913	226,660
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid			2,683
Interest paid	197,396	124,345	540,535
Stock issued for deferred compensation		2,000	3,871,217
Stock forfeited for deferred compensation			742,500
Stock issued for mine acquisition			1,227,500
Stock issued for notes payable			5,337,643
Stock issued for wages payable	300,000		300,000
Stock cancelled for receivable settlement			77,917
Mine acquisition costs in accounts payables			50,697
Sale of Tamaya Common Stock [Member]
INVESTING ACTIVITIES:
Proceeds from sale of common stock			4,957,737
Sale of Sterlite Gold Common Stock [Member]
INVESTING ACTIVITIES:
Proceeds from sale of common stock			246,767
Minority Interest [Member]
INVESTING ACTIVITIES:
Proceeds from the sale of minority interest in joint venture pending	$ 3,687,460		$ 3,687,460

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Note 5. Other Receivable

6 Months Ended

Jun. 30, 2011

Financing Receivables [Text Block]

5. OTHER RECEIVABLE

As of September 30, 2011, the Company was owed 500,000 shares of Caldera Common Stock, and a minimum of $1,350,000 plus interest at 10% from Caldera Resources per the terms of the Marjan JV agreement.  The Company has decided to not carry this receivable as an asset, even though the Company is in arbitration to have Caldera perform its obligations, because Caldera has not performed its obligations to Global per the Marjan JV agreement as further described in the Agreements Section and Legal Proceedings.

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Note 15. Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Text Block]

15. SUBSEQUENT EVENTS

On October 17, 2011, the Company issued a press release announcing that an updated NI-43-101 format independent technical report prepared by Behre Dolbear International Limited has been completed for the Toukhmanuk and Getik properties in Armenia and reporting on new discoveries at Toukhmanuk.

On October 25, 2011, the Company sold and delivered approximately 56 tonnes of gold and silver concentrate pursuant to its agreement with IM.   The tentative amount due to the Company was $130,924.

On November 7, 2011, the Company issued 500,000 shares to Rasia, a Dubai-based principal advisory company, as the balance of compensation as sole advisor on the Consolidated Resources transaction.

On November 21, 2011, the Company received the balance of the $5 million from Consolidated Resources per the Agreement.

The Company also anticipates spending additional funds in Armenia and Chile for further exploration and development of its other properties as well as acquisition of new properties.  The Company is also reviewing new technologies in exploration and processing.  The Company anticipates that it will issue additional equity or debt to finance its planned activities.  The Company anticipates that it might obtain additional financing from the holders of its Warrants to purchase 4,750,000 shares of Common Stock of the Company at an exercise price of $0.15 per share, which expire on December 9, 2013.  These Warrants were amended to an exercise price of $0.10 per share.   On October 25, 2010, in connection with the aforementioned warrants, the Company had 2,500,000 warrants exercised, out of 4,750,000 warrants available, for a total of $250,000.  On June 28, 2011, the Company had 250,000 warrants exercised for a total of $25,000.  The shares were issued pursuant to the exemptions from registration requirements of the Securities Act under Regulation D based upon representations and covenants provided by the respective purchasers.  The Company anticipates that the balance of the 4,750,000 warrants will be exercised which will provide for an additional $200,000 but these warrants have not been exercised as of the date of this filing.

On June 17, 2010, Global Gold Corporation and its subsidiary Global Gold Mining, LLC (collectively “Global”) and Caldera Resources, Inc (“Caldera”) announced TSX-V approval of their March 24, 2010 joint venture agreement to explore and bring the Marjan property into commercial production.  However, the Company has recently learned that the TSX-V did not approve the fully executed March 24, 2010 joint venture agreement.  Rather, according to its final approval letter, the TSX-V approved a prior and materially different version of the agreement, submitted by Caldera unbeknownst to Global, which the TSX-V described as an “option” in its June 16, 2010 final approval letter.  Thus a condition precedent to the joint venture agreement – TSX-V approval of the March 24, 2010 agreement never took place.  As previously reported, the property is held with a twenty-five year “special mining license,” effective April 22, 2008 and expiring April 22, 2033, which expanded the prior license term and substantially increased the license area.  The license required payments of annual governmental fees and   the performance of work at the property as submitted and approved in the mining plan which includes annual mining at 50,000 tonnes of mineralized rock, as well as exploration work to have additional reserves approved under Armenian Law in order to maintain the license in good standing.  Caldera advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 day termination notices from the government and formed one basis for the October 7, 2010 joint venture termination notice from Global, which Global had agreed to keep the termination notice confidential until October 15, 2010.