Global Gold Announces Closing of Chilean JV Transfer and Separation of Properties

GREENWICH, CT--(Marketwire - August 18, 2009) - Global Gold Corporation (OTCBB: GBGD)
(www.globalgoldcorp.com) today announced the closing of property transfers
pursuant to an amendment of the October 29, 2007, Compania Minera Global
Gold Valdivia S.C.M. joint venture ("GGV"). Global Gold entered into the
amendment with members of the Quijano family on July 24, 2009.

Under the original joint venture agreement, Global Gold held a 51% interest
in the placer and hard rock gold claims in south central Chile, near
Valdivia. The property consists of two large claim blocks identified as the
Madre de Dios Claims Block and the Pureo Claims Block.

According to the final terms of the amendment and property transfers closed
on August 14, 2009, Global Gold retains 100% of the GGV entity and of its
Pureo Claims Block which is approximately 8,200 hectares and the Quijano
Family received 100% of the Madre de Dios Claims Block. GGV retains the
Guadaloupe site which has been prepared for initial placer mining
operations. The Quijano Family is also entitled to 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 repayment of $200,000 to Global
Gold.

Global Gold has been operating in Chile since 2001. Historical production
and initial geological estimates of the Pureo Claims Block are indicative
of a rich gold mining area, and Global Gold anticipates a low cost of
production to mine the placer deposits. It also plans to advance the
previously drilled hard rock area.

Global Gold is an international gold mining and exploration company that
develops properties with a low cost of production and substantial upside.
In addition to Chile, Global Gold operates three gold properties in Armenia
and is the largest gold exploration license holder in Armenia. The Company
began gold concentrate production on a small scale in November 2008 at the
Toukhmanuk Property. The Toukhmanuk plant is scheduled for an upgrade in
the first half of 2009 to take production from the current 300 ounces per
month to 15,000 ounces per year in the first quarter of 2010. Global Gold
plans to reach an industrial production level of over 100,000 ounces per
year in three to four years.

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