Global Gold announced the first stage of Government reserve approval for C1 and C2 categories of 35.614 tonnes of gold and 107 tonnes of silver at Toukhmanuk on October 27, 2009. The approvals followed a significant discovery at the Toukhmanuk Central Area (2.2 sq km) announced in October 2008 and a review of the company's technical submission in March 2009. In its approval, the Agency added that the "approved reserves entirely correspond to the requirements for Measured and Indicated reserves under International Standards." Before relying on any reserve or resource reporting, however, investors should read the "Cautionary Note" and "Forward-Looking Statements" terms included at the end of the release.

161 diamond drill holes for a total of 23,188 meters have been completed at Toukhmanuk. The objective of the diamond drilling was to explore near surface gold-polymetallic sulphide mineralization along the major west-northwest trading shear zone. The first stage Agency decision also confirms that mineralization continues in all directions and further exploration is required.

Global Gold's 2010 exploration program will focus on expanding the Toukhmanuk project and on upgrading the gold resources to proven and probable reserve standards. The company's production program includes expansion to 15,000 ounces per year in 2010 and then to an industrial production level of over 100,000 ounces per year.

Global Gold is an international gold exploration, development, and mining company headquartered in Greenwich, CT. The company operates three gold properties in Armenia and owns an alluvial gold deposit in southern Chile. While the entire Toukhmanuk license area is 53.76 sq km, work to date has focused on a portion of the 2.2 sq km Central Area.

Cautionary Note to U.S. Investors -- All mineral reserves have been estimated and disclosed in accordance with the definition standards on mineral resources and mineral reserves of the Republic of Armenia State Natural Resources Agency as provided by the Republic of Armenia's Regulation for Applying Reserves Classification for Gold Deposits. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission "SEC" Industry Guide 7. Armenian, International, and Guide 7 standards may not be consistent. The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use terms such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K. You can review and obtain copies of these filings from our website or at www.sec.gov/edgar.shtml. Investors are cautioned not to assume that any part or all of mineral resources will ever be confirmed or converted to Guide 7 compliant "reserves." The information in this release reports on the legal document issued by the Armenian Agency.

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.

Global Gold Corporation www.globalgoldcorp.com is an international gold mining, development, and exploration company with mining properties in Armenia and Chile. The Company is committed to building shareholder value and maintaining social and environmental responsibilities.

Contact:
Courtney Fellowes
VP, Business Development and Investor Relations
Global Gold Corporation
45 East Putnam Ave.
Greenwich, CT 06830
(203) 422 2300
Email Contact
www.globalgoldcorp.com

SOURCE: Global Gold Corp.

http://www2.marketwire.com/mw/emailprcntct?id=084F40C59B8FF8B0
http://www.globalgoldcorp.com

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This first stage of approval followed Global Gold's revised estimates that were submitted in a report to the Agency in March 2009, an English summary of which is also available on the company's website. The revised estimates were based on the significant discovery at the Toukhmanuk Central Area (2.2 sq km) announced in October 2008; however, the entire Toukhmanuk license area is vastly larger, encompassing 53.76 sq km. Historical work and Global Gold's own exploration confirm mineralization beyond the Central Area. "This approval is a major milestone, and we look forward to further additions to our base at Toukhmanuk," said Van Z. Krikorian, Chairman and CEO of Global Gold.

The Agency's commission members opined that 16 to 16.5 million tonnes of ore of the approved overall reserves are at an average grade of 2 grams per tonne gold, and recommend that this quantity be included in the first stage open pit for mining. The total ore reserve approved today is roughly 21,900 tonnes with an average gold grade of 1.62 grams per tonne at a cut off grade of .08 grams per tonne and an average silver grade of 4.88 grams per tonne.

Historical state committee on reserves records indicated mineralization based on vein widths between 1 and 1.5 meters in veins 1 and 15; however, the discovery in October 2008 showed much wider veins and areas of mineralization in some areas. Based on the results from diamond drilling, test mining and surface sampling of the No. 1 and 15 mineralized areas, there are at least eighteen mineralized zones within a 150 m to 200 m wide east-northeast trending alteration zone in the Central Area of the property.

These mineralized zones are 5 m to 25 m wide, extend more than 300 m along strike, and extend to more than 150 m at depth. Assay results of surface sampling show values ranging from 1 g/t Au to 280 g/t Au, and from 8 g/t to 520 g/t Ag. Gold mineralization is associated with sulphide minerals, in places as distinct veins within the wider alteration zone.

To date, Global Gold has tested only approximately 20% of the mineralized trend in the Central Area, which is interpreted to extend to more than 1.5 km along strike. There are other similar target areas which have not yet been tested on the property, and additional exploration will be necessary. The Company is planning to expand production to 15,000 ounces per year in 2010 and then to an industrial production level of over 100,000 ounces per year. Earlier this year, the Company had announced its plans to sustain production of approximately 300 ounces of gold per month, but the Company has been unable to sustain such production despite the plant capacity and stockpiled ore to do so for financial and other reasons.

  UNOFFICIAL TRANSLATION OF OCTOBER 27, 2009 FIRST STAGE MINERAL AND ORE
               RESERVES FOR CENTRAL AREA OF TOUKHMANUK MINE
    THE STAFF OF THE REPUBLIC OF ARMENIA MINISTRY OF ENERGY AND NATURAL
                  RESOURCES AGENCY FOR NATURAL RESOURCES
Reference:    020-N/7G
Date:         October 27, 2009

I hereby inform that based on the propositions made by the RA Natural Resources Agency's State Geological Expert Commission made during October 23, 2009 session, the Agency made a decision to approve the currently explored reserves of the Central Area of Toukhmanuk mine in the RA Aragatsotn province, as per the table provided below:

Reserve     Type of         Ore tonnes    Metal Average    Metal Reserves,
Categories  Mineralization  (x1,000)        Grades          kg
                                        ----------------  -----------------
                                        Au, g/t  Ag, g/t  Au         Ag
            --------------- ----------  -------  -------  --------   ------
1           2               3           4        5        6          7
            --------------- ----------  -------  -------  --------   ------
C1          Vein            359.8       5.88     33.19    2114.21    11942
            Stockwork       3744.5      1.46     3.73     5474.02    13949
            Total           4104.3      1.85     6.31     7588.23    25891
C2          Vein            1026.3      5.48     23.43    5622.52    24045
            Stockwork       16787.7     1.33     3.4      22403.18   57073
            Total           17814       1.57     4.55     28025.7    81118
C1 + C2     Vein            1386.1      5.58     25.96    7736.73    35987
            Stockwork       20532.2     1.36     3.46     27877.2    71022
            Total           21918.3     1.62     4.88     35613.93   107009

It is the opinion of the Commission members that about 16.0 to 16.5 million tones of ore out of the approved overall reserves are at the average grade of 2g/t Au, and that this quantity is recommended to be included in the first stage open pit for mining.

Approved reserves entirely correspond to the requirements for Measured & Indicated reserves under International Standards.

Chairman of RA State Natural Reserve Agency: Kh. Saponjian
                                                     /seal, signature/

Cautionary Note to U.S. Investors -- All mineral reserves have been estimated and disclosed in accordance with the definition standards on mineral resources and mineral reserves of the Republic of Armenia State Natural Resources Agency as provided by the Republic of Armenia's Regulation for Applying Reserves Classification for Gold Deposits. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission "SEC" Industry Guide 7. Armenian, International, and Guide 7 standards may not be consistent. The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use terms such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K. You can review and obtain copies of these filings from our website or at http://www.sec.gov/edgar.shtml. Investors are cautioned not to assume that any part or all of mineral resources will ever be confirmed or converted to Guide 7 compliant "reserves." The information in this release reports on the legal document issued by the Armenian Agency.

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.

Global Gold Corporation www.globalgoldcorp.com is an international gold mining, development, and exploration company with mining properties in Armenia and Chile. The Company is committed to building shareholder value and maintaining social and environmental responsibilities.

Contact Information:
Courtney Fellowes
VP, Business Development and Investor Relations
Global Gold Corporation
45 East Putnam Ave.
Greenwich, CT 06830
(203) 422 2300
www.globalgoldcorp.com

SOURCE: Global Gold Corp.

http://www.globalgoldcorp.com