GLOBAL GOLD CORP (Form: 8-K, Received: 10/22/2008 15:26:34)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 17, 2008

Global Gold Corporation

(Exact name of registrant as specified in its charter)

Delaware	02-69494	13-3025550
--------	--------	----------
(State or other jurisdiction	(Commission	(IRS
of incorporation)	File Number)	Identification No.)


45 East Putnam Avenue, Greenwich, CT		06830
----------------------------------------		-----
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (203) 422-2300

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

[ ] Pre-commencement communications pursuant to Rule 133-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On October 17, 2008, Global Gold Corporation (the "Company" and “Global Gold”) through its wholly owned subsidiary Global Gold Uranium, LLC ("GGU") entered into an agreement (the "Royalty Agreement") with Commander Resources Ltd. (“Commander”) and Bayswater Uranium Corporation (“Bayswater”) ” pertaining to the Cochrane Pond Property (the “Property”) located in southern Newfoundland that is owned 50% by Commander and 50% by Bayswater through a joint venture (the “CPJV”). The Company originally entered into an agreement acquiring an option (the “Option Agreement”) on the Property with Commander and Bayswater on April 12, 2007 (see exhibit 10.3 on Form 8-K filed on April 16, 2007). The Royalty Agreement grants Global Gold a royalty in the Property and terminates Global Gold’s pre-existing rights and obligations associated with Property.

The key terms of the Royalty Agreement are that the CPJV shall provide a royalty to Global Gold for uranium produced from the Property in the form of a 1% gross production royalty from the sale of uranium concentrates (yellowcake) capped at CDN $1 million after which the royalty shall be reduced to a 0.5% royalty.

The royalty shall remain attached to the Property and in the name of Global Gold or GGU as required under the local laws and exchange regulations. The royalty shall survive the sale and transfer of the property to a third party.

In consideration for the royalty, Global Gold shall pay a total of US $50,000 cash, US $25,000 cash each to Commander and Bayswater within 30 days of the date of this letter, all as described in exhibit 10.3 below.

Item 8.01 Other Events

On October 17, 2008, the Company issued a press release announcing that the Company that its exploration, test mining, and processing work has uncovered a significant gold and silver discovery in the Central Area of its Toukhmanuk property in the north central mineral belt of Armenia.

A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Exhibits

Exhibit No. Description

10.3 Material Contract – Royalty Agreement on Cochrane Pond Property, Newfoundland dated as of October 17, 2008.

99.1 Press release on October 17, 2008, by Global Gold Corp. Announcing a Significant Discovery in Armenia at Toukhmanuk.

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 hereunto duly authorized.

Dated: October 22, 2008		Global Gold Corporation

	By:	/s/Van Z. Krikorian
	Name:	Van Z. Krikorian
	Title:	Chairman and Chief
		Executive Officer

October 2, 2008

Global Gold Uranium LLC.
45 East Putnam Ave.
Greenwich, CT
06830

Attention:

Van Krikorian

Dear Mr. Krikorian;

Re: Royalty Agreement - Cochrane Pond Property, Newfoundland

Global Gold Uranium LLC, a wholly owned subsidiary of Global Gold Corporation (“Global Gold”) is party to an agreement dated April 12, 2007 with Commander Resources Ltd. (“Commander”) and Bayswater Uranium Corporation (“Bayswater”), collectively the “CPJV” pertaining to the Cochrane Pond Property (“Property”) located in southern Newfoundland that is owned 50% by Commander and 50% by Bayswater under a Joint Venture Agreement dated June 19, 2006 (the “Underlying Agreement”).

Global Gold completed the required work commitments, cash payments and share issuances to satisfy the first year’s minimum obligations of the Agreement.

This letter serves two purposes:

1. In the first instance, Global Gold provides notice to the CPJV of termination of the Agreement as at the date of this letter and the CPJV hereby accepts the termination of the Agreement with no further obligations by Global Gold as to the Property or the Agreement. Global Gold warrants that all fuel, empty drums and other exploration equipment used during their exploration work on the Property has been removed from the Property and that the Property has been returned to CPJV with no underlying potential environmental issues.

2. In the second instance, the parties have agreed to enter into a new agreement for the sale to and purchase by Global Gold certain retained royalties in and to the Property for a cash consideration made to the CPJV as further outlined below.

510-510 Burrard Street, Vancouver, B.C. , Canada, V6C 3A8 Telephone 604-685-5254 Fax: 604-685-2814

CMD – TSX Venture Exchange www.commanderresources.com

Purchase and Royalty Agreement

The CPJV shall provide a royalty to Global Gold for uranium only produced from the Property in the form of a 1% gross production royalty from the sale of uranium concentrates (yellowcake) capped at CDN$1 million after which the royalty shall be reduced to a 0.5% royalty.

The royalty shall remain attached to the Property and in the name of Global Gold Corporation or Global Gold Uranium as required under the local laws and exchange regulations. The royalty shall survive the sale and transfer of the property to a third party.

In consideration for the royalty, Global Gold shall pay a total of US$50,000 cash, US$25,000 cash each to Commander and Bayswater within 30 days of the date of this letter.

Global Gold shall retain no additional rights, interests or access to the Property from this day forth.

All legal costs associated with preparation of the final agreement pertaining to this letter shall be paid by Global Gold, costs of which are estimated to be no more than CDN$2,000. Commander will bill Global Gold for these costs once invoicing is complete.

The royalty shall cover the existing claims that constitute the Property as at the date of this letter and there will be no area of interest for the royalty. Furthermore, should the Property be reduced in size in the future, the retained royalty will only apply to the reduced area and not the original area.

The CPJV shall retain a Right of First Refusal on the royalty should GGU elect to sell or assign the royalty to a third party.

This letter is being presented to Global Gold on behalf of the CPJV and will serve as a basis for a formal Purchase and Royalty agreement that will include a detailed royalty schedule, specifics of the royalty terms and the current property map and claim list. The final agreement will need to be executed by Global Gold, Commander and Bayswater and will be subject to any necessary approvals by regulatory agencies and to final board approval.

The parties agree that this letter may be executed by both parties and sent via facsimile or scanned e-mail.

If you are in acceptance of these general business terms, please sign and date below and return on original signed copy to the undersigned. Once received, we will commence the preparation of the final agreement.

510-510 Burrard Street, Vancouver, B.C. , Canada, V6C 3A8 Telephone 604-685-5254 Fax: 604-685-2814

CMD – TSX Venture Exchange www.commanderresources.com

Thank you for your attention in this matter.

Yours Sincerely,

COCHRANE POND JOINT VENTURE

Kenneth Leigh
President & CEO
Commander Resources Ltd .

Accepted this ________day of _____________, 2008

Global Gold Uranium and Global Gold Corporation

By: _________________________________
( authorized signatory)

Name and Title:________________________________

510-510 Burrard Street, Vancouver, B.C. , Canada, V6C 3A8 Telephone 604-685-5254 Fax: 604-685-2814

CMD – TSX Venture Exchange www.commanderresources.com

GLOBAL GOLD REGISTERS SIGNIFICANT DISCOVERY IN ARMENIA AT TOUKHMANUK

Greenwich, CT—October 17, 2008 – Global Gold Corporation (OTCBB-GBGD), is pleased to announce that its exploration, test mining, and processing work has uncovered a significant gold and silver discovery in the Central Area of its Toukhmanuk property in the north central mineral belt of Armenia. Results of recent test mining, diamond drilling of over 20,000 meters, surface sampling of the No. 1 and 15 mineralized areas indicate that 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. The entire Toukhmanuk license area is now 51.5 square kilometers and the Central Area is 2.2 square kilometers.

Historical GKZ (State Committee on Reserves) records in the C1, C2 and P1,categories indicate 12.1 Million tonnes of mineralization, averaging 6.74 g/t gold and 30.79 g/t silver, including 2.6 million oz/gold and 11.9 million oz./silver, based on vein widths between 1 and 1.5 meters in veins 1 and 15. The new discovery shows much wider veins and areas of mineralization, in areas, at time coincident with the vein 1 and 15 GKZ records but often divergent with those veins. Thus, new resource estimates and mine planning are currently underway. 60,000 tonnes of ore at an average grade of 3.6 g/t has been mined and stockpiled near the plant for processing through the winter; recoveries for both gravitation and flotation concentrate being produced average over 80%.

Global Gold Corporation • 45 East Putnam Avenue • Greenwich, CT 06830

Phone: 203.422.2300 • Fax: 203.422.2330

Global Gold Chairman and CEO Van Krikorian stated “We are positively delighted with this new discovery for ourselves and for Armenia. We acquired this property in 2005, and had a long learning curve, requiring us to explore new areas, think outside convention, and experiment with our own lab and processing technologies to get to this point.”

Armenian Minister of Energy and Natural Resources Armen Movsissyan also received the news of the discovery positively noting “Armenia has a rich potential for precious metal mining, and I am happy to congratulate Global Gold on this discovery and its plans to continue development. Foreign investors should know that this government is here to help, and we are glad that our own experts have played a role in assisting the company here.

Global Gold commissioned its upgraded gravitation and flotation gold processing plant in Toukhmanuk, Armenia on December 20, 2007, and is now constructing an additional flotation and enrichment circuit to increase concentrate grades. A new tailings dam was also constructed in 2007. Current plant capacity is 100,000 tonnes per year. Current throughput is approximately 6,000 tonnes per month.

In addition, the Company received international, ISO, certification for its laboratory at the Toukhmanuk site, and has been providing laboratory services to other companies. More recently, the Armenian Ministry of Economy also accredited Global Gold’s laboratory as one of those authorized to provide results for the Armenian government.

Global Gold Corporation, an international gold mining, development and exploration company with properties in Armenia, Chile and Canada, is committed to building shareholder value and maintaining social and environmental responsibilities. Minera Global Chile Limitada is a subsidiary through which Global Gold does all of its business in Chile. Global Gold Mining LLC operates in Armenia as a subsidiary of Global Gold Corporation.

More information can be found at www.globalgoldcorp.com.

To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Gosudarstvenny Komitet Zapasam (GKZ) resource estimates or former Soviet country state committee on reserves 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 Mineral Reserves or Mineral Resources.

Contact Information:

Andrew Barwicki, Investor Relations
203-422-2300

Global Gold Corporation • 45 East Putnam Avenue • Greenwich, CT 06830

Phone: 203.422.2300 • Fax: 203.422.2330