Item 1.02 Termination of a Material Definitive Agreement.

As of July 31, 2008, Global Gold Corporation (the "Company") entered into an agreement to sell all of the Company's interest in its mining claims and properties in Chile (the "Chilean Interests") in exchange for five million dollars ("Purchase Price") to a private company Madre Gold, LLC, a Delaware Limited Liability Company ("MG"). The Company would also receive a production royalty of 2.5%, and would be the operator and developer of the property, providing office space, and services of the Company's employees and technical assistance for development, production and exploration of the Chilean Interests through August 31, 2009. The agreement to sell the Chilean Interests was filed as exhibit 10.1 to the Company's report on Form 8-K filed with the SEC on August 4, 2008. The closing date for the agreement was September 15, 2008. As of September 16, 2008, the agreement was terminated due to non performance of one of the closing obligations by one of the parties.

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