On October 3, 2008, Global Gold Corporation (the "Company") entered into an agreement to sell all of the Company's interest in its Chiloe and Ipun island properties in Chile, held by a Joint Venture with the Quijano family (see exhibits 10.3 and 10.4 on Form 8-K filed on November 1, 2007), to the Quijano family. The Company will retain its Joint Venture with the Quijano family with respect to the remainder of the Joint Venture's Chile properties. The agreement is to be concluded by October 15, 2008 and the properties will be transferred to the purchaser by November 1, 2008.

The consideration for the sale of the Chiloe and Ipun island properties include the following to Global Gold or its designee: (a) $200,000 USD, fifty percent of which will be paid at the closing and the other fifty percent to be paid within sixty days; (b) certain second hand equipment and parts used for mining which are currently on or around the territory of the Global Gold Valdivia joint venture to be specified in the mutually agreed transfer documents, including a Caterpillar 966 wheel loader, a Warner Swasey excavator, and a Caterpillar 290 kva generator; (c) certain land rights, buildings and improvements which are currently on or around the territory of the Global Gold Valdivia joint venture, generally described as an approximately five hectare property, known as Lote Nš11, situated in Pureo, where Amparo and Pureo mining properties are located, and approximately ten hectares including two properties with their buildings, situated in the area where the mining property Guadalupe 61-120 is located, all as to be specified in the mutually agreed transfer documents; and (d) a first priority right of payment from the profits of the Global Gold Valdivia joint venture company of $200,000 USD, all as described in exhibit 10.3 below.

On October 8, 2008, the Company issued a press release announcing that the Company recommenced plans to bring the Madre de Dios property into production within the next eight months and that it has entered into an agreement to sell all of the Company's interest in its Chiloe and Ipun island properties in Chile to its current Joint Venture partners, the Quijano family.

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 - Chiloe and Ipun Island Properties Sale Agreement
          dated as of October 3, 2008.

99.1      Press release on October 8, 2008, by Global Gold Corp. Announcing it
          Recommences Program to Bring Madre de Dios Property in Chile into
          Production and Agrees to Sell Chiloe And Ipun Island Properties.