Options two additional mining properties at Ipun and Chiloe Islands in Chile with the same partner

Global Gold Corporation said Wednesday that the company has closed its joint venture agreement with members of the Quijano family by which Global Gold assumes a 51% interest in the placer and hard rock gold Madre de Dios property in south-central Chile, near Valdivia. The name of the new joint venture company is Global Gold Valdivia.

In addition, Global Gold announced that it has entered option agreements to acquire 51% interests in joint ventures for the Estrella del Sur Gold-Platinum project on Ipun Island in Chile and another Gold-Platinum property on Chiloe Island in Chile with the same partner, Mr. Juan José Quijano Fernández.

Mr. Van Krikorian, Chairman and Chief Executive Officer of Global Gold Corp., stated, "We are delighted to be making this major of an expansion in Chile which includes the scheduling of gold production, and expanding gold and platinum exploration."

"This acquisition fulfils our mandate of transforming Global Gold into a premier mid-tier gold producer. The Valdivia acquisition, combined with the Estrella del Sur Gold-Platinum project and another Gold-Platinum property on Chiloe Island, offers shareholders exposure to year-round exploration activity on three excellent projects," concluded Mr. Krikorian.

The Madre de Dios property encompasses four mineral claim groups covering almost 25,000 hectares (ha) in south-central Chile.

The placer deposit is known to exist in a paleochannel which winds through the property. Exploration work to date has outlined a potentially large area (50 km by 20 km) of gravels which may host placer gold, and the gravel deposits have approximately the following dimensions: Length – 1 km to 3 km; Width – 80 m to 400 m; Thickness – 15 m to 40 m; and Overburden thickness – 2 m to 15 m. The largest nugget discovered in the area is 126 g.

Visible gold occurs in the gravels. Field sampling of the bottom part of the gravels from various tunnels produced:

- 80 g Au/m3 from blue gravel at the Amparo Tunnel.
- 200 g Au/m3 from blue gravel at the Amparo Tunnel.
- 147 g Au/m3 from blue gravel at the Cosme Tunnel.
- 2 g of gold from +/-1 m3 of gravel at the Guadalupe Mine.
- Numerous gold grains (greater than or equal to 1mm) recovered from
fine-grained magnetite-rich sands at Roble South and La Fortuna sites.

The Estrella del Sur Gold-Platinum Project comprises approximately 5,100 hectares in southern Chile on the island of Ipun. There are at least 18 mineral showings with descriptions, some with old workings, in the public domain. The Property consists of a large group of mineral claims, Estrella del Sur 1 to 1020. Previous work has detected the occurrence of gold and platinum group metals (PGM) mineralization in beach sands, associated with other rare earth elements (REE), such as iridium, osmium, rhodium, rutile, and heavy minerals such as magnetite, and ilmenite, which contains the rutile. Previous reports also report that up to 200 million cubic metres (m3) may be present. The iridium and osmium (Ir-Os) content of the sands are estimated at 8% of the total mass and magnetite content is reported to be 250 kg/tonne of sand. Field sampling of the beach sands indicates values in the order of 0.5 g Au/m3 and 0.2 g Pt/m3. Magnetite can be easily separated from the beach sands using electromagnets.

The Chiloe Gold-Platinum Project is at an early stage of exploration. There are numerous mineral showings distributed over 16 separate beaches. The Property consists of 24 groups of mineral claims, covering a total area of approximately 5,900 ha on the island of Chiloe. A number of studies have been carried out to estimate the volume and grade of mineralization at Chiloe in the past. The total volume of the mineralized sands is also reported to be in the order of 200 million cubic metres with an average gold grade ranging from 0.4 g Au/m3 to 15 g Au/m3, and an average platinum grade ranging from 0.2 g Pt/m3 to 4 g Pt/m3. The grades for iridium and osmium are reported to be in the order of 6% and the amount of magnetite in the sands is reported to be in excess of 200 kg/tonne. – Edited Press Release