GLOBAL GOLD IS DOING STUDIES SO FAR

AZG Armenian Daily
27/06/2006

The American Global Gold Mining Company invested about $5,5 million
in the mining industry of Armenia in 2006, Ashot Poghosian, regional
director of the company, said at a recent press conference.

He said that $1,5 were spent on purchasing 51% of "Mego Gold" Armenian
Company, which had the right of exploitation of the Tukhmanuk Gold
mining field and built a concentrating plant near the filed. The
company spent $2 million to purchase the mining equipment. Besides,
$0,5 million was directed to exploration works in that field. Poghosian
stated that they have already completed the preparation works and the
gold field will be exploited by late 2006. The operation expenses of
the company amounted to $1,5 million. Poghosian said that till now
the Global Gold Mining hasn’t begun exploitation of the gold fields
in Armenia being engaged in exploration works in the Hankavan Copper
Molybdenum field, Kotayk region, in Terterasar and Litchkvaz-Teyskyan
Gold field, Syunik region. Soon, the company will begin exploration
of the Marjan field and the area near the Getik river.

Poghosian added that by end 2006, the company is going to make about
$9 million investment. Particularly, additional $2,2 millions will be
allocated for exploration of the Tukhmanuk gold filed, $0,5 million
will be spent on exploration works in Hankavan.

Poghosian said that the Global Gold Corporation (GGC) is a holding
and its shares are in free circulation in the US stock exchange. The
market price of the company’s capital makes $30 million. The GGC
branch was registered in Armenia in early 2004.