PRESS RELEASE
Global Gold
Contact:
Van Z. Krikorian, Chairman & CEO
Michael T. Mason, President & COO
Tel: 203-422-2300
Andrew Barwicki, Investor Relations
203-422-2320
GLOBAL GOLD ACQUIRES OPTION ON ADDITIONAL URANIUM TARGETS IN NEWFOUNDLAND
Greenwich, CT-April 13, 2007 –Global Gold Corporation (OTCBB-GBGD)
() today announced its option agreement on the
Cochrane Pond uranium target in the Province of Newfoundland and
Labrador. The agreement is between Global’s wholly owned subsidiary,
Global Gold Uranium LLC (Global Gold Uranium), Commander Resources Ltd.,
and Bayswater Uranium Corp.
The Cochrane Pond property consists of 2,600 claims within 61,000
hectares (approximately 150,708 acres). The claims were staked in early
2006 based upon favorable geology following discovery of uranium
potential nearby. The property is located in the southeast of
Newfoundland, and a map showing the location is available on the Global
Gold website.
Under the option terms, Global Gold Uranium may earn a 51% equity
interest over a period of four years in Cochrane Pond Property by
completing:
1. Cash payments of US $700,000 over four year period.
2. Share issuance of 350,000 shares of Global Gold Corporation; 50%
each to Commander and Bayswater over a four year period.
3. Property expenditures over four year period of C$3.5 million.
Upon Global Gold Uranium vesting 51% in the Property, Global Gold
Uranium may elect to increase its equity position to 60% by either:
a. Additional property expenditures of C$2.0 million over the
following consecutive two years, or
b. Delivering a feasibility study on the Property over the
following consecutive three years.
Once Global Gold Uranium has vested the Second Stage, a joint venture
will be formed, 60% as to Global Gold Uranium and 40% as to Commander
and Bayswater. The project will be funded pro-rata by parties according
to their retained interest. If either Global Gold Uranium’s or the
Commander/Bayswater interest is diluted below 10%, that party’s interest
will convert to a royalty.
Either party may, at any time up to the commencement of commercial
production, elect to convert their respective interest to a 2% gross
uranium sales royalty in the case of a uranium deposit or a 2% NSR in
the case of a non-uranium deposit. In either case, 50% of the royalty
obligation may be purchased at any time prior to commercial production
for a $1,000,000 cash payment.
Global Gold Uranium, a wholly owned subsidiary of Global Gold Corp., is
engaged in the exploration for and development of uranium deposits in
the province of Newfoundland and Labrador. Global Gold Uranium is also
commencing an exploration program this season at its Grand Lake and
Shallow Lake Uranium prospects in Labrador. Exploration of the
company’s uranium projects is being managed by Hrayr Agnerian, Senior
Vice President and Ted Urquhart, Vice President, both seasoned uranium
experts.
Global Gold Corp. is an international gold mining, development and
exploration company with mining properties in Chile and Armenia. To
date, Global Gold has focused it activities in Armenia at Tukhmanuk,
Hankavan and surrounding areas in the North Central Armenian belt.
Global Gold is also conducting exploration at it Marjan and Getik
properties, and has a twenty percent participation right in any new
exploration undertaken in Armenia by Sterlite Gold Limited or its
successors. Recently, Vedanta Resources announced that it has taken
control of Sterlite. The company has offices in Greenwich, CT, Santiago,
Chile, and Yerevan, Armenia. More information can be found at
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. Former Soviet country
estimations 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 reserves or
resources.