PRESS RELEASE
Global Gold
Contact Information:
Andrew Barwicki, Investor Relations
203-422-2320
June 20,2007
GLOBAL GOLD HOLDS ANNUAL MEETING
-Provides Update on Operations
-Board Approves Additional Good Governance Standards
-Announces Personnel Changes ?
Greenwich, CT-June 20, 2007 –Global Gold Corporation (OTCBB-GBGD),
an international gold mining, development and exploration company with
mining properties in Armenia, Chile and Canada, held its annual
shareholders meeting as noticed last Friday.? With almost 80% of
all outstanding shares represented in the voting process, shareholders
re-elected the current Board of Directors by an over 99% favorable
vote.? ?
Re-elected as directors were Van Z. Krikorian- Chairman and CEO, Drury
J. Gallagher-Chairman Emeritus, Treasurer and Secretary as well as
independent directors Nicholas Aynilian of NJA Investments, Ian
Hague co-founding principal at Firebird Management, and Retired
Ambassador Harry Gilmore.? The shareholders also voted to confirm
Sherb and Co., LLP () as the company’s outside auditor.
In addition, there was a review of Global Gold’s current and planned
operations, especially of its expansion into uranium exploration in
Canada.? Global Gold Uranium LLC, 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.?
In southwestern Newfoundland, airborne and prospecting work is
planned at the Cochrane Pond property in which Global Gold shares
interests with Commander Resources and Bayswater Uranium.
Global Gold Uranium is also commencing an exploration program this
season at and around the 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.? This summer, the company will be opening an
office in Toronto headed by Mr. Agnerian to focus on Canadian
projects.
Global Gold’s current production, exploration and development
focus in Armenia primarily revolves around the North Central
Armenian Belt, where it is integrating the Hankavan molybdenum,
copper and gold deposit, Toukhmanuk mine, and at least thirteen
other adjacent exploration sites. Global Gold has been conducting
a drill program there to confirm the historical data and develop
mining plans. Announcement of the results and analysis is now
expected in the third quarter of 2007.? Issues arising from the
outside Laboratory ?have delayed these announcements, and the
company has invested in its own international class laboratory
facility at Toukhmanuk with control checks done outside Armenia.?
In addition, the 2007 drilling and exploration programs are
underway at Getik and Marjan properties, with results anticipated
by the fourth quarter of 2007. ?The company also owns royalty and
participation rights in the country, and reaffirmed its long term
commitments there. ??Its royalty and other interests in Iberian
Resources projects there have passed to Tamaya Resources
() following the successful merger of
those two companies and its shareholdings in Iberian have now
become twenty million shares of Tamaya’s common stock.? This year,
Global Gold expanded its awards of shares to local employees in
Armenia substantially, and has seen positive reactions.
Global Gold has an office in Santiago, Chile, and engages
in exploration and development. ?It currently has a royalty interest
in the Santa Candelaria copper/gold property in the Chanaral District
III in Chile, recently added a local geologist to its local staff,
and is actively engaged in reviewing exploration and production
options in Chile.
??????????? Van Krikorian, Chairman and CEO stated "We are pleased
with the commodity and sovereign diversification the company has put
together, our management, employees, and our short, medium, and long
term prospects.? The last year has seen us make progress on a number
of acquisitions and operations challenges and we have done so by
maintaining the highest of standards.? We are not satisfied, of
course, and we know we need to do more work in partnership with
our investors and partners to move to the next level.? This year’s
plans are aggressive, but well underway, and we thank everyone who
is helping us improve the company." ??????
Following the annual shareholders meeting, the Board also
adopted a nominating and governance charter which emphasizes the
role of independent directors, consistent with the company’s
commitment to best practices in internal operations, environmental
responsibility, and social responsibility.? The charter can be
accessed through the Global Gold website, and includes the following:?
"Communication with Directors.? The Board believes that it is
important to offer stockholders the opportunity to communicate
with the Board about Company issues and developments.? Stockholders
who wish to communicate with the Board may do so by sending written
communications addressed to the Board of Directors, Global Gold
Corporation, 45 East Putnam Avenue, Greenwich, CT 06830 or by
email at [email protected]."
In personnel changes, Global Gold announces that Mike Mason
has stepped down as President for personal reasons and will be a
consultant to the company.? Mr. Mason’s resignation as President
is effective as of Monday June 18, 2007, and Senior Vice President
Agnerian will be assuming his duties on an interim basis.?
Mr. Agnerian, with the Board’s approval, has substantially increased
his commitment to Global Gold, and his employment contract was
amended accordingly.? The company’s Chief Financial Officer and
controller have also switched positions.? Jan Dulman, the former
controller has become a full time employee and was named CFO.?
Lester Caesar, the former CFO, will now serve as the company’s
controller on a part time basis.??
Mr. Krikorian concluded "We all appreciate everything Mike
did for us at some very critical times in the company’s growth.?
He is a quality person, we wish him well in the future, and we are
glad he will still be available to us.? We also thank Les Caesar
for his time as CFO and continuing to serve as controller, while
Jan Dulman steps up to the CFO position.? Jan is familiar with all
of our operations, including in Armenia where he spent time last
year, and we appreciate his increased commitment to Global."
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.