Marjan Gold Project
The Marjan Gold-Silver-Polymetallic deposit is located in Armenia, some 28 km south-west of the village of Sisian and a 6 hour drive from the capital, Yerevan. Global Gold, through its wholly owned subsidiary Global Gold Haknavan LLC, holds a twenty-five year “special mining license” for the Marjan property. The license was issued April 22, 2008 and expires April 22, 2033. The license area covers approximately 18.5km2.

The Marjan property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.84 million tonnes grading on average 2.68 g/t Au, 97.3 g/t Ag. This translates to approximately 330,000 oz of gold, 12 million oz of silver.

All numbers are historical and there is no NI 43-101 compliant report prepared for this project. According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1″ and “C2″ classifications are equivalent to “measured” and “indicated” resources.

The project was reviewed by Ricardo Valls, P. Geo, independent geologist for Caldera. He visited the company’s offices, core-shack and staff during his recent trip to Armenia. Mr. Valls, P. Geo, has been engaged to write a NI 43-101 report  which has been published.

Background on Marjan
The deposit was discovered in 1951 and was explored between 1964 and 1993 by the Soviets and more recently by Global Gold. The Soviets completed 12,500 metres of underground workings and 3,500 of core drilling for a total of 8,000 samples. Global Gold took 5,100 samples from some 7,000 m3 of trenches and 4,000 metres of drilling between 2006 and 2009. Global Gold Corporation has invested over US$3.0M since 2006.

Marjan Resources
Within the Marjan project there have been identified two sectors, the more advanced one is the Central sector, where measured and indicated resources have been established, and the Northern sector, where only inferred resources has been identified.

Mr. Ricardo Valls, M.Sc., P. Geo. has completed his review of the GKZ (the Russian State Commission on Mineral Reserves) reports on the property that were received from Global Gold and has confirmed the following published mineral resources, using a dry density of 2. 87 g/cm3, a minimum thickness of 0.4 metres, and a cut-off of 1.2 g/t of Au*:

Category Sector Mt Au, g/t Ag, g/t
Measured Central 2.20 2.72 100.94
Indicated Central 1.64 2.62 92.54
Total Central 3.84 2.68 97.34
Inferred Central 3.70 2.05 88.10
Inferred Northern 6.50 2.17 94.90
Total Inferred Marjan 10.20 2.13 92.43
Category Sector Pb, % Zn, % Cu, %
Measured Central 0.95 1.00 NA
Indicated Central 0.86 0.76 NA
Total Central 0.91 0.90 NA
Inferred Central 1.12 1.40 NA
Inferred Northern 1.20 1.27 0.80
Total Inferred Marjan 1.17 1.32 0.80
Category Sector Mt Au, oz Ag, oz
Measured Central 2.20 191,864 7,125,781
Indicated Central 1.64 138,516 4,883,065
Total Central 3.84 330,381 12,008,847
Inferred Central 3.70 243,891 10,480,179
Inferred Northern 6.50 453,537 19,832,188
Total Inferred Marjan 10.20 697,428 30,132,367
Category Sector Pb, lbs Zn, lbs Cu, lbs
Measured Central 46,016,561 48,474,076 NA
Indicated Central 31,136,381 27,317,912 NA
Total Central 77,152,942 75,791,988 NA
Inferred Central 91,333,760 114,167,200 NA
Inferred Northern 171,912,000 181,940,200 114,608,000
Total Inferred Marjan 263,245,760 296,107,400 114,608,000
*These mineral resources estimates were prepared in accordance with the “CIM Standards on Mineral Resources and Mineral Reserves, Definitions and Guidelines” adopted by CIM council on August 20,2000, using classical and geostatistical methods. There are no known environmental, permitting, legal, taxation, political, or other relevant issue that would materially affect these estimates. These resources have reasonable prospects for economic extraction, but have not yet had complete formal evaluation.