Juan
José Quijano
Fernández
October 3, 2008
Juan
José Quijano Claro
El Vergel
2316
Santiago
Chile
RE: Terms for
Transfer of Chiloe and Ipun Island Properties
Gentlemen:
This letter amends the
terms of our prior agreements on the Ipun and Chiloe projects in
light of current circumstances. This agreement is subject to
confirmation by our board of directors, which shall act on or
before October 15, 2008.
The Chiloe and Ipun
projects shall be transferred to you according to the agreed legal
form in Chile from the existing Global Gold Valdivia joint venture
company on or before November 1, 2008. Global Gold Corporation for
itself and its subsidiaries will have no further rights or
obligations regarding those properties, ceding all of its rights to
you.
The consideration you
shall provide to Global Gold or its designee for this transfer
shall include: (a) $200,000 USD,
