JOINT VENTURE AGREEMENT

                             JOINT VENTURE AGREEMENT

                  Joint Venture Agreement dated as of August 15, 2005 (this

"Agreement") between Iberian Resources Limited, an Australian Company ("IBR")

and Global Gold Mining, LLC, a Delaware, USA limited liability company ("GGM").

                  WHEREAS, the parties desire to acquire and develop the

Lichkvadz-Tei and Terterasar mines and associated processing plant, equipment,

and other assets in Armenia (by acquiring one hundred percent of the shares of

the current licensee, Sipan 1, LLC, an Armenian limited liability company).

(These mining properties are collectively referred to herein as the "Armenian

Properties").

                  NOW THEREFORE, the parties hereto hereby agree as follows:

                  1. LLC Formation.

                           The parties shall establish a joint venture limited

liability company (the "JV LLC") under the laws of the

State of Delaware, USA, with an operating agreement (the "LLC Agreement"), which

IBR and GGM are signing concurrently herewith, and a copy of which is attached

hereto. The JV LLC in turn shall acquire the Armenian Properties and provide for

their further development.

                  2. LLC Ownership, Funding.

                            (a)       IBR will own 80% and GGM will own 20% of the

equity interests in the JV LLC.   By paying an additional $260,000 (in addition

to its preexisting $500,000 investment in the properties), toward the expected

$3.3 million closing date portion of the purchase price for the properties, GGM

shall be entitled to its said 20% equity interest in the JV LLC. IBR shall be

responsible for all other payments of the purchase price and for all

exploration, development, capital, operating and other expenses (subject to

clause (b) below) without further obligation of GGM to contribute funds to

maintain its 20% interest. Each party shall nevertheless pay its own customary

staff and out-of-pocket expenses.

                           (b) On commencement of production, both parties will

contribute to the LLC's expenditures on a pro rata basis.

                           (c) IBR and GGM shall work together exclusively to

complete the acquisition of the Armenian Properties on mutually acceptable

terms, including a due diligence period prior to settlement with Sipan 1.

<PAGE>

                  3.        Subsequent Projects.

                           (a) The terms of the present joint venture shall

likewise apply to the acquisition and development of mining resources within

Armenia which are within 20 kilometers of Aigedzor, Armenia.

                           (b) GGM or