In underground mining, the progress of mine layout optimization has been very slow, compared to open pit mining. This is mostly due to versatility of mining methods and complexity associated with underground mining. The existing optimization algorithms are implemented either on the entire ore-body that lose optimality when the ore-body is divided into levels, or on a level or panel of the ore-body, which fail to provide an optimal solution to the whole deposit. A new algorithm termed "Global Optimization for Underground Mining Area" (GOUMA) is developed to solve this problem. GOUMA is an integration of OLIPS partial-based algorithm with a new  system of modeling named "Variable Value Economic Model" (VVEM) to provide an optimum height and layout for optimized stopes. The proposed model (VVEM) is also developed and discussed in this paper to reflect dynamic values for blocks of the model since the mining cost of each blocks is not fixed but rather depends on its location, ie the level it locates. A brief step by step description of VVEM and GOUMA is provided using simple numerical examples.