The village is located at the foot of the Western Balkan Mountains, with the Ogosta river running nearby. Georgi Damyanovo is situated 20 kilometres from Montana and 136 kilometres from Sofia. Its old name was Lopushna (Лопушна), but it was renamed in honour of the politician Georgi Damyanov (1892–1958), who was born there. The local community centre (chitalishte) was opened in 1899.The region is known with the gold mines explored since the Roman times. Nowadays gold in minimal quantity can be found in the sands of the Ogosta river.