Global Minerals Provides Strieborna Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/11 -- Global Minerals Ltd. (TSX VENTURE: CTG)(FRANKFURT: DFP) is pleased to provide this update on exploration and development activities at its 100%-owned Strieborna high grade silver/copper/antimony deposit in Slovakia. Regional exploration efforts have been expanded with 136 km2 of new concessions contiguous to the mining lease while the Company continues with its mine rehabilitation and dewatering efforts. Global has completed the acquisition of all the land (4.75 ha) and buildings that would constitute the previous mining site operation including all buildings and equipment for EUR 1.16 million. The company now controls a 20 hectare minesite footprint and is well positioned to develop the project.
Mining lease - Rehabilitation and Dewatering Activities
SRK Consulting has been contracted to implement a simple temporary water-treatment facility to remove iron and manganese from the discharge during the mine dewatering process. The equipment is portable and will be used on a short-term basis. Installation is expected in Q4 of 2011 and will work at a capacity of 70 liters/second, subject to the issuance of final permits.
The mine and infrastructure rehabilitation program is well underway with the objective to have all facilities ready for underground exploration and development upon completion of the dewatering. The rehabilitation projects included updating all major electrical systems, the hoist and inclined shaft, the 1600 m haulage tunnel and the pipeline to handle the dewatering. Mine ventilation and underground power systems will be refitted as more access becomes available. Additional renovation and upgrading of some of the surface buildings will provide sufficient office space, service and change areas for the increasing activities.
Regional Exploration Activities
The last six months of exploration was focused on the potential for additional veins sub-parallel to Strieborna as well as the historic Cucma antimony district approximately 4-5 km northeast of Strieborna. With the addition of 136 km2 of contiguous concessions, efforts have already commenced to explore for other polymetallic vein systems surrounding the mine.
Geochemical and geophysical prospecting methods including mercury-vapor detection, resistivity (CSMAT) and induced polarization were tested in an orientation survey over Strieborna and proved to be effective in identifying known veins. Potential vein structures can be identified up to 800 meters deep using these methods. Over 9000 mercury samples have been collected to date and CSMAT/IP surveys will be completed over Hg anomalies related to potential vein mineralization.
Possible vein structures have been identified adjacent to the Strieborna vein and ongoing surveys continue to determine the full extent of potential mineralization. Deep targets will be drilled from underground once access is available. The mercury anomalies will be tested with CSMAT and IP to determine if drilling is warranted from surface or underground.
The historic Cucma antimony district was mined during the post-WWII era and has been closed for many years. A compilation of regional geochemical data indicates that this area is anomalous for gold and much of the district now lies within the Company's expanded exploration concessions. On-going exploration work consists of sampling old mine dumps, data compilation, mercury spectrometry and geophysical surveys. The goal is to identify potential gold drill targets by the end of the year.
About Strieborna
Strieborna is a high-grade silver-copper-antimony vein type deposit in an historic mining district near the town of Roznava in eastern Slovakia. The current NI 43-101 resource occurs within a mineralized structure 1.2 km long, 600 m deep and an average thickness of 3.4 m. The resource has been defined by diamond drilling and a series of four horizontal underground drifts totaling 3,000 m. The mineralization is open in various directions along the vein structure. Other similar structures have been identified within the mining and exploration leases and will be the focus of future exploration drill programs.
Besides the upside of the exploration potential and the high-grade nature of the polymetallic mineralization, the project has excellent infrastructure, including sufficient electrical power, railway access, paved highways and a work force experienced with underground operations. Underground access is available via old mine workings.
Global Minerals Ltd. is a Canadian exploration and development company focused on developing its high-grade silver, copper, antimony deposit in Slovakia. Global is 28% owned by Esperanza Resources Corp. (TSX VENTURE: EPZ) whose principals were previously familiar with the Strieborna Project and are now involved in supervising the technical programs and future development.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and VP Exploration for Global is the Qualified Person (QP) under NI 43-101 responsible for the Strieborna exploration program. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. All samples were submitted to ALS Chemex laboratories for analysis in Rosia Montana, Romania and Vancouver, Canada. Gold samples were analyzed by fire assay and atomic absorption spectroscopy with a 30 gram nominal sample weight. Initial Silver values were determined by fire assay with a 30 gram nominal sample weight and gravimetric finish. Over range Silver, Copper, and Antimony is analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES) using four acid digestion methods. Quality control and quality assurance protocols were incorporated with the submitted samples which included standards, blanks, and duplicate analysis.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain 'forward-looking statements' within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur.
FORWARD-LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Global for the year ended June 30, 2010 and other continuous disclosure documents filed by Global since September 30, 2010 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Global Minerals Ltd.
Ms. Lubica Parilakova
Investor Relations
604.669.2355
lparilak@globalminerals.com
www.globalminerals.com