Vancouver, B.C., Oct 22, 2012, - (MetalsNews) - Global Minerals Ltd. (CTG: TSX-V)is pleased to announce that it will commence a 5000 meter definition drilling program at its wholly owned Strieborná high grade silver-copper project in Slovakia. The program will be conducted from two underground platforms and focus on upgrading and expanding the current resource for future feasibility studies.
Global has also contracted AGP Mining Consultants Inc. (AGP) to begin a series of engineering trade-off studies to evaluate various development scenarios for the project. The studies will evaluate underground mining scenarios and processing alternatives that include floating a high-grade silver-copper concentrate that could be sold to custom smelters. The goal is to incorporate existing infrastructure including the recently rehabilitated inclined shaft and 1.6km haulage tunnel along with other possible ramp or shaft scenarios. Results from these studies should be instrumental in testing the economics of the project and ultimately be incorporated into future development study. AGP is a respected mining consultancy based in Canada with engineers and geologists that have many years of experience including various assignments in the same region as the project. This experience has allowed AGP to develop an up-to-date cost database and understanding of local operating conditions that will be applied to the studies.
“We’re very pleased to have AGP working on this project. Their experience in central and eastern Europe including underground operations like Strieborná, will be beneficial to optimizing the project”, stated Mr. Bill Pincus, Chief Executive Officer for Global. “We’ve made great progress in the past year rehabilitating the mine, advancing our understanding of the metallurgical processing and investigating potential development scenarios. We’re very excited to begin applying these results to begin moving the project toward commercial production.”
Strieborná is a high-grade silver-copper vein type deposit in an historic mining district near the town of Rožňava in Eastern Slovakia. The current resource contains 1.9 Mt grading 232 g/t Ag and 1.1% Cu (14.3 Moz Ag and 48 Mlbs Cu) of measured and indicated and 1.5 Mt grading 280 g/t Ag and 0.9% Cu (13.5 Moz Ag and 30 Mlbs Cu) of inferred resources. Global is focused on expanding resources and ultimately recommencing mining operations by taking advantage of the existing infrastructure that includes a working inclined shaft and hoisting system, extensive underground workings, electrical grid power and an experienced local work force.
QUALIFIED PERSON: William Pincus, M.Sc., C.P.G. and CEO for Global is the Qualified Person (QP) under NI 43-101 responsible for the Strieborna program. He has verified the results and other data disclosed in this news release.
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, 2011 and other continuous disclosure documents filed by Global since March 31, 2012 available atwww.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
For further information about Global, visit www.globalminerals.com, or contact:
President and CEO
Ms. Lubica Parilakova
Manager Investor Relations
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.