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Global Minerals Ltd.
("Global", the "Company" TSX-V: CTG); is pleased to announce
comprehensive exploration plans for its Strieborna
silver deposit located in eastern Slovakia.
Exploration plans include:
- Explore the upper projection of the Strieborna vein, an area which is not included in
the current resource estimate with shallow drill holes. Approximately 10 fanned, angled drill holes totaling 3800 meters are planned;
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- Drilling from surface will also explore some of
the three known veins which are parallel to Strieborna.
One hole drilled (by previous operators) from Level 6 underground
assayed 667 grams/tonne Ag, 5.1% Cu, and 3.4% Sb over 2.2 meters, on what appears to be a parallel
vein. No mineral from these veins are included in the current resource ;
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- Dewater the existing underground workings.
Applications for a water discharge permit have been submitted and are
being processed;
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- Once the upper levels of the mine are dewatered
the existing underground drill stations will be reestablished and
drilling will begin. The purpose of this drilling will be to delimit the
size of the Strieborna system and re-define
the resource estimate. The goal being to move the inferred resources
into the measured and indicated categories, expand the known boundaries
of the Strieborna vein and further explore
known parallel veins;
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- Concurrent with the exploration drilling, a
regional program is being conducted to assess the over 90 known vein
systems in the district. Compilation
of regional data is
well underway.
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Global anticipates that surface
drilling and dewatering will begin during the current Quarter. Underground
drilling should begin during the third quarter.
About Strieborna
Strieborna is located in eastern Slovakia, a fully-fledged member state of the European Union. It is in a
historic mining district near the town of Roznava, known for iron production.
A NI 43-101 compliant resource calculation by AMC Ltd. (April 2008) calculated 1.925 million tonnes
(Measured and Indicated) grading 231.7 grams per tonne silver, 1.1 percent
copper, and 0.7% antimony; 1.50 million tonnes (Inferred) grading 180.0 grams
per tonne silver, 0.9 % copper and 0.7% antimony. (AMC Pty, April 2008) The full details of such resources
were announced on April 23, 2008 and a complete NI
43-101 Technical Report can be found on SEDAR at www.sedar.com.
The Strieborna deposit is the only
silver-copper-antimony mine in Europe which could be brought into production in the near future. The
mineralized zone has been outlined underground by a series of horizontal
drifts, and measures 600 meters vertically by 1.2 kilometers along
strike. The mineralization is open in all directions.
Strieborna was first discovered in
1981, and roughly parallels the important iron-bearing vein deposit at the
Maria Mine, located approximately 500 meters to the west. Strieborna is
currently accessed underground by cross cuts from the nearby Maria workings.
It was systematically explored on four underground levels totaling 3,000
meters in length (Levels 8, 9, 10, and 13).
Infrastructure at Strieborna is
excellent, with electrical power, rail, highways, and a nearby workforce,
many of whom have had underground experience in nearby underground iron
mines, now shut down.
In compliance with National Instrument
43-101, George W. Heard, P. Geo., is the Qualified Person responsible for the
accuracy of this release.
On behalf of the Board of Directors of
Global Minerals Ltd.
"George Heard"
George Heard
President, CEO and Director
Forward-Looking
Statements: This press release contains
forward-looking statements, which address future events and conditions, which
are subject to various risks and uncertainties. The Company's actual results
and financial position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. Forward-looking statements include that the
Company expects to be in production within 12 months. These factors include:
results of exploration activities and development of mineral properties,
fluctuations in the marketplace for the sale of minerals, the inability to
implement corporate strategies, the ability to obtain financing, currency
fluctuations, general market and industry conditions and other risks
disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based
on the expectations and opinions of the Company's management on the date the
statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise.
RESOURCES: The terms "measured resource", "indicated
resource" and "inferred resource" used in this news release
are Canadian geological and mining terms as defined in accordance with
National Instrument 43-101, Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council as may be amended from time to time by the CIM. Mineral resources
that are not mineral reserves do not have demonstrated economic viability. We
advise U. S. investors that while such terms are recognized and permitted
under Canadian regulations, the SEC does not recognize them. U. S. investors
are cautioned not to assume that any part or all of the mineral deposits in
the measured, indicated, and inferred categories will be converted into
reserves.
Neither The TSX Venture Exchange nor
The Investment Industry Regulatory Organization of Canada has reviewed nor
accepts responsibility for the adequacy or accuracy of the content of this
news release.
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