VANCOUVER, Feb. 28 /CNW/ - Global Minerals Ltd. (TSXV: CTG) is pleased to announce that it has entered into a definitive agreement
to acquire, from a private Slovakian company, the land and buildings
associated with the past producing Maria iron ore mine. The historic
Maria Mine is within the Company's mining licenses and was used to
explore the Strieborna silver/copper vein. Ownership of the land and
surface facilities is essential in providing full access to the
deposits and as a potential site for future processing facilities.
The terms of the agreement include a 12+6 month option lease period at a
rate of 5000 Euro per month. This period will be used to conduct an
environmental audit of the properties. At the end of the option
period, a lump sum purchase price may be paid to complete the sale.
The lease purchase includes a total of 4.75 hectares of surface land and
13 buildings, including administrative and managerial buildings,
compressor room and transformer station, workshop, machine room,
crushing shop, etc.
Access to the land and buildings will greatly facilitate the on-going
exploration and development program for the Strieborna Silver Vein.
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. An 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% 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
mineralization 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 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
George W. Heard
President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Global Minerals Ltd.
For further information:
For further information about Global, visit www.globalminerals.com, or contact George Heard at 604.632.0085 or email firstname.lastname@example.org.