VANCOUVER, Nov. 16, 2011 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) ("Global or the "Company") is pleased to announce an update on
activities for its high grade silver/copper/antimony Strieborná Project
Significant progress has been made in gaining underground access and
upgrading the surface facilities. The 1600 meter haulage and access
tunnel has been restored and is in use. Full electrical service has
been restored along with the hoist and refurbishment of the inclined
shaft down to Level 2, approximately ~75 m below surface. The company
expects to reach Level 7 (~250 m below surface) by late spring in order
to commence the confirmation drilling and sampling of the underground
workings and stated resources. In parallel, the mine shaft
rehabilitation will continue on an on-going basis as lower levels
Metallurgical samples, composed of material collected from the spring
2011 drill program have been subjected to conceptual level grindability
and flotation studies at SGS Inc. and Blue Coast Research. Work was
supervised by Chris Martin, C. Eng. and a qualified person under N.I.
43-101. The test work demonstrates that a conventional, low cost
flotation process will yield a high grade silver/copper/antimony
concentrate with as much as 5423 grams silver per tonne (158 tr. ounces
per ton) at recoveries of 96% for silver and 97% for copper. Gold
assays are pending. Key findings of the flotation tests are shown in
the table below.
Strieborná Flotation Concentration Test Results
Cleaner 1 Conc
Cleaner 1 Conc
Further testing will evaluate removal of antimony from the concentrate
and its subsequent recovery using a proven hydrometallurgical process
similar to what was used by Sunshine Mining in the 1990's. As an
alternative, the Company will also investigate the potential demand and
pricing for an untreated concentrate from various metal smelting and
A Preliminary Economic Assessment is planned for release in 2012 and
will incorporate the metallurgical studies along with an update to mine
NOMINATION OF NEW DIRECTORS
The Company is also pleased to announce the nomination of Robert
Martinez, Mining Engineer and John Simko, previously CEO of Sunshine
Mining, to its Board of Directors. They will stand for election at the Annual General Meeting on Dec. 6,
2011. Messrs. Simko and Martinez add years of high-level operational
experience that will be of considerable benefit in developing the
Mr. Robert Martinez is a metallurgical engineer and has over 34 years of mine operation and
plant design experience with major mining companies such as Phelps
Dodge Corp, AMAX Inc., Amselco Minerals and Coeur d'Alene Mines Corp.
He was General Manager of the Rochester and Alligator Ridge open pit
gold mines in Nevada, as well as a senior manager at major copper/moly
open pit mines in Arizona and Colorado. Mr. Martinez has served as a
director for several public companies as well the Nevada Mining
Association Board, the University of Nevada Reno, School of Mines
Advisory Board, the UNR Biodiversity Research and Development
Initiative Advisory Board and the Nevada Humanities Committee Advisory
Mr. John Simko is a partner with the Moffatt, Thomas law firm in Boise Idaho where he
specializes in Business, Environmental & Natural Resources, Mining and
Securities law. Prior to that, he was the Chairman and Chief Executive
Officer of Sunshine Mining Company. He was President of the Silver
Institute, a trade association of miners and refiners of silver from
the U. S., Canada, South America, and Europe from 1996 to 1998. Mr.
Simko is also a Director of Idaho Bancorp. Previously, he was
Commissioner of the Idaho State Bar from 1978 to 1981.
Strieborná 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.
In addition to 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 local work force experienced with
Global Minerals Ltd. is a Canadian exploration and development company
focused on developing its high-grade silver, copper, antimony deposit
in Slovakia. Global is 32% owned by Esperanza Resources Corp. (EPZ.V)
whose principals are now involved in supervising the technical programs
and future development.
QUALIFIED PERSON: William Pincus, C.P.G. and CEO of Global is the Qualified Person (QP)
under NI 43-101 responsible for the Strieborna exploration program. He
has verified the data disclosed in this news release, including
sampling, analytical and test data.
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
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:
about Global, visit www.globalminerals.com, or contact: Ms. Lubica Parilakova, Investor Relations at 604.669.2355, firstname.lastname@example.org.