Global Minerals announces non-brokered financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, Feb. 24, 2012 /CNW/ - Global Minerals Ltd. (the "Company") (TSXV: CTG) is pleased to announce a non-brokered private placement pursuant to which the Company will issue an aggregate of approximately 17.8 million units (the "Units") at a price of $0.45 per Unit to raise gross proceeds of $8 million (the "Financing").

Esperanza Resources Corp. has committed to purchase $1.5 million of the financing. Esperanza, affiliates of Sprott Inc., and clients of Sprott Private Wealth have in aggregate committed to purchase $5.5 million.

Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant").  Each Warrant will entitle the holder to acquire an additional Share for a period of two years following the date of issuance of the Units at a price of $0.75 per Share.  The expiry date of the Warrants will be subject to acceleration at the Company's discretion such that, should the daily volume weighted average trading price of the Shares on the TSX Venture Exchange (or such other stock exchange on which such shares are listed) exceeds $0.90 for ten consecutive trading days during the term of the Warrant, the Company may notify the holders of the Warrants that the Warrants will expire on the 20th day after such notice is given unless exercised before such date. The right of the Company to effect an accelerated expiry of the Warrants will commence four months and one day after the date of issuance of the Units.

The Financing is subject to TSX Venture Exchange approval and all securities will be subject to a four month resale restriction.  The Company may pay a finder's fee in connection with the Financing.

The proceeds from the Financing will be used to further the development of the Strieborná project and for general working capital.

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. whose principals were previously familiar with the Streiborná Project and are now involved in supervising the technical programs and future development.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Global Minerals Ltd.

For further information:

For further information about Global please visit www.globalminerals.com or contact Ms. Lubica Parilakova, Investor Relations, at (604) 669-2355 or lparilak@globalminerals.com or Mr. William Pincus, the Chief Executive Officer, at (303) 803-0988 or pincus@globalminerals.com.

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Global Minerals Ltd.

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