/THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO THE US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
TSX Venture Exchange Symbol: CTG
Frankfurt Exchange Symbol: DFB
VANCOUVER, Sept. 27 /CNW/ - The company reports that AmMex Gold (
AMXG-OTC, RE5-Frankfurt) are ready to begin the 2nd phase of drilling at
Bailey Hills, Carlin Trend, Nevada.
AmMex Gold are earning an 80% interest in the property from Global
Minerals Ltd., with expenditures of $4 million (U.S.) within a three-year
period, payable as follows: $1 million (U.S.) in the first year, $1.5 million
(U.S.) in the second year and $1.5 million (U.S.) in the third year.
About Bailey Hills
The Bailey Hills property is located along the Carlin trend within the
Great basin of Nevada. Currently, about 11 percent of the total world
production of gold (approximately 74 percent of United States output) is
produced annually from this region.
The Bailey Hills project covers approximately 4.5 square miles
(approximately 3,000 acres) and consists of 150 mining claims within the
southernmost part of the Carlin trend, along a prospective northwest
structural zone which hosts numerous world-class gold deposits.
The structural and lithologic setting at Bailey Hills, both on a regional
and property scale, is similar to that of the Rain/Emigrant deposits. As of
2002, gold reserves and resources for the Rain sub-district totaled 3.93
million ounces. Underlying Bailey Hills property are the same units which host
gold at Rain, and proximal intrusions are noted at both.
Six new drill sites have been located to test the strong gravity anomaly
that covers the northern portion of the claims. Recently completed geophysics
suggest that the horst blocks, which raise the geologic target (the
Webb/Devils Gate contact) closer to the surface in the main target area,
persist for as much as two miles to the north. This large favorable zone has
only one older drill hole in the entire area, thus it remains essentially
Previous drill testing completed by the partners in the southern area of
the property intersected long intervals of anomalous gold. Further, these
results suggest potential for stronger mineralization to the north.
Drilling is expected to take several weeks with assay results completed
before year end.
Global Minerals Ltd.
George W. Heard
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.
For further information:
For further information: George Heard, President, Tel: (604) 632-0085,
Fax: (604) 605-0009, Email: firstname.lastname@example.org