/NOT FOR DISTRIBUTION TO THE US NEWS WIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
TSX Venture Exchange Symbol: CTG
Frankfurt Exchange Symbol: DFB
VANCOUVER, Sept. 26 /CNW/ - The company reports year-to-date over
260,000 pounds of gold/silver flotation concentrate has been shipped to the
Met-Mex Peoles smelter in Torrean, Coahuila, Mexico.
Partial payment of over $160,000USD has been received on over 600 ounces
of gold and over 3,000 ounces of silver. Final payments are expected to total
an additional $275,000 to $300,000 USD. 40,000 pounds of concentrate remain in
inventory. In addition, the project has produced a significant amount of
gravity gold/silver concentrate and is finalizing plans for sale of that
product. Head grades to the mill are rising as the ratio of mined ore to
development ore increases. Current head grades for mined ore have assayed
1.1 opt gold and 8.37 opt silver.
Mine Production and Development
Production from the underground is currently averaging 20 tons per day on
a sustained basis. The mine is allowed to produce up to 200 tons per day under
the current permit. To date, over 1,000 feet of drift on the Cash and Frieburg
veins has been completely rehabilitated. There are currently 5 stopes in
production and 2 stopes in development. 4 additional stopes are planned, based
on current geologic knowledge.
The recruiting of additional miners is now underway with a view to
doubling current production and development rates. In July work began on a new
development heading to the northeast on the Cash vein. This drift had advanced
approximately 100 feet. Samples for assay have been taken after every round.
Au results along the drift have ranged from .199 oz/ton to 2.314 oz/ton with
results of 1.32 oz/ton, 1.275 oz/ton, .978 oz/ton, .53 oz/ton, .41 oz/ton,
.366 oz/ton, and .336 oz/ton occurring over an average cut width of 10 feet.
These assay results on this unexplored portion of the vein are
particularly encouraging because they are consistent with known grades and
widths sampled elsewhere on the same vein.
This development drift is aimed at an area of the vein where diamond
drill hole assays showed 11oz/ton of gold.
Exploration Drilling & Geology
Both underground and surface core drilling continues. Year-to-date, 16
core holes have been completed (4 underground and 12 on surface). The goal of
this drilling is to provide information on the location width and grades on
the Mack, Freiburg, Cash and St. Joe vein system. To optimize mine development
plans, further mine modeling is necessary in this vein swarm.
Assays are still pending on many of the drill holes. In general, vein
intercepts are predictable and widths are increasing. When all of the assays
have been received and modeled the results will be updated and released
This press release was prepared by George Heard, B.Sc., MBA, P.Eng, a
qualified person in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
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.
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 described herein.
For further information:
For further information: about Global, visit www.cgmltd.com, e-mail our
director, Chester Shynkaryk at email@example.com or telephone at (604)
722-9140 or our Investor Relations Consultant, Derek Sutherland, at
firstname.lastname@example.org or telephone at (778) 786-1531