VANCOUVER, Jan. 26 /CNW/ - Global Minerals Ltd. ("Global", the "Company"
TSX-V: CTG); is pleased to announce comprehensive exploration plans for
its Strieborna silver deposit located in eastern Slovakia.
Exploration plans include:
Explore the upper projection of the Strieborna vein, an area which is
not included in the current resource estimate with shallow drill holes.
Approximately 10 fanned, angled drill holes totaling 3800 meters are
Drilling from surface will also explore some of the three known veins
which are parallel to Strieborna. One hole drilled (by previous
operators) from Level 6 underground assayed 667 grams/tonne Ag, 5.1%
Cu, and 3.4% Sb over 2.2 meters, on what appears to be a parallel vein.
No mineral from these veins are included in the current resource ;
Dewater the existing underground workings. Applications for a water
discharge permit have been submitted and are being processed;
Once the upper levels of the mine are dewatered the existing underground
drill stations will be reestablished and drilling will begin. The
purpose of this drilling will be to delimit the size of the Strieborna
system and re-define the resource estimate. The goal being to move the
inferred resources into the measured and indicated categories, expand
the known boundaries of the Strieborna vein and further explore known
Concurrent with the exploration drilling, a regional program is being
conducted to assess the over 90 known vein systems in the district.
Compilation of regional data is well underway.
Global anticipates that surface drilling and dewatering will begin
during the current Quarter. Underground drilling should begin during
the third quarter.
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. A 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 percent 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
mineralized 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 first 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 of Directors of Global Minerals Ltd.
President, CEO and Director
Forward-Looking Statements: This press release contains forward-looking statements, which address
future events and conditions, which are subject to various risks and
uncertainties. The Company's actual results and financial position
could differ materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be beyond
the Company's control. Forward-looking statements include that the
Company expects to be in production within 12 months. These factors
include: results of exploration activities and development of mineral
properties, fluctuations in the marketplace for the sale of minerals,
the inability to implement corporate strategies, the ability to obtain
financing, currency fluctuations, general market and industry
conditions and other risks disclosed in the Company's filings with
Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
RESOURCES: The terms "measured resource", "indicated resource" and "inferred
resource" used in this news release are Canadian geological and mining
terms as defined in accordance with National Instrument 43-101,
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators under the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council as may be
amended from time to time by the CIM. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. We advise
U. S. investors that while such terms are recognized and permitted
under Canadian regulations, the SEC does not recognize them. U. S.
investors are cautioned not to assume that any part or all of the
mineral deposits in the measured, indicated, and inferred categories
will be converted into reserves.
Neither The TSX Venture Exchange nor The Investment Industry Regulatory
Organization of Canada has reviewed nor accepts responsibility for the
adequacy or accuracy of the content of this news release.
For further information:
George W. Heard, President, Tel: (604) 632-0085, Fax: (604) 605.0009, Email: email@example.com