News Releases 2012 — May 23, 2012 4:01
Global Minerals Provides Project Update
Vancouver, B.C., May 23 2012, Global Minerals Ltd. (CTG: TSX-V) is pleased to announce that the dewatering and underground development activities at its Strieborná high grade Silver project in Slovakia have accelerated since late-2011. The water level is now 140 meters below surface and on track to reach Level 6 (180 m below surface) by early summer. That will allow underground drilling and resource confirmation to commence shortly afterward. A bulk sample will also be collected for additional metallurgical testing to confirm the optimal processing plant design criterion. In conjunction with the dewatering, all underground workings continue to be refurbished including access, ventilation and services in preparedness for mining.
Surface facilities have also been updated and inspected including the electrical room along with connection to local grid power, refurbishing of the hoist and inclined shaft, compressor room, water treatment plant, mine water discharge lines, and general rehabilitation of office and other on-site facilities. Safety and security systems have been installed in accordance with the mining code. Dewatering will continue to Level 8 (280 m below surface) in order to gain access for continued drilling and inspection of the internal vertical shaft and hoist. The vertical shaft provides access between Level 6 and 13 – the lowest level at 525 m below surface.
Economic Assessment Continues
The Company has internally re-audited and confirmed the previous resource estimates. Ongoing metallurgical and engineering studies have focused on the downstream processing of the concentrate for the recovery of antimony. Metallurgical results reported earlier (Nov 16, 2011) indicated that simple flotation yields +95% recoveries of silver and copper with a concentrate containing up to 5400 grams of silver per tonne, 22% copper and up to 17% antimony. The Company is also investigating the handling of mercury that is found in the concentrate. Initial results indicate that this can be safely and effectively managed. Gold was never included in the previous resources or studies but the Company expects that this could be a positive addition to the economics of the project. The future drilling and bulk sampling studies will assess this opportunity. Near-term work will include mine planning, development of a process flow sheet and on-going economic assessment.
Regional Exploration at Cucma and Paca
Regional exploration activity since last fall has focused on the Paca area, 3 kilometers southeast of the Strieborná vein system, and the historic Cucma gold/antimony district approximately 4-5 km northeast of Strieborná. During the 2011 field season the Company identified several potential surface drill targets in each of these areas based on the use of geochemical and geophysical prospecting methods including mercury spectrometry of surface soils, resistivity and induced polarization geophysical methods. Follow up surveys this spring have offered additional data currently being evaluated in order to select specific drill targets. The Cucma region is an historic gold district with limited production dating back to medieval times. The Paca area contains a potential buried vein system, which may be analogous to the Strieborna system, based on geophysical data obtained during the recent exploration program.
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 meters. 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 drilling 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 work force experienced with underground operations. Underground access has been achieved through previous mine workings. Global Minerals Ltd. is a Canadian exploration and development company focused on developing its high-grade silver, copper, antimony deposit in Slovakia. Global is 27% owned by Esperanza Resources Corp. (EPZ.V).
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 managementʼs 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 therein.
Ms. Lubica Parilakova
Manager Investor Relations
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Newsletter Sign Up
Strieborná is a high-grade silver-copper vein type deposit in an historic mining district near the town of Rožňava 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.