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Global
Minerals Ltd. (TSXV: CTG) is pleased to announce that it has entered
into a definitive agreement to acquire, from a private Slovakian company, the
land and buildings associated with the past producing Maria iron ore mine.
The historic Maria Mine is within the Company's mining licenses and was used
to explore the Strieborna silver/copper vein.
Ownership of the land and surface facilities is essential in providing full
access to the deposits and as a potential site for future processing
facilities.
The
terms of the agreement include a 12+6 month option lease period at a rate of
5000 Euro per month. This period will be used to conduct an
environmental audit of the properties. At the end of the option period,
a lump sum purchase price may be paid to complete the sale.
The
lease purchase includes a total of 4.75 hectares of surface land and 13
buildings, including administrative and managerial buildings, compressor room
and transformer station, workshop, machine room, crushing shop, etc.
Access
to the land and buildings will greatly facilitate the on-going exploration
and development program for the Strieborna Silver
Vein.
About
Strieborna
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. An 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% 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
mineralization 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 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
George
W. Heard
President and CEO
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
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