Mar. 17, 2011 (Canada NewsWire Group) --
VANCOUVER, March 17 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) is pleased to announce that drilling has commenced on the Company's high-grade silver Strieborna Project in Slovakia. The 3,400 metre 12 hole-program will explore the near surface projection of the high-grade Strieborna polymetallic veins. The projected target area is not included in the NI 43-101 compliant resource estimate by AMC Pty. Ltd. (April 2008) which includes 1.9 million tonnes (Measured and Indicated) grading 231.7 g/t silver, 1.1% copper, and 0.7% antimony and 1.5 million tonnes (Inferred) grading 180.0 g/t silver, 0.9% copper and 0.7% antimony.
More exploration and expansion drilling is planned to follow the current drill program in order to test for potential new veins as well as possible vein extensions in close proximity to the current resources and underground workings. The 2011 programs are designed to increase resources and determine the economic viability of developing the project within two years.
Strieborna, located in eastern Slovakia (a full-fledged member of the European Union) is the only known silver-copper-antimony deposit in Europe which could be brought into production in the near future. The project is part of an historic mining district near the town of Roznava, known for its iron-ore production and the neighboring Maria Mine (now shut down). The resource occurs within a mineralized structure 1.2 kilometres long, 600 metres deep and an average thickness of 3.4 metres. The resource has been defined by previous drilling and a series of four horizontal underground drifts totaling 3,000 metres. The mineralization is open along strike, at depth and near surface. Other similar structures have been identified within the mining and exploration leases and these will also be tested for metal potential in this and the subsequent drill programs.
Besides the exploration upside and the high grade nature of the polymetallic mineralization, the project has excellent infrastructure including sufficient electrical power, railway access, paved highways, and a workforce experienced with underground operations. Underground access is available through the adjacent Maria Mine workings.
In compliance with National Instrument 43-101, George W. Heard, MBA, P Eng, is the Qualified Person responsible for the accuracy of this release. The full complete NI 43-101 Technical Report for Strieborna can be found on SEDAR at www.sedar.com or Global's website: www.globalminerals.com.
Global Minerals Ltd. is a Canadian exploration and development company focused on developing its advance high-grade silver, copper, antimony Strieborna Project in Slovakia. Global is 35% owned by Esperanza Resource Corp. (EPZ.V) whose principles were previously familiar with the Strieborna Project and are now intimately involved in supervising the technical programs and future development.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 management's 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.
For further information about Global, visit www.globalminerals.com, or contact:
George Heard, CEO at 604.632.0085, info@globalminerals.com.