VANCOUVER, Aug. 31, 2011 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) is pleased to announce that William Pincus, Director, has been appointed Chief Executive Officer replacing Mr. George Heard. Mr. Pincus is also the CEO of Esperanza Resources Corp. (EPZ.V) which currently owns at 28% interest in Global and has been supervising the exploration and development programs at the company's Strieborná high grade silver-copper-antimony deposit in Eastern Slovakia. Mr. Heard, CEO and Director, and Mr. Stuart Tennant, Director, are both stepping down to pursue other business opportunities. The Board would like to thank them for their years of service, particularly Mr. Heard for his key role in maintaining and consolidating a 100% interest in the Strieborná project. The Company is well financed and in a strong position to study the feasibility of the project.
Global is also pleased to announce that Keith Droste has been appointed a Senior Technical Consultant to supervise the design and implementation of the mine dewatering program at Strieborná and direct the completion of a Preliminary Economic Assessment. A significant part of Mr. Droste's career has been spent in mine operations within the Coeur d'Alene district where underground mines are similar to the proposed operations at Strieborná.
The Company has also contracted Blue Coast Research to conduct and coordinate metallurgical test work on material from the Strieborná. Work will be done under the supervision of Chris Martin, President of Blue Coast Research. Mini-bulk samples of drill core and rejects have been delivered to Blue Coast where mineral characterization, flotation and hydrometallurgical test work has already begun. Mr. Martin was previously Manager Mineral Processing at SGS Lakefield Research, and Chief Metallurgist for Sunshine Mining Company which had very similar ore characteristics to Strieborná and his familiarity with the required processes will be a valuable addition to the feasibility of the project.
About Strieborná
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 m. 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 drill programs.
Besides 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 is available via old 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 28% owned by Esperanza Resources Corp. (EPZ.V) whose principals were previously familiar with the Strieborná Project and are now involved in supervising the technical programs and future development.
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.
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 C" IM)" 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 accepts responsibility for the adequacy or accuracy of this release.