TSX Venture Exchange Symbol: CTG
Frankfurt Exchange Symbol: DFB
VANCOUVER, Nov. 19 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) (Frankfurt: DFP) the Company reports on the Front Range Project:
Gold & Silver Sales
Three concentrate shipments have been delivered to the smelter in Mexico. Year-to-date revenue from concentrate sales has totaled $285,000. One partial payment is expected by December bringing the revenue total to over $305,000. An additional forty tons of concentrate should be ready for shipment by mid-December. It is expected that this delivery will net an additional $125,000 to $150,000 in revenue before year-end.
Mine Production and Development
An additional mining crew and milling crew have been hired. The second milling crew will allow the mill to operate around the clock raising mill capacity to 50 tons per day. The second mining crew should raise mine production from 20 tons per day to 40 tons per day by the first quarter of 2008. The new mining crew is still in training, however, production has already increased forty percent since the end of September.
Geology & Sampling
On the cash vein, assay results varied from .025 to 2.31 opt (ounce per ton) gold with silver ranging from .07 to 17.41 opt. Assays on the Freiburg vein ran 1.72 opt gold, 20.59 opt silver and 3.84 opt gold, 20.77 opt silver. Sampling on the Deerkson vein varied from .187 to 6.86 opt gold with .09 to 12.54 opt silver.
Underground sampling was conducted on the Cash, Freiburg, and Deerkson veins. The Cash and Freiburg veins are in production and the Deerkson vein is being prepared for mining. The Cash, Deerkson, Freiburg veins were sampled underground in the immediate perimeter areas to stopes and headings under development. These samples were from approximately 1 inch wide and deep channels cut in-situ at the 51 locations using a diamond saw to provide a more consistent cut as opposed to using a chisel and hammer. These samples were cut across the mineralized vein exposures and generally included all adjacent altered Boulder Creek Granite host rock. At the development face samples were cut at the sill, breast and back heights. The samples were fire assayed in the company's on site laboratory and check assayed by Loring Labs in Calgary. They give an indication of gold and silver mineralization. They are not statistically distributed for ore reserve calculation purposes.
Engagement of KCrew as Investor Relations Consultant
The Company is pleased to announce that it has engaged KCrew Communications Inc. for investor relations services to the Company. KCrew will be responsible for assisting management in strengthening the Company's profile and visibility in the financial and investment communities, including portfolio managers, analysts, retail and institutional investors and media contacts. Terms of the agreement include an initial three month term, service fees of $8,500 per month and the issuance of 500,000 stock options, exercisable over an eighteen month period at $0.25 per share. The terms and conditions of this agreement are subject to regulatory approval. KCrew does not have any direct or indirect interest in the Company.
KCrew Communications is a financial marketing and corporate communications firm. Their mission is to help small to mid-cap public company's improve their visibility in the investment community and expand the size of their investor followings. The investor relations contract is for a fixed term of three months and will thereafter continue on a month-to-month basis until terminated by either party.
Global Minerals is a Canadian-based company with focus on the acquisition, exploration and development of mineral property interests.
This press release was prepared by George Heard, B. Sc., MBA, P. Eng, a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Global Minerals Ltd.
"George Heard"
George W. Heard
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.