May 11, 2010 (Filing Services Canada) -- Global Minerals Ltd. (CTG - TSX Venture), ("Global", the "Company) is pleased to announce exploration and pre-development plans for its Strieborna silver deposit located in the eastern Slovakia. Slovakia is a fully-fledged member state of the European Union.
Strieborna is located in eastern Slovakia, in an area of historic mining near the town of Roznava, mainly known historically for iron production. The Streiborna tetrahedrite-bearing vein system was discovered during the search for additional underground iron reserves. The Strieborna deposit is the only silver-copper-antimony mine in Europe which could be brought into production in the near future. The mineralized zone has been outlined underground by a series of horizontal adits, and measures 600 meters vertically by 1.2 kilometers along strike, The mineralization is open in both directions.
Strieborna was first 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 over 3,000 meters in length (Levels 8, 9, 10, and 13). Since then, additional drifting has totaled 1,300 meters. Only limited drilling has been completed, totaling one surface hole and 13 underground holes to define the vertical extent of the mineralization.
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. A NI 43-101 compliant resource calculation by AMC Pty Ltd, (April 2008) calculated 1.925 million tonnes (Measured and Indicated) grading 231.7 grams per tonne silver, 1.1 percent copper, and 0.7% antimony. This calculation was carried out only from horizontal adits and relied on only a few drill holes to calculate a more accurate vertical component to the resource. Significant exploration potential for resource increase in both size and quality exists vertically and with depth along the main vein systems, and along strike.
The main ore mineral at Strieborna is tetrahedrite, containing silver, copper and antimony. Metallurgical testing using the Sunshine hydrometallurgical process has been has resulted in excellent recoveries, and will be the preferred route for refining the Strieborna mineralization.
Veins at Strieborna vary from 1.0 to 12.0 meters in true width, and average 3.4 meters true width. They vary from 60 to 80 degrees in dip. Despite being intersected by six horizontal adits from a nearby iron-rich deposit, no exploration drilling has ever been carried out at Streiborna.
Exploration plans include:
* Explore the Strieborna vein upward from Level 6 to the surface, and area which is not included in the current resource estimate, nor is it included in any of the historic resource estimates for this deposit. One hole drilled from Level 6 from underground assayed 667 g/t Ag, 5.1% Cu, and 3.4% Sb over 2.2 meters, on what appears to be a parallel vein;
* This shallow exploration, which could significantly add to the resource, will be carried out by approximately 10 fanned, angled drill holes totaling approximately 3800 meters;
* Pump water from the underground workings. Applications for a water discharge permit have been submitted and are being processed;
* Once the water discharge permit is obtained, pump the water from the underground workings and position one, perhaps two, underground drills (by way of ramps) to carry out an as yet unspecified amount of underground drilling. The purpose of this drilling will be to delimit the size of the Strieborna system and re-define the resource estimate;
* Undertake an as yet unspecified amount of raising to test vertical continuity of the mineralization.
* Concurrent with the the exploration drilling, the objective of which is to increase the mineralized resource, conceptual studies are underway to plan mining methodologies, mill design, throughput and location of infrastructure.
In compliance with National Instrument 43-101, Lawrence Dick, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
On behalf of the board of directors of Global Minerals Ltd.,
"George Heard"
George Heard
President, CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Chester Shynkaryk
604.722.9140
cshynkaryk@hotmail.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Forward looking statements include that the company expects to be in production within 12 months. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Source: Global Minerals Ltd. (CTG TSX-V)
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