VANCOUVER, Feb. 23 /CNW/ - Global Minerals Ltd. (the "Company") (CTG: TSX-Venture Exchange, DFP: Frankfurt Exchange, OTC: GMLFF.PK) is pleased to provide an update on recent developments relating to its Strieborna Silver - Copper Project near Roznava, Slovakia.
A NI 43-101 compliant Technical Report, dated 22 April, 2008, summarized
the current resources of the Strieborna silver - copper vein deposit as
follows:
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Estimated Average Grades
Mineral Average ------------------------------------------
Resource Horizontal Silver Copper Antimony Iron
Category Quantity Width (Ag) (Cu) (Sb) (Fe)
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Mt metres g/t % % %
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Measured 215 5.8 469.0 2.2 1.4 20.6
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Indicated 1,710 3.4 202.0 1.0 0.6 33.2
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Inferred 1,500 3.2 280.0 0.9 0.6 33.6
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Note: Quantity includes an estimated 35,000 tonnes of mined out
development material.
This Technical Report is filed on SEDAR www.sedar.com, and is also
available on the company's web site www.globalminerals.com
Mine and Mill Site Land
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The Company's subsidiary, Global Minerals Slovakia s.r.o. has purchased two parcels of land (totaling 1.9 hectares) to provide direct access to the Strieborna deposit, and has entered into negotiations with the City of Roznava for a long-term lease of approximately 5 hectares of land in the City's newly-established Industrial Park. This land would be used to site the Company's processing and administration facilities, for storage of stockpiled re-processing ore feed and for storage of concentrate. It could also accommodate temporary storage of mill tailings before their final disposal underground. Global Minerals Slovakia would be one of the anchor tenants in the City's Industrial Park.
Strategic Investor Application -------------------------------
Global Minerals Slovakia has completed and submitted all necessary documentation for its application for "Strategic Investor" status to the Ministry of the Economy of Slovakia. The potential benefits to the Company of a "Strategic Investor" designation could include preferential access to government-owned land, infrastructure subsidies, job-creation subsidies, and tax holidays. The exact nature and amounts of such subsidies will be established by the Ministry once the application is approved and "Strategic Investor" status has been granted.
Environmental Impact Assessment --------------------------------
Global Minerals Slovakia has completed the required Environmental Impact Assessment (EIA) study for the development and mining of the Strieborna deposit. This EIA will be submitted to the Ministry of the Environment for approval in the near future. An approved EIA is necessary for the granting of Mining Permits by the Mining Bureau, which is anticipated late this year, once all other required technical reports and documents have been finalized and submitted.
Water Discharge Study ----------------------
Global Minerals Slovakia has also completed a water-discharge study, based on long-term historical water discharge data, and a new water quality survey carried out by an independent environmental consultant. The results of this study will be used to support an application for water-discharge permits from the local water authority. Final report, discharge application project work, and water treatment plant design should be completed in the next few months.
Hydro-Metallurgical Plant Design ---------------------------------
Metso Minerals Oy of Helsinki, Finland (www.metsominerals.com) have been engaged to prepare a preliminary design and price quotations for the Strieborna metallurgical processing facilities based on specifications supplied by Eur. Ing. Dr. Corby Anderson, CEng, FIChemE, Consulting Metallurgical Engineer.
Draft Business Plan --------------------
A draft business plan has been completed for submittal to major financial institutions in Europe and North America. This document contains a detailed overview of the Company's development and operational plans for the Strieborna Silver - Copper Project covering the next eleven years.
Scoping Study --------------
A NI 43-101 compliant Preliminary Economic Assessment Technical Report (Scoping Study) has been commissioned by the Company. Completion is anticipated within the next 45 days.
Management is currently reviewing several funding options including equity and debt financing, and is in active discussions with its primary lenders.
The Company's ability to continue as a "going concern" is dependent upon the continued support of its shareholders and other related parties, and upon the ability of the Company to raise equity and/or debt financing to further its mineral property interests, and ultimately the attainment of profitable operations.
About Global Minerals Ltd.
Global Minerals is a Canadian-based company with focus on the acquisition, exploration and development of mineral property interests.
Global Minerals Ltd. "George W. Heard" George W. Heard President and CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.