TSX Venture Exchange
Symbol: CTG
Frankfurt Exchange
Symbol: DFP.F
VANCOUVER, Jan. 11 /CNW/ - Global Minerals Ltd. (CTG:TSXV, DFP:Frankfurt) is pleased to announce the following update for the company's high grade silver/copper Strieborna Mine project in Slovakia.
Commissioned A Review Of The Metallurgical Processing For The Strieborna
Mine
The Center for Advanced Mineral & Metallurgical Processing Montana Tech of the University of Montana under the direction of Eur. Ing. Dr. Corby G. Anderson QP CEng FIChemE, Director and Principal Process Engineer (formerly the Chief Metallurgical Engineer of the Sunshine Mining and Refining Company) have been retained to prepare a metallurgical study of the mineralized material ("ore") from the Strieborna Project. The purpose of this study is to prepare a preliminary description along with flowsheets, layouts and equipment lists for milling and hydrometallurgical treatment of Strieborna vein silver ores at Roznova. And to estimate the Order of Magnitude CAPEX for the 500 tonne per day mill and for the alkaline sulfide hydrometallurgical plant, as well as order of magnitude estimate of electrical energy used per tonne of milled and leached ore to produce electro-won antimony metal and a copper concentrate acceptable for smelters. All of these preliminary estimates should be based on actual operating experience and data, but would be subject to formalized and optimized confirmatory testing. The review should be available for release in February 2008.
Mining Authorizations Obtained
Mining authorizations for Global Slovakia have been obtained. The authorizations are issued by the Mining Bureau certifying that the company is qualified (staffed with personnel with the required professional certifications) to conduct the permitting process, mine rehabilitation, and, furthermore, to plan and execute the eventual mining and processing operations.
Final Permit Submittals Nearing
Project work is underway to finalize submittals to the Slovakia Mining Bureau for Mining Permits. Submittals should be completed shortly, and, barring any unforeseen circumstances, Global Minerals Slovakia expects to obtain all of the necessary mining permits for the Strieborna Mine in the second half of 2008. This would allow the Company to commence the construction of the mine and mill facilities shortly thereafter.
Global Slovakia Mill & Mine Facilities To Be Part of Future Industrial
Park, Potentially Qualify for European Union and Slovak Subsidies
Global Slovakia has been working closely with the City of Roznava, which is currently finalizing its Urban Development Plan for the next 10 years. Global Slovakia's staff is providing city officials with the Company's requirements for land rezoning and reservations for its future mine and mill facilities. Global Slovakia's future processing plant could potentially be one of the anchor tenants in the City's Industrial Park, which is currently being approved by the Ministry of The Economy and subsidized by European Union and Slovak Government funds. As an anchor tenant, Global Slovakia would have the opportunity to access European Union funding for building the infrastructure in its part of the Industrial Park.
Employee Wage and Training Subsidies
The City of Roznava is located in an economically depressed region of Slovakia, which may therefore qualify Global Slovakia to receive wage subsidies for its workforce and training subsidies from European Union and Slovak Government development funds.
Federal Government Officials Meeting
June, 2007, the Annual General Meeting for Global Slovakia was held, during which time the details of operating the JV were finalized. Global's management representatives met with the officials at the Federal Ministry of the Economy at Bratislava (capital of Slovakia), where they received assurances of the federal government's support for the Global Slovakia Strieborna Mine project. The City of Roznava (city where the Strieborna Mine is located) Council held a meeting with Global Slovakia, where the Mayor of Roznava and the city's councillors expressed their enthusiastic support for the revival of the Strieborna Mine.
Full Time Professional Geologist and Mining Engineers Hired
June, 2007 office space was leased for the new company and a full-time staff - consisting of a geologist and two mining engineers plus their support staff - were hired to commence all of the necessary work required to obtain mining permits for the Strieborna Mine.
Strieborna Mine Rights Officially Transferred
In May 2007, a subsidiary Joint Venture (JV) company "Global Minerals Slovakia" was founded and incorporated in Slovakia, jointly owned by Global Minerals and PIDECO CGF, ownership share corresponding with their respective shares in the JV. Mining rights to the Strieborna Mine, held by PIDECO CGF, were transferred to Global Slovakia JV Company in May 2007.
Global Slovakia Joint Venture Formally Registered
Global Minerals finalized its Joint Venture (JV) agreement with PIDECO CGF, whereby the company has been granted 60% of the JV and PIDECO CGF, the Slovak company, has been granted the remaining 40%. Global can earn an additional 10% for a total of 70% by spending US $2 million over 2 years from the date of the JV signing and also retains the right to buy their JV partner's remaining interest out at a cost of US $1 million for each 10% of the JV share they do not already own, after earning in a 70%.
Comment and Overview
President and CEO George Heard commented, "We are very pleased with the progress that we have made to date preparing everything for the re-opening of the Strieborna Mine. Global Slovakia is quite fortunate to have an advanced level of professional geologists and mining engineers facilitating the Strieborna mine re-opening process."
Since its discovery in 1981, the Strieborna vein has been explored underground by over 3,000 metres of drifts on four levels. Drifting has defined a total strike length of about 1,300 m, and surface and underground drilling have defined a vertical extent of over 500 m. Strieborna is a silver-bearing siderite-quartz-sulphide vein hosted in early Palaeozoic rocks. The vein strikes northeasterly, has a variable dip from 50 degrees northwest to subvertical, and varies in thickness from 0.5 m to 7.1 m, averaging about 2.5 m. The main minerals of economic interest are silver, copper and antimony-bearing tetrahedrite.
During 1995 the Sunshine Mining and Refining Company calculated a "geological resource" of 1.57 million tonnes grading 394.2 grams/tonne (12.67 ounces/tonne) silver 1.7 per cent (37.40 pounds/tonne) copper and 1.12 per cent (24.60 pounds/tonne) antimony. In addition, independent geologists completed several resource estimates, and the Slovak Geological Bureau issued certificates accepting these estimates.
These data are historical in nature, and were compiled and evaluated before the implementation of National Instrument 43-101 reporting standards; as such they are not compliant with the requirements of NI 43-101, and should therefore not be relied upon for investment decisions. An independent qualified person has been retained to review the historical data, and to prepare a NI 43-101 compliant Technical Report on the Strieborna Project, Roznava, Slovakia.
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.