Global Minerals Announces $5,000,000 Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/11 -- Global Minerals Ltd. (TSX VENTURE: CTG)(FRANKFURT: DFP) is pleased to announce a non-brokered private placement financing to raise $5,000,000 through the issuance of 7,142,857 shares at a price of $0.70 per share. The shares once issued will be subject to a four month hold period. No commissions or finder's fees are payable in connection with the private placement.
The proceeds from the private placement will be used for exploration and development on its Strieborna property and working capital. The private placement is subject to regulatory approval.
About Strieborna
The Strieborna vein is a high-grade silver-copper-antimony deposit with a defined resource. The project is part of an historic mining district near the town of Roznava in eastern Slovakia. The current 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 previous 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 these will also be tested for metal potential in subsequent drill programs.
Besides the upside 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 35% owned by Esperanza Resources Corp. (TSX VENTURE: EPZ) whose principles were previously familiar with the Strieborna Project and are now involved in supervising the technical programs and future development.
ON BEHALF OF THE BOARD
George W. Heard, President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Global Minerals Ltd.
Ms Lubica Parilakova
604 632 0085
lparilak@globalminerals.com
www.globalminerals.com