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Post by
petunia1 on Jun 21, 2011 10:16am
Global Minerals arranges $5-million private placem
Global Minerals arranges $5-million private placementGlobal Minerals Ltd (2) (C:CTG)
Shares Issued 69,763,945
Last Close 6/20/2011
.88
Tuesday June 21 2011 - News Release
Mr. George Heard reports
GLOBAL MINERALS ANNOUNCES $5,000,000 PRIVATE PLACEMENT
Global Minerals Ltd. has set up a non-brokered private placement financing to raise $5,000,000 through the issuance of 7,142,857 shares at a price of
.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.
© 2011 Canjex Publishing Ltd.
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