GLOBAL MINERALS LTD NEW GMFLF

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24 Oct 2006 14:40 ET CCNMATTHEWS Consolidated Global Minerals Ltd. October 24, 2006 - 02:40:31 PM Consolidated Global Minerals Ltd.: Front Rage Project Update VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2006) - Permit Amendment Consolidated Global Minerals Ltd. (TSX VENTURE:CTG)(FWB:DFP) (the "Company") is pleased to announce that the amendments to the 1983 mine permit have been approved by the State of Colorado. The amendments bring the permits into current regulatory compliance and provide for greater operational flexibility. The permit allows for the production of 70,000 tons per year from underground by the way of the newly developed adit. Additional bonding is required primarily to provide for post closure and reclamation cost. Approximately $172,000 will be added to the current bond bringing the total for the project to $239,000. Safety Award Management is pleased to report that the Front Range Project will receive a Sentinal of Safety Award from MSHA (Mines Safety & Health Administration). The mining operation was first runner up in the small underground mines division in the United States. Ventilation Raise Assays Matt Collins, Manager, Cash Mine directed Jim A. Paschis, Geologist, Cash Mine to collect and have Loring assay samples from a portion of Cash vein. The 82SE average dipping vein was exposed and accessible: in the recently rehabilitated ventilation raise, and also along the vein, striking N50E, astride the base of the raise on the 3rd level. These 14 samples are in a pattern that may be visualized as a sequence along the vein dip over a vertical elevation range from 8,017 downward to 7,845 feet msl (172 feet vertical) and the vein strike, a distance of 93 feet along the back of the 3rd level (7,840' elev.) mine workings. These locations were sampled to give an indication of gold-silver telluride and lead and zinc mineralization; they are not statistically distributed for ore reserve calculation purposes. The assays determined gold, silver, lead, zinc and tellurium contained. Two other samples were assayed from the extreme southwestern end of the Freiburg vein which dips comparably to the Cash vein but strikes N20E. All samples were cut in-situ using a diamond saw to provide a more consistent channel cut as opposed to using a chisel and hammer. All sampling sites were marked using a numbered brass tag which correlates to the assay sample number. The sampling was made across the obviously mineralized vein exposures and partially adjacent altered Boulder Creek Granite host rock. Where mineralization contained a visually well-defined, high sulfide zone it was also sampled and assayed separately. The results by Loring are supplemented with information in the table. Sample numbers 476 through 485 are along the dip of the Cash vein while samples 486 through 489 are along the strike of the Cash vein on the 3rd level. The final two samples are from the Freiburg vein. These sample locations are plotted on 1" to 10' geologic maps and cross sections, described in the Assay Sample Descriptions & Locations log book and also described in the Loring assay tag record booklet. Sample Cut Elevation Gold Silver Lead Zinc Tellurium No. (in.) (feet msl) oz/ton oz/ton % % ppm Notes less less fw than than split, 476 12 8,017 0.001 0.01 0.01 0.02 9 oxid. 477 15 7,999 0.242 3.80 1.39 0.53 75 partly oxid. 478 4 7,979 0.142 1.97 0.85 0.87 43 galena seen 479 6 7,979 1.273 19.98 7.10 7.85 372 qtz- rich, sulf. 480 18 7,953 0.997 8.35 0.25 0.95 290 qtz- rich 481 6 7,953 2.806 42.84 0.25 0.99 638 qtz- rich 482 12 7,945 2.256 34.96 0.27 0.20 648 17.5' into sec. 483 5 7,918 2.163 44.01 1.07 0.96 921 484 6 7,871 1.474 22.02 1.60 6.15 470 485 9 7,857 0.312 2.81 4.90 8.40 68 486 12 7,854 1.996 10.38 0.25 0.22 222 487 4 7,854 0.391 17.58 37.35 2.41 180 galena- rich 488 4 7,845 1.004 1.96 1.59 6.90 59 489 3 7,845 0.439 4.30 6.65 14.05 78 490 8 7,852 0.078 2.79 1.35 1.66 14 491 2 7,836 0.089 0.37 0.04 0.05 9 near XRF 22 This ventilation raise is adjacent to the Cash Mine Stope #2. This stope when completed this quarter will be the third production stope available for mining. George W. Heard B.Sc., (Mining Engineering), MBA, P.Eng and the President and CEO of the Company is the Qualified Person who has reviewed and approved the technical disclosure of this news release. Consolidated Global Minerals Ltd. is a Canadian-based company with a focus on the acquisition, exploration and development of mineral property interests. ON BEHALF OF THE BOARD George W. Heard, President & CEO FOR FURTHER INFORMATION PLEASE CONTACT: Consolidated Global Minerals Ltd. Chester Shynkaryk Director [phone] Email: [e-mail] Consolidated Global Minerals Ltd. Derek Sutherland Investor Relations [phone] Email: [e-mail] Website: www.cgmltd.com The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.