GLOBAL MINERALS LTD NEW GMFLF

Most recent capital raise

[nostril]

It is almost impossible right now for an outsider to do even tentative calculations on whether this can be made into a profitable mine with silver at or around current prices. Until the PEA is complete, we are really in the dark. And, of course, that is why the company is valued by the market at next to nothing (less than $7m versus over $50m (I think) that has been spent on getting the mine to where it is now).

However, it is interesting to note that company insiders were willing to put in their own money in the latest (albeit small) round of financing which completed on 26 Aug. This included Global's Chairman, Bill Pincus, who, to me, comes across as trustworthy and competent person to be leading the company. In the absence of detailed information on the economics of the project, I think you just need to decide whether you rate the management highly. I do, so I think I will hang on to my investment and see what the PEA reveals.