Consolidated Global Minerals Ltd.

Consolidated Global Minerals Ltd.

March 01, 2005 20:07 ET

Consolidated Global Minerals Issues Interim Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONSOLIDATED GLOBAL MINERALS LTD.

TSX VENTURE SYMBOL: CTG

MARCH 1, 2005 - 20:07 ET

Consolidated Global Minerals Issues Interim Financial
Statements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) -
Consolidated Global Minerals Ltd. (TSX VENTURE:CTG)

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO THE US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN.

Consolidated Global Minerals Ltd. today released their interim financial
statements as of December 31, 2004 and its Management Discussion and
Analysis.

Consolidated Global Minerals Ltd.

George W. Heard, President



CONSOLIDATED GLOBAL MINERALS LTD.
QUATERLY REPORT
Three Months ended December 31, 2004
Management Discussion and Analysis


Overview

The Business of the Company is the evaluation, acquisition and
development of mineral property interests.

During the report period management focused on the Magreb Minerals
disposition, mine and mill development in Colorado and gold exploration
in Nevada.


Financials

Financing and Liquidity

The Company is in the development phase and does not generate revenue.
The Company must rely on the issuance of share capital and joint venture
participation in property development to generate cash.

During the Quarter ending December 31, 2004 share issuances took place
generating $1,748,554 in net cash proceeds. The Company issued 4,500,000
shares by way of private placement for net proceeds of $1,665,550;
520,150 warrants were exercised for proceeds of $78,004 and 50,000 stock
options were exercised for proceeds of $5,000.

The Company has $2,198,184 working capital at December 31, 2004.

On January 7, 2005 the Company announced a non-brokered private
placement to raise up to $2 million dollars. The placement consists of
five million units at a price of $0.40 per unit, each unit consisting of
one common share and one share purchase warrant. The share purchase
warrants will be exercisable for two years at a price of $0.60 per
share. The net proceeds will be used for ongoing exploration and general
purposes, development and general purposes.

There is no guarantee going forward that the Company will be able to
raise additional capital to fund development of the Company's property
interests.

Significant Expenditures

During the quarter a total of $648,072 was spent on the properties,
$485,160 was spent on exploration, cross cut development and mill
repairs at the companies Front Range Mine Development in Colorado. Four
hundred feet of cross cut was completed and readied for the collaring
and conversion to rail haul. In addition 1600 feet of diamond drilling
was completed along with underground sampling. In the mill the jaw
crusher was relined, conveyors were tuned, and the ball mill was
recharged.

$162,912 was spent in Nevada on the companies Lumps, Quarter Horse, Good
Hope projects. Geophysical work and geochemical work resulted in the
generation of several drill targets on each property. Permitting for
drilling is now in the advanced stages.

Related Party Transactions

The related party transactions for the quarter totaled $30,285. This
included $22,250 in geological, financial and technical fees paid or
accrued to directors of the Company. There was $7,500 in management fees
paid to a director of the Company. There was $535 in professional fees
paid to a legal firm whose partner is an officer of the company. These
amounts in the three month period ended December 2004 were made at
market rate and under normal cash conditions for payment.

Investor Relations

For the three month period $23,255 was spent on investor relations. The
bulk of the money was used to prepare website material, newsletters
material, and presentation material for financial institutions.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Consolidated Global Minerals Ltd.
    George Heard
    President
    (604) 632-0085
    (604) 605-0009 (FAX)
    gwheard@cgmltd.com
    www.cgmltd.com
    The TSX Venture Exchange has not review ed and does not accept
    responsibility for the adequacy of this release.