Global Copper Corp.
TSX : GLQ

Global Copper Corp.

August 10, 2006 16:30 ET

Global Copper Corp. Announces $3 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Global Copper Corp. (TSX:GLQ) announces that it intends to complete a financing to raise up to $3 million through the sale, by private placement, of up to 2.3 million common shares at a price of $1.30 per share. The shares will bear a four-month restriction on resale. A finder's fee may be payable for a portion of the placement. The financing is subject to regulatory approval and is expected to close within 30 days.

Proceeds from this financing will be used to continue to advance the exploration drill program at the Relincho project that was initiated in July, 2006 and for general working capital requirements.

Global was created through the reorganization of Lumina Copper Corp in May 2005. The company controls four large, well defined, copper/gold and copper/molybdenum deposits in Chile and Argentina. In Chile, the Company controls the Relincho copper/molybdenum project and has an effective 76% interest in the Vizcachitas copper/molybdenum project. In Argentina, the Company controls the San Jorge and Taca Taca copper/gold projects. The Company is currently advancing and developing the Relincho project, located near Vallenar in Region III, through a drill exploration program designed to expand the existing sulphide resource estimate by upgrading additional, known sulphide mineralization to NI 43-101 standards and to delineate a NI 43-101 resource estimate on the known oxide mineralization that previously was not defined.

This news release is not an offer of securities for sale in the United States. The securities comprising this offering have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an exemption from registration.

GLOBAL COPPER CORP

David Strang, President & CEO

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Global Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Global Copper's required securities filings on SEDAR. Although Global Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.


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