Global Copper Corp.

Global Copper Corp.

November 16, 2006 08:30 ET

Global Copper Intersects 334 Meters @ 0.67% Copper Equivalent at Relincho

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2006) - Global Copper Corp. ("Global") (TSX:GLQ) is pleased to announce the results from the first 14 holes of its sulphide drilling program at its Relincho copper-molybdenum project, located 80 kilometers northeast of Vallenar, in Region III, Chile. The results to date are highlighted by hole RG06-02 that intersected 334 meters grading 0.55% copper and 0.019% molybdenum (0.67% copper equivalent) including 102 meters grading 0.66% copper and 0.017% molybdenum (0.76% copper equivalent). Hole RG06-02 was a 50m step out from twin hole RG06-01.

The exploration drill program is divided into two parts: a copper "oxide" program targeting leachable copper and a copper sulphide program targeting porphyry copper-molybdenum mineralization. The sulphide drill program is currently focused at the Marja copper-molybdenum target area where previous drilling had delineated a continuous zone of near surface copper mineralization. Global's drilling has expanded this zone with both lateral step-out holes and holes which extend the zone below its previously recognized base, as highlighted by twin hole RG06-01 which extended the base of the previously known mineralization by 82 meters.

To date, 16 holes of the sulfide program have been drilled totaling 5,136 meters. Four of the holes drilled are part of a planned 6 hole twin program that will be used to validate 20 holes drilled in 1996 by Outokumpu at Marja for use in an updated 43-101 resource estimate. The remaining 12 holes are step out holes at Marja and Relincho.

The results below include the 4 twin holes (RG06-1,3,6,7) and 9 step out holes drilled at Marja on 50m sections. Drill hole locations are shown in the plan attached.

Len- Total CuEq Leacha-
Drill From To gth Copper (%) Mo (%) bility
Hole (m) (m) (m) Type (i) (%) (ii) (iii) Comment
RG06-01 2 24 22 Leachable 0.53 86 Twin Hole,
---------------------------------------------------- original hole
24 382 358 Primary 0.44 0.02 0.58 to 300m.
RG06-02 0 32 32 Leachable 0.63 85 50m step-out
---------------------------------------------------- hole to the
32 366 334 Primary 0.55 0.02 0.67 south of twin
---------------------------------------------------- hole RG06-01.
32 134 102 including 0.66 0.02 0.76
RG06-03 0 40 40 Leachable 0.31 68 Hole drilled
---------------------------------------------------- 50m to north
68 122 54 Primary 0.38 0.01 0.46 of hole
---------------------------------------------------- RG06-01, in
158 366 208 Primary 0.50 0.01 0.58 central part
---------------------------------------------------- of deposit.
238 278 40 Primary 0.63 0.03 0.79
RG06-04 0 30 30 Leachable 1.05 82 Twin Hole,
---------------------------------------------------- original hole
32 244 212 Primary 0.47 0.02 0.60 to 250m.
RG06-05 0 28 28 Leachable 0.48 82 Further 50m
---------------------------------------------------- step-out hole
32 56 24 Primary 0.43 0.01 0.49 to the south
---------------------------------------------------- of twin hole
176 214 38 Primary 0.40 0.01 0.44 RG06-02.
RG06-06 Results pending Twin Hole,
original to
RG06-07 0 34 34 Leachable 0.71 94 Twin Hole,
---------------------------------------------------- original to
34 70 36 Primary 0.59 0.01 0.67 145m.
34 196 162 Primary 0.46 0.01 0.52
RG06-08 0 44 44 Leachable 0.22 81 50m step out
---------------------------------------------------- to the west
88 132 44 Primary 0.37 0.01 0.43 of hole
---------------------------------------------------- RG06-06.
178 342 164 Primary 0.39 0.01 0.44
RG06-09 0 68 68 Leachable 0.38 76 50m step out
---------------------------------------------------- to the west
68 130 62 Primary 0.44 0.01 0.51 of hole
RG06-10 2 54 52 Leachable 0.19 100 Hole drilled
---------------------------------------------------- 50m to north
118 294 176 Primary 0.43 0.01 0.49 of hole
RG06-03, in
central part
of deposit.
RG06-11 172 188 16 Primary 0.22 0.04 0.46 Geophysical
RG06-12 184 274 90 Primary 0.43 0.01 0.51 Geophysical
RG06-13 0 8 8 Leachable 0.24 90 Geophysical
RG06-14 No Significant results Geophysical
(i) Primary sulphide intervals are calculated using a 0.40% CuEq cut-off.
(ii) Copper equivalent is calculated for primary intervals using
US$1.00/lb Cu and US$6.00/lb Mo and is not adjusted for metallurgical
recoveries as these remain uncertain. The formula used is as follows:
CuEQ equals Cu% + Mo% x 132.28 / 22.05).
(iii) Leachability refers to the dissolution of copper into solution either
through the use of sulfuric acid (oxide mineralization) or sodium
cyanide (secondary sulfide mineralization). Leachable copper
intervals are calculated using a 0.15% Acid + Cyanide soluble

The sulphide exploration program is planned to continue into 2007 and will incorporate step out drilling at known mineralized areas (Relincho, Marja and Las Guias) and exploration drilling on geophysical and structural targets (Los Amarillos and Soledad). The updated 43-101 copper sulphide mineral resource estimate is expected to be completed during the second quarter of 2007.

The Relincho property contains significant known copper sulphide mineralization. An independent 43-101 report prepared by AMEC in December 2003 stated that the Relincho deposit contains measured and indicated resources of 184 million tonnes grading 0.59% Cu and 0.024% Mo (0.73% CuEq; 2.4 billion pounds copper) and inferred resources of 101 million tonnes grading 0.51% Cu and 0.017% Mo (0.61% CuEq; 1.1 billion pounds of copper) at a 0.4% copper cutoff. The AMEC technical report can be viewed on both the Global website at and SEDAR at

Subsequent to our previous news release on October 23, 2006, the "oxide" drill program has been expanded and extended as Global explores the 2.8 kilometer strike length over which surface copper oxide occurs. The program was originally planned for 61 holes and to be completed during November. However, the results received have increased the lateral extent of the leachable copper mineralization and the program has been expanded to 80 holes and extended into December. To date 62 holes, totaling 2,745 meters have been drilled within a 2.8 kilometer by 800 meter area between the Relincho deposit and Marja target. The 43-101 leachable copper mineral resource estimate is expected to be completed in January 2007.

Leo Hathaway, P.Geo., is the Qualified Person as defined by National Instrument 43-101 for the Relincho Project. The quality assurance/quality control program is monitored by independent consultant Dr. Bruce M. Davis, Chief Geostatistician for Norwest Corporation and managed on site by Patricio Valenzuela, a Chilean geologist with over 24 years of experience. Logging and sampling are completed at Global's secure facility located at the project. The drill cores are mechanically split on site and samples securely transported to the ACME's facilities in Santiago, Chile for sample preparation and analysis. Total copper content is determined by three-acid digestion with atomic absorption finish. Sequential copper content is determined by digestion in two steps: 1) with a 5% sulphuric acid cold solution, and 2) a 10% sodium cyanide digestion of the residue of step 1. Solutions from each step are analyzed by atomic absorption. Lumina inserts standards, blanks and duplicates selected on a random basis into the sample stream and sends 5% of the sample pulps to check laboratories in Santiago, Chile.

To view the map accompanying this press release please click on the following link:


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.

Contact Information