Global Copper Corp.

Global Copper Corp.

October 23, 2006 09:00 ET

Global Copper Provides Progress Report on Relincho Property, Chile

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Global Copper Corp. (TSX:GLQ) is pleased to provide a progress report on the drill exploration program at its Relincho copper-molybdenum project located 80 kilometers northeast of Vallenar in Region III, Chile. The program currently comprises two drill rigs which, to date, have drilled 46 holes totaling 5,885 meters. Samples have been submitted to the laboratory for assaying and the first results are expected next week.

The exploration drill program is divided into two parts: a copper oxide program and a copper sulphide program. The 61 hole oxide program is focused on delineating a 43-101 mineral resource estimate on the copper oxide mineralization between the Relincho deposit and the Marja target area, a distance of approximately 3 kilometers. To date, 32 holes, totaling 1,403 meters have been drilled of which 29 have intercepted visible copper mineralization over an average length of 36 meters. The oxide drill program is expected to be completed during November and the 43-101 oxide mineral resource estimate is expected to be completed in January 2007.

The sulphide drill program is currently focused at the Marja copper/molybdenum target area. To date 14 holes have been drilled totaling 4,483 meters. Four of the holes drilled are twin holes that will be used to validate 20 holes drilled in 1996 by Outokumpu for use in an updated 43-101 resource estimate. The remaining 10 holes are step out holes. 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 known 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.


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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