Global Minerals Ltd.
TSX VENTURE : CTG

Global Minerals Ltd.

October 20, 2014 06:30 ET

Global Minerals Ltd.: Fiscal Year 2014 Audited Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 20, 2014) - Global Minerals Ltd. (TSX VENTURE:CTG) is pleased to announce the release of its audited financial statements for the year ended June 30, 2014 (available on SEDAR). Key highlights include:

Fiscal year 2014:

  • Cash at year-end (30 June 2014) at $1,665,900 and no debt
  • Working capital of $1,335,176
  • Equity financing of $3,256,000 closed on 7 February 2014

Subsequent to fiscal year-end:

  • Preliminary Economic Assessment on track to be finished by calendar year-end
  • Equity financing of $730,000 closed on 26 August 2014, with 69% insider participation

Tim McCutcheon, CEO, comments: "Global Minerals is pushing forward its Strieborná silver project, with ongoing rehabilitation work at the project site, permitting, and the extension of underground infrastructure. The main corporate event expected in the near term is the completion of the Preliminary Economic Assessment (PEA). The PEA is the result of several years work and Management believes it will contain a level of technical detail unusually high for such preliminary reports in the junior mining industry. I look forward to sharing the PEA results with shareholders and potential investors, as it will be an objective and realistic metric that can be used to better assess the potential value of the Strieborná project beyond the notional value of in-situ resources."

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

FORWARD-LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the continuous disclosure documents filed by Global and available at www.sedar.com, for detailed information, which is subject to the qualifications and notes set forth therein.

The mineral resources are reported in accordance with Canadian Securities Administrators' National Instrument 43-101 and have been estimated in conformity with generally accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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