Breaking News: Global Minerals Ltd. Enters Mining Lease with Altair
Global Minerals (TSX VENTURE:CTG) is a growth company engaged in the acquisition, exploration, development and mining of high-grade, mid-size mineral deposits in the Americas & North Africa.
The company occupies a market niche by focusing on the development of advanced-stage, highly profitable, mid-tier size ore bodies. This segment of the mining industry has been abandoned by the major mining companies in their quest for "World Class" mineral deposits.
At this time shares are up 5% to $0.27 with over 338,000 in volume. This momentum comes as Global Minerals Ltd. (CDNX:CTG.V)(Frankfurt:DFP.F) is pleased to announce that it has entered into a mining lease dated effective March 14, 2007 (the "Agreement") with Altair Minerals Ltd. ("Altair") to explore the mining claims in Pershing County, Nevada known as the Granite Peak property (the "GP Property").
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The GP Property consists of 42 unpatented lode claims (840) acres that include a porphyry molybdenum-gold target associated with a zoned igneous complex. These claims are located in the East Range of Pershing County, Nevada on the northern flank of Granite Mountain, and northwest of the historic Kennedy Mining District. The property is approximately 36 miles northeast of Lovelock. The Rochester silver mine and the recent Spring Valley gold discovery of Midway Gold Corp. are located less than 20 miles across Buena Vista Valley to the west, and the former Goldbanks open pit gold mine is situated in the East Range, about 15 miles to the northeast of the property. Barrick Gold Corp. holds the land to the north, and private parties hold claims covering most of the historic Kennedy Camp. The Kennedy Mining District is an old epithermal silver-gold-copper-lead vein camp, intermittently active from the late 1800's until about 1950. In the late 1970's W.A. Bowes and Associates Inc., financed by the US carpet manufacturer Milliken Corporation, became interested in the geothermal and porphyry copper-molybdenum potential of the area, and ultimately spent more than $2,500,000 in exploration of the area.
The term of the lease is for an initial 15 years, to be extended for so long thereafter as there is production of minerals from the GP Property. The Company will be required to complete cash payments on account of advance minimum royalties and share issuances to Altair as follows:
- US$10,000 and 250,000 common shares in the capital stock of the Company immediately upon receipt of Exchange approval;
- US$15,000 and 250,000 common shares in the capital stock of the Company on the first anniversary of the effective date of the Agreement;
- US$20,000 and 250,000 common shares in the capital stock of the Company on the second anniversary of the effective date of the Agreement;
- US$25,000 on the third and each subsequent anniversary of the effective date so long as the Agreement remains in effect.
Upon commencing production of valuable minerals from the GP Property, the Company shall pay Altair a royalty on production equal to 4% of the NSR. The Company shall have the right at any time to purchase up to two of the four royalty percentage points and thus reduce the production royalty from 4% to 2% by paying to Altair the sum of US$1,000,000 for the first royalty percentage point purchased and US$2,000,000 for the second royalty percentage point purchased.
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