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Global Minerals Ltd (3)
Symbol CTG
Shares Issued 39,538,767
Close 2014-10-17 C$ 0.155
Market Cap C$ 6,128,509
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Global Minerals talks cash, omits 2014 P&L from NR

2014-10-20 06:55 ET - News Release

Mr. Tim McCutcheon reports

GLOBAL MINERALS LTD.: FISCAL YEAR 2014 AUDITED FINANCIAL RESULTS

Global Minerals Ltd. has released its audited financial statements for the year ended June 30, 2014.

Fiscal year 2014:

  • Cash at year-end (June 30, 2014) at $1,665,900 and no debt;
  • Working capital of $1,335,176;
  • Equity financing of $3,256,000 closed on Feb. 7, 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 Aug. 26, 2014, with 69-per-cent insider participation.

Tim McCutcheon, chief executive officer, comments: "Global Minerals is pushing forward its Strieborna 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. 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 Strieborna project beyond the notional value of in situ resources."

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