Global Gold Registers Significant Discovery in Armenia at Toukhmanuk
17 Octobre 2008 - 3:37PM
Marketwired
Global Gold Corporation (OTCBB: GBGD) is pleased to announce that
its exploration, test mining, and processing work has uncovered a
significant gold and silver discovery in the Central Area of its
Toukhmanuk property in the north central mineral belt of Armenia.
Results of recent test mining, diamond drilling of over 20,000
meters, surface sampling of the No. 1 and 15 mineralized areas
indicate that there are at least eighteen mineralized zones within
a 150 m to 200 m wide east-northeast trending alteration zone in
the Central Area of the property.
These mineralized zones are 5 m to 25 m wide, extend more than
300 m along strike, and extend to more than 150 m at depth. Assay
results of surface sampling show values ranging from 1 g/t Au to
280 g/t Au, and from 8 g/t to 520 g/t Ag. Gold mineralization is
associated with sulphide minerals, in places as distinct veins
within the wider alteration zone. To date, Global Gold has tested
only approximately 20% of the mineralized trend in the Central
Area, which is interpreted to extend to more than 1.5 km along
strike. There are other similar target areas which have not yet
been tested on the property. The entire Toukhmanuk license area is
now 51.5 square kilometers and the Central Area is 2.2 square
kilometers.
Historical GKZ (State Committee on Reserves) records in the C1,
C2 and P1 categories indicate 12.1 Million tonnes of
mineralization, averaging 6.74 g/t gold and 30.79 g/t silver,
including 2.6 million oz/gold and 11.9 million oz./silver, based on
vein widths between 1 and 1.5 meters in veins 1 and 15. The new
discovery shows much wider veins and areas of mineralization, in
areas, at time coincident with the vein 1 and 15 GKZ records but
often divergent with those veins. Thus, new resource estimates and
mine planning are currently underway. 60,000 tonnes of ore at an
average grade of 3.6 g/t has been mined and stockpiled near the
plant for processing through the winter; recoveries for both
gravitation and flotation concentrate being produced average over
80%.
Global Gold Chairman and CEO Van Krikorian stated, "We are
positively delighted with this new discovery for ourselves and for
Armenia. We acquired this property in 2005, and had a long learning
curve, requiring us to explore new areas, think outside convention,
and experiment with our own lab and processing technologies to get
to this point."
Armenian Minister of Energy and Natural Resources Armen
Movsissyan also received the news of the discovery, positively
noting, "Armenia has a rich potential for precious metal mining,
and I am happy to congratulate Global Gold on this discovery and
its plans to continue development. Foreign investors should know
that this government is here to help, and we are glad that our own
experts have played a role in assisting the company here."
Global Gold commissioned its upgraded gravitation and flotation
gold processing plant in Toukhmanuk, Armenia on December 20, 2007,
and is now constructing an additional flotation and enrichment
circuit to increase concentrate grades. A new tailings dam was also
constructed in 2007. Current plant capacity is 100,000 tonnes per
year. Current throughput is approximately 6,000 tonnes per
month.
In addition, the Company received international, ISO,
certification for its laboratory at the Toukhmanuk site, and has
been providing laboratory services to other companies. More
recently, the Armenian Ministry of Economy also accredited Global
Gold's laboratory as one of those authorized to provide results for
the Armenian government.
Global Gold Corporation, an international gold mining,
development and exploration company with properties in Armenia,
Chile and Canada, is committed to building shareholder value and
maintaining social and environmental responsibilities. Minera
Global Chile Limitada is a subsidiary through which Global Gold
does all of its business in Chile. Global Gold Mining LLC operates
in Armenia as a subsidiary of Global Gold Corporation.
More information can be found at www.globalgoldcorp.com.
To the extent that statements in this press release are not
strictly historical, including statements as to revenue
projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
future collaboration agreements, the success of the Company's
development, events conditioned on stockholder or other approval,
or otherwise as to future events, such statements are
forward-looking, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
Gosudarstvenny Komitet Zapasam (GKZ) resource estimates or former
Soviet country state committee on reserves are presented for
historical reporting and to provide a basis for assessing Global
Gold's choices for its business activities and not to be understood
as indicating the existence of Mineral Reserves or Mineral
Resources.
Contact Information: Andrew Barwicki Investor Relations
203-422-2300
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