Canadian Global Minerals Ltd. has entered into an agreement to form a joint venture to develop the Strieborna silver copper antimony deposit.
The deposit is located in eastern Slovakia near the town of Rosnova, a mining town with a skilled work force and the infrastructure to support mining operations. The Strieborna Mine Project consists of two mining leases and three other siderite-quartz-sulphide veins, the Mayer, Podlozna, and Pallag veins. Upon the formation of the Joint Venture Company Global Minerals will have a 60% interest in the project and the Slovak partners Pideco CGF sro will hold 40%. Global Minerals can then earn an additional 10% through the expenditure of $2 million over two years. At that time the venture becomes a 70/30 participating joint venture. If Pideco elect not to participate, their remaining 30% interest can be purchased for $6 million.
During 1995 the Sunshine Mining and Refining Company calculated a 'Geological Resource' of 1,570,000 tons grading 394.2 gms/ton (12.67 oz/ton) silver 1.7% (37.40 lbs/ton) copper and 1.12% (24.60 lbs/ton) antimony. In addition, resource estimates were completed by independent geologists and the Slovak Geological Bureau issued a Certificate accepting the evaluation and approval of the resource. Global Minerals Ltd. is a Canadian-based company with a focus on the acquisition, exploration and development of mineral property interests. (Coshocton Tribune)