Global Minerals Completes Second and Final Drawdown in $2 Million Loan Financing with Investec Bank (UK) Limited

Global Minerals Ltd. announce that it has closed and completed the second and final drawdown (US$1,250,000) of the US$2,000,000 convertible loan facility with Investec Bank (UK) Limited (LONDON: INVP) (JOHANNESBURG: INP) (“Investec”). The Company completed its initial drawdown of US$750,000 on August 15, 2008.

The loan will be used by Global Minerals primarily for expenditures related to its Strieborna polymetallic project in Slovakia. The proceeds will allow the Company to part finance the pre-feasibility study and permitting related to the Streiborna project, and to provide working capital.

The loan will bear interest at the rate of USD Libor plus 10% per annum, with interest payable quarterly, in arrears. The loan must be repaid in full upon the earlier of (i) August 15, 2009; (ii) the date of the initial drawdown under a senior project finance facility proposed to be arranged by Investec for Global Minerals or its subsidiary; (iii) the closing date of any capital raising by Global Minerals in excess of US$2,000,000 in any single raising or in aggregate over a period of 6 months, be it by issue of stock or debt. Pursuant to transferable share purchase warrants issued to Investec on August 15, 2008, the warrantholder has the right to purchase up to 13,477,334 common shares of Global Minerals at a price of CDN$0.15 per share until August 15, 2009. Investec as Warrantholder may also set off the purchase price for the warrant shares against all or part of the outstanding principal under the promissory note. If the Company’s common shares trade at a price 180%, 200% or 220% greater than the exercise price of the warrants for 20 consecutive trading days, Global Minerals will have the option to force exercise of the 25%, 50% and 25% of the warrants, respectively.

On August 15, 2008, Investec received an arranging fee of 5% of the principal amount of the loan payable in cash or, subject to the acceptance of the TSX Venture Exchange, the equivalent value in the Company’s common shares on the earlier of the first drawdown under the debt facility and one month after signing of the promissory note for the first drawdown.

The Company has granted Investec the first right of refusal to arrange the Company’s future funding needs for the Streiborna project.

Investec is located at 2 Gresham Street, London, EC2V 7QP, United Kingdom. For further information, please go to the Global Minerals profile on the SEDAR website www.sedar.com or contact Investec at +44 20 7597 4000.