GB Global Mining AG News Release 24 May 2011
GB Global Mining AG completes framework agreement for €25 million financing to increase monthly production rate to 1000 ounces of gold

GB Global Mining is pleased to announce that it has successfully completed a framework agreement for €25,000,000.00 with a foreign fund. The first tranche shall be issued by mid-June 2011 and the proceeds used for general corporate and working capital purposes. The funds will flow into massive mine infrastructure investment.

"This will allow us to increase our first-stage recovery to 1000 ounces per month, which corresponds to revenues of approximately US$1,500,000.00. Production costs per ounce amount to approximately US$ 500. The remaining proceeds and the operative cash flow shall be used to invest in further mine expansion," says CEO Willy White.

About GB Global Mining AG

GB Global Mining AG was founded in 2007 as a Swiss public limited company with gold mining concessions in Ecuador. The current share capital amounts to CHF 1.9 million. The company has been engaged in small-scale gold mining activities for some time.

Contact Details

Investor Relations ir@gbglobalmining.eu | Tel 0845 5089731
UK Office Tel 0845 5083483

For any further questions please contact our CEO Mr Willy White (willy@gbglobalmining.eu)