GB Global Mining AG, owns 99% shareholding in an Ecuadorian company Makromines S.A. ("Makromines"). Makromines is the sole owner of Santa Fe Mining S.A. ("Santa Fe"), another Ecuadorian private limited company. In addition to the Santa Fe Mining company, which provides custom milling and gold processing for Makromines mining properties, as well as local Ecuadorian mining operations, Makromines owns numerous mining concessions within Ecuador, including Valuarte I, II and III covering an area of 3,500 hectares and the Mimopi Concessions Project (Miranda One and Pillacela), Miranda Alto, Gabriella and Montedesuca, comprising a total area of approx 165 hectares. Following structural and "state of the art" mechanical upgrades of the Santa Fe processing plant, ore processing and gold production commenced on 12 June 2008. In addition to the production of gold, both silver and copper are being produced. After trial production runs resulting in three deliveries of concentrate to a refinery in Peru, production was halted to allow the build out of another new tailings facility. Full capacity of 250 tonnes of ore per day should be achieved by the end of November 2010, yielding approximately 40 ounces of gold per DAY, (subject to financing and completion of new tailings facility).

GB Global Mining AG has a contract with Minera Del Pacifico Noroeste, S.A. ("MDP"), an Ecuadorian registered private limited company, to acquire several further major mining concessions in Ecuador, including operations at La Fatima, Tablon Reserve area (100 hectares), Casa Negra (6 hectares) and the massive SADCO Mine areas of Yellow River (processing plant capable of yielding 500 ounces of Gold per MONTH), the American shaft, Grand Mine and 710 concessions (1600 hectares), each of which has significant gold reserves. These options to purchase were negotiated over the last five years with local communidads (farmers co-operatives that own the concessions and rights to mine) when the gold price was much lower.

Herewith listed are current proposed projects. GB Global Mining AG has signed financing agreements with 4 Institutional investment companies. The drawdown of first funds under these various agreements is expected during first week November 2010. The total funds due for drawdown exceeds US$75m. An announcement will be made as soon as first drawdown is received and cleared.