GLOBAL MINERALS ANNOUNCES PRIVATE PLACEMENT WITH ESPERANAZA RESOURCES CORP.
AND AFFILIATES OF SPROTT ASSET MANAGEMENT

VANCOUVER, Nov. 4 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) is pleased to announce a private placement financing to raise $4,000,000. The financing will raise up to $3,340,005 through the issuance of up to 9,542,871 units (the "Units") at a price of $0.35 per Unit and an additional $659,995 through the issuance of special warrants.

Each Unit will consist of one common share in the capital of the Company and one-half of one share purchase warrant. Each whole warrant (a "Warrant") is exercisable to purchase one additional common share for a period of two years at a price of $0.55 per warrant share.  If, after the four (4) month anniversary of closing, the closing trading price of the common shares of the Company on the TSX Venture Exchange exceeds $0.70 for 20 consecutive trading days, the Company shall have the right to give notice within five days thereof to accelerate the expiry date of the Warrants to a date which is 30 trading days following the notice.

Sprott Inc. and affiliates, including Sprott Private Wealth, have agreed to endeavour to find purchasers for 5,714,285 Units and Esperanza Resources Corp. (EPZ.V) intends to subscribe for 2,274,200 Units resulting in Esperanza maintaining a 19.9% ownership interest in the Company.  In addition, Esperanza also intends to subscribe for 1,885,700 special warrants at a price of $0.35 per special warrant, for gross proceeds of $659,995, which will convert automatically into 1,885,700 Units, without payment of additional consideration, upon receipt of approval by the Company's shareholders of Esperanza becoming a 'control person' of the Company (36.4% ownership interest after giving effect to the conversion of the special warrants into common shares), which approval is to be sought at the Company's Annual and Special Meeting scheduled to be held on Friday, December 3, 2010.  If such shareholder approval is not obtained, the special warrants will convert automatically into a non-convertible secured debenture in the principal amount of $659,995 bearing interest at 8% per annum, with a term of 18 months.

Finders' fees of 6% will be payable in cash or Units connection with the private placement in accordance with the policies of the TSX Venture Exchange. Finders 5% will also be issued warrants exercisable to purchase one common share at $0.55 for two years.

The proceeds from the private placement will be used for exploration and development on its Strieborna property and working capital.  The private placement is subject to regulatory approval.

About Global Minerals Ltd.

Global Minerals is focused on the advanced exploration and development of its primary asset, the Strieborna silver/copper/antimony deposit in Slovakia.

Strieborna is an advanced stage exploration project with resources of 1.925 million tonnes (measured and indicated) at 231.7 g/t silver, 1.1% copper and 0.7% antimony and inferred resources of 1.500 million tonnes at 180 g/t silver, 0.9% copper and 0.6% antimony (AMC Pty, April 2008).  The full details of such resources were announced on April 23, 2008 and a complete NI 43-101 Technical Report can be found on SEDAR at www.sedar.com. Management is implementing plans to advance exploration and development of the Strieborna vein, parallel local veins and other known vein systems in the Rosnova District. 

Esperanza Resources Corp. has made a strategic investment in Global Minerals Ltd.  The investment will ultimately yield Esperanza, subject to shareholder approval, a 36.4% equity interest in Global.

This press release was prepared by George Heard, B. Sc., MBA, P. Eng, a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD
George W. Heard
President and CEO

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

For further information:

about Global, visit www.globalminerals.com, or contact George Heard at 604.632.0085 or email [email protected]