GLOBAL MINERALS CLOSES $4,000,000 PRIVATE PLACEMENT WITH SPROTT INC.,
ESPERANZA RESOURCES CORP. AND OTHERS

/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

VANCOUVER, Nov. 22 /CNW/ - Global Minerals Ltd. (CTG: TSX-V) ("Global or the "Company") is pleased to announce it has closed its private placement announced November 4, 2010.  Global raised gross proceeds of $4,000,999 through the issuance of 9,545,727 Units at a price of $0.35 per Unit for $3,341,004 and 1,885,700 special warrants at a price of $0.35 per special warrant for $659,995.  Each Unit consisted of one common share in the capital of the Company and one-half of one share purchase warrant. Each whole warrant is exercisable to purchase one additional common share at a price of $0.55 until November 22, 2012.  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, purchased 2,000,000 Units and Esperanza Resources Corp. (EPZ.V) purchased 2,274,200 Units resulting in Esperanza maintaining a 19.9% ownership interest in the Company.  In addition, Esperanza purchased 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 all special warrants held into common shares and Units), which approval is to be sought at the Company's Annual and Special Meeting scheduled 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.

The Company issued a total of 351,257 finders units and 292,714 finder warrants in connection with the private placement.  Each unit is exercisable into one common share and one-half of one share purchase warrant, each whole warrant entitling the finder to purchase one additional common share at a price of $0.55 until November 22, 2012.  The finder warrants are exercisable to purchase one common share at $0.55 for two years.

All securities issued are subject to a four month hold period expiring March 23, 2011.

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.

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

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

For further information:

George W. Heard, President, Tel: [phone], Fax: [phone], Email: [email protected]