Relincho results propel Global Copper to new high (December 31, 2007)

Vancouver — A stream of good news from Global Copper’s (GLQ-T, GOCPF-O) Relincho project in Chile boosted the junior’s share price by $2.22 or 74% in three months.

The latest news is of an updated resource estimate for the large-scale copper-molybdenum project in the desert of Chile’s Region III. The new estimate puts indicated sulphide resources at 498 million tonnes grading 0.47% copper and 0.023% molybdenum, at a 0.4% copper-equivalent cutoff, for 5.14 billion contained pounds copper and 250 million lbs. molybdenum. Inferred sulphide resources add another 378 million tonnes grading 0.43% copper and 0.023% molybdenum.

Although Global Copper has been focused on definition drilling at the sulphide portions of the project, the new study also updated the oxide resource estimate. Indicated oxide resources stand at 114 million tonnes grading 0.32% copper and 0.009% molybdenum; 11 million inferred tonnes grading 0.27% copper and 0.008% molybdenum add to the oxide count.

The new estimate includes the results from 17 holes punched into the recently discovered, higher-grade Las Guias zone. Las Guias sits between Relincho — the zone to the west, where mineralization is closer to the surface and which was the focus of historical exploration on the site — and Marja, the zone Global Copper discovered in its initial stepout exploration on the project. In trying to link the two zones, which are some 3.5 km distant, Global Copper started hitting deep, high-grade mineralization.

Las Guias is the main focus of the company’s exploration program. Only a few days prior to news of the resource estimate, the company released results from 10 new holes, six of which tested extension to the recently discovered area.

Hole 133 intersected 544 metres grading 0.7% copper and 0.084% molybdenum from 224 metres depth, extending the southern limits of Las Guias. Hole 207 also stepped out of Las Guias and returned 356 metres grading 0.53% copper and 0.023% molybdenum from 498 metres, extending the zone’s eastern margin. And the results from hole 212 — 442 metres of 0.62% copper and 0.035% molybdenum from 414 metres — extended the zone to the southeast.

Results from Las Guias released in October demonstrated the strength of the zone. Hole 47 intersected 348 metres grading 0.7% copper and 0.056% molybdenum from 462 metres depth, and hole 206 returned 572 metres of 0.52% copper and 0.074% molybdenum.

High-grade mineralization at Las Guias appears to centre on the contact zone of a porphyry copper intrusion that does not outcrop. The elongate, northwest-southeast breccia intrusion has been defined to date at 700 metres long and 300 metres wide.

Four drills are currently turning on the property, and 74 holes totalling 41,850 metres have been completed in the sulphide drill program.

News of the resource estimate prompted a 39 share price gain for the junior, which closed at an all-time high of $5.25. In early October, Global Copper was trading around the $3 mark. The company had a 52-week trading range of $1.76-4.95 with 29.7 million shares issued.