The 1-for-4 reverse split was approved by the Company’s shareholders at the Annual General Meeting held on July 28, 2010, together with all the special resolutions relating to the possible listing of the Company’s shares on a U.S. Stock Exchange. Were the Company to achieve such a listing, it would seek to delist its shares from AIM as soon as reasonably practicable so as to avoid the unnecessary expense of maintaining dual listings.

George Karageorgiou, Chief Executive Officer of Globus Maritime, stated: “We consolidated our shares in preparation of the possible listing on a U.S. Stock Exchange. We believe that listing Globus on an exchange in the United States may result in our shares trading at a more favourable price relative to their net asset value than has recently been the case. This belief is based on the performance of share prices of comparable companies currently trading on U.S. stock exchanges, which generally benefit from a larger universe of research analysts as well as a larger base of both institutional and individual investors. In addition, the Board believes that the Company would also be in a better position to raise funds for its future development.”

Shareholders who hold their shares in certificated form will receive a new certificate within 14 days of the Record Date. Old certificates are now invalid. Shareholders holding a number of shares that is not evenly divisible by the ratio of the reverse stock split will not receive a cash payment for any fractional shares.

Further Information – Notes to Editors

About Globus Maritime Limited

Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ire, coal, grain, cement and fertilizers, along worldwide shipping routes. Globus owns and operates one Panamax, one Kamsarmax, and three Supramax vessels, with a weighted average age of 3.4 years as at June 30, 2010, and a total carrying capacity of 319,952 DWT.

Globus is listed on the AIM market of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.

‘We have done a comprehensive internal review of the block. We had also asked a US firm DeGolyer and MacNaughton to conduct an independent estimate and it was in line with our own estimates,’ said Cairn India Managing Director and Chief Executive Rahul Dhir.

‘We understand that there is 6.5 billion barrels of oil equivalent to be found and extracted (in Barmer block, Rajasthan),’ said Dhir.

Cairn holds 70 percent stake in the field, while state-run ONGC holds the remaining 30 percent. So far Cairn India has invested about $4 billion. It will invest another $2 billion by 2011.

The company currently produces 20,000 barrels and expects this to increase to 125,000 barrels by the middle of 2010.

The approved maximum capacity for the Barmer field is 175,000 barrels of oil per day (bopd). With the increase in the size of the field, this capacity could go up to as high as 240,000 bopd.

‘The resource base provides a basis for a vision to produce 240,000 barrels, subject to government of India’s approval and additional investments,’ said the company in a statement.

“The 2008 drilling campaign that we enacted after the March 2008 ITR and the 2009 onsite column leach test program has greatly increased our confidence in the CSH 217 project. The total reserves increased over 51% compared with the March 2008 ITR,” said Xin Song, Jinshan’s new CEO. “The growth of the number of ounces of gold controlled by the Company at CSH will allow the Company to grow organically. With the strong support from our major shareholder China National Gold Group, the Company is well positioned to expand on a healthy growth profile.”

Mineral Reserves

An updated mine plan for the CSH Gold Project has been developed by Nilsson Mine Services (NMS) of Vancouver, British Columbia, Canada. This plan has been prepared for heap leaching with a crushing plant throughput rate of 30,000 tonnes per day, with full capacity expected by the end of the first quarter of 2010.

Mineral reserves have been reported for the final pit designs at a positive net value cutoff that corresponds to a gold grade cutoff of approximately 0.3 grams per tonne gold as scheduled in the mine plan. The proven and probable reserves at CSH mine as of December 31, 2009 stand at approximately 138 million tonnes of ore with an average grade of 0.67 g/t gold, representing approximately 3.0 million ounces of contained gold. In the previous March 2008 ITR, the company reported 99 million tonnes of reserves at an average grade of 0.71 g/t gold, consisting of 35 million tonnes of proven reserves averaging 0.74g/t gold and 64 million tonnes of probable reserves averaging 0.69 g/t gold at 0.28 g/t gold cut-off grade. The new reserves are summarized in the table below:

CSH 217 Reserves by category, Northeast and Southwest pits combined December 2009

———————————————————————–
—-
Cutoff               Grade   Contained   Contained
Au         Ore      Au          Au          Au
Classification             (g/t)  (M tonnes)   (g/t)       (kOz)       (kgs)
—————————————————————————
Proven                     0.30        83.6    0.70       1,868      58,100
—————————————————————————
Probable                   0.30        55.2    0.64       1,133      35,240
—————————————————————————
Total                      0.30       138.8    0.67       3,001      93,340
—————————————————————————

Resource Estimate

The new CSH 217 resource estimate was prepared by Mario Rossi, M.Sc., Min.Eng., of Geosystems International Inc. The 2008 drilling campaign added significant tonnages above cutoff and also improved the grade, partly due to the confirmation of grades and upgrade in resource classification down-dip and laterally. The CSH deposit in the Southwest (SW) area is now well delineated, and still significant potential exists for down-dip extensions to the mineralization. Mineralization at depth in the Northeast (NE) has been confirmed, with increases in both tonnages and confidence.

At the end of December 2009, the project’s Measured and Indicated Gold Resources, using 0.3 g/t Au cut-off grade, stand at 243 million tonnes averaging 0.64 grams per tonne (g/t) gold. This translates into 4.99 million ounces of gold (inclusive of reserves) in the deposit after two and half years mining. In the previous March 2008 ITR, 183 million tonnes of Measured and Indicated resources average 0.69 g/t gold were reported with the same 0.30 g/t gold cut-off grade. Details of the new resources are summarized in the table below:

Table 2: CSH 217 Resources by category, Northeast and Southwest Zones (inclusive of reserves).

———————————————————————–
—-
Resources by category below pit surface to December 31st, 2009, CSH 217
Project, 2009 Resource Model
—————————————————————————
Measured     Indicated    Measured+Indicated        Inferred
——————————————————————-
Mil-                Mill-
ion                  ion
M      Au     M      Au      M     Au    Oun-    M      Au    Oun-
Cutoff  Ton-  Grade   Ton-  Grade    Ton- Grade    ces   Ton-  Grade    ces
(g/t)   nes    (g/t)  nes    (g/t)   nes   (g/t)    Au   nes    (g/t)    Au
—           —            —                 —
—————————————————————————
0.3   105.8    0.68 137.6    0.61  243.4   0.64  4.993  0.53    0.43  0.007
—————————————————————————
0.35   96.1    0.71 120.8    0.65  216.9   0.68  4.716  0.35    0.49  0.005
—————————————————————————
0.4    86.5    0.75 104.1    0.69  190.6   0.72  4.400  0.24    0.54  0.004
—————————————————————————
0.45   77.2    0.79  89.1    0.74  166.3   0.76  4.068  0.18    0.57  0.003
—————————————————————————
0.5    68.0    0.83  76.2    0.78  144.2   0.80  3.732  0.12    0.62  0.002
—————————————————————————
0.55   59.6    0.88  64.9    0.83  124.4   0.85  3.399  0.08    0.68  0.002
—————————————————————————
0.6    51.9    0.92  54.9    0.87  106.8   0.90  3.073  0.05    0.73  0.001
—————————————————————————
0.65   44.6    0.97  46.6    0.92   91.2   0.94  2.760  0.03    0.83  0.001
—————————————————————————
0.7    38.1    1.02  39.6    0.96   77.7   0.99  2.467  0.02    0.88  0.001
—————————————————————————
0.75   32.3    1.07  33.4    1.00   65.7   1.04  2.188  0.02    0.93  0.000
—————————————————————————

Notes:

1. The contained gold represents estimated contained metal in the ground and has not been adjusted for mining or metallurgical recoveries.

2. Resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral Resources that are not Reserves do not have demonstrated economic viability. Measured and Indicated Resources are that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the project. An Inferred Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

Production Update

Gold production at the CSH 217 mine has totaled 161,625 gold ounces since start up on July 31, 2007 to the end of December 2009. The 30,000 tpd crushing facility at the mine, which commenced start-up operations in August 2009 is currently performing at about 80% of its design capacity. It is expected to reach full 30,000 tpd capacity by end of the first quarter 2010.

Project Economics

According to the new mine plan, the CSH 217 mine life is extended from 2018 to 2023 with four more years of leaching afterwards. Prior to installation of the crushing facility, the CSH mine experienced low and slow gold recoveries for various reasons, among which, the ore in the lower portions of the categorized weathered zones was actually mixed oxide and sulphide ore with low leaching recovery when not crushed. In addition, Run-of-Mine (ROM) ore size has been difficult to control. By the end of 2009, approximately 20 million tonnes of ROM ore were put under leach. The observed recovery from this uncrushed ROM material based on gold poured has been 37.3%. It is estimated that the ultimate recovery rate for the uncrushed ROM ore already on pad will be over 53%. With the new crushers currently ramping up to the design capacity of 30,000 tpd, it is expected that the gold recovery will be greatly improved. According to the column test done by Metcon Research of KDE in 2009, the recovery rate for the crushed ore is a function of the ore grade. The higher the ore grade the higher the recovery rate, which ranges from the lowest of 62.1% in the SW pit to the highest of 80.9% in the NE pit. According to the new mine production plan, approximately 2.35 million ounces of gold will be produced in the next 15 years starting with annual production of approximately 132,000 ounces in 2010, and gradually increasing to over 150,000 ounces in 2014 and then to over 200,000 ounces in 2021.

In the previous technical report released in March 2008, a 600 US dollar per ounce gold price was used to estimate the project economics and the Pre-Income Tax NPV was only US$87 million at 10% discount. In the estimate, the base gold prices for the next 5 years used are $1,032 per ounce, $1,033 per ounce, $955 per ounce, $970 per ounce and $849 per ounce corresponding to the years of 2010, 2011, 2012, 2013 and 2014 respectively. For long-term gold price after 2014, $849 is used as the long-term gold price estimate. Using the new gold prices, the project Pre-Income Tax Net Present Value (NPV) as of the end of December 2009 at a 9% discount rate, stands at US$ 517 million at the exchange rate of one US dollar to 6.83 RMB yuan. Gold prices and recovery rate are still the two most sensitive factors for the project economics.

Exploration

Exploration and drilling will continue at the CSH 217 gold mine during the 2010 field season within the company’s 25 square kilometer licensed area immediately adjoining the mining permit. The first priority for exploration will be to drill several gold anomalies and carry out trenching along the surface strike extension of prospective stratigraphy that was defined by grid rock sampling during the previous field seasons. Deeper drill holes are also planned for the CSH property to explore for higher grades down dip.

Throughput Expansion Update Internal Technical Report and Independent Technical Report

The updated mine plan, resource and reserve estimate on the CSH217 project are based on a report compiled by KD Engineering. Behre Dolbear Asia, Inc. (BDASIA) has been conducting an independent technical review of the CSH217 project, including the recent resource/reserve estimates and metallurgical testing, and a technical report titled “Independent Technical Report on the Chang Shan Hao Gold Mine in Inner Mongolia Autonomous Region, the People’s Republic of China” will be filed within 45 days of this release.

Qualified Persons

Mario Rossi, M.Sc., Min.Eng., of Geosystems International Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the CSH 217 resource estimates. Mr. Rossi last visited the CSH 217 site in January 2009. Mr. John W. Nilsson, M. Sc., P. Eng., of Nilsson Mine Services Limited, is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the CSH 217 mine design and reserve estimate, and visited the property during the period 19 through 26 September 2009. Mr. Joseph Keane, P. Eng., of KD Engineering (KDE) of Tucson, Arizona is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the metallurgical testing and mineral processing portions and is the leading QP for the updated mine plan and reserve estimate. He has visited the CSH mine site several times with the most recent trip in September 2009. Dr. Qingping Deng, Ph.D., CPG., President of Behre Dolbear Asia, Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for reviewing the CSH 217 project and preparation of the BDASIA technical report to be filed, who has visited the project several times in 2009 with the most recent trip in late October 2009. The QP’s have supervised the preparation of the scientific and technical information in this news release, while the mine site management prepared the production update in this release.

About Jinshan

Jinshan is a mining company whose principal property is the CSH Gold Mine. Jinshan began producing gold at the CSH Gold Mine in July 2007. Jinshan’s shares are listed on the TSX under the symbol “JIN”.

Please visit our website at: www.jinshanmines.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws and regulations including, but not limited to, statements with respect to exploration programs and potential extension of mineralized zones at CSH, the resource and reserve estimates themselves, several of the assumptions contained in the mine plan and project economics, including recovery rates, gold price, operating costs and discount rate calculations; potential property acquisitions and the timing of full production of the crusher. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects”, “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipate”, “does not anticipate”, or “belief”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. The above statements are based on the current expectations and beliefs of Jinshan’s management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.

Forward-looking statements are based on a number of material factors and assumptions, including the result of drilling and exploration activities, results of studies and that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for production is available as scheduled and does not incur unforeseen break downs, that gold price forecasts remain materially correct, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur ,that actual recovery is consistent with the results from metallurgical testing, that laboratory and other related services are available and perform as contracted.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include those matters identified as risk factors in Jinshan’s Annual Information Form and MD&A, as well as the following: changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration. Although Jinshan has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Jinshan does not assume any obligation to update forward-looking statements, except to the extent required by applicable securities laws.

Contacts:
Jinshan Gold Mines Inc.
Frank Lagiglia
+1.604.695.5032
info@jinshanmines.com
www.jinshanmines.com

Gamma ray logging is one of the most commonly used geophysical logging techniques used in coal industry. It is used by professors, university students and those doing online degrees. Gamma ray logging is a method of using natural gamma radiation to characterize the rock or sediment in a borehole. K-40 isotope, associated with clay minerals, is the main source of gamma radiation in rocks. So, the maximum gamma radiation is typically associated with clay rich siltstones and mud-stones.

[ReviewAZON asin="B003YJFV0S" display="inlinepost"]In general, clean coal or a clean sandstone unit has very low gamma radiation as they have very low content of clay. Sometimes the partings in the coal many have clay impurity producing high gamma counts. Similarly, a “Sandy Shale” or “Sandstone with Shale Streaks” will have more gamma counts than a clean massive hard sandstone unit. In some of the marine clay units, apart from K-40, higher level of other radioactive minerals may present such as uranium or thorium.  In particular, shales usually emit more gamma rays than other common sedimentary rocks, such as sandstone, dolomite, or limestone potassium is a common component in their clay content, and because the cation exchange capacity of clay causes them to adsorb uranium and thorium.

Gamma radiation is also extremely useful in correlating coal seams and other rock units. For example, if you have two coal benches with variable parting in it and you are trying to tag two different benches separately, gamma radiation may give you a great support if two of the coal benches have two different gamma ray signatures.

In coal geology, gamma ray is also very useful in estimating “ash content” if you don’t have an laboratory analysis. There may be regions within a thick coal seam displaying high gamma content. Those zones are usually referred as “bones”, “shale” , “carbonaceous shale” , “boney coal” etc. depending on the nature of the gamma count.

Gamma ray is however can not be used alone to distinguish a coal seam. As we stated earlier, that if you have a clean coal just beneath clean sandstone, you can not define the boundary between the coal and sandstone just by using gamma counts as they will have similar gamma signatures. It is very common to use a density logs in such cases as coal will produce a very low density curve while sandstone will produce a high density curve.

Gamma Logs are usually calibrated using the American Petroleum Institute (API) Standards. However Gamma ray has relatively poor resolution in vertical direction. The gamma ray log, like other types of well logging, is done by lowering an instrument down the hole and recording gamma radiation at each depth.

Advantages of using gamma ray method:

1. Logging can be done through casing.
2. Performance not hindered by loss of fluid, air, or water.

However, the nature of the gamma logs are affected by the diameter of the borehole and the properties of the fluid filling the borehole and corrections may be required to use the gamma logs for calculating the thickness of a coal seam or other stratigraphic units.

References and resources:

1. Handbook of Practical Coal Geology by Larry Thomas
2. Gamma Ray Logging
3. Hydrologic interpretation of natural gamma logs

I have been working on a reserve study for last few weeks. The coal seam is of great quality, clean, and with about black and white separation. However the geology is extremely difficult and the seam is barely over 2 feet! The seam also splits with vanishings lower bench in places and to make miming worse, it has horrible “stack rock” (interlayerd sandstone and shale). It is so difficult to even make an isopatch map in such situations as you must be consistent in whatever you are mapping. If you are mapping the one bench, you can not map the full seam in other places and so on. So, I had to divide the entire reserve in various blocks and designate “full seam mining” and “main bench mining only”. Now I can contour! Well, I started defining the two different mining conditions based on the thickness of parting and finally end up choosing % recovery line as my boundary delineation. While talking this extreme complex nature of the coal seam, my supervisor pointed to the fact “whatever is left today, left for a reason”!

Coal mining started more than a century back. Way back then coal was everywhere in coal producing countries and regions. That time people would not require a geologist to mine coal. So, the easiest to get coals are all gone by strip mining. Then more than more coals are gone which are shallow and thick and had good roof conditions. So, after a century we are left with coals that were not easy to mine in old time. With coal price being really high these days mining companies are willing to spend more and more money to reach very difficult coal seams. Many times, people are also going back to the old mines to get pillars that were left during old mining job. So, expect more and more challenging work in coal world in future. We have been mining coal for more than a century and we will be mining more many long years with every year reaching a more difficult coal seam (well, if the price keeps rising!)

Deep Mine Workings

Total Coal Thickness = Total Seam Thickness – Combined Thickness of Shale and Bone layers.

For seams with high partings consisting of bone or shaley material, mapping the “total coal” is a better approach.

Some mining companies prefer maps produced in terms of CLEAN TONS PER FOOT (CTPF) advance. For example, most of the Massey Energy’s reserve maps are produced such way. CTPF maps use the “clean coal thickness” data.

Following is a guide of making Clean Ton Per Foot of 25 feet wide entry (commonly 20 Feet of entry width) advance.

The Clean Ton Per Foot (CFTF) depends of the following parameters:

1. Thickness of the total clean coal (TC) (not the total seam thickness)
2. Entry width of the Deep Mine (W)
3. Seam density (D)
4. Recovery factor (R) (usually 95%, not mine recovery). Some prefer not using the recovery factor or using 100% recovery!

Formula for CTPF calculation: CTPF=TC x W x D x R

Unit Conversion:

• Thickness is commonly reported in feet or inches.
• Entry width is commonly reported in feet.
• Seam density could be reported in various units. Commonly g/cc or Tons/acre-foot.
• Recovery factor is unit-less.

To calculate the CTPF map, all of our length data should be in foot.

Converting coal seam density from g/cc to Tons/Acre-inch to Tons/Acre-Foot:

Convert to Tons/Acre Inch

Tons/Acre-inch= Specific Gravity (g/cc) x 113.325
Example1: for a coal seam with Specific Gravity=1.3
1.3 x 113.325=147.3225 Tons/Acre inch

Example 2: for coal seam with Specific Gravity = 1.47 (Anthracite Coal)
1.47 x 113.325= 166.58 Tons/Acre-inch

Tons/ Acre-Foot = Tons/Acre-inch x 12

Using example 1:
147 Tons/Acre-inch= (147 x 12) Tons/Acre-Foot = 1767.87 Tons/Acre-foot

Tons/Cubic-Feet = Tons/Acre-foot % 43560

So, using the above example,
1767.87 Tons/Acre-foot = 1767.87/43560 (Cubic Foot)=0.04058471 Cubic-foot

Note: So, it is just a matter of unit conversion to get your CTPF map. Many times the client may ask for a CTPF map. Remember to get required information on width of entry and coal specific gravity. Calculate CTPF values for each drill hole location for the particular coal seam you are interested in. Then simply contour either by hand or using some simple contouring program.

Tips: If you have prepared a Total Coal contour map (NOT Total Seam map), your CTPF map should be very similar to that one. Think WHY and let me know if you have found the answer.

Example Calculations

Use the attached EXCEL spreadsheet and modify the seam density as per your need to calculate CTPF.

Also, remember that you can find out the total coal thickness from a CFTF maps if the density and entry width are known.

CTPF-Clean Ton Per Foot