Globex Options its Shortt Lake Gold/Rare Earth Property and Other News
August 16 2010 - 8:00AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX) (FRANKFURT: G1M) (OTCQX:
GLBXF) is pleased to announce that it has optioned its Shortt Lake
Gold Mine and rare earth exploration project located near Chapais,
Quebec to NQ Exploration Inc. (NQE-V).
The Shortt Lake Gold Mine produced 2.7 million tons at a grade
of 4.6 g/t gold between 1984 and 1992. Exploration on the property
also located several rare earth bearing carbonatites which received
little follow up due to a lack of interest in rare earths at that
time. NQ Exploration will explore the property using new gold
exploration concepts and will test the rare earth potential of the
carbonatites.
Under the option agreement with NQ Exploration Inc., Globex will
receive $650,000 in cash payments and 4 million NQ Exploration
shares over a 5 year period. NQ Exploration will also undertake $5
million in exploration expenditures. Upon the completion of the
terms outline above, NQ Exploration will have earned a 100%
interest in the property subject to a $50,000 per year advance
royalty and a sliding scale gross metal royalty (GMR) on all
mineral production as indicated below. A gross metal royalty is a
percentage of mineral production, in cash or in kind at Globex's
choice, with no deducted costs.
Gold Price ($Cad) Gross Metal Royalty (GMR)
----------------------------------------------------------------------
$1 to $1,000 1.0%
greater than $1,000 to $1,250 1.5%
greater than $1,250 to $1,600 2.0%
greater than $1,600 2.5%
The GMR percentage shall be established by the prevailing gold
price and shall apply to all mineral production including but not
limited to gold, silver, copper, zinc, rare earths, etc.
We are pleased to be doing this option agreement with NQ
Exploration Inc. and their team of dedicated and experienced
explorationists.
Other news
Xmet Inc. (XME-V) announced on August 6, 2010 that they had
commissioned Reddick Consulting Inc. (RCI) to prepare a new NI
43-101 compliant resource estimate for the Duquesne West-Ottoman
Property under option from Globex (See Globex press release dated
February 18, 2010). RCI had previously calculated a resource figure
for Kinross in 2003. Subsequently two additional drill programs
totalling approximately 19,000 metres were completed on the
property targeting the gold zones identified by Kinross. Gold
intersections from these drill programs will be incorporated in the
new NI 43-101 compliant resource calculation.
Savant Explorations Ltd. (SVT-V) has completed the Phase 1 drill
program at Globex's Parbec Gold Property located west of Osisko's
Canadian Malartic gold project. The drill program consisted of 8
holes totalling 4,005 metres. Savant issued three press releases on
May 28, 2010, July 22, 2010 and recently on August 10, 2010 in
which they disclosed drill intersections of up to 19.25 g/t Au over
2.9 metres in hole Par 10-01 and a wide intersection of 1.37 g/t Au
over 28.6 metres in hole Par 10-08 at a vertical depth of only 58
metres (See Savant press release of August 10, 2010 for a drill
summary).
Globex has undertaken a program of short drill holes on our
MacKinnon Gold Property in Nova Scotia. We are awaiting complete
assay results. Drilling has also commenced on a series of low
priority targets on our extensive Hunters' Point (uranium, gold and
rare earth land package) in order to fulfill assessment
requirements. In addition, a large package of Globex claims south
of Hunters' Point is being actively prospected and sampled by a
company with an adjoining land package. If the results are of
economic interest, an option agreement may be negotiated.
Plato Gold Corp (PGC-V) has been exploring Globex's Nordeau
Property. In March 2009, Plato published a NI 43-101 resource
report by John Langton, M.Sc., P.Geo and Alex S. Horvath, P.Eng.
for MRB and Associates of Val d'Or, Quebec now available on Sedar.
The report stipulates an indicated resource on the Nordeau West
Gold Zone of 225,342 tonnes grading 4.17 g/t Au and 1,112,321
tonnes grading 4.09 g/t Au in the inferred resource category. In
late May, a drill program was started on the Nordeau East Gold
Zone. On August 11, 2010, Plato announced the completion of the 3
holes, 836 metres drill program. Hole NE 10-2 intersected 4.51 g/t
Au over 1 metre and hole NE 10-3, 1.3 g/t Au over 1.7 metres. All
holes intersected the targeted mineralized zones which contain
erratic free gold.
Typhoon Exploration Inc. (TYP-TSXV) announced on August 11, 2010
that they are starting a 15,000 meter drill program on their
Fayolle Gold Zone under their agreement with Aurizon Mines Limited
(ARZ-TSX). Globex maintains a 2% net smelter royalty interest in
the project including the Fayolle Gold Zone.
Globex has also been acquiring new ground. We are awaiting
confirmation of the registration of titles to a number of
prospective gold and base metal projects including a number of
former small producers.
In several weeks, we will, hopefully, be in a position to update
our shareholders regarding our talc-magnesite project and advances
in the application of our refractory gold recovery technology now
held in our 75% owned corporation, Eco Refractory Solutions
Inc.
We have recently received whole rock analysis of 26 grab samples
from our 100% owned Turner Falls Rare Earth Property. A press
release is being prepared.
This press release was written by Jack Stoch, P. Geo., President
and CEO of Globex in his capacity as a Qualified Person (Q.P.)
under NI 43-101.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
Forward Looking Statements
Except for historical information this News Release may contain
certain "forward looking statements". These statements may involve
a number of known and unknown risks and uncertainties and other
factors that may cause the actual results, level of activity and
performance to be materially different from the Companies
expectations and projections. A more detailed discussion of the
risks is available in the "Annual Information Form" filed by the
Company on SEDAR at www.sedar.com
20,197,674 shares issued and outstanding
Contacts: Globex Mining Enterprises Inc. Jack Stoch, P.Geo.,
Acc.Dir. President & CEO 819-797-5242 819-797-1470 (FAX)
info@globexmining.com www.globexmining.com
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