Globex Reacquires Magusi River Deposit and Other Assets
March 24 2011 - 8:31AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that Globex has entered
into an agreement to acquire 100% interest, free of any liens,
charges or royalties, in the Quebec mining assets of First Metals
Inc. including the important unmined Magusi River, copper, gold,
zinc, silver deposit. Also included in the package are 136 claims
covering an area of 5,415 hectares. The agreement has been approved
by the Superior Court of the Province of Quebec, and a receiver
appointed to certain assets of First Metals Inc. to close the sale
(see First Metals Inc.'s press release dated March 24, 2011).
The Magusi River deposit has been partially developed with a
trucking road and a power line accessing the property and 50 metres
of ramp with a cement portal completed. A NI 43-101 resource was
calculated by Scott Wilson Postle Associates Inc. as of October 31,
2008 and published in a press release by First Metals Inc. on
February 9, 2009 as follows:
----------------------------------------------------------------------------
First Metals Inc. - Magusi Project
Mineral Resource Estimate as of October 31, 2008
----------------------------------------------------------------------------
Zone Tonnes Cu% Zn% Au g/t Ag g/t NSR $/t
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Zinc Zones 450,000 0.44 8.64 2.74 45.0 122
----------------------------------------------------------------------------
Copper Zones 830,000 3.10 0.51 0.38 42.3 146
----------------------------------------------------------------------------
Total Indicated 1,280,000 2.16 3.37 1.21 43.2 137
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
Copper to Depth 399,000 3.26 0.38 0.26 24.3 148
----------------------------------------------------------------------------
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a cut-off of $80 NSR/tonne.
3. Mineral Resources are estimated using an average long-term copper price
of US$2.50 per pound, a zinc price of US$0.75 per pound, a gold price of
US$800 per ounce, a silver price of US$13.50 per ounce and a US$/C$
exchange rate of 1.00 to 1.11.
4. Grade interpolation was carried out with inverse squared distance (ID2)
method.
5. The Company provided Scott Wilson RPA with NSR multipliers per metal
unit. Those NSR multipliers which vary in function of head grades and
metal recoveries are based on SGS Lakefield metallurgical tests. The NSR
values for each assay as well as each block in the model were then
calculated.
6. Minimum underground mining width of two metres was used.
For Globex's purposes, we are not authorized to refer to
previously published NI 43-101 resource calculations as NI 43-101
compliant if the resource was not done for Globex: Please consider
the resource above as non NI 43-101 compliant and historical in
nature. Globex has not verified the resource calculation and
therefore it should not be relied upon.
Included as part of assets being acquired, is all technical data
related to the properties and any transferrable permits and
licences. We are very pleased to have recovered this important
mineral resource and exploration package and expect to decide
shortly upon a course of action to best realize value from this
asset for our shareholders.
Globex will issue 166,667 shares at a deemed price of $3.00 per
share for a total consideration of $500,000 upon closing to
purchase the assets.
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 expectations and
projections of Globex Mining Enterprises Inc. ("Globex"). No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits Globex will derive therefrom. A more
detailed discussion of the risks is available in the "Annual
Information Form" filed by Globex on SEDAR at www.sedar.com
21,861,008 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
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jul 2023 to Jul 2024