Globex Signs LOI on Magusi Mine Property Package
April 06 2011 - 1:17PM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that it has completed the
purchase of the Magusi River Mine and associated land package from
First Metals Inc. and has signed a Letter of Intent (LOI) with Mag
Copper Inc. (Mag). Mag is currently a private company. Globex has
granted Mag the option to acquire a 100% interest in Globex's
Magusi River copper, gold, zinc, silver deposit and associated
claim package in Quebec (see press release dated March 24, 2011).
Terms of the transaction are the following:
An aggregate of $1,075,000 in cash payments over a 36 month
period including $375,000 over the first 12 months from the closing
date, which is anticipated to be on or around April, 26th,
2011.
13,500,000 common shares of Mag on or before the closing
date.
Aggregate exploration or development expenditures of at least
$10,250,000 on the property over a 4 year period from the closing
date.
Completion of a Bankable Feasibility Study within a 4 year
period from the closing date.
Globex retains a 3% Gross Metal Royalty, 1% of which may be
purchased by Mag for $5,000,000. Globex's royalty shall extend to
any mining undertaken within one mile of the present external
boundaries of the claims covered by the agreement.
An annual advance royalty of $50,000 is payable starting at the
4th anniversary of the agreement and continues until commercial
production is achieved.
Globex is pleased to have initiated this agreement with Mag
Copper Inc., an aggressive and technically and financially capable
group.
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
22,027,675 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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