Globex Acquires Phlogopite Properties
July 20 2011 - 11:24AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that it has acquired 100%
interest by staking in two suzorite deposits in the area of the
town of Parent, Quebec. The two suzorite deposits, the Lamy and
Siscoe Zones have, as their principal component, phlogopite mica.
Phlogopite is used in polymers where extra rigidity is required
beyond that which can be provided by talc. It is also used as an
insulating material and for fireproofing.
The acquisition of these properties is an extension to our
planned penetration into markets served by talc which we intend to
produce from our huge Timmins, Ontario deposit. The larger Lamy
mica deposit is next to a railway line and siding which will allow
direct transport of pre-processed material to our proposed talc
milling facility at Timmins for final treatment, significantly
reducing capital and operating costs. Globex is in the final stages
of preparing a prefeasibility study on our Timmins talc-magnesite
project which is scheduled to be delivered by the end of
September.
The Lamy deposit located at Parent, Quebec is reported to be
composed of 70% to 90% mica with apatite, a source of phosphates
used in fertilizers' being a secondary mineral. The phlogopite is
reported to be good quality with the ground mica having a density
varying from 1.84 to 2.09 g/cm3, a magnesium to iron ratio of 2.78
and no fibrous material. The zone is said to measure at least 725
metres long and averages 23 metres wide with excellent potential to
be increased in size by drilling. The area staked by Globex may
contain as much as 5 to 6 million tonnes of high grade micaceous
material. The deposit is exposed on surface and has only been
explored to a shallow depth. It is open along strike. (Quebec
Non-metallic Deposit Report, 31-0-15,0001, 1980 and Mica Deposits,
Province of Quebec, Canada for Koizumi Group-USA Inc., Feasibility
Study, 1975)
Globex has also acquired the Siscoe deposit approximately 18.5
km to the east in Suzor Township where R.A. Marleau, in a report
for Shickshocks Geotechnical Services Inc. in 1980, reported a
suzorite deposit of 1.3 million tonnes (1.17 million tonnes
remaining) grading 60% phlogopite mica and 10% apatite.
Resources quoted are historic, non NI 43-101 conformable, have
not been independently verified by Globex and should not be relied
upon.
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
Contacts: Jack Stoch, P.Geo., Acc.Dir. President & CEO
Globex Mining Enterprises Inc. 819.797.5242 819.797.1470 (FAX)
info@globexmining.com www.globexmining.com
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