Globex Options its Shares in Duparquet Assets Ltd.; Owner of the Duquesne West and Ottoman Fault Properties
March 05 2012 - 9:03AM
Marketwired
GLOBEX MINING ENTERPRISES INC.
(TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform
shareholders that it has undertaken a Share Option Agreement with
Xmet Inc. ("Xmet") regarding Globex's 50% share holding in
Duparquet Assets Ltd., owner of the Duquesne West and Ottoman Fault
properties in the Abitibi region of Quebec. (See Globex press
release dated February 18, 2010). Globex (50%) and partner
Geoconseils Jack Stoch Ltee (50%), "the Shareholders", have granted
Xmet the option to acquire 100% of the Shareholders Preferred and
Common Shares in Duparquet Assets Ltd. under one or the other of
the two following scenarios:
a. A single cash payment of $9 million payable within six months of signing
of the Share Option Agreement, after which the Shareholders will retain
a sliding scale Gross Metal Royalty of up to 3% of all metals produced
from the properties;
Or
b. A single cash payment of $6.5 million payable within six months of
signing of the Share Option Agreement plus one of the following cash
payments within four years of signing of the Share Option Agreement:
1. On or before the first anniversary of the agreement, a single cash
payment of $2.5 million;
2. On or before the second anniversary of the agreement, a single cash
payment of $2.6 million;
3. On or before the third anniversary of the agreement, a single cash
payment of $2.7 million;
4. On or before the fourth anniversary of the agreement, a single cash
payment of $2.8 million.
Should Xmet decide not to make any one of the four cash payments
indicated above in senario b), the Shareholders will retain a 25%
carried interest in Duparquet Assets Ltd. in addition to the
sliding scale Gross Metal Royalty.
If the Shareholders retain a 25% carried interest in Duparquet
Assets Ltd., upon presentation of a Bankable Feasibility Study to
the Shareholders by Xmet, the Shareholders will commence
contributions pro rata toward the placing into production of any
ore body outlined in the study and will share pro rata in any
profits generated therefrom in addition to the Gross Metal
Royalty.
If Xmet does not exercise one of the two options indicated
above, the original agreement will remain in force.
Xmet reported in a press release dated October 25, 2011, a NI
43-101 compliant Inferred Resource of 4,171,000 tonnes at an
average grade 5.2 g/t Au (6.36 g/t Au uncut) hosting 727,000 ounces
Au cut (853,000 uncut ounces Au), prepared by Watts, Griffis,
McOuat Ltd.
Globex is pleased with the work undertaken by Xmet Inc. to date
and looks forward to the results of additional drilling underway on
the property.
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: 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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