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Globex Mining Enterprises Inc.: Update - Getty Royalty Property Nova Scotia
ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - Feb. 22, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX:GLBXF) is pleased to provide shareholders with an update regarding drilling at Globex's Getty Zinc-Lead Royalty Property held by Acadian Mining Corporation in Nova Scotia.
The following is a direct copy of part of the information released on February 21, 2008 by Acadian Mining Corporation.
"Acadian Mining Corporation (TSX:ADA) ("Acadian" or "Corporation") is pleased to announce assay results for 25 additional drill holes, bringing the total released to date to 54 of the 100 hole diamond drilling program on its Getty zinc-lead deposit. Results to date support potential for a bulk tonnage - open pit deposit 1,700 metres from the mill at Scotia Mine. Highlights include drill hole S1037 which intersected 9.50 metres of 5.41% zinc plus lead, including 3.45 metres of 11.23% zinc plus lead, hole S1031 which intersected 7.25 metres of 5.13 zinc plus lead, hole S1043 which intersected 3.90 metres of 10.48% zinc plus lead and hole S1048 which intersected 12 m of 4.2 zinc plus lead. The shape of the zinc-lead mineralized carbonate bank structure at Getty is not as yet fully defined and, as such, true widths cannot be calculated with complete confidence. However, true widths are estimated to range between 80% and 100% of the intersection lengths reported below in Table 1.
Table 1 - Selected Intercepts - Holes S1030 - S1054
--------------------------------------------------
Hole From (m) To (m) Interval (m) Grade % Zn Grade % Pb %Zn+%Pb
--------------------------------------------------
S1030 25.30 33.00 7.70 2.24 0.03 2.27
--------------------------------------------------
S1031 88.75 96.00 7.25 3.53 1.60 5.13
including 88.75 93.00 4.25 5.52 2.24 7.76
Including 88.75 91.00 2.25 8.21 2.65 10.86
--------------------------------------------------
S1032 20.80 27.00 6.20 2.03 0.96 2.99
and 34.00 40.00 6.00 2.16 0.28 2.44
--------------------------------------------------
S1033 26.00 59.00 33.00 1.36 1.16 2.52
including 27.00 36.00 9.00 1.98 1.61 3.59
--------------------------------------------------
S1034 114.40 119.00 4.60 2.18 7.09 9.27
including 115.00 118.00 3.00 2.60 8.40 11.00
--------------------------------------------------
S1035 101.00 103.05 2.05 6.24 2.65 8.89
--------------------------------------------------
S1037 94.00 103.50 9.50 2.02 3.39 5.41
Including 96.00 103.50 7.50 2.34 4.28 6.62
Including 96.00 99.45 3.45 4.41 6.82 11.23
--------------------------------------------------
S1042 53.00 56.65 3.65 2.09 0.95 3.04
--------------------------------------------------
S1043 62.50 66.40 3.90 6.21 4.27 10.48
Including 62.50 64.95 2.45 8.21 6.07 14.28
--------------------------------------------------
S1044 39.00 49.00 10.00 1.29 0.84 2.13
Including 45.00 47.00 2.00 2.10 1.48 3.58
and 61.00 64.00 3.00 0.70 1.51 2.21
--------------------------------------------------
S1045 71.00 73.00 2.00 2.31 0.38 2.69
And 75.00 77.00 2.00 1.66 0.04 1.70
--------------------------------------------------
S1046 56.00 63.00 7.00 3.37 1.75 5.12
including 56.00 59.00 3.00 7.60 2.81 10.41
--------------------------------------------------
S1047 67.00 70.00 3.00 0.27 2.46 2.73
--------------------------------------------------
S1048 43.00 55.00 12.00 0.90 3.30 4.20
including 43.00 45.00 2.00 0.23 6.75 6.98
--------------------------------------------------
and 72.00 79.35 7.35 0.47 1.14 1.61
--------------------------------------------------
S1049 49.50 54.45 4.95 4.63 1.16 5.78
including 50.00 53.00 3.00 6.30 0.62 6.92
--------------------------------------------------
S1050 74.00 84.75 10.75 2.23 2.59 4.82
including 79.00 81.00 2.00 3.75 6.20 9.95
--------------------------------------------------
S1051 34.00 40.00 6.00 1.11 0.01 1.12
--------------------------------------------------
S1052 60.00 63.95 3.95 0.79 1.62 2.41
--------------------------------------------------
S1053 52.60 67.00 14.40 1.69 1.00 2.69
--------------------------------------------------
S1054 95.00 96.00 1.00 2.32 0.86 3.18
and 100.00 105.00 5.00 1.01 1.23 2.24
--------------------------------------------------
Holes S1036, S1038, S1039, S1040, S1041 intersected low-grade lead-zinc mineralization near the periphery of the deposit.
The Getty deposit occurs within a west extension of the carbonate bank complex that also hosts the adjacent Scotia Mine deposit, located 1,700 metres to the east. Acadian's current diamond drilling program is designed to support a new resource estimate for the Getty deposit that is anticipated to include definition of measured and indicated resources. The deposit currently hosts inferred resources as described below in Table 2 (See News Release No. 34-07, December 12, 2007 for details). Drilling on the Getty property to date has focused on the deposit area previously outlined, however future drilling will include several drill holes to test for possible extensions of the deposit to the west, and also test an interpreted basement high paleo-topographic feature to the northwest, which has the potential to be the site of another carbonate reef complex.
Table 2 - NI-43-101 Inferred Resource Estimate for Getty Zinc-Lead Deposit
- Effective December 11, 2007 (News Release No. 34-07, December 12, 2007)
--------------------------------------------------
(i)Zn Eq% Threshold Tonnes (Rounded) Pb% Zn% (i)Zn Eq%
--------------------------------------------------
2.00 % 4,160,000 1.40% 1.81% 3.21%
--------------------------------------------------
2.50 % 2,860,000 1.60% 2.06% 3.66%
--------------------------------------------------
3.00 % 1,970,000 1.82% 2.26% 4.08%
--------------------------------------------------
(i) Note: Zn equivalent (Zn Eq%)=(Zn% + Pb%)
The Getty deposit is subject to a 1% gross metal royalty to Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M). Acadian has an option to purchase one-half percent for $300,000 at its option at any time, and has a first right of refusal on the remaining one-half percent.
Management's Opinion
Will Felderhof, President and CEO, stated "These drill results along with those previously released on December 20, 2007, are in line with our expectations and we are confident the balance of the drill program will put sufficient definition on the deposit to support a pit design to supply feed to the adjacent Scotia Mine milling facility."
Globex is pleased with the progress of work on the property and looks forward to the new resource estimate that will result from the ongoing work on the property.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
17,822,674 shares issued and outstanding
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Mon Feb 25, 10:04 AM
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TORONTO, ONTARIO--(Marketwire - Feb. 25, 2008) - First Metals Inc. (TSX: FMA.TO) invites shareholders, brokers and analysts to the official opening of First Metals' Fabie Bay Mine near Rouyn-Noranda, Quebec.
The opening activities will extend over the two day period of April 25-26, 2008. Visitors will be offered an underground tour of the Fabie Bay Mine. Arrangements are also being made for a tour of the Xstrata Copper owned Horne Mill where First Metals' copper concentrate is being produced.
The event will be held in conjunction with the opening of Globex Mining Enterprises Inc.'s ("GMX") new office in Rouyn-Noranda. On Friday evening April 25th, First Metals and Globex will be pleased to offer cocktails and canapes at Globex's new office, 86, 14th Street, Rouyn-Noranda.
Attendees will be required to make their own travel arrangements but, depending on the number of participants, a charter airplane may be available from Toronto at a preferential rate for attendees. Should you wish to attend, please contact Christine Wright before March 19th, 2008 by email at christine.wright@firstmetalsinc.com or by telephone at (416) 594-3223.
We look forward to meeting our shareholders and informing them as to what we are doing and what First Metals Inc. hopes to achieve in the future.
First Metals Inc. is bringing into production the Fabie Bay copper deposit and the Magusi River copper, zinc, gold and silver deposits near Rouyn-Noranda. It is listed for trading on the TSX and has approximately 39 million shares issued and outstanding.
Contacts
Richard Williams
First Metals Inc.
CEO
(416) 364-3123
Email: info@firstmetalsinc.com
Website: www.firstmetalsinc.com
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Globex and Queenston Report a High Grade NI 43-101 Resource at the Ironwood Deposit
ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - March 3, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX:GLBXF)("Globex") and QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)("Queenston") are pleased to provide an update on the 50%-50%, Wood-Pandora Joint Venture (the "Joint Venture") located in Cadillac Township, Quebec, which is managed by Globex.
The Joint Venture has just received a NI 43-101 Technical Report prepared by Consulting Geologist and qualified person Mr. Reno Pressacco, M.Sc.(A), P. Geo. The Report is titled "Technical Report for the Mineral Resource Estimate, Ironwood Project, Cadillac Township, Quebec (NTS 32 D/01)".
The Report estimates the following gold resource:
--------------------------------------------------
GRADE
--------------------------------------------------
CATEGORY TONNES (g/t) (oz/t)
--------------------------------------------------
Inferred 243,200 17.26 0.50
--------------------------------------------------
The mineral resource was calculated using a block model method and assumed a gold price of CDN $650 per ounce. An in-situ, undiluted cut-off grade of 3.0 g/t gold over a horizontal width of 2.0 meters was used employing a grade cap on individual assays of 55 g/t gold.
The focus of the Report is an estimate of a mineral resource outlined on the Ironwood gold zone discovered by the Joint Venture in 2006 located north of the Cadillac fault within an oxide iron formation. The Report also details the historical and recent work completed on the Joint Venture.
The gold zone, christened the Ironwood Gold Deposit, consists "primarily of replacement of the host oxide iron minerals by an assemblage of pyrrhotite-arsenopyrite-pyrite", rich in gold. The gold mineralization has been traced over a strike length of approximately 90 metres, from depths of 30 to 230 metres below surface, reaching thickness of up to 10 metres. The Report indicates that "while the limits of the mineralization appear to have been defined at depth, the limit of the mineralization has not been defined by drilling along the western strike extension". Given the results of his examination of the site, the project's location and its development history, Mr. Pressacco has not identified any environmental, permitting, legal, title, taxation, socioeconomic, marketing or political issues which could adversely affect the mineral resource estimate.
The report makes the following recommendations for further work by the Joint Venture.
1. Conduct metallurgical testing to determine preliminary gold recoveries;
2. Additional drilling to confirm the geological interpretations on cross sections and to search for the western limits of mineralization;
3. Access the deposit by means of a decline and cross cutting to confirm the continuity of the mineralization and the gold distribution, and;
4. Prepare a preliminary economic analysis to examine economic viability of a conceptual custom milling scenario.
Globex and Queenston now intend to formulate the next steps required to realize the locked up value of this easily accessible gold asset which at today's gold price has an in-situ value of approximately 117 M$.U.S.
The Wood-Pandora property which consists of 27 mining claims and one mining concession, CM 289, is located in Cadillac Township, straddling the prolific, gold localizing, Cadillac Fault, which runs from west of Kirkland Lake Ontario to east of Val-d'Or, Quebec.
This press release was written by Jack Stoch, P. Geo. President and CEO of Globex in his capacity as a Qualified Person (Q.P.).
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 Company's expectations and projections.
For more information, please contact
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
or
Queenston Mining Inc.
Charles E. Page, P. Geo.,
President and CEO
416-364-0001 (ext. 224)
or
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
416-364-0001 (ext. 225)
or
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
416-577-9927
Info@queenston.ca
www.queenston.ca
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NI 43-101 RESSOURCE IN DER IRONWOOD-ABLAGERUNG
Rouyn-Noranda, Quebec, Kanada.
Die Firmen GLOBEX MINING ENTERPRISES INC. (GMX – Toronto
Börse, G1M – Frankfurt, Stuttgart, Berlin, München, Xetra-Börsen und GLBXF – International Premier OTCQX (“Globex”) und QUEENSTON MINING INC. (QMI-Toronto, Frankfurt, Stuttgart) (“Queenston”) freuen sich den folgenden Bericht über die 50%-50%, Wood-Pandora-Joint Venture (nachstehend als die “Joint Venture” bezeichnet) in der Cadillac Township, Quebec zu unterbreiten, welche von Globex bewirtschaftet wird.
Die an der Joint Venture beteiligten Firmen erhielten soeben einen NI 43-101 entsprechenden technischen Bericht von dem Geologen Herrn Reno Pressacco, M.Sc.(A), P. Geol., der gemäß den Vor-schriften eine dazu qualifizierte Person ist. Der Bericht trägt den Titel “Technischer Bericht über die Mineralressourcenschätzung, Ironwood-Projekt, Cadillac Township, Quebec (NTS 32 D/01)”
Der Bericht unterbreitet die folgende Goldressource-Schätzung:
KATEGORIE TONNEN GRAD (g/t) (oz/t)
Vermutet 243.200 17.26 0.50
Die Mineralressourcen wurden mit Hilfe einer Blockmodellmethode berechnet und unterstellten einen Goldpreis von CDN$650 pro Unze. Ein unverdünnter In-situ-Grad von 3,0 g/t Gold über einer waagrechten Breite von 2,0 Meter wurde eingesetzt, unter Verwendung einer Gradhöchstgrenze von 55 g/t Gold.
Der Fokus dieses Berichts ist die Schätzung der in der Ironwood Goldablagerung aufgezeichneten Mineralressourcen, welche im Jahre 2006 in einer Join Venture nördlich des Caddilac Fault innerhalb einer Eisenoxidformation entdeckt wurden. Der Bericht enthält auch Einzelheiten über Arbeiten, die in der Vergangenheit sowie unlängst durch die an der Joint Venture beteiligten Firmen ausgeführt wurden.
Die Goldablagerung, die auf den Namen “Ironwood Gold Deposit” getauft wurde, besteht “hauptsächlich aus einem Austausch der ursprünglichen Eisenoxidmineralien mit einer Zusammensetzung von Pyrrhotit-Arsenopyrit-Pyrit” reich an Gold.
Die Goldmineralisierung wurde über eine Länge von ca. 90 Meter aufgespürt, in Tiefen von 30 bis 230 Meter unter der Oberfläche, und erreichte eine Schichtdicke von bis zu 10 Meter. Die Studie berichtet, daß “obwohl die Begrenzungen der Mineralisierung offensichtlich eingehend definiert wurden, wurden die Begrenzungen der Mineralisierung nicht durch eine Bohrung entlang der westlichen Strichausdehnung definiert”. Angesichts der Ergebnisse seiner Untersuchungen an Ort und Stelle, sowie der Lage des Projekts und dessen Entwicklungsgang, hat Herr Pressacco keinerlei umweltliche, lizenzbedingte, juristische, besitzrechtliche, steuerliche, sozialwirtschaftliche, vertriebsbedingte oder politische Probleme identifiziert, welche die nachstehend aufgeführte Mineralressourcenschätzung nachteilig beeinflussen würden.
Der Bericht gibt die folgenden Empfehlungen für die Durchführung von weiteren Arbeiten durch die an der Joint Venture beteiligten Firmen:
1. Metallurgische Prüfungen vornehmen, um voraussichtliche Goldgewinnungen festzustellen;
2. zusätzliche Bohrungen zur Bestätigung der geologischen Interpretationen an den Querschnitten
und zur Suche der westlichen Begrenzungen der Mineralisierung;
3. durch Neigung und Querschnitt Zugang zur Ablagerung zu erhalten, um den Fortbestand der
Mineralisierung und der Goldverteilung zu bestätigen; und
4. eine vorläufige wirtschaftliche Analyse zu erstellen, um die Wirtschaftlichkeit einer konzeptionellen Fräsbearbeitung nach Maß zu überprüfen.
Die Firmen Globex und Queenston werden jetzt die nächsten Schritte formulieren und unternehmen, zur Realisierung des verschlossenen Wertes dieses leicht zugänglichen Goldvermögens, welches heute einen In-situ-Wert von ca. 117 Millionen U.S.$ besitzt.
Der Wood-Pandora Grundbesitz, welcher aus 27 Minen-Claims sowie der Minen-Konzession CM289 besteht, befindet sich in der Cadillac Township, welche westlich des Kirkland Lake in Ontario und östlich
von Val-d’Or, Quebec, liegt.
Diese Pressemitteilung wurde von Jack Stoch in seiner Eigenschaft als Qualifizierte Person (Q.P.) verfaßt.
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Wed Mar 12, 3:27 PM
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ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - March 12, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX: GMX.TO) (FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX: GLBXF) is pleased to inform shareholders that Rocmec Mining Inc. (TSX VENTURE: RMI.V), today, announced additional gold intersections in the Boucher Gold Zone on Globex's Russian Kid royalty property and Strategic Resource Acquisition Inc. (SRZ-T) yesterday reported a new zinc zone and progress toward production in Tennessee.
Rocmec reported that hole RU-02-08 intersected a 20.1 metre wide mineralized zone in which two quartz veins assayed 52.01 g/t Au over 0.61 metres and 13.35 g/t Au over 0.91 metres at the -245 metre level. This is the seventh intersection of the Boucher Gold Zone and Rocmec intends to drill an additional 10 holes before proceeding with development.
For further details, see Rocmec's press release of today's date.
Also yesterday, Strategic Resource Acquisition Inc. announced the following:
"Production at the Gordonsville mine continues to ramp up, from approximately 1,000 tons per day in January to over 2,000 tons per day in February. In excess of 51,000 tons of ore was blasted in February compared with 37,000 tons in January.
At last report, percussion test drilling with three drill rigs had outlined significant zinc mineralization in excess of 3% Zn over notable widths at the 29 south and 08 areas. The 08 area was a newly identified zone not included in the current resource inventory where 57,000 tons have been drilled off to date and the zone remains open.
During February, a fourth drill rig was added for over 14,000 feet of test drilling completed. Another significant zone has been identified in the 03 area, located just 3,000 feet west of the main shaft, also incremental to the current mineral inventory. Intersections include 54 feet of 4.1% Zn, 66 feet of 2.97% Zn, 36 feet of 4.33% Zn and 120 feet of 4.0% Zn. Drilling has also just begun in the 40 west area with early indications of potential of 24 feet of 3% Zn and 18 feet of 3.5% Zn.
Production is expected to continue to ramp up throughout March concurrent with first concentrate being generated from the mill".
For further details, see SRA's press release of yesterday's date.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
17,822,674 shares issued and outstanding
Contacts
Jack Stoch, P.Geo, Acc Dir,
Globex Mining Enterprises Inc.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com
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Plato Gold Intercepts 5.28 g/t Au Over 2.85 m and 3.71 g/t Au Over 4.25 m at Nordeau
TORONTO, ONTARIO--(Marketwire - April 10, 2008) -
NOT FOR DISTRIBUTION IN THE UNITED STATES
Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") an exploration company with a portfolio of properties in significant gold mining camps in Northern Ontario, Northern Quebec, and Santa Cruz, Argentina is pleased to release assay results from the first 3 drill holes completed this year at the Nordeau Project. The Property is located 50 km east of Val-d'Or, and has been optioned from Globex Mining Enterprises Inc. The recent drilling results in conjunction with earlier exploration campaigns illustrate a positive continuation of gold mineralization both laterally and at depth.
The previously identified Main Zone at the Nordeau West project area continues to provide significant intersections of gold mineralization.
Highlights Include:
Hole NW-08-01: 1.30 g/t Au over 1.95m (from 332m - 333.95m)
5.28 g/t Au over 2.85m (from 404m - 406.85m)
4.80 g/t Au over 2.15m (from 427.40m - 429.55m)
Hole NW-08-02: 1.46 g/t Au over 2.80m (from 318.30m - 321.10m)
Hole NW-08-03: 3.71g/t Au over 4.25m (from 547.15m -- 551.40m)
The gold mineralization on the property is found within metamorphosed sediments closely associated with the magnetite iron formation and in sheared and altered mafic volcanics. The gold mineralization is typically within quartz veins containing disseminated to locally semi-massive sulphides. Gold is found as free grains within quartz veins or associated with sulphide mineralization. The associated sulphide mineralization consists of arsenopyrite, pyrite, pyrhotite, and minor chalcopyrite.
In addition to the main zone, the drilling has identified a series of narrower mineralized gold zones occurring en-echelon to the main zone. Once all the assay results are received three dimensional modeling will be completed in order to evaluate the size and grade of the significant gold mineralization.
The most significant drill assay intervals received to date are:
NW-08-01 FROM TO LENGTH Au
M M M g/t
--------------------------
332.00 333.95 1.95 1.30
-------------------------------------
INCLUDING: 332.00 332.35 0.35 0.41
332.35 332.85 0.50 1.56
332.85 333.10 0.25 5.76
333.10 333.95 0.85 0.21
-------------------------------------
342.60 342.80 0.20 2.55
393.60 394.35 0.75 1.15
--------------------------
404.00 406.85 2.85 5.28
-------------------------------------
INCLUDING: 404.00 405.40 1.40 1.98
405.40 406.85 1.45 8.47
-------------------------------------
427.40 429.55 2.15 4.80
-------------------------------------
INCLUDING 427.40 428.25 0.85 2.28
428.25 428.70 0.45 7.59
428.70 429.25 0.55 6.61
429.25 429.55 0.30 4.43
-------------------------------------
430.15 430.45 0.30 4.25
431.60 431.80 0.20 1.02
434.40 434.75 0.35 2.27
435.20 435.40 0.20 2.48
444.45 445.15 0.70 9.73
446.50 446.90 0.40 1.21
450.65 451.00 0.35 4.18
-------------------------------------
-------------------------------------
NW-08-02 From To Length Au
M M M g/t
159.15 159.65 0.50 3.56
212.70 213.60 0.90 2.96
229.05 229.40 0.35 1.78
232.45 232.85 0.40 1.16
234.85 235,40 0.55 8.83
275.40 276.05 0.65 1.68
276.45 276.75 0.30 1.17
281.95 282.15 0.20 2.79
288.30 288.55 0.25 5.23
---------------------------
318.30 321.10 2.80 1.46
-------------------------------------
INCLUDING 318.30 319.70 1.40 1.06
319.70 321.10 1.40 1.86
-------------------------------------
-------------------------------------
NW-08-03 From To Length Au
M M M g/t
441.70 441.95 0.25 1.44
520.75 521.55 0.80 1.33
---------------------------
547.15 551.40 4.25 3.71
-------------------------------------
INCLUDING 547.15 547.80 0.65 1.03
547.80 548.25 0.45 10.00
548.25 549.15 0.90 5.12
549.15 549.60 0.45 6.90
549.60 550.45 0.85 0.86
550.45 551.40 0.95 2.29
-------------------------------------
573.60 574.10 0.50 5.57
592.00 592.80 0.80 1.78
-------------------------------------
Fire-assay results from the first 3 drill holes show extreme grade variability even in the presence of visible gold as well as with longer core samples. It appears that gold intercepts could be merged into larger mineralized and continuous zones enabling a more representative composite sample for total gold extraction metallurgical testing.
Once all assay results are received they will be reconciled with the detailed core logging and historical results and eventually used in defining the full extent and continuity of the mineralized horizons.
Plato has recently completed 6 holes at Nordeau totaling 3369 meters of NQ core and is presently awaiting assay results from the remaining three holes.
The program is being managed by Jason Ross and Martin Bourgoin, P.Geo., who are independent consultants. Martin Bourgoin, P.Geo., is the Project's Qualified Person under the guidelines of National Instrument 43-101, and he has reviewed this release.
QA/QC Procedures: The Company has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core is first logged and then split in half during the sampling process with the remaining half being retained for verification and reference purposes. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered directly in security bags to ALS-Chemex Laboratories in Val-d'Or, Quebec (Certification ISO 9001) for analysis by fire assay - AA techniques. ALS-Chemex Laboratories Ltd. of Val-d'Or, Quebec an accredited lab is the primary assay laboratory. Additionally ALS Chemex has attained ISO 9001:2000 registration which requires evidence of a quality management system covering all aspects of the assaying process. To ensure compliance with this system regular internal audits are undertaken by staff members specially trained in auditing techniques.
About Plato Gold Corp.
Plato Gold Corp. ("Plato") is a Canadian junior gold exploration company listed on the TSX Venture Exchange. Plato has Canadian exploration projects in Northern Ontario, Northern Quebec and the Lolita Property in the province of Santa Cruz, Argentina. The Northern Ontario project includes 5 properties: Guibord, Harker, Harker-Garrison, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario. The Northern Quebec project includes 7 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and Once Upon a Time. All 7 properties are located near Val d'Or, Quebec and Plato is in the early stage of exploring these projects. In Argentina, the Lolita Property is comprised of 3 contiguous concessions and initial work has been started on this property. For additional company information, please visit: www.platogold.com.
For all Plato Gold Corp. investor relations needs, investors are asked to visit the Plato Gold Corp. IR Hub at http://www.agoracom.com/ir/platogold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to pgc@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Plato. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: raising less than the required amount; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; risks related to exploration; actual resource viability, and other risks of the mining industry. Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Plato does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Plato Gold Corp.
Anthony Cohen
President and CEO
(416) 968-0608
(416) 968-3339 (FAX)
Email: info@platogold.com
Website: www.platogold.com
or
Agoracom Investor Relations
Email: pgc@agoracom.com
Website: www.agoracom.com/ir/platogold
or
pro-edge consultants inc.
(416) 581-0177 or Toll-Free: 1-866-544-9622
Email: info@pro-edge.com
Website: www.pro-edge.com
Click here to see all recent news from this company
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Plato Gold Corp. Extends Option Agreement With Globex Mining Enterprises Inc.
TORONTO, ONTARIO--(Marketwire - April 24, 2008) -
NOT FOR DISTRIBUTION IN THE UNITED STATES.
Plato Gold Corp. ("Plato") (TSX VENTURE:PGC) an exploration company with a portfolio of properties in significant gold mining camps in Northern Ontario, Northern Quebec, and Santa Cruz, Argentina is pleased to announce the extension of the original August 8, 2006 Option Agreement (the "Option Agreement") with Globex Mining Enterprises Inc. ("Globex") regarding 100 percent interest in the Nordeau East and Nordeau West gold deposits and adjoining claims in Vauquelin Township, Quebec. This extension is subject to approval by the TSX Venture Exchange.
"The recent drilling results in conjunction with earlier exploration campaigns illustrate a positive continuation of gold mineralization both laterally and at depth, therefore we're pleased with the terms and conditions of the amendment to the original agreement," states Anthony Cohen, President & CEO of Plato.
Plato is pleased to announce that the Option Agreement has been amended to extend the exercise date to December 31st, 2012. Other material amendments to the Option Agreement, as amended, are as follows:
1. The remaining required cash payment of $250,000 under the Option Agreement will now be payable in 2 equal installments on or before December 31st of each of 2008 and 2009. In addition, Plato will be required to make further cash payments of $75,000 and $100,000 on or before December 31st, 2010 and 2011, respectively.
2. In order to maintain the option, Plato will be required to issue to Globex a maximum of 2,000,000 Plato shares by installments of 500,000 Plato shares on or before December 31st of each of 2008, 2009, 2010 and 2011. Shares to be issued pursuant to the Option Agreement, as amended, will not be adjusted downward in the event of a share consolidation by Plato prior to issuance to Globex.
3. The time limits for required expenditures under the Option Agreement have been extended to as late as December 31st, 2011 and the deadline for completion of the remaining Option Agreement requirements, including delivery of a bankable feasibility study, has been extended to December 31st, 2012.
For full details, please visit us at www.platogold.com or at Sedar.com.
About Globex Mining Enterprises Inc.
Globex, Plato's partner on the Nordeau claims, is an exploration and royalty company with over 80 diversified mineral properties and royalties all located in North America. Globex specializes in the recognition and acquisition of properties of merit and subsequent optioning of these properties of value such as in the case of the Nordeau gold claims. Two of Globex's projects are now in production and 6 others are in preproduction or due diligence.
About Plato Gold Corp.
Plato Gold Corp. ("Plato") is a Canadian junior gold exploration company listed on the TSX Venture Exchange. Plato has Canadian exploration projects in Northern Ontario, Northern Quebec and the Lolita Property in the province of Santa Cruz, Argentina. The Northern Ontario project includes 5 properties: Guibord, Harker, Harker-Garrison, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario. The Northern Quebec project includes 7 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and Once Upon a Time. All 7 properties are located near Val d'Or, Quebec and Plato is in the early stage of exploring these projects. In Argentina, the Lolita Property is comprised of 3 contiguous concessions and initial work has been started on this property. For additional company information, please visit: www.platogold.com.
For all Plato Gold Corp. investor relations needs, investors are asked to visit the Plato Gold Corp. IR Hub at http://www.agoracom.com/ir/platogold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to pgc@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Plato. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: raising less than the required amount; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; risks related to exploration; actual resource viability, and other risks of the mining industry. Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Plato does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Plato Gold Corp.
Anthony Cohen
President and CEO
(416) 968-0608
(416) 968-3339 (FAX)
Email: info@platogold.com
Website: www.platogold.com
or
Agoracom Investor Relations
Email: pgc@agoracom.com
Website: www.agoracom.com/ir/platogold
or
pro-edge consultants inc.
(416) 581-0177 or Toll Free: 1-866-544-9622
Email: info@pro-edge.com
Website: www.pro-edge.com
Click here to see all recent news from this company
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Globex: Drinkard Metalox to Initiate Bench and Pilot Scale Test Work in Magnesite Joint Venture
ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - April 28, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX:GLBXF) and Drinkard Metalox Inc., a private hydrometallurgical research company based in the United States, have signed a Binding Letter of Intent to undertake bench and pilot scale test work leading to and including a bankable feasibility study in order to demonstrate the viability of certain patented and trade secret technologies owned by Drinkard Metalox as applied to Globex's 100% owned Deloro magnesite deposit near Timmins, Ontario.
The Deloro deposit is a large magnesite-talc-silica deposit which has been reported in historical, non NI 43-101 resource reporting to contain well over 100 million tonnes of minable material. The deposit, located 13 km south of the mining center of Timmins, Ontario, is easily accessible. The zone outcrops and has previously been the subject of over $10 million of drilling and metallurgical testing.
Laboratory test work undertaken over the last several months has shown that the patented and trade secret technologies, owned by Drinkard Metalox, when applied to Globex's Deloro magnesite, results in the production of exceptionally pure magnesia (magnesium oxide). The method, in laboratory test work, has been demonstrated to be swift, producing very high quality magnesia in a closed, environmentally sound and low energy consuming process. Further, the initial test work indicates that several saleable by-products can be created making most of the Deloro Magnesite deposit saleable as various finished products.
Under the Binding Letter of Intent, Globex and Drinkard Metalox have agreed to setup a jointly owned Newco (75% Globex and 25% Drinkard) which will undertake bench and pilot scale test work and a bankable feasibility study, to confirm the applicability and economic viability of the patented processes to the production of magnesia and other magnesium compounds from the Deloro magnesite property.
Subject to a positive bankable feasibility study, Globex may consider spinning off Newco as a dividend to Globex shareholders.
Globex will fund up to $1,500,000 US for this test work which is expected to be sufficient for completion of the work outlined. As a consequence of this investment by Globex, Globex shall also retain a one percent (1%) Gross Mineral Royalty applicable to all metal, alloys, mineral or mineral compounds recovered or produced from rock mined and processed from the Deloro property or, any other carbonate projects processed by Newco under Newco's exclusive right to process carbonate orebodies where magnesium compounds ore metals are the primary material produced. Similarly, Drinkard shall maintain a one half percent (1/2%) Gross Mineral Royalty.
Drinkard Metalox has also agreed to the exclusive use of their patents and specialized process knowledge as applicable to the production of magnesia, magnesium, magnesium alloys and magnesium compounds and other by-products by Newco both at Globex's Deloro magnesite property and on a worldwide basis where magnesia, magnesium, magnesium alloys and magnesium compounds are produced as primary minerals or products from magnesite and carbonate or silicate rocks.
The magnesium compound industry is a multi billion dollar business. Test work to date indicates that the magnesium oxide produced from Globex's Deloro property, by the Drinkard Metalox patented trade secret process, is of greater purity than any similar material now on the market. It also indicates that the magnesium oxide will be suitable for all magnesia applications and the production of magnesium metal an additional multi billion dollar business area.
Globex is particularly pleased with the new relationship forged with Drinkard Metalox Inc. and the potential development of Globex's large magnesite deposit.
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 Company's expectations and projections.
17,832,674 shares issued and outstanding
For more information, please contact
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
Click here to see all recent news from this company
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Top Management bitte weiter so!!!
Grüße crystalsonic
Optionen
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Globex erhält zudem eine 2% Gross Metal Royalty (also von allem, was an Metallwert aus dieser Mine produziert wird 2%) und bekommt zusätzlich 10% des Nettogewinns aus dieser Mine.
Da die Cashkosten laut First Metals CEO Williams bei knapp unter 1,40 USD je Pfund liegen, dürfte bei Globex bei aktuellen Kursen von knapp unter 4 USD je Pfund Kupfer ordentlich die Kasse klingeln!
Doch diese an sich schon hervorragenden News von den nun richtig anlaufenden Zahlungen aus der Produktion von First Metals, werden von der Nachricht über den Magnesium-Deal bei weitem übertroffen.
Lange suchte Jack Stoch nach eigener Aussage nach einem fähigen Partner, der in der Lage ist, dieses "Monsterprojekt" (es handelt sich um eines der weltweit größten Magnesiumprojekte mit weit über 100 Millionen Tonnen!) zu stämmen.
Mit Drinkard Metalox hat man diesen Partner jetzt gefunden. Diese Gesellschaft verfügt über eine Technologie, die ein wesentlich besseres Endprodukt ermöglicht, als es in der Industrie bislang üblich ist.
Jack Stoch kündigte zudem an, dass eine neue Gesellschaft zur Entwicklung dieses gigantischen Projektes (das eine Minenlaufzeit von über 100 Jahren in Aussicht stellt und einen Grossteil der nordamerikanischen Magnesiumproduktion liefern könnte) gegründet wird, die im Erfolgsfall als eine Art Dividende an Globex-Aktionäre ausgeschüttet werden soll. Dafür gab es einen tosenden Beifall von den anwesenden Gästen.
Auch wir sind begeistert, da der Markt nun Zeit hat, zu realisieren, welche gigantischen Werte in Globex mit seinen aktuell 84 Rohstoffprojekten schlummert.
Das Magnesium-Projekt ist sicher das größte Projekt, das Globex im Portfolio hat und würde in einer eigenen Gesellschaft unserem Ermessen nach, leicht eine Bewertung von mehreren hundert Millionen USD verdienen.
Also weit mehr, als Globex derzeit selbst hat (circa 55 Mio. CAD Börsenwert bringt Globex derzeit aufs Parkett)!
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Neben dem Magnesiumprojekt haben wir ja noch
Tennessee Zink Mines, wo die ersten Royalties vermutlich diesen Monat eingespielt werden
Russian Kid, wo ab Herbst regelmässig - nach meiner Berechnung - 70-80,000 CAD fliessen werden.
Fabie Bay, ab April sollten regelmässig 200,000 CAD Metall-Royalty eingehen + 10% NPI (monatlich müssten nach meinen Berechnungen mindestens nochmals der gleiche Betrag in die Kasse von Globex fliessen, vielleicht sogar gegen 300,000)
Am 24.5.08 ist die erste Vorauszahlung aus dem veroptionierten Projekt Rousseau fällig. Produktionsbeginn dürfte nicht mehr allzulange auf sich warten lassen.
News betreffend weiteres Vorgehen Ironwood. Ich erwarte, konkrete Termine für weitere Bohrprogramme und Produktionsentscheid noch dieses Jahr......ausserordentlich hohe Goldgehalte wurden durch NI-43-101 Report bestätigt......aufgrund der bisherigen Bohrergebnissen beträgt der Inground-Wert ca 120 Mio CAD......JV mit Queenston 50%/50%
Bohrergebnisse aus dem umfangreichen Bohrprogramm auf Normétal sind noch ausstehend.....Bohrkerne sind schon seit einiger Zeit im Labor.
Diverse Verhandlungen sind im Gang betreffend Veroptionierung von Globex-Properties.....Cash-Zahlungen und Aktienerhalt kurzfristig denkbar. Im Fokus sind meiner Ansicht nach Parbec, Donalda, Duquesne-West, Ramp Gold, Mooseland um nur einige neben vielen zu nennen.
Auf Magusi River sind Produktionsvorbereitungen im Gang um nach Erschöpfung der Fabie Bay Mine (Frühjahr / Sommer 2009) ohne Unterbruch weiter zu produzieren. Magusi River hat neben Kupfer signifikant höhere Nebenprodukte als Fabie Bay (Zink. Gold und Silber), was die Rentabilität noch steigern sollte.
Die Zone #1 von Lyndhurst (Kupfer-Silizium), welche von Agregats RN Inc exploriert wird, müsste auch noch dieses Jahr Produktionsreife erlangen. 50% der Minenrechte verbleiben bei Globex.
Das Zink Deposit Getty sollte spätesten ab 2009 ebenfalls bescheidene Einnahmen bringen (1% Metall-Royalty).
Resultate und neue Arbeitsprogramme sind aus den zahlreichen geophysikalischen Luftaufnahmen des vergangenen Jahres (Kosten ca 850,000 CAD) in nächster Zeit zu erwarten.
etc. etc.
Auch ohne Magnesiumprojekt ist Globex ein vielversprechendes Invest das massiv unterbewertet ist.....siehe auch Analysen Goldletter (auf Homepage abrufbar) und Khandaker-Analyse.
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0
0
0
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schau mal in das posting
http://www.ariva.de/...icht_ermittelt_t319412?pnr=4370700#jump4370700
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>>> das leben ist zu kurz um zu zögern <<<
>>> das leben ist zu kurz um zu zögern <<<
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1
Wed Jul 9, 12:16 PM
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TORONTO, ONTARIO, CANADA--(Marketwire - July 9, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX: GMX.TO)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX: GLBXF) ("Globex") and QUEENSTON MINING INC. (TSX: QMI.TO)(FRANKFURT: QMI.F)(STUTTGART: QMI) ("Queenston") are pleased to provide an update on the 50%-50%, Wood-Pandora Joint Venture (the "Joint Venture") located in Cadillac Township, Quebec, which is managed by Globex.
In March of this year (see joint news release dated March 3, 2008) the Joint Venture announced a NI 43-101 inferred mineral resource on the Ironwood gold deposit of 243,200 tonnes grading 17.26 g/t (0.50 oz/ton). This resource was outlined in a NI 43-101 Technical Report prepared by Consulting Geologist and qualified person Mr. Reno Pressacco, M.Sc., P. Geo. that is available on both Company's SEDAR filings. Since that time, the Joint Venture has completed additional diamond drilling to confirm the geological interpretation of the deposit as well as to provide geo-technical information for future mine development. The joint venture has also initiated metallurgical testing to determine preliminary gold recoveries from the Ironwood deposit.
Highlights of the drilling program include:
- hole W08-64 intersects 15.27 g/t over 15.00 m (0.45 oz/ton over 49.2 ft)
- hole W08-63 intersects 14.35 g/t over 9.95 m (0.42 oz/ton over 32.6 ft)
- hole W08-61 intersects 12.44 g/t over 5.83 m (0.36 oz/ton over 19.1 ft)
A total of 13 diamond drill holes (2,631 m) were completed in the program and to date results of 5 of the holes have been received. Holes W08-61, -63, -64 and -65 were drilled as infill holes and were successful in confirming the geological interpretation of the deposit. Details of the assay results from the recent drilling are listed in the table below.
Table of Ironwood Zone Assay Results
--------------------------------------------------
Hole # Dip Az From To Interval Estimated Au
(degrees) (degrees) (m) (m) (m) True Width (m) (g/t)
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W08-61 -55 358 168.97 174.80 5.83 4.19 12.44
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including 169.72 171.65 1.93 1.38 18.38
--------------------------------------------------
W08-63 -55 354 168.25 178.20 9.95 7.05 14.35
--------------------------------------------------
including 168.25 173.25 5.00 3.54 22.08
--------------------------------------------------
and 177.00 178.20 1.20 0.86 24.66
--------------------------------------------------
W08-64 -55 7 205.00 220.00 15.00 9.45 15.27
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including 210.00 220.00 10.00 6.31 21.07
--------------------------------------------------
W08-65 -56.5 7 162.06 170.00 7.94 5.73 4.68
--------------------------------------------------
including 162.06 165.00 2.94 2.12 10.54
--------------------------------------------------
Hole W08-62 drilled west of the known deposit for exploration purposes returned no significant mineralization. The 8 remaining holes of the program were primarily drilled for geo-technical purposes including condemnation drilling and planning the location of a ramp for future development of the deposit. Assay results on these holes are pending.
The joint venture has retained consultant Peter W. Godbehere (B.Sc., A.R.S.M.) to plan and monitor the metallurgical test work that is being performed by SGS Mineral Services at Lakefield, Ontario. The preliminary results of the testing are encouraging and indicate that gold recoveries in excess of 90% may be achieved.
Upon receipt of all assay results and metallurgical test work the Joint Venture will prepare a preliminary analysis to determine economic viability of the deposit employing a custom milling scenario.
This news release was reviewed by Globex Exploration Manager and qualified person Ray V. Zalnieriunas, P. Geo. Mr. Zalnieriunas also planned and supervised the drilling program employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. The drill core will be logged and split with half-core samples analyzed employing the appropriate gold fire assaying techniques by Expert Laboratory Inc. of Rouyn-Noranda, Quebec.
This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).
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 Companies on SEDAR at www.sedar.com
Contacts
Charles E. Page, P.Geo.
QUEENSTON MINING INC.
President & CEO
416-364-0001
416-364-5098 (FAX)
Hugh D. Harbinson
QUEENSTON MINING INC.
Chairman
416-364-0001
416-364-5098 (FAX)
Andreas Curkovic
QUEENSTON MINING INC.
Investor Relations
416-577-9927
info@queenston.ca
www.queenston.ca
Jack Stoch, P.Geo.
GLOBEX MINING ENTERPRISES INC.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com
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Tue Jul 15, 1:42 PM
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ROUYN-NORANDA, QUEBEC--(Marketwire - July 15, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX: GMX.TO)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX: GLBXF) is pleased to inform shareholders that Globex has agreed to issue up to 950,000 shares at a price of $4.25 per share by way of private placements of flow-through shares. These non-brokered placements will have no warrants or broker warrants attached. All shares issued under these private placements will be subject to a 4 month regulatory hold period.
The initial 500,000 share, $2,125,000 tranche, has closed with an institutional investor, effective today. A fee of 4% is being paid to arm's length financial advisor Citadel Securities of Halifax, Nova Scotia. The placement of the balance of 450,000 shares is expected to close in the coming days.
In the current market conditions, Globex is pleased to be able to secure a significant premium to current market prices with a knowledgeable institutional investor. The funds will be used to advance Globex's magnesium project in Ontario, the Ironwood Gold Project in Quebec, a new exploration project in Nova Scotia and ongoing exploration on various projects in Quebec.
Globex remains committed to the disciplined approach to capital markets that it has been known for under its present management. The current financing was carried out in light of the amount of qualified work projected for 2008 and 2009, and the fair price offered for the shares issued under the private placement.
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 Companies on SEDAR at www.sedar.com
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
18,343,574 shares issued and outstanding
Contacts
Jack Stoch, P.Geo., Acc.Dir.
GLOBEX MINING ENTERPRISES INC.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com
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2
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"Das Reich der Freiheit beginnt in der Tat erst da, wo das Arbeiten, das durch Not und äußere Zweckmäßigkeit bestimmt ist, aufhört."
(Karl Marx)
"Das Reich der Freiheit beginnt in der Tat erst da, wo das Arbeiten, das durch Not und äußere Zweckmäßigkeit bestimmt ist, aufhört."
(Karl Marx)
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Wed Jul 23, 1:14 PM
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ROUYN-NORANDA, QUEBEC--(Marketwire - July 23, 2008) - GLOBEX MINING ENTERPRISES INC.(TSX: GMX.TO)(FRANKFURT,STUTTGART,BERLIN,MUNICH,XETRA:G1M)(OTCQX: GLBXF) is pleased to advise shareholders that First Metals Inc. (TSX: FMA.TO) has announced that as of August 1, 2008 excavation of the ramp required to mine a 50,000 ton bulk sample from the Magusi copper, zinc, gold, silver massive sulphide deposit will commence. Excavation of the overburden cover at the portal site as well as construction of yard pads has been completed as has the upgrading of the access road.
In addition, a major in-fill, diamond drill program has been completed on the Magusi property. All sulphide intersections have been logged, split and sampled for assaying. In addition drilling was undertaken on either side of the known mineral resource in order to aid in the updating of the mineral resource which was reported in a NI 43-101 compliant resource calculation by Micon International Ltd. in May 2006 as consisting of an inferred resource of at least:
1,230,000 t grading 7.1% Zn, 0.4% Cu, 1.9 g/t Au and 29 g/t Ag and 838,600 t grading 3.3% Cu, 0.3% Zn, 0.22 g/t Au and 39 g/t Ag.
This represents in terms of contained metals 71 million pounds of copper, 197 million pounds of zinc, 80,000 ounces of gold and 2.2 million ounces of silver.
Globex is pleased with the progress being made at Magusi by First Metals and looks forward to the next step, commercial production.
Globex holds a 2% Net Metal Royalty and a 10% Net Profit Royalty on the Magusi deposit as well as the Fabie Bay deposit that is presently being mined, and is the largest share holder of First Metals Inc.
This press release was written by Jack Stoch, P. Geo. President and CEO of Globex in his capacity as a Qualified Person (Q.P.).
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
18,343,574 shares issued and outstanding
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 Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Companies on SEDAR at www.sedar.com
Contacts
Jack Stoch, P.Geo., Acc.Dir.
GLOBEX MINING ENTERPRISES INC.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com