Globex Mining's Fabie Bay holes average 2.85% Cu so far
2007-04-05 01:12 ET - News Release
Mr. Jack Stoch reports
GLOBEX MINING ENTERPRISES INC.: FABIE BAY COPPER MINE UPDATE
Globex Mining Enterprises Inc. is providing shareholders with a summary update regarding Globex's Fabie Bay and Magusi River massive sulphide (copper, zinc, gold, silver) deposits under option to First Metals.
In news in Stockwatch dated April 4, 2007, First Metals provided the following update, which is summarized below.
Fabie Bay deposit:
* A total of 350 vertical, 10-metre-deep, drill holes have been completed on a three-metre-by-three-metre pattern and are ready to load and blast. * Assay results from the first 144 holes averaged 2.85 per cent copper at a 1.5-per-cent-copper cut-off grade, slightly better than the 2.77-per-cent-copper grade reported in the April, 2006, Micon National Instrument 43-101 report. * Mining equipment is on site, including a jaw crusher and a six-cubic-metre loader. * Dewatering of the ramp and underground workings has reached the 90-metre level and the underground workings are in good condition. Dewatering is expected to be completed by April. * The hydroelectric line should be completed by the end of April and the 5,000-kilovolt-ampere transformer and switch gear are on site.
Magusi River deposit:
* A 20,000-metre diamond drill contract has been let to drill the Magusi deposit for exploration purposes and in order to acquire a certificate of approval to remove a 50,000-tonne bulk sample for metallurgical testwork and mine planning. * A road has been completed joining the Fabie Bay mine site to the Magusi deposit area.
General:
* Induced polarization anomalies located south of both the Fabie Bay and Magusi River deposits as well as on the Duprat township claim block will be drilled.
Globex maintains a 2-per-cent gross metal royalty on all production from the properties, as well as a 10-per-cent net profit interest after recoup of $10-million in capital costs. In addition, at commercial production, Globex will receive cash payment of $250,000 and common shares of First Metals equal to 10 per cent of the issued capital of the company.
For greater detail as to progress on these properties, please refer to the First Metals news in Stockwatch dated April 4, 2007.
This press release was written by Jack Stoch in his capacity as a qualified person.
We seek Safe Harbor.
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