Globex Mining Enterprises Inc.: Tonnage Increases Significantly at Bell Mountain Gold Property
08 April 2011 - 12:45AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that Laurion Mineral
Exploration Inc. has released a new NI 43-101 Mineral Resource
Estimate on the Bell Mountain, Nevada property optioned from
Globex.
According to Laurion's press release of April 6, 2011, the
resource estimate highlights are the following:
Measured and Indicated Resource of 9,761,000 tonnes grading
0.526 g/t gold and 17.63 g/t silver hosting 165,018 ounces of gold
and 5,533,907 ounces of silver.
Inferred Resource of 2,046,000 tonnes grading 0.449 g/t gold and
13.26 g/t silver hosting 29,550 ounces of gold and 872,411 ounces
of silver.
The resource estimate was prepared by Telesto Nevada Inc. of
Reno, Nevada in accordance with Canadian National Instrument 43-101
requirements.
The new resource estimate is a significant increase both in
tonnes and number of ounces of gold and silver over the previous
historical resource of 2.1 million tonnes at 1.33 g/t gold and
33.55 g/t silver.
Globex announced the option of the Bell Mountain property in a
press release dated June 29, 2010 in an agreement in which Laurion
may earn 100% interest in the property in exchange for 3.7 million
Laurion shares, $40,000 cash and a minimum of $3 million in
exploration and/or development expenditures. Globex retains a
sliding scale Gross Metal Royalty (GMR) which, at a price of over
$1,200 per ounce of gold, is equal to 3 percent of the gold and
silver that may be produced. The agreement also applies to any
lands within 7.5 km from the outside boundary of the original 145
claim block.
Laurion's contemplates "a conventional low cost open pit mining
method with heap leach configuration" and has a primary goal "to
successfully advance the project to production in the short to
medium term".
Globex is pleased with the progress achieved to date and looks
forward to additional progress 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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