Globex Options Second Labrador Trough Iron Project
26 July 2011 - 12:23AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX) (FRANKFURT: G1M) (OTCQX:
GLBXF) is pleased to announce that it has signed an Option
Agreement with Titan Iron Ore Corp (OTCBB: TFER) wherein Titan may
earn 100% interest in a Globex, Labrador trough area iron
exploration property in Northern Quebec.
The property consists of 200 claims totalling approximately
9,160 ha (22,635 acres) and covers a 32 kilometre (19.9 miles) long
magnetic anomaly which coincides with known showings of magnetite,
an ore of iron.
The agreement has a 90 day due diligence provision which Titan
has obtained in consideration of a non refundable cash payment of
$40,000.
The total transaction, if exercised and documented with an Asset
Purchase Agreement, requires cash payment totalling $4 million over
5.5 years and the issuance to Globex of six million Titan shares by
January 12, 2012. Globex retains a 3% Gross Metal Royalty and
starting in year six (6) will receive annual advance royalty
payments of $100,000.
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
22,035,675 shares issued and outstanding
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
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jul 2023 to Jul 2024