Globex Royalty Property Receives Positive Preliminary Economic Assessment and Other News
01 September 2011 - 3:24AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to report that Selwyn Resources Ltd. (TSX
VENTURE: SWN) announced on August 30, 2011 that a Preliminary
Economic Assessment study on the ScoZinc Mine in Nova Scotia
"indicates excellent potential for a seven-plus years mine life
with pre-stripping beginning in the fourth quarter of 2011 and full
operation in the second quarter (Q2) of 2012".
Further, the Selwyn press release states that "three
conventional open pits are to be mined sequentially; Main,
Northeast and Getty....".
Globex maintains a 1% Gross Metal Royalty which may be reduced
to 1/2 % GMR for $300,000 on the Getty Deposit which, in a press
release dated March 30, 2011 by Selwyn, was estimated at a cut-off
of 2% zinc equivalent, to have a measured and indicated resource of
4.36 million tonnes grading 1.87% zinc and 1.44% lead and an
Inferred Resource of 960,000 tonnes grading 1.73% zinc and 1.59%
lead. (Resource calculation by M. Cullen, P. Geo and C. Kennedy, P.
Geo. of Mercator Geological Services, Dartmouth, Nova Scotia, as of
March 28, 2011 - Note: Mineral resources that are not mineral
reserves, do not have demonstrated economic viability).
Globex is pleased with the progress made by Selwyn to date and
looks forward to the realization of a revenue stream from mining
and processing of the Getty Deposit.
In other news, Richmont Mines Inc. (TSX: RIC) announced good
drill results from drilling on the Wasamac property which directly
adjoins the five claims that Richmont optioned from Globex in
Beauchastel Township, Quebec. Richmont further announced that they
are "also drilling on the adjacent Globex land package" and "will
release results from the exploration drilling once they have been
obtained".
Also, Typhoon Exploration Inc. (TSX VENTURE: TYP) announced
additional drill results on Globex's Fayolle royalty property near
Rouyn-Noranda. Drill results of up to 14.9 g/t Au over 30 metres
are reported. Globex has a 2% Net Smelter Royalty on Typhoon's
Fayolle area claims. (See Typhoon press release August 31,
2011).
Plato Gold Corp. (TSX VENTURE: PGC) announced that they have
completed an additional 17 hole, 8,754 metre drill program on the
Nordeau East property optioned by Globex to Plato. The drilling
outlined 5 discontinuous gold bearing iron formations with values
of up to 12.28 g/t Au over 6.5 metres. (See Plato press release
August 31, 2011).
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: Jack Stoch, P.Geo., Acc.Dir. President & CEO
Globex Mining Enterprises Inc. 819.797.5242 819.797.1470 (FAX)
info@globexmining.com www.globexmining.com
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