Globex Signs Definitive Agreement to Option its Fontana Gold Project in Quebec to Tres-Or Resources
16 November 2011 - 4:23AM
Marketwired
GLOBEX MINING ENTERPRISES INC.
(TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to announce that a
definitive agreement for the acquisition of Globex's Fontana Gold
Project has been completed (refer to news release dated July 5,
2011). Tres-Or Resources Ltd. has been granted an option (the
"Option") to acquire the interests of Globex in certain mineral
claims in Quebec, being a 75% interest in 16 claims and a 100%
interest in a further 6 claims, collectively known as the Fontana
Gold Project. The interests of Globex in the Fontana Gold Project
will now be subject to a 3% Gross Metals Royalty. The 75% interest
in the 16 claims held by Globex are also subject to a 15% Net
Profits Interest (the "NPI"). The Fontana Gold Property is located
16 km northeast of Amos in Duverny Township, Quebec and is proximal
to Tres-Or's advanced Duvay Gold Project also under option
indirectly from Globex.
In order to exercise the Option, Tres-Or is required to pay
Globex $300,000 (of which $25,000 was previously paid as a
non-refundable deposit) and is required to purchase the NPI from
Globex for a total of $1,200,000 payable in increments over 84
months including an immediate $100,000 payment. (Payments
received.)
According to Quebec government reports describing the historic
work carried out on the Fontana Gold Property, gold mineralization
was originally discovered in quartz veins in the Fontana Fault in
the 1930's. Considerable work consisting of stripping, test pits,
bulk testing and drilling has occurred on the Fontana Gold Project
in subsequent decades of the 1940s, the 1980s, and 1990s. Gold
mineralization is associated with pyrite and chalcopyrite rich
quartz veins in the principal fault structures and associated
fractures mapped on the property. It is often free gold and is
erratic in distribution. Tres-Or sponsored detailed structural
mapping as a preliminary part of its evaluation and is compiling
all the historic work associated with several mineralized gold
zones and the noncompliant NI 43-101 historic resource estimates on
the property into Tres-Or's proprietary Geographic Information
System (GIS) database.
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.comwww.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