Globex Receives Mining Lease for Timmins Talc Magnesia Project
08 Janvier 2014 - 4:55PM
Marketwired
Globex Receives Mining Lease for Timmins Talc Magnesia Project
ROUYN-NORANDA, QUEBEC--(Marketwired - Jan 8, 2014) - GLOBEX
MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is
pleased to inform shareholders that the Ontario Government has
granted to Globex a 21 year mining lease covering 413.14 hectares
(125.92 acres), the site of Globex's proposed talc magnesia mine in
Deloro Township, 13 kilometers south of Timmins, Ontario.
The lease assigns to Globex all "mines, ores, minerals and
mining rights in, upon and under" in the area covered by lease (CLM
490). This milestone is the result of the concerted and excellent
work by our staff and consultants moving the project forward step
by step.
The Deloro Township mining lease is centered on our Timmins Talc
Magnesite (TTM) deposit which we reported upon in a press release
dated March 20, 2010 indicating a NI 43-101 conformable resource,
as reproduced below.
Category |
Tonnes |
Sol MgO (%) |
Sol Ca (%) |
Magnesite (%) |
Talc (%) |
A Zone Core |
Indicated |
12,728,000 |
20.0 |
0.21 |
52.1 |
35.4 |
Inferred |
18,778,000 |
20.9 |
0.26 |
53.1 |
31.7 |
A Zone Fringe |
Inferred |
5,003,000 |
17.6 |
2.82 |
34.2 |
33.4 |
MgO=magnesium oxide |
Sol Ca = Soluble calcium carbonate |
The resource study covered only the first 20 years of the
potential production by open pit from the property. The resource is
open in all directions and to depth.
In a March 2, 2012 press release, Globex reported the results of
a Preliminary Economic Assessment (PEA), prepared by Jacobs
Minerals Canada Inc. and Micon International Limited. This report,
also based upon the first 20 years of operation projected gross
revenue of $2.58 billion, an after tax IRR of 20% and the
production of 2,470,000 tonnes of high grade talc and 2,381,000
tonnes of magnesia. Since the publication of the PEA, Globex has
undertaken additional work which, we feel, has further enhanced the
economic potential of the project.
Globex is happy to have achieved this milestone and looks
forward to advancing the project to production.
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.
33,536,612 shares issued and outstanding
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9 |
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.
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises
Inc.819.797.5242819.797.1470info@globexmining.comwww.globexmining.com
Globex Mining Enterprises (TSX:GMX)
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