Globex Signs Option Agreement With Richmont to Target Possible Extension of Richmont's Number 3 Gold Zone Onto Globex's Property
May 09 2011 - 8:30AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that we entered into an
agreement with Richmont Mines Inc. (TSX: RIC)(NYSE Amex: RIC)
whereby Richmont may earn 100% interest in five claims owned by
Globex adjoining their Wasamac property in Beauchastel Township,
west of the town of Rouyn-Noranda, Quebec.
On February 17, 2011, Richmont announced a significant increase
in their estimated resource base on the Wasamac property to
1,282,000 ounces of gold in the measured and indicated categories
and 285,200 ounces of gold in the inferred category. At the east
edge of their property, Richmont announced six widely spaced drill
holes which intersected what is now called the 3 Zone and averaged
2.75 g/t Au over a horizontal thickness of 11.9 metres along a
strike length of 400 metres, from an elevation of -250 to -500
metres. The number 3 Zone abuts against the Richmont-Globex
property boundary and may strike and plunge onto Globex's
claims.
In order to earn a 100% interest in the five Globex claims which
form a small part of Globex's 161 claim (5,092 hectare)
Beauchastel-Rouyn property, Richmont has agreed to the following
option terms and conditions:
a. Upon signing, $500,000 in cash and $1 million in exploration over a 18
month period.
b. At 18 months, an additional $500,000 in cash and an additional $1
million in exploration within the following 18 months.
c. At 36 months, an additional $2 million in cash and the issuance of
500,000 Richmont shares to Globex. An additional $1 million in
exploration will be done within the following 18 months.
d. Reserve for Globex a 3% Gross Metal Royalty on all mineral production
from the claims.
e. At the 48th month, commence the payment of an annual advance royalty to
Globex of $50,000 until production is achieved.
Globex is pleased to have signed this agreement with Richmont
which had previously indicated their intention to drill at least 24
holes in the area of the 3 Zone next to Globex's property
boundary.
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: 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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