Globex's Ungava Area Iron Project Optioned to Canamara
May 31 2011 - 9:15AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to announce that it has signed an agreement with
Canamara Energy Corporation (presently a private corporation)
whereby Canamara may earn 100% interest in Globex's Hematite Lake,
Ungava Bay area (24C10) Quebec iron property.
Under the agreement, Canamara made a $75,000 cash payment to
Globex upon signature and the following cash and other payments are
required.
Cash: $300,000 after a 60 day due diligence period (payment
received)
$500,000 on or before May 26, 2012
$625,000 on or before May 26, 2013
--------------------
Shares: 500,000 shares accompanied by one, 2 year warrant as
of the effective date May 26, 2011
500,000 shares accompanied by one half of a 2 year
warrant on or before May 26, 2012
500,000 shares accompanied by one half of a 2 year
warrant on or before May 26, 2013
1,000,000 shares accompanied by one half of a 2 year
warrant on or before May 26, 2014
--------------------
Other conditions: Completion of a Scoping Study by December 15, 2014
Completion of a Prefeasibility Study by December 15,
2015
Completion of a Definition Feasibility Study by
December 15, 2016
--------------------
Royalty Interest: Globex will maintain a 2% Gross Metal Royalty and a
10% Net Profits Royalty on all metals produced from
the property.
--------------------
The original Hematite Lake property consisted of 48 claims
covering an area of 2,275 hectares. In addition, 271 claims
covering an area of 12,890 hectares were recently staked and
included by Globex at cost under the agreement.
The original property package covers much of what is referred to
as the Hematite Lake South Zone and Blackie Lake North & South
Zones. In 1966, E.D. Black, B.Sc.,M.Sc. published a report, "Report
on the Economic Geology of the Hematite Lake Iron Formations for
Denison Mines (Quebec) Limited" available in Quebec Government
files under GM20031. The report provides the following non NI
43-101 resource data which has not been reviewed by Globex. It is
presented for information purposes only and is historical in
nature. It should not be relied upon.
--------------------------------------------------------------------------
Indicated Inferred
Surface Capped Total Grade Concentrate
Location Ore Ore (tons)
--------------------------------------
Fe (sol)
Sol Fe % Mag Fe % Weight % %
--------------------------------------------------------------------------
Blackie
Lake
South 182 108.8 290.8 31.70 25.30 37.12 68.15
--------------------------------------------------------------------------
Hematite
Lake
South 86.6 88.7 175.3 34.51 25.96 38.03 68.25
--------------------------------------------------------------------------
Blackie
Lake
North 81.4 91.6 173.0 32.00 20.24 29.45 68.71
--------------------------------------------------------------------------
Total 639.1
--------------------------------------------------------------------------
Note:
Capped Ore: Indicates ore under a thin cap of non iron bearing
rock
Sol Fe: Indicates soluble iron in percent
Mag Fe: Indicates magnetic iron percent (magnetite)
Fe (sol): Indicates percentage soluble iron in magnetic
concentrate
The amount of work undertaken on the property to date suggests
that the claims have excellent potential as an advanced exploration
project with much work needing to be done to define a minable ore
body. In addition, the newly acquired claims add significant
potential to the project.
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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