GLBXF Globex Mining Enterprises Inc (QX)

ROUYN-NORANDA, QUEBEC--(Marketwired - Jun 18, 2014) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) wishes to welcome Agnico Eagle Mines Ltd. and Yamana Gold Inc. as exploration partners on the Wood Pandora project in Cadillac Township, Quebec.

The Wood Pandora project covers 4 km of the gold localizing Cadillac Break and includes the historical Central Cadillac, Wood and Pandora #3 gold deposits as well as the Ironwood Gold deposit (243,200 tonnes of inferred resource grading 17.26 g/t Au, see press release dated March 3rd, 2008 and technical report filed on SEDAR March 19th, 2008). Globex owns 50% interest in the project and is project manager. Currently, we are initiating a new surface exploration program consisting of rock sampling of all outcrop exposures on the 751 hectare property as well as a review and update of historical drill data in order to assess the properties' potential for outlining a large tonnage, low grade gold deposit similar to the huge Malartic Gold Mine. Previous work was directed toward deep exploration looking for a gold deposit similar to the neighboring Lapa Gold Mine. Numerous high-grade gold intersections have been intersected as reported in Company press releases. Previous surface exploration resulted in the discovery of the Ironwood Gold deposit on a structure north of and separate from the Cadillac Break.

Previously Osisko Mines announced that as part of the purchase of Osisko Mines by Yamana and Agnico Eagle, the new company, Osisko Gold Royalties Ltd. would retain a two percent (2%) net smelter royalty on the Wood Pandora Property. The Joint Venture Agreement, originally signed with Queenston Mining Inc. and assumed by Osisko Mines in 2012, does not allow for the issuance of royalties to third parties. Upon further review of the agreement, it was resolved no additional royalty will be imposed.

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.

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

40,793,755 shares issued and outstanding

Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.819.797.5242819.797.1470info@globexmining.comwww.globexmining.com

Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Dec 2024 to Jan 2025

Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jan 2024 to Jan 2025