Globex Receives Positive Results on Talc Testing, Royalty Income Increases, Drilling to Start Shortly
Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1M - Frankfurt, Stuttgart, Berlin, Munich, Xetra Stock Exchanges and GLBXF - OTCQX International) is pleased to inform shareholders that it has completed a second larger series of tests on samples of talc concentrate from our Timmins Talc Magnesite Project (TTM) in order to test for the presence of asbestos. It is critical that talc samples contain no asbestos.
Thirty five (35) composite samples representing 1,679.7 metres of drill core were submitted for testing. Each sample represented an average core length of 48 meters and an average horizontal core width of 30.8 meters.
Each and every concentrate sample analysis indicated that no asbestos was present. Very strict international standards are set for the presence of asbestos contaminants in industrial products. Globex is very pleased that TTM talc meets or exceeds these standards. The results confirm earlier test work by Globex which also showed that no asbestos was present in TTM talc samples.
The test work was undertaken by Exova of Pointe-Claire, Quebec. Two types of tests were undertaken, the first 'Mineralogical Characterization of Fibres (>0.5 micrometers) by Transmission Electron Microscopy (TEM)? and 'Mineralogical Characterisation by Polarised Light Microscopy and Dispersion Staining Colours?.
In addition, 1,631 samples representing 4,453.7 meters of drill core from 51 drill holes and 2 drill hole extensions were submitted for whole rock or litho-geochemical analysis, gold or base metal assay and/or detailed mineralogical analysis by QuemScan. The results of these analyses have been received and are being incorporated into our project data base.
Other highlights: The price of zinc has been rising steadily, recently reaching U.S. $1.04 per pound. This is good news for Globex as our zinc royalty on Nyrstar?s Mid-Tennessee Mine in Kentucky is tied to the zinc price. This rise in price results in improved monthly royalty payments to Globex. At the current zinc price, monthly payments should be in the range of $85,000 to $90,000.
Globex has requested permits to drill on several properties including our Poirier Mine (zinc, copper, gold, silver), Champdore (rare earths bearing carbonatite or diamondiferous kimberlite) and Tavernier Tiblemont (gold) projects to name a few. Our drill programs will commence in the third quarter.
Assay results are being received from re-sampling of core on our Nordeau gold property located east of Val d?Or, Quebec. Results will be incorporated into the project data base generated by our previous option partner and analysed to better understand the distribution and control of gold mineralization on the property.
On the Wood Pandora project which Globex manages for the Globex/Yamana/Agnico Eagle joint venture, we are awaiting final re-approval of the summer project of mapping, sampling and compilation work from our new partners. Four widely spaced, deep drill holes were completed and all assays have now been received. All target gold bearing horizons were intersected. Widths were similar to those intersected in previous drilling but gold assays were generally lower (ex. 5m grading 2.47 g/t Au, 2m grading 2.97 g/t Au, 1m grading 5.1 g/t Au, 1m grading 4.88 g/t Au)* as can occur when drilling free gold bearing horizons.
*Assays by Techni-Lab of Ste-Germaine-Boulé, Quebec utilizing the fire assay method.
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 50 9
40,793,755 shares issued and outstanding
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
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
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