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Globex Receives Mining Lease for Timmins Talc Magnesia Project

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Globex Receives Mining Lease for Timmins Talc Magnesia Project

 

 

 

 

 

 

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 deposit which we reported upon in a press release dated March 20, 2010 indicating a NI 43-101 conformable resource, as reproduced below.

 



---------------------------------------------------------------------------
                             Sol MgO      Sol Ca      Magnesite        Talc
Category          Tonnes         (%)         (%)            (%)         (%)
---------------------------------------------------------------------------
                                A Zone Core
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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 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.

Posted January 8, 2014

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