Chibougamau Independent Mines Inc. (TSX-V:CBG) (Frankfurt:CLL1) (OTC:CMAUF) and GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (Frankfurt:G1MN) (OTCQX:GLBXF) are pleased to inform shareholders that Vanadium One Iron Corp. (TSX-V:VONE) has enlisted the support of Glencore plc one of the worlds largest commodity traders to aid in the development of the Mont Sorcier iron and vanadium project located just east of Chibougamau, Quebec. The companies have entered into a finance raising assistance agreement and a separate concentrate offtake agreement to support the ongoing development and the eventual construction and production of the Mont Sorcier iron and vanadium project. Click here for today’s Vanadium One Iron Corp. news release.
Chibougamau Independent Mines Inc. holds a 2% Gross Metal Royalty on all mineral production from the property and Globex Mining Enterprises retains a 1% Gross Metal Royalty on Mont Sorcier iron production. Globex also owns 3 million shares of Electric Royalties (ELEC-V) that retains a 1% Gross Metal Royalty on Mont Sorcier vanadium production. Under an agreement with Electric Royalties related to Globex’s potential sale of its Mid-Tennessee zinc royalty, to Electric Royalties, if completed, Globex will receive an additional 14,500,000 Electric Royalty shares.
Chibougamau Independent Mines and Globex are pleased with this major step forward by Vanadium One toward eventually achieving production.
Jack Stoch, P.Geo. President and CEO of Globex Mining Enterprises Inc and Chibougamau Independent Mines Inc. wrote this press release in his capacity as QP under applicable regulations.
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We acknowledge the [financial] support of the Government of Canada.