ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 06/19/13 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX: GLBXF)is pleased to update shareholders on ongoing activities within the Company.
The past year has been one of the most difficult we have ever experienced. Junior exploration as well as major producing companies have seen their share prices decimated with shares now trading at a fraction of their book or historical value: Globex is no different. Despite our efforts to the contrary our share price has been severely beaten down to historic lows. The problem seems not to be massive selling but rather no buying. The investing public has lost interest in our sector. This will not last, it never does, but in the meanwhile numerous excellent companies and an untold number of shareholders are sustaining substantial losses. At Globex we are working hard not to be overcome by current market sentiment. We are making some difficult choices internally while at the same time advancing our exploration. We have increased our contract technical staff, are acquiring a number of now available undervalued assets while intensifying our efforts at financing and optioning projects. Despite the negative sentiment we continue to move forward and augment the Company's value.
Between today's date and the year end Globex is undertaking almost $3 million in additional exploration on various properties in its portfolio. The largest single expenditure will be $1.2 million (Globex's share $600,000) in drilling on the Wood-Pandora property targeting the gold localizing Cadillac Fault near the town of Cadillac, Quebec. The initial drill program will be over 10,700 metres and is designed to test the gold potential below the 350 metres level across the length of the property. Our 2012 drill program intersected up to 41 metres (134.5 feet) grading 3.81g/t Au (0.11 oz/t Au).(Press Release Dec. 18, 2012)
On our Smith-Zulapa property south of Senneterre, Quebec, we have just completed a 4-hole 1,465 metre drill program on the Smith gold zone. The program was designed to test the known gold bearing shear zone at depth and along strike. All holes intersected the shear zone and adjacent pyritized structures. The drill holes are currently being logged and sampled in preparation for assaying.
On our recently greatly expanded Tiblemont-Tavernier property a program of targeted mapping is underway focusing upon several areas where previous work by Globex uncovered new structural controls for gold emplacement. At least 7 drill holes totalling 1,700 metres are planned on geophysical targets generated by previous Globex geophysical and geological surveys and the new gold localizing structure which has localized numerous gold showings and zones.
A team of 6 geologists and prospectors has been active on our Turner Falls rare earth property in the Kipawa area of Quebec. The crew mapped, in detail, previously discovered high grade showings in advance of planned drilling later this summer.
Prospecting and mapping is planned for our expanded Tonnancour property south of Lebel-sur-Quevillon. Globex recently completed a detailed airborne magnetic survey which has been combined with an historical electromagnetic survey. Depending upon the results of the field work, drilling will be undertaken. The last drill program on the original block of claims intersected massive and stringer sulphides with intersections up to 5.2% Cu, 13.1% Zn, 0.7g/t Au and 41g/t Ag or 7.3% Cu, 7.2% Zn, 1.1g/t Au and 51.8g/t Ag. (Press Releases Aug. 8, 2011 and Aug. 10, 2011)
A number of other properties will be drilled targeting singular discreet geophysical targets. Among these are targets on our Soissons and Ralleau properties which have potential for both base metals and gold.
Data on the recently acquired Joutel Mine copper, zinc property is being analysed in order to outline potential drill targets and areas requiring additional geophysical work.
On the Lyndhurst copper property 5 drill holes totalling 1,500 metres may be drilled depending upon the results of geophysical surveys and various geological interpretations.
On our Fecteau Lake property approximately 130 km east of Lebel-sur-Quevillon 5 drill holes totalling 1,650 metres are planned to test individual geophysical targets for gold and base metals. The property has several zones of copper, zinc and gold mineralization both exposed on surface and intersected in previous drilling.
In addition to the planned work above, Globex has completed 51 infill and zone extension drill holes on our Timmins Ontario, talc magnesite property. The drilling was undertaken in order to define mineral variability within the deposit and to provide material for additional metallurgical, mineralogical and assay test work. Globex has begun making plastic samples for comparison with the products produced by other talc producers.
Globex has received a letter from Ontario Ministry of Northern Development and Mines authorizing Globex to pay the required fees and make an application for a lease under the Mining Act, Globex having satisfied all requirements to be able to request such a lease. Globex has paid the required fees and submitted an application for the lease.
"A lease grants its owner title and ownership to the land, permits the extracting and sale of extracted resources and removes the requirement to perform yearly assessment work. To maintain a lease, rent must be paid annually. A lease expires every 21 years unless it is renewed." (Source: Ontario Government)
Globex is very pleased to have reached this major milestone and is working diligently toward completing work to acquire all other permits required in order to advance the project in an expeditious manner.
Globex has also been improving the production scenario as outlined in the Preliminary Economic Assessment published on April 12, 2012 and available both on our website and on Sedar. Several modifications have been developed which will positively impact the final capital cost and increase profitability. In addition we have been seeking funds from both industry partners or private wealth funds interested in financing the project to production. We are in initial due diligence discussions with several such groups.
On the option front, we continue to receive payments from a number of option partners, but current market conditions have severely impacted the share price of a number of our partners, making it unlikely or impossible for them to make the required payments. In some cases such as the Nordeau East and West gold properties, we have reluctantly taken back 100% interest in the properties. We have sold a number of properties including our Raymor gold and base metal property near Amos, Quebec and our osmium, iridium property north of La Malbaie, Quebec.
We are discussing several other potential options with other companies.
On June 17, 2013 Globex held its annual meeting. All directors were re-elected, the appointment of auditors was approved and the proposal amendment to By-Law No.1 of the corporation entitled '' Advanced Notice Requirement for the Nomination of Directors" was passed. The voting details have been posted on Sedar.
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
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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.
27,896,018 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.