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
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b) CUSIP Number 379900 10 3
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.