| Mag Copper and Partners to Go Underground at Globex's Magusi Deposit | |
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ROUYN-NORANDA, QUEBEC--(Marketwired - Apr 2, 2015) - GLOBEX MINING ENTERPRISES INC. (GMX.TO) (FRANKFURT:G1M) (GLBXF) is pleased to inform shareholders that Mag Copper Limited which has an option on Globex's Magusi-Fabie Bay polymetallic massive sulphide property, has announced today a non-binding letter of intent with AR2K Industries Ltd. and J.S Redpath Limited to form a joint venture for the purpose of conducting a bulk sample on the Magusi deposit and depending on the results of the bulk sample, bringing the Magusi deposit into commercial production. Shareholders are referred to today's Mag Copper announcement for details. Mag Copper optioned the Magusi and Fabie Bay property from Globex in April 2011 and the option is ongoing. Globex is pleased that Mag Copper and partners intend to go forward with bulk sampling the Magusi deposit as a first step toward potential commercial production. Under the Globex/Mag Copper option agreement, Globex will receive additional option payments and a 3% Gross Metal Royalty. The agreement and extensions thereto also envision expenditures of at least $10,250,000 on the property during the term of the option of which approximately $8,000,000 remains and the production of a bankable feasibility study deliverable by April 28, 2017. (See Globex Press Releases dated April 6, 2011 and June 28, 2011 and Mag Copper's Press Release dated May 8, 2014 for details) Globex holds 8,639,800 shares of Mag Copper.
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Globex Mining Enterprises Inc.
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DEVELOPMENT STAGE |
CODE : GMX.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Globex Mining is a zinc and copper exploration company based in Canada. Globex Mining holds various exploration projects in Canada. Its main asset in development is FABIE BAY in Canada and its main exploration properties are BATEMAN BAY, LYNDHURST, POIRIER MINE, RAMP (MAUDE LAKE), MOOSELAND, PACAUD, BEAUCHASTEL-ROUYN, SUFFIELD MINE, VULCAN (GOLD DIKE) - GLOBEX, WEMINDJI, GRAND CALUMET, HUNTERS POINT, GRANDROY, LEIPSIGATE, DELORO, GAYHURST, FISH LAKE, BUCKELL LAKE, MAGNESIUM-TALC, TUT ZONE, FONTANA GOLD PROJECT, EAGLE GOLD PROPERTY, ARNTFIELD, COURVILLE PROJECT, LAKE SIMON, TRANSTERRE, WRIGHTBAR GOLD PROPERTY, TONNANCOUR, LA MOTTE, VICTORIA GOLD PROJECT, SMITH-ZULAPA, HALLIWELL & BM PROPERTIES, LAGUERRE-KNUTSON-RAVEN RIVER, DUPRAT, BLACKCLIFF, DUVAY ZONE, BELL MOUNTAIN, PARBEC, NORDEAU GOLD, RUSSIAN KID (EL COCO), FABIE BAY AND MAGUSI RIVER, GETTY DEPOSIT, WOOD - PANDORA, AUTHIER, CENTRAL CADILLAC, JACOBIE and LAMY MICA in Canada. Globex Mining is listed in Canada and in Germany. Its market capitalisation is CA$ 48.4 millions as of today (US$ 35.5 millions, € 32.9 millions). Its stock quote reached its lowest recent point on January 07, 2000 at CA$ 0.09, and its highest recent level on December 15, 2006 at CA$ 7.76. Globex Mining has 48 900 000 shares outstanding. |