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28.05.2010
Globex's Parbec Property – Savant Hits on First Drill Hole
Globex’s Parbec Property – Savant Hits on First Drill Hole
May 28, 2010 - Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Xetra Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that Savant Explorations Ltd. (SVT.TSX-V) has received assays from the first hole of 8 planned holes on Globex’s Parbec property in Malartic Township, Quebec.
The first hole tested the “Camp Zone” at a vertical depth of 150 meters and intersected 19.25 g/t Au over a core length of 2.9 metres. A second zone was intersected 150 metres further down the hole grading 2.1 g/t Au over a core length of 2.5 metres in what is called the “North Veins”.
The Parbec property straddles the gold localizing Cadillac Break and is located between the developing large open pit gold deposit of Osisko Mining Corporation and the operating Lapa gold deposit of Agnico Eagle and adjoins the west boundary of the former East Amphi Gold Mine. Savant reports that the intersection of the “Camp Gold Zone” is, geologically, similar to the mineralization found at the Lapa gold deposit consisting of 1% to 3% finely disseminated arsenopyrite in a strongly silicified and pyritized talc chlorite schist. (See Savant Press Release May 28, 2010).
Globex optioned the Parbec property to Savant for $525,000 in cash payments and $3,850,000 in exploration expenditures all over 4 years along with 750,000 shares over 3 years. Globex also maintains a sliding Gross Metal Royalty on production varying between 1% and 2%.
Globex is pleased with the very good results in the first hole and congratulates the Savant team for their excellent work.
In other news, Tres-Or Resources Ltd. has announced that it has signed a Letter of Intent with Sementiou Inc. as regards the Duvay gold property in Duverny Township, Quebec. The agreement, if completed, will see possible exploration expenditures totalling $5,275,000. Globex maintains a 1.5% Gross Metal Royalty (GMR) on all gold production valued at less than US$800 per ounce and 2% GMR on all gold production valued at over US$800 per ounce.
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
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com
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 Companies expectations and projections. A more detailed discussion of the risks is available in the “Annual Information Form” filed by the Company on SEDAR at www.sedar.com
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May 28, 2010 - Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Xetra Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that Savant Explorations Ltd. (SVT.TSX-V) has received assays from the first hole of 8 planned holes on Globex’s Parbec property in Malartic Township, Quebec.
The first hole tested the “Camp Zone” at a vertical depth of 150 meters and intersected 19.25 g/t Au over a core length of 2.9 metres. A second zone was intersected 150 metres further down the hole grading 2.1 g/t Au over a core length of 2.5 metres in what is called the “North Veins”.
The Parbec property straddles the gold localizing Cadillac Break and is located between the developing large open pit gold deposit of Osisko Mining Corporation and the operating Lapa gold deposit of Agnico Eagle and adjoins the west boundary of the former East Amphi Gold Mine. Savant reports that the intersection of the “Camp Gold Zone” is, geologically, similar to the mineralization found at the Lapa gold deposit consisting of 1% to 3% finely disseminated arsenopyrite in a strongly silicified and pyritized talc chlorite schist. (See Savant Press Release May 28, 2010).
Globex optioned the Parbec property to Savant for $525,000 in cash payments and $3,850,000 in exploration expenditures all over 4 years along with 750,000 shares over 3 years. Globex also maintains a sliding Gross Metal Royalty on production varying between 1% and 2%.
Globex is pleased with the very good results in the first hole and congratulates the Savant team for their excellent work.
In other news, Tres-Or Resources Ltd. has announced that it has signed a Letter of Intent with Sementiou Inc. as regards the Duvay gold property in Duverny Township, Quebec. The agreement, if completed, will see possible exploration expenditures totalling $5,275,000. Globex maintains a 1.5% Gross Metal Royalty (GMR) on all gold production valued at less than US$800 per ounce and 2% GMR on all gold production valued at over US$800 per ounce.
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
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com
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 Companies expectations and projections. A more detailed discussion of the risks is available in the “Annual Information Form” filed by the Company on SEDAR at www.sedar.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3799001035">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3799001035</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.