ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - Nov. 5, 2012) - GLOBEX MINING ENTERPRISES INC. (News - Market indicators)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that it has acquired 100% interest in the former Joutel Copper Mine (copper, zinc, silver) located in Joutel township, north-western Quebec. The Joutel Copper Mine produced 1.32 million tonnes grading 2.16% copper and 378,000 tons grading 8.88% zinc to a depth of 365 metres where it was believed that the ore body terminated against the shallowly dipping upper contact of a batholith. This being the prevailing geological theory, no effort was made to explore to additional depth as the perceived intersection of a batholith eliminated any potential to depth.
Globex has reviewed the existing geological and structural data including Joutel VMS Camp 3D models generated by the Quebec Ministry of Natural Resources and has come to the conclusion that rather than abutting against a batholith, the Joutel ore body has been cut by a late, cross cutting, shallowly dipping dyke of undetermined thickness. If this is the case, there is a possibility, that the dyke bisected the ore body leaving mineralization and good exploration targets below the dyke. Globex intends to test the potential of this target area.
The addition of the Joutel Copper Mine property to Globex's Joutel area land holdings that include the 100% owned Eagle Gold (gold, silver) and Poirier Mines (copper, zinc, silver, gold) and a large package of prospective claims, gives Globex a dominant position with excellent exploration potential, in the Joutel mining camp.
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) |
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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
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