ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - Sept. 8, 2011) - GLOBEX MINING ENTERPRISES INC. (News - Market indicators)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that Xmet Inc. today announced a revised National Instrument 43-101 compliant Mineral Resource estimate on the Duquesne West-Ottoman Property optioned from Duparquet Assets Ltd., a company owned 50% by Globex.
The new resource calculation effective September 8, 2011 by Kurt Breede, P.Eng. of Watts, Griffis, McOuat Limited ("WGM"), consulting geologists and engineers of Toronto, Ontario is based upon historical drill data and a 13,000 meter drill program completed in April 2011.
The highlight of the report is the following Inferred Resource Estimate: "4,171,000 tonnes at an average grade of 5.42 g/t Au (6.36 g/t uncut) hosting 727,000 cut ounces Au (853,000 uncut ounces Au)".
WGM identified eight gold bearing zones, enumerated below, all of which are open to depth and many of which are open along strike and up dip.
| Zone |
Tonnes |
Au g/t
(cut to 30 g/t Au) |
Au g/t
(Uncut) |
Ounces
(Cut) |
Ounces
(Uncut) |
Average Horizontal
Width
(m) |
| Liz |
1,343,000 |
4.64 |
4.64 |
200,000 |
200,000 |
7.26 |
| Fox |
921,000 |
7.43 |
9.54 |
220,000 |
282,000 |
5.43 |
| Nip-Nord |
361,000 |
5.92 |
6.13 |
69,000 |
71,000 |
5.79 |
| Nip-Sud |
129,000 |
6.51 |
21.13 |
27,000 |
88,000 |
2.86 |
| South Shaft |
162,000 |
6.08 |
6.29 |
32,000 |
33,000 |
3.14 |
| Shaft |
468,000 |
4.51 |
4.51 |
68,000 |
68,000 |
2.82 |
| Stinger |
365,000 |
3.90 |
3.90 |
46,000 |
46,000 |
5.87 |
| 20-20 |
422,000 |
4.80 |
4.80 |
65,000 |
65,000 |
6.23 |
| Total |
4,171,000 |
5.42 |
6.36 |
727,000 |
853,000 |
5.71 |
Please see the Xmet press release dated September 8, 2011 for details.
Xmet is earning a 75% interest in the property by spending a total of $10 million in exploration and making cash and dividend payments totaling $8.81 million ($8.43 million remaining) and delivering 2 million Xmet shares (received). Globex also maintains a sliding scale Gross Metal Royalty (GMR) which at today's gold price is 3% GMR.
In other news on the property, Xmet yesterday announced the results from stripping and surface sampling on the Shaft Zone. Assays of up to 13.38 g/t Au over 3 meters are reported.
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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Foreign Private Issuer 12g3 – 2(b) |
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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
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