GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that the Ontario Government has granted to Globex a 21 year mining lease covering 413.14 hectares(125.92 acres), the site of Globex's proposed talc magnesia mine in Deloro Township, 13 kilometers south of Timmins, Ontario.
The lease assigns to Globex all "mines, ores, minerals and mining rights in, upon and under" in the area covered by lease (CLM 490).This milestone is the result of the concerted and excellent work byour staff and consultants moving the project forward step by step.
The Deloro Township mining lease is centered on our Timmins TalcMagnesite (TTM) deposit which we reported upon in a press releasedated March 20, 2010 indicating a NI 43-101 conformable resource, asreproduced below. ----------------------------------------------------------------------- ---- Sol MgOSol CaMagnesiteTalc CategoryTonnes(%)(%)(%)(%) --------------------------------------------------------------------------- A Zone Core --------------------------------------------------------------------------- Indicated12,728,00020.00.2152.135.4 --------------------------------------------------------------------------- Inferred18,778,00020.90.2653.131.7 --------------------------------------------------------------------------- A Zone Fringe --------------------------------------------------------------------------- Inferred5,003,00017.62.8234.233.4 --------------------------------------------------------------------------- MgO=magnesium oxideSol Ca = Soluble calcium carbonate ---------------------------------------------------------------------------
The resource study covered only the first 20 years of the potentialproduction by open pit from the property. The resource is open in alldirections and to depth.
In a March 2, 2012 press release, Globex reported the results of aPreliminary Economic Assessment (PEA), prepared by Jacobs MineralsCanada Inc. and Micon International Limited. This report, also basedupon the first 20 years of operation projected gross revenue of 2.58billion, an after tax IRR of 20% and the production of 2,470,000tonnes of high grade talc and 2,381,000 tonnes of magnesia. Since thepublication of the PEA, Globex has undertaken additional work which,we feel, has further enhanced the economic potential of the project.
Globex is happy to have achieved this milestone and looks forward toadvancing the project to production.
