Globex Mining Enterprises Inc.: Ore Definition, Stripping and Drilling at Lyndhurst Copper-Silica Zoneadmin
GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that it has signed an agreement with privately owned Agregat R-N Inc., whereby Agregat can earn a 50% working interest in the #1 copper-silica zone at Globex’s Lyndhurst Mine property, located 35 km north of Rouyn-Noranda, Quebec.
Under the agreement, Globex will provide technical expertise while Agregat will provide manpower, earth moving equipment and drills as well as pay all expenses related to the stripping, delineation and analysis of the #1 Zone.
The #1 Zone is a copper-silica zone located east of the Lyndhurst Mine which was trenched and drilled in the 1950′s. In October 2004, the zone was intersected in Globex hole L04-2 which assayed 1.36% Cu, 26.5 g/t Ag and 74.6% SiO2 (silica) over a core length of 7.38 m. This mineralized section is part of larger core length which assayed 0.83% Cu and 76.8% SiO2 over 17.17 m.
The initial program will consist of removing overburden from much of the mineralized area and then following up with a grid of percussion drill holes to a depth of 10.5 m. Rock chips from the drilling will be analyzed in order to determine if sufficient grade and tonnage exist to allow open pit mining of the zone. If the results are positive, a bulk sampling program will be permitted with profits from the operation being divided 50-50 between Globex and Agregat with Agregat charging the project mining and transport at cost.
If the first phases of work indicate economic profitability, additional ore delineation will be undertaken and an application to mine at the site will be submitted.
Globex retains 100% interest in the remainder of the property which covers 1,994 hectares and includes the historic Lyndhurst Mine and more recent deep Moses copper-zinc discovery to the west.
This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).
We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
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 Company’s expectations and projections.
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Contacts: GLOBEX MINING ENTERPRISES INC. Jack Stoch, P.Geo President & CEO 819-797-5242 819-797-1470 (FAX) firstname.lastname@example.org