Mag Copper and Partners to Go Underground at Globex's Magusi Deposit
ROUYN-NORANDA, QUEBEC--(Marketwired - Apr 2, 2015) - Globex Mining Enterprises Inc. (TSX:GMX) (FRANKFURT:G1M) (OTCQX:GLBXF) is pleased to inform shareholders that Mag Copper Limited which has an option on Globex's Magusi-Fabie Bay polymetallic massive sulphide property, has announced today a non-binding letter of intent with AR2K Industries Ltd. and J.S Redpath Limited to form a joint venture for the purpose of conducting a bulk sample on the Magusi deposit and depending on the results of the bulk sample, bringing the Magusi deposit into commercial production. Shareholders are referred to today's Mag Copper announcement for details.
Mag Copper optioned the Magusi and Fabie Bay property from Globex in April 2011 and the option is ongoing.
Globex is pleased that Mag Copper and partners intend to go forward with bulk sampling the Magusi deposit as a first step toward potential commercial production. Under the Globex/Mag Copper option agreement, Globex will receive additional option payments and a 3% Gross Metal Royalty. The agreement and extensions thereto also envision expenditures of at least $10,250,000 on the property during the term of the option of which approximately $8,000,000 remains and the production of a bankable feasibility study deliverable by April 28, 2017. (See Globex Press Releases dated April 6, 2011 and June 28, 2011 and Mag Copper's Press Release dated May 8, 2014 for details)
Globex holds 8,639,800 shares of Mag Copper.
Contact
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470
info@globexmining.com
www.globexmining.com