Renforth Increases Resource on Globex's Parbec Gold Property
ROUYN-NORANDA, QUEBEC--(Marketwired - Mar 7, 2016) - Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) is pleased to provide shareholders with an update as regards Globex's Parbec gold property located in Malartic Township, Quebec currently under option to Renforth Resources Inc (TSX VENTURE:RFR). Under an option agreement announced on February 4, 2015, Renforth may earn 100% interest in the Parbec gold property by spending $4,000,000 on exploration, paying Globex $550,000 and 2,000,000 shares and reserving for Globex a graduated Gross Metal Royalty of up to 2% GMR.
Today Renforth has issued a press release with a "resource statement prepared pursuant to NI-43-101". The new resource estimate from gold zones which are open to depth is reported as follows:
| Indicated Resource: 263,230 tonnes grading 3.62 g/t (33,595 oz Au) | |
| Inferred Resource: 7,256,872 tonnes grading 2.01 g/t (514,108 oz Au) |
This resource has not been reviewed by a qualified person on behalf of Globex under National Instrument 43-101. The reader is referred to the Renforth news release posted on their website and on Sedar.
Globex is pleased with the progress made by Renforth to date, in particular the increase in the gold resource.
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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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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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