Globex Mining Enterprises Inc. Acquires Large Shareholding in NSGold Through Agreement
21.03.2019 | GlobeNewswire
ROUYN-NORANDA, March 21, 2019 - Globex Mining Enterprises Inc. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that Globex has reached an agreement with NSGold Corp. (NSX-TSXV) wherein Globex has reduced its Gross Metal Royalty (GMR) on the Mooseland Gold Mine property in Nova Scotia from a 4% GMR to a 2% GMR and eliminated the potential 5% share issuance upon production in exchange for the immediate issuance of 1,745,408 shares of NSGold, representing 11.1% interest in the company.It is our expectation that the reduction of the GMR will facilitate the potential of the Mooseland Gold deposit advancing toward production. The Mooseland Gold deposit is a Meguma type gold deposit with a NI 43-101, Non-Diluted, Inferred Resource of 2,520,000 tonnes grading 5.6 g/t Au at a cut off grade of 2.6 g/t Au for 454,000 contained ounces of gold (NI 43-101 Resource Update on the Mooseland Gold Property, Halifax County, Nova Scotia, prepared for NSGold Corp. by Douglas Roy, M.A.Sc., P. Eng. and Patrick Hannon, M.A.Sc., P. Eng., Minetech International Limited, Halifax, Nova Scotia, Canada, Effective date: July 20, 2012). Infrastructure at the mine site includes: road access, power, a 3 compartment 125 metre shaft, a 218 metre ramp and a 12,000 cubic metre settling pond.
Globex is pleased to become a large shareholder in NSGold and looks forward to seeing the Mooseland Gold Deposit advancing.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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.
51,803,577 shares issued and outstanding
