Globex Acquires Phlogopite Properties
ROUYN-NORANDA, QUEBEC, CANADA -- (Marketwire) -- 07/20/11 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX: GLBXF) is pleased to inform shareholders that it has acquired 100% interest by staking in two suzorite deposits in the area of the town of Parent, Quebec. The two suzorite deposits, the Lamy and Siscoe Zones have, as their principal component, phlogopite mica. Phlogopite is used in polymers where extra rigidity is required beyond that which can be provided by talc. It is also used as an insulating material and for fireproofing.
The acquisition of these properties is an extension to our planned penetration into markets served by talc which we intend to produce from our huge Timmins, Ontario deposit. The larger Lamy mica deposit is next to a railway line and siding which will allow direct transport of pre-processed material to our proposed talc milling facility at Timmins for final treatment, significantly reducing capital and operating costs. Globex is in the final stages of preparing a prefeasibility study on our Timmins talc-magnesite project which is scheduled to be delivered by the end of September.
The Lamy deposit located at Parent, Quebec is reported to be composed of 70% to 90% mica with apatite, a source of phosphates used in fertilizers' being a secondary mineral. The phlogopite is reported to be good quality with the ground mica having a density varying from 1.84 to 2.09 g/cm3, a magnesium to iron ratio of 2.78 and no fibrous material. The zone is said to measure at least 725 metres long and averages 23 metres wide with excellent potential to be increased in size by drilling. The area staked by Globex may contain as much as 5 to 6 million tonnes of high grade micaceous material. The deposit is exposed on surface and has only been explored to a shallow depth. It is open along strike. (Quebec Non-metallic Deposit Report, 31-0-15,0001, 1980 and Mica Deposits, Province of Quebec, Canada for Koizumi Group-USA Inc., Feasibility Study, 1975)
Globex has also acquired the Siscoe deposit approximately 18.5 km to the east in Suzor Township where R.A. Marleau, in a report for Shickshocks Geotechnical Services Inc. in 1980, reported a suzorite deposit of 1.3 million tonnes (1.17 million tonnes remaining) grading 60% phlogopite mica and 10% apatite.
Resources quoted are historic, non NI 43-101 conformable, have not been independently verified by Globex and should not be relied upon.
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
Contacts:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com