Globex Posts Preliminary Economic Assessment on Sedar
ROUYN-NORANDA, QUEBEC, CANADA -- (Marketwire) -- 04/17/12 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX: GLBXF) is pleased to inform shareholders that on April 16, 2012, Globex posted the Timmins Talc-Magnesite Preliminary Economic Assessment ("PEA") prepared by Micon International Limited and Jacobs Minerals Canada Inc. on SEDAR and on Globex's website under "Technical Reports". A summary of the PEA was disclosed in a press release dated March 2, 2012.
The project is expected to generate approximately $2.58 billion in gross revenue over an initial 20-year period with an after tax, internal rate of return (IRR) of approximately 20%. Capital costs for the facility are projected at $268 million.
Globex will now raise the initial $50 million required to construct a 100,000 t/a talc demonstration plant to provide talc for testing by potential consumers as well as to complete permitting, infill drilling, the Preliminary Feasibility Study and all other work proposed in the PEA (see page 214 of the PEA).
Globex believes that upon completion of the project, the Timmins, Ontario property will become the premier, secure, long term North American based provider of high quality talc and magnesia to the North American markets.
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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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