Mar. 2nd, 2010
GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that a NI 43-101 report titled Technical Report on the Initial Mineral Resource Estimate for the Timmins Talc-Magnesite Deposit, Ontario, Canada, has been received.
The report provides an initial resource estimate for a portion of the talc-magnesite deposit located in Deloro Township approximately 11 km south of Timmins, Ontario and reviews the results of hydrometallurgical test work completed to-date. In addition, the report provides some background as to the mineralogy of the deposit, a description of the talc and magnesium/magnesia markets, and a summary of market pricing.
Globex is extremely pleased with the progress and results to-date. The preliminary resource estimate and metallurgical test work indicate the presence of at least 30 years of open pittable resource at a mining rate of 1,000,000 tonnes per annum, which will yield approximately 42% recoverable and saleable products (MgO and talc). The test work completed to-date indicates that the magnesium oxide and talc will both be of exceptional quality, color and purity.
Globex is truly fortunate to have such a large, strategically located North American deposit near transport systems and skilled labor in a mining friendly environment. We are enthusiastic about what we have achieved to-date and are moving forward quickly with additional test work with an eye toward becoming the largest supplier of high purity magnesium compounds and talc to North America and Europe.
