Mar. 18, 2011 - Globex Mining said Wednesday that it has hired two independent companies to complete a pre-feasibility study (PFS) on its talc-magnesite project in Timmins, Ontario.
The NI 43-101 compliant study, which is due to be released in September, will evaluate the costs and economics of an open pit mine and a processing facility to produce magnesium and talc products.
To date, Globex has undertaken metallurgical tests, a pilot plant study and internal scoping study on the property. Diamond drilling at the site also outlined a large body of talc-magnesite mineralization, according to the company.
The company said it has already begun discussions with parties required for the permitting of the property for production.
The Timmins project was acquired by Globex in 2000, who now holds a 90% stake, with the remainder held by Drinkard Metalox. The property is situated in the south half of Deloro Township, Porcupine Mining District, 13 kilometres southeast of Timmins.
Globex shares rose more than 3.8% on Wednesday to trade at $2.45 as of 12:15pm EST.
