Aug 28 2014
GLOBEX MINING ENTERPRISES INC. is pleased to announce that it has acquired 100% interest in the Santa Anna gold deposit located in La Reine Township, Quebec near the town of La Sarre.
The Santa Anna gold deposit is made up of multiple gold bearing quartz veins within the Manley granitic stock. Much historical work including detailed drilling, stripping, trenching and bulk sampling has outlined a historical, non NI 43-101 resource of 1,278,532 tonnes grading 2.97 g/t Au (122,098 ounces) including 356,721 tonnes of which was considered open pittable, with a grade of 2.42 g/t Au (27,764 ounces) (Source: NI 43-101 Technical Evaluation Report, Santa Anna Project, La Reine Township, Quebec by Pierre O'Dowd, P. Geo., May 2008, for Vantex Resources Limited, GM 63742, referencing work by AltaVista Mines in 1998). Note: Historical resources predate NI 43-101 regulations and should not be relied upon to conform to current NI 43-101 regulations.
A series of bulk tests by AltaVista and others have demonstrated gold recoveries of up to 95.3% utilizing standard recovery methods. The gold zone is easily accessible by an all season road which traverses the property.
Two separate transactions were completed in order to acquire the property. A total of 450,000 shares and 150,000 share purchase warrants were paid to two vendors. The shares are subject to a 4 month hold period, the warrants are exercisable for Globex shares at a price of $0.45 per share for a period of two years.
Additional claims were staked by Globex in 2013, covering all the potential, gold localizing, Manley granite stock not covered by the current claim purchases.
The total cost of the purchases (excluding warrants) is approximately $112,500 equivalent to a purchase price of less than $1.00 per historic ounce of gold in the ground. Bulk sampling and assaying have also indicated a silver content of over one half ounce per tonne.
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.
Source: http://www.globexmining.com/