Sunset may acquire 100% interest in the property subject to a 3% Gross Metal Royalty by, over a two year period, making $200,000 in cash payments ($100,000 received), issuing 4,000,000 post consolidated shares (2,000,000 obligatory), undertaking an aggregate of at least $1,000,000 in exploration expenditures and delivering a Preliminary Economic Assessment to Globex on or before the fourth anniversary of the Option Agreement.
The Houlton Woodstock Manganese Property includes the historical Moody Hill, Sharp Farm, Iron Ore Hill and Maple Hill manganese-iron zones. In July 1953, K.O.J. Sidwell, in a report titled “Preliminary Report on the National Management Limited Property at Woodstock, NB” reported, based upon limited diamond drilling and a gravity survey manganese iron, resources of 25 million tons at Iron Ore Hill, 10 million tons at Moody Hill and 8 million tons at Sharp Farm. Refer to Globex’s August 31, 2010 press release for details. (The resources cited above are historical, are not a current mineral resource or reserve under NI 43-101 regulations, are not being considered by Globex as current resources or reserves, have not been reviewed by a Globex geologist and should not be relied upon.)
A significant drill campaign will be undertaken to outline the historical mineralized zones and delimit potential resources.
Manganese is essential in the production of stainless steel and as an alloying agent with aluminium but it has many other uses including in new alkaline batteries and rapidly developing lithium ion manganese batteries where MnO2 acts as the primary cathode material. This developing technology is promising as the magnesium-oxide components are abundant, non-toxic and provide better thermal stability.
The New Brunswick Department of Natural Resources has reviewed the proposed initial exploration program planned for this summer and has allocated a $40,000 matching grant to support the exploration.
Globex looks forward to the start of exploration on the property.
This press release was prepared and written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9
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 sedar.com
46,122,706 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.