Globex Completes Agreement with Renforth on Parbec Gold Property
ROUYN-NORANDA, Quebec, March 19, 2019 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that it has agreed to waiver the remaining work requirement by Renforth Resources Inc. (CSE-RFR) on Globex’s Parbec Gold property, allowing Renforth to gain 100% interest in the property package located on the Cadillac Fault, west of the Canadian Malartic Mine, in Quebec.
The property, per an announcement made by Renforth on September 25th, 2018, hosts an inferred resource of 9,659,636 tonnes, grading 2.33 g/t Au for 656,875 contained ounces Au and, an indicated resource of 368,105 tonnes grading 3.47 g/t Au for an additional 37,224 oz Au (NI 43-101 Report available in Renforth’s Sedar filing dated November 8, 2018).
In consideration for wavering the remaining work requirement, Renforth agreed to the following:
- The previous Gross Metal Royalty (GMR) which varied between 1% and 2% GMR dependent upon the gold price will henceforth be a stable 3% GMR;
- Renforth shall issue to Globex five million (5,000,000) Renforth shares;
- Should Renforth consolidate its shares within four (4) years, an additional one and one half million (1,500,000) post consolidated Renforth shares will be issued to Globex;
- Upon the commencement of mining and the transport of the first ore for milling, a one-time payment of one million dollars ($1,000,000) will be made to Globex subject to inflation and the deduction of any fifty thousand dollar ($50,000) per year advance royalties received by Globex that may commence eight (8) years from the date of signing of the original option agreement.
Globex has agreed to give Renforth a one-time first right of refusal to purchase Globex’s GMR should Globex decide at anytime to sell all or part of its GMR.
Globex is pleased to undertake this agreement in order to facilitate Renforth’s growth.
This press release was written by Jack Stoch, 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
|For further information, contact:|
|Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
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.
51,803,577 shares issued and outstanding