Globetech Ventures Corp.

Globetech Ventures Corp.

March 03, 2005 13:44 ET

Globetech Options Molybdenum Property in British Columbia


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GLOBETECH VENTURES CORP.

OTC Bulletin Board SYMBOL: GTVCF

MARCH 3, 2005 - 13:44 ET

Globetech Options Molybdenum Property in British
Columbia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Globetech
Ventures Corp. (the "Company") (OTCBB:GTVCF) wishes to announce that the
Company has entered into an option agreement whereby the Company can
earn a 100% interest in the Gladys Lake porphyry molybdenum property
from Mr. John Peter Ross of Whitehorse, Yukon. The Gladys Lake property
is situated in northwestern British Columbia approximately 50 km
northeast of Atlin and 15 km north of the Adanac molybdenum deposit
presently undergoing final engineering studies and permitting.

In order to earn a 100% interest, the Company is required to pay a total
of $95,000, in ascending payments over a period of four years. The
agreement also calls for the issuing of 400,000 shares of Globetech over
this same period. After the four-year period, the Company agrees to pay
an annual advance royalty of $25,000 commencing February 28, 2010. On
completion of a bankable feasibility, the Company will issue to the
vendor a further 400,000 shares of Globetech. The vendor will retain a
3% Net Smelter Return Royalty, 2% of which can be purchased by the
Company on a pro-rata basis for the sum of $2,000,000 at any time within
five years of commencement of commercial production. The foregoing is
subject to regulatory approval. The qualified person as defined by NI
43-101 for this news release is John Kowalchuk, P.Geo. Exploration
Manager.

The Gladys Lake molybdenite deposit lies about 2 to 3 kilometres south
of the west end of Gladys Lake approximately 50 kilometres northeast of
the town of Atlin, British Columbia. The deposit received extensive work
by Amax Explorations Ltd. in 1970 and 1971 when geological and
geochemical surveys, trenching and 726 metres of diamond drilling were
completed. The drill results were not documented for assessment work. In
1978, Quest Explorations Ltd. recovered the drill core, logged and
assayed the core. The results are shown in the table below.

The property is underlain by a sequence of sediments of the Late
Paleozoic Cache Creek Group. These rocks are intruded by small bodies of
Late Mesozoic alaskite. The alaskite consists of a ring-dyke complex
exposed at higher elevations and a probable large stock-like body at
depth. Roughly centered about the alaskite is a quartz vein stockwork
zone lying within a larger zone of weakly to intensely altered rocks.
The alaskite complex has an outer diameter ranging from 500 m (1600
feet) to 700 m (2300 feet).

The hornfelsed and altered zones are both roughly centered about the
alaskite outcrop. The hornfels measures approximately 3500 m (11,500
feet) and 2000 m (6,600 feet) respectively. The wallrock alteration zone
lies within the hornfelsed zone and has an elliptical shape with the
long axis being approximately 2500 m (8200 feet) and the short axis
being 1500 m (5000 feet). The wallrock alteration zone is characterized
by pervasive weak to intense degrees of bleaching and silicification
with attendant development of sericite occurring along fractures and
disseminated along margins of quartz veins.

Quartz veining occurs widespread throughout the alteration zone with
sedimentary rocks and alaskite. Veins commonly range from 1/8 in to 3/4
in wide and are relatively continuous and sharp walled. The quartz vein
stockwork zone is roughly centered about the alaskite ring dyke complex.

Sulphide minerals recognized on the property include pyrite,
molybdenite, chalcopyrite and pyrrhotite. Very minor amounts of
scheelite and wolframite have been observed Molybdenite occurs as medium
grained flakes, books and rosettes along margins of quartz veins within
the stockwork zone and in most of the stringer zones. Also fine grained
molybdenite occurs along dry fractures within the stockwork zone.

The geochemistry survey completed by AMAX in 1970 produced an anomalous
target 1200 m (4000 feet) by 800 m (2700 feet). This soil geochemical
anomaly outlines the trace of the main molybdenum mineralization in the
quartz stockwork zone.

Surface rock sampling from outcrop and trenching gave range from 0.02%
to 0.05% MoS2. Core sampling, supervised by R.H. Seraphim, Ph.D., P.Eng.
in 1978, gave the following values:



Hole 1 220' to 401' 181' 0.110% MoS2.
Hole 2 200' to 586' 386' 0.089% MoS2
Hole 3 72' to 175' 103' 0.051% MoS2
332' to 490' 158' 0.022% MoS2
Hole 4 not sampled
Hole 5 520' to 556' 36' 0.087% MoS2


These drill hole assays are historical data and have not been verified
by the Company's qualified person and are not 43-101 compliant. They
were obtained from the assessment records held by the Government of
British Columbia and the reputation of the Geologist R. H. Seraphim
would suggest that it is reliable, however because it was not completed
under the rigors of NI 43-101 it must only be viewed as historical data.
The Company will be contracting an independent Qualified Person to visit
the property and prepare a NI 43-101 report on the project.

The Gladys Lake property hosts a molybdenum deposit similar in tenor and
size to the Adanac Deposit to the south. The property has an excellent
anomalous soil footprint and weakly mineralized surface showings of
molybdenite. Limited diamond drilling suggests that the grade of the
mineralization is similar to that at Adanac with grades ranging from
0.05 to 0.1% MoS2.

Molybdenum is a metallic element which is most frequently used as an
alloying addition in stainless steels. It enhances the strength,
hardenability, weldability, toughness and corrosion resistance. After
more than 20 years of low molybdenum prices, molybdenum has finally come
into its own with present prices moving from US$4.00 per pound Mo in
2003 to US$20 per pound Mo to US$30 per pound Mo in early 2005. Much of
this price rise is related to increases in markets and shortage of
supply. China, which has a huge shortage of supply, has been the major
cause of this meteoric rise in price. Regardless of the recent very high
prices; low metal stockpiles and extensive international pipeline
construction projects are likely to keep long term prices for molybdenum
above US$10 per pound Mo.

ON BEHALF OF THE BOARD

Casey Forward, Director

Forward-Looking Statement

This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company filings with U.S.
securities regulatory authorities.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Globetech Ventures Corp.
    Casey Forward
    Director
    (604) 682-8439