ROUYN-NORANDA, QUEBEC--(Marketwired - Oct. 30, 2013) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that it has acquired 100% interest in 8 claims totalling 464 hectares (1,146 acres) covering an area of ilmenite mineralization in the St-Urbain anorthosite massif approximately 100km east of Quebec City, Quebec, Canada.
The property includes an area with massive, granular, black ilmenite which is reported in historical literature as averaging 38.97% Fe and 37.1% TiO2. A grab sample of massive, ilmenite mineralization was recently assayed by Globex at ALS Canada Ltd.'s laboratories in Val D'Or, Quebec and Vancouver, British Columbia providing 33 element analysis by XRF and ICP. The grab sample assayed 59.17% Fe2O3 (34.3% Fe), 38.0% TiO2 and 1,575 ppm V. Impurity content is low with, for example, sulphur and P2O5 at 0.07% and 0.03% respectively.
Please bear in mind that grab samples are selective by nature and the value reported is not representative of an average grade of mineralization that may be on the property.
Titanium dioxide (TiO2) is in high demand by paint and varnish manufacturers as well as the plastics and paper industries to name a few. Currently, TiO2 pigment is priced at US$3,200 to US$3,500 per tonne, bulk, CIF USA (Industrial Minerals, September 2013).
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.
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
|We Seek Safe Harbour.
||Foreign Private Issuer 12g3 - 2(b)
||CUSIP Number 379900 50 9
31,572,277 shares issued and outstanding