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Globex Mining Enterprises Inc. informed shareholders that Laurion Mineral Exploration Inc. has released a new NI 43‐101 Mineral Resource Estimate on the Bell Mountain, Nevada property optioned from Globex.
According to Laurion’s press release of April 6, 2011, the resource estimate highlights are the following: Measured and Indicated Resource of 9,761,000 tonnes grading 0.526 g/t gold and 17.63 g/t silver hosting 165,018 ounces of gold and 5,533,907 ounces of silver. Inferred Resource of 2,046,000 tonnes grading 0.449 g/t gold and 13.26 g/t silver hosting 29,550 ounces of gold and 872,411 ounces of silver. The resource estimate was prepared by Telesto Nevada Inc. of Reno, Nevada in accordance with Canadian National Instrument 43‐101 requirements. The new resource estimate is a significant increase both in tonnes and number of ounces of gold and silver over the previous historical resource of 2.1 million tonnes at 1.33 g/t gold and 33.55 g/t silver. Globex announced the option of the Bell Mountain property in a press release dated June 29, 2010 in an agreement in which Laurion may earn 100% interest in the property in exchange for 3.7 million Laurion shares, $40,000 cash and a minimum of $3 million in exploration and/or development expenditures. Globex retains a sliding scale Gross Metal Royalty which, at a price of over $1,200 per ounce of gold, is equal to 3 percent of the gold and silver that may be produced. The agreement also applies to any lands within 7.5 km from the outside boundary of the original 145 claim block. Laurion’s contemplates “a conventional low cost open pit mining method with heap leach configuration” and has a primary goal “to successfully advance the project to production in the short to medium term”. |
