Globex Mining Enterprises Inc. announced that it has signed an Option Agreement with Titan Iron Ore Corp wherein Titan may earn 100% interest in a Globex, Labrador trough area iron exploration property in Northern Quebec.

The property consists of 200 claims totalling approximately 9,160 ha (22,635 acres) and covers a 32 kilometre (19.9 miles) long magnetic anomaly which coincides with known showings of magnetite, an ore of iron.

The agreement has a 90 day due diligence provision which Titan has obtained in consideration of a non refundable cash payment of $40,000.

The total transaction, if exercised and documented with an Asset Purchase Agreement, requires cash payment totalling $4 million over 5.5 years and the issuance to Globex of six million Titan shares by January 12, 2012. Globex retains a 3% Gross Metal Royalty and starting in year six will receive annual advance royalty payments of $100,000.

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