Published: March 7, 2016 |

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Globex Mining Enterprises has signed a binding letter of intent with Richmont Mines Inc., where Globex will acquire 100 percent interest in the Francoeur Mine, Arntfield Mine and a large package of mining concessions, mining leases and claims in Beauchastel and Dasserat Townships, west of Rouyn-Noranda, Quebec. The purchase includes a modern office building, headframe and hoist, core facility, machine shop and sundry equipment.

Globex has agreed to pay Richmont a 1.5 percent net smelter royalty (NSR) on a portion of the property which includes Richmont’s former Francoeur mine and Arncoeur property up to a total of $1,300,000 after which the NSR will be reduced to 0.5 percent NSR.

As part of the transaction, Globex will transfer title of 11 claims located in Beauchastel Township adjoining the East boundary of Richmont’s Wasamac gold property to Richmont. These claims will be subject to a 0.5 percent NSR payable to Globex.

Globex has agreed to assume responsibility for $628,175 in mine closure and environmental bonding at the Francoeur mine of which $471,132 was previously deposited with the Quebec government by Richmont. Ownership and management of the bonding including Richmont’s previous contributions will be transferred to Globex. Globex has undertaken to provide the remaining closure funding of $157,043 due in August 2016. MERN must approve the transfer of responsibility for the closure plan to Globex.

In a separate agreement, the remaining $157,043 bonding obligation will be assumed by a third party in exchange for certain rights including a one percent (1 percent) NSR which shall come into effect once Richmont has received $1,300,000 in NSR payments from production. Globex retains the right to purchase the third party 1 percent NSR at any time for $500,000. The third party has agreed to assume one-half of all property carrying costs such as municipal and provincial taxes, assessment work requirements, hydro charges and all other costs related to the properties.

Richmont will also transfer to Globex its comprehensive collection of property data and a large drill core library for the properties.

Globex considers that there remains excellent exploration potential at depth at the Francoeur and Arntfield Mines as well as along the extensions of the gold localizing Francoeur Wasa Shear Zone.

About Globex Mining Enterprises
Globex has a diversified North American portfolio of mid-stage exploration, development and royalty properties containing: precious metals (gold, silver, platinum, palladium), base metals (copper, zinc, lead, nickel), specialty metals and minerals (manganese, titanium oxide,iron, molybdenum, uranium, lithium, rare earths) and industrial minerals and compounds (mica, silica, apatite, talc, magnesite).

Globex explores for its own account and options many of its numerous projects to other companies which pay Globex cash, shares and a royalty and undertake extensive exploration in order to earn an interest in Globex’s projects.

To stop by Globex Mining’s website, CLICK HERE

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