- Globex (GMX) has optioned the Duquesne West/Ottoman Gold Project in Quebec to Emperor Metals
- Option terms include cash payments of C$10 million, issuance of 15 million shares and work expenditures of $12 million
- An NI 43-101 resource estimate (2011) indicates an inferred resource of 853,000 ounces gold
- Globex Mining Enterprises is engaged in the acquisition, development and exploration of mineral properties in North America
- Globex (GMX) closed up by 5.56 per cent, trading at $0.76 per share
Globex (GMX) has optioned the Duquesne West/Ottoman Gold Project to Emperor Metals.
Duquesne West/Ottoman is located in Duparquet Township, Quebec.
Option terms:
- Cash payments of C$10 million over five years
- Issuance of 15 million shares over five years at a minimum price of $0.20 per share
- Work expenditures of $12 million over five years, including an NI 43-101 resource estimate. Should the estimate indicate gold or gold-equivalent resources in all categories of at least one million troy ounces, Emperor will issue 2.5 million shares to Duparquet Assets (50 per cent owned by Globex)
Should the shares fall below $0.20 on the anniversary date, Emperor shall, within five business days, issue Duparquet Assets such number of Emperor shares equal to the following values:
- Upon TSX acceptance of the agreement: 1,500,000 shares or $300,000 deemed value
- First anniversary: 1,500,000 shares or $300,000 deemed value
- Second anniversary: 1,500,000 shares or $300,000 deemed value
- Third anniversary: 3,000,000 shares or $600,000 deemed value
- Fourth anniversary: 3,500,000 shares or $700,000 deemed value
- Fifth anniversary: 4,000,000 shares or $800,000 deemed value
Duparquet Assets shall retain a 3-per-cent gross metals royalty, 1 per cent of which Emperor may purchase for $1 million.
Duquesne West/Ottoman consists of 38 cells over 1,389 hectares straddling the gold localizing Porcupine-Destor Break. An NI 43-101 resource estimate (2011) indicates an inferred resource as follows:
Tonnes | Gold (g/t) (capped) | Contained gold (oz) (capped) | Gold (g/t) (uncapped) | Contained gold (oz) (uncapped) |
| 4,171,000 | 5.42 | 727,000 | 6.36 | 853,000 |
Globex Mining Enterprises is engaged in the acquisition, development and exploration of mineral properties in North America.
Globex (GMX) closed up by 5.56 per cent, trading at $0.76 per share.