GMX Options Bell MountainGlobex options Bell Mountain to Platte River
2004-06-28 10:08 ET - News Release
Mr. Jack Stoch reports
GLOBEX OPTIONS BELL MOUNTAIN NEVADA PROPERTY
Globex Mining Enterprises Inc.'s wholly owned subsidiary, Globex Nevada, has signed an option agreement with Platte River Gold (U.S.), a private United States corporation, under which Platte River Gold may earn a 100-per-cent interest in Globex's Bell Mountain property in Nevada, subject to the following terms.
Under the agreement Platte River must pay Globex $1,185,000 (U.S.) over four years, issue 110,000 shares and perform at least $1.65-million (U.S.) in exploration on the claims.
Globex will retain a 2-per-cent net smelter royalty on all production, an additional 1-per-cent net smelter royalty on the first 75,000 ounces of gold and one million ounces of silver produced from any open-pit mining. Platte River Gold will have the right to purchase 0.5-per-cent net smelter royalty from Globex for $200,000 (U.S.) at any time.
Platte River Gold intends to do a minimum of 4,000 feet of drilling on the gold zone in the first year. The Bell Mountain gold zone has a historical, non-43-101-conformable, low-grade gold and silver resource. The mineralized zone is open pittable and heap leachable. The most recent drilling completed in 1996 by ECU Gold Mining returned intersections of up to 25 metres grading 1.76 grams per tonne (g/t) Au and 20.25 g/t Ag.