Message #4 From:
Jason Date: June 19, 2008 08:13:52 PM
GLBXF Stock: Uranium, Gold and Rare Earths Discovered on Globex's Hunters Point Property and Nearby Claims
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(FRANKFURT,
STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX: GLBXF STOCK) is pleased to
update shareholders, as regards work from the 2007 Summer season on
Globex's 100% owned Hunters Point property.
Work undertaken by Noront Resources Ltd. on Globex's Hunters Point
Property in 2007, while the property was under option to them, included
ground geophysics (scintillometer and Beep Mat surveys) and geological
follow-up. While many first priority targets were not tested as they
were not accessible by all terrain vehicle or boat, a number of target
areas were sampled.
Please refer to the legend at the end of this press release for term definitions.
A new showing area termed the Coconut Club was discovered which
returned significant values for uranium, gold, silver, lanthanum,
cerium and yttrium. Surface samples assayed up to 864 ppm U, 7.94 g/t
Au, 33.1 g/t Ag, greater than 10,000 ppm REE (La + Ce), the upper limit
of the assay method, and greater than 500 ppm Y. This showing is part
of a long radiometric anomaly which extends over a length of at least
2.5 km both north and south of the showing and connects to the south
with Aurizon Mines Snake North showing (see Aurizon's press release
date November 8, 2007) which assayed up to 0.20% U308, 0.09% LREE,
0.30% HREE and 0.67% Yttrium. Much of the radiometric anomaly on
Globex's property is overburden covered and requires additional
detailed follow-up.
Close by but also to the South of Globex's Coconut showing, Aurizon
recently announced the discovery of the Snake South showing with up to
7.89% LREE (light rare earth elements), 0.40% HREE (heavy rare earth
elements) and 0.35% yttrium and the Snake Center showing with values of
up to 0.32% U308, 0.16% LREE, 0.73% HREE and 1.98% Y.
The discovery of these showings, over a strike length of some 2
kilometers in the same geological package as the Coconut Club showing
and Globex's largely untested 2.5 km long radiometric anomaly, bodes
well of the potential of the area for uranium, rare earths and precious
metals.
At the original Hunters Point showing on the opposite side of a
large regional fold or basinal structure, rock samples collected by
Noront assayed up to 1.96 g/t Au and 5.22 g/t Au while uranium assays
on individual samples ran 0.11% U, 0.12% U, 0.12% U, 0.16% U, 0.20% U,
0.23% U, 0.46% U and 0.70% U in a rock package believed to be the same
as that enclosing the Coconut Club and other newly discovered showings.
Much of the work on Globex's property was performed by the
consulting firm InnovExplo under Mr. B. Allou, Ph.D., P. Geo. and Mr.
Donald Trudel, B.Sc., P.Geo. and with the input of Mr. A. Carrier,
M.Sc., P. Geo. In their report dated January 18, 2008, Allou and
Carrier state "Two types of uranium deposits are recognized on the
property: the syngenetic type (in highly metamorphosed sedimentary
rocks) and the epigenetic (?) type (pegmatite related). In both cases,
high grade values are reported with a generally good association of
uranium with many other ore elements (Au, Ag, REE Th, Y, Nb, etc.)
justifying a good economic potential of the property".
The Globex property has been increased in size such that it now
covers an area of over 26,000 hectares much of which remains
unexplored. Historically, uranium surface samples assaying up to 7%
U308 and over 1 oz/t Au have been received from select surface samples
with the highest assays being obtained at the Hunters Point showing on
the west side of the large regional fold (or basinal structure), while
the Coconut showing and Aurizon's Snake showings are on the east side
of the fold structure. Clearly more exploration is required both for
uranium and gold as well as for the various rare earth elements.
The work by Noront, our previous option partner and Aurizon on
adjoining claims, has advanced the understanding and potential of the
area in particular the over 26,000 hectares of mineral claims owned
outright by Globex.
LEGEND
Ag: Silver
Au: Gold
REE: Rare Earth Elements (17 elements of the periodic table including scandium (Sc) and yttrium (Y)).
LREE: Light rare earth elements include lanthanum (La), cerium (Ce), praseodymium (Pr) and neodymium (Nd).
HREE: Heavy rare earth elements include promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu).
U: Elemental Uranium
U308: Uranium Oxide
Y: Yttrium
Radiometrics: A measure of the natural radiation in the earth's surface. Measures the spatial distribution of 3 radioactive elements; potassium (K), thorium (Th) and uranium (U).
This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b) CUSIP Number 379900 10 3
Forward Looking Statements: Except for historical information
this News Release may contain certain "forward looking statements".
These statements may involve a number of known and unknown risks and
uncertainties and other factors that may cause the actual results,
level of activity and performance to be materially different from the
Company's expectations and projections.
