Page 38 By Gregory Reynolds In addition to continuing work on its talcmagnesite project in the City of T immins Globex Mining Enterprises Inc is seeking funds from both indus try partners or private wealth funds interested in fnancing the venture to production It says it is in initial due diligence dis cussions with several such groups Globex has a diversifed North Amer ican portfolio of midstage explora tion and development properties con taining Precious Metals gold silver platinum pall adium Base Metals copper zinc lead nickel Specialty Metals manganese iron molybde num rare earth s and Industrial Min erals and Compounds talc magne sium oxide lithium uranium mica 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 Its portfolio holds over 75 gold prop erties more than 30 former produc ers 32 project s in base met als rare earths industrial minerals and spe ciality metals On the T immi ns project Globex has completed 51 infll and zone exten sion drill holes The drilling was undertaken in order to defne mineral variability within the deposit and to provide material for additional metallur gical mineral ogical and assay test work Globex also has begun making plas tic samples for comparison with the products produced by other talc op erators Globex has paid the required fees and submitted an application for a lease of the site under the Ontario Mining Act A lease grants its owner title and ownership to the land permits the extracting and sale of extra cted re sources and removes the requirement to perform yearly assessment work T o maintain a lease rent must be paid annually A lease expires every 21 years unless it is renewed Source Ontario Government Jack Stoch president and CEO said Globex is very pleased to have reached this major milestone and is working dilige ntly toward completing work to acquire all other permits re quired in order to advance the project in an expeditious manner Globex has also been improving the production scenario as outlined in the Preliminar y Economic Assess ment published on April 12 2012 and available both on our website and on Sedar Several modifcation s have been developed which will positively impact the fnal capital cost and in crease proftability On Dec 31 2012 the T immi ns prop erty consisted of 29 mining claims totalling 57 claim units and covering approximately 912 hectares in Ad ams and Deloro T ownships The property also includes approxi mately 551 hectares of severed or surfacerightsonly mining patents all of which are located in the south half of Deloro Porcupine Mining District 13 km southeast of the cen tre of T immins The mineral rights are held 100 by Globex and certain claims in Deloro are in the process of being taken to lease Globex acquired the original 19 claims in Deloro by purchase in 2000 and staked or bought outright the remaining mining claims since that time Project ownership is shared with joint venture partner Drinkard Metalox Inc DMI who holds 10 of the project while Globex holds 90 V ehicular access to the claim group is provided by road in T imm ins via Pine Street South and subsequently Naybob Road to kilometre post 10 The Mountjoy River Road is fol lowed eastward from there for 3km to the W ishbone power line and then northward for 3km along a series of seasonal trails to the centre of the property W ork in the 1940s by Porcupine Southgate ML included the comple tion of 29 diamond drill holes total ing 8108 metr es of diamond drilling which focused on gold exploration Subsequently in 1962 Canadian Mag nesite Mines Ltd carried out surface sampling and 1209 metres of dia mond drilling in 8 holes in an ef fort to delin eate a resource of refractory magnesia mineralization In 1974 Canadian Magnesite prepared a posi tive preliminary feasibility study on the property with a proposed produc tion rate of 50000 tpy for the MgO and 16400 tpy for the talc The property then went through sev eral owners and options Globex actively seeking fnancing for T immins talcmagnesite pr oject