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  • Globex Mining (GMX) has optioned the company’s Eagle Northwest, Gagné and Valrennes claim packages
  • The 191 claims total approximately 50 square kilometres in the Joutel Mining Camp of Northwestern Quebec
  • The Vancouver mineral exploration company optioned the properties to Toronto-based Orford Mining Corporation
  • The cash-and-stock deal for a 100-per-cent interest in the properties is worth approximately $1,650,000
  • Globex Mining is down 3.96 per cent, trading at $0.97 at 1:13 pm EST

Globex Mining (GMX) has optioned the company’s Eagle Northwest, Gagné and Valrennes claim packages.

The 191 claims total approximately 50 square kilometres in the Joutel Mining Camp of Northwestern Quebec.

The Vancouver mineral exploration company optioned the properties to Toronto-based Orford Mining Corporation.

The cash-and-stock deal for a 100-per-cent interest in the properties is worth approximately $1,650,000.

Orford Mining must also spend $2,775,000 in exploration expenditures on the properties, including a non-negotiable $525-thousand in the first 24 months.

Globex will retain a 3.5-per-cent Gross Metal Royalty (GMR). Orford maintains the right to purchase 1.5 per cent of the GMR for a cash payment of $2,000,000.

The Eagle Northwest property does show a historical gold zone open to depth, along with a number of other areas of gold mineralization intersected in previous drilling.

Globex Mining is down 3.96 per cent, trading at $0.97 at 1:13 pm EST.

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