Major Cash Payment Received for Duquesne West Project Advancements
Significant Financial Milestone for Duquesne West Project
Globex Mining Enterprises Inc. (TSX: GMX, Other OTC: GLBXF) is thrilled to announce a major financial achievement as Emperor Metals Inc. has remitted a substantial cash payment of $500,000 to Duparquet Assets Ltd. This payment marks the second-year cash portion of the Duquesne West option and reflects the positive momentum the project is gaining.
Details of the Payment Structure
As part of the agreement, the share payment tied to the second anniversary of the option will be calculated based on the 20-day volume-weighted average price (VWAP) leading up to the anniversary date, expected in January 2025. This structured approach to payment showcases the confidence in the project’s potential.
Ongoing Resource Development Activities
Emperor Metals has been active in the field, conducting extensive drilling and detailed assays of both new and historical drill core samples. The primary aim of these efforts is to delineate a potential open-pittable resource in the Duquesne West area, enhancing the project’s viability and attractiveness to investors.
About Duparquet Assets Ltd.
Duparquet Assets Ltd. is a private company equally co-owned by Globex and Jack Stoch Geoconsultants Ltd. Noteworthy is that the interest of Geoconsultants in this property extends back prior to Jack Stoch's association with Globex, signifying a long-term commitment to exploring and developing this lucrative asset.
Leadership Insights
This announcement comes with insights from Jack Stoch, P.Geo., who serves as the President and CEO of Globex. His qualifications as a Qualified Person under NI 43-101 demonstrate the company's commitment to transparency and regulatory compliance in all activities.
Company Commitment to Safety and Transparency
Globex Mining Enterprises Inc. is committed to operating safely and responsibly. The company emphasizes the importance of transparent communication and investor assurances, illustrating a strong commitment to shareholders.
Contact Information for Inquiries
For further inquiries, investors and interested parties can reach out to:
Jack Stoch, P.Geo., President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
Email: info@globexmining.com
Website: www.globexmining.com
Frequently Asked Questions
What is the significance of the $500,000 payment?
The $500,000 payment represents a crucial cash infusion that supports continued development and exploration of the Duquesne West project.
Who are the stakeholders involved in Duparquet Assets Ltd.?
Duparquet Assets Ltd. is co-owned by Globex and Jack Stoch Geoconsultants Ltd., reflecting a collaborative approach to resource development.
What steps is Emperor Metals taking in the project?
Emperor Metals is engaged in extensive drilling and assessments to define a potential open-pittable resource on the Duquesne West property.
How does the share payment work for the anniversary option?
The share payment is determined by the 20-day volume-weighted average price (VWAP) before the anniversary date, providing a fair valuation based on market performance.
How can investors stay updated on Globex Mining?
Investors can stay informed by visiting the company’s official website or contacting their headquarters directly for the latest updates.
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