Globex Mining releases series of positive news developments at royalty properties

Globex Mining Enterprises (TSE:GMX) (OTC:GLBXF) reported Wednesday a number of positive developments at properties in which it holds royalties. 

The first is Selwyn Resources' (CVE:SWN) ScoZinc Mine in Nova Scotia, where Globex maintains a 1% gross metal royalty on of the deposits. 

Selwyn released yesterday a preliminary economic assessment for the mine, which indicated potential for a seven-plus year operation beginning in the second quarter of 2012. 

According to the PEA, the project, under a 2,500 tonnes per day processing plan using standard flotation methods, is forecast to produce an average just shy of 30,000 tonnes of zinc metal in concentrate and 13,500 tonnes of lead in concentrates in each of the first three years. 

Production will hail from three conventional pits to be mined sequentially - Main, Northeast and Getty - the latter being the deposit in which Globex holds its royalty. In March, Getty was estimated to have a measured and indicated resource of 4.36 million tonnes grading 1.87% zinc and 1.44% lead, and an inferred resource of 960,000 tonnes grading 1.73% zinc and 1.59% lead, at a cutoff of 2% zinc equivalent. 

"Globex is pleased with the progress made by Selwyn to date and looks forward to the realization of a revenue stream from mining and processing of the Getty Deposit," said the company in a statement on Wednesday. 

In other news, Globex praised "good drill results" from Richmont Mines' (TSE:RIC) Wasamac property, which directly adjoins the five claims that Richmont optioned from Globex in Beauchastel Township, Quebec.  

Richmont further announced that it is "also drilling on the adjacent Globex land package" and "will release results from the exploration drilling once they have been obtained".

Meanwhile, Typhoon Exploration (CVE:TYP) announced additional drill results on the Fayolle property near Rouyn-Noranda, Quebec, where Globex holds a 2% net smelter royalty.  Assays of up to 14.9 grams per tonne (g/t) of gold over 30 metres were reported.

Finally, Plato Gold (CVE:PGC) just said today that it has completed an additional 17 hole, 8,754 metre drill program at its Nordeau East property, which was optioned by Globex to Plato. The drilling outlined 5 discontinuous gold-bearing iron formations, with values of up to 12.28 g/t gold over 6.5 metres.