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Talc-magnesite project proposed for Timmins

Globex Mining Enterprises Inc.has announced the completion of a National Instrument 43-101 preliminary economic assessment (PEA) for its Talc-Magnesite project located 13 kilometres south of Timmins.The results of the PEA support the completion of a feasibility study and a program of infill drilling to upgrade the known resource to reserve status. The PEA was completed in collaboration with Jacobs Minerals Canada Inc. and Micon International.Jacobs’ engineering study outlines the flow sheet for the production of high quality talc and magnesia, including equipment data sheets and estimates for consumables such as electricity, gas, labour, and parts and supplies. The objective was to establish the overall capital and operating costs of a 500,000 tonne per year plant to produce high brightness talc and magnesium oxide (magnesia).The optimized open pit shell contains a mineral resource sufficient to support a 60-year mine life. However, the PEA considers only the first 20 years of this period.The indicated resource is 12.7 million tonnes averaging 52.1% magnesite and 35.4% talc. Inferred resources are 18.8 million tonnes grading 53.1% magnesite and 31.7%.The project is expected to generate approximately $2.58 billion in gross revenue over an initial 20-year period with an after tax, internal rate of return of approximately 20 per cent. Capital costs for the facility are projected at $268 million.

Globex has now turned its attention to raising the initial $50 million required to construct a talc demonstration plant to provide talc for testing by potential consumers, as well as to complete permitting, infill drilling, the preliminary feasibility study and all other work proposed in the PEA.

Globex claims the project has the potential to become a premier, long-term Canadian-based provider of high-quality talc and magnesia to North American markets.

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