Globex Signs LOI to Acquire Properties from Richmont Mines

Globex Mining Enterprises Inc. (TSX:GMX) announced that it’s signed a binding letter of intent (LOI) to acquire the Francoeur and Arntfield mines from Richmont Mines Inc. (TSX:RIC,NYSE:RIC). Globex will also acquire “a large package of mining concessions, mining leases and claims in Beauchastel and Dasserat Townships.”
As quoted in the press release:

The purchase includes a modern office building, headframe and hoist, core facility, machine shop and sundry equipment. A mineral resource (Measured and Indicated 320,000 t @ 6.47 gpt Au (66,600 oz Au) and Inferred 18,000 t @ 7.17 gpt Au (4,150 oz Au)) has been identified by Richmont in the West Zone of the Francoeur mine using a cut‐off grade of 4.3 gpt Au and a gold price of CDN $1,300 (approx. USD $965) (Richmont Web Page Disclosure ‐ Mineral Reserve & Resource Table as of December 31, 2015). This resource has not been reviewed by a qualified person for Globex under National Instrument 43‐101 and is considered by Globex as an historical estimate. The resource remains open at depth and is accessible by shaft and underground ramp. The Northern Miner (1991‐09‐23) reported a historic resource of 633,086 tonnes grading 4.84 gpt Au (98,512 oz Au) on the adjoining Arntfield Gold Mine property (Source: sigeom.mines.gouv.qc.ca). Closing of the transaction is conditional upon approval by the Ministère de l’Énergie et des Ressources naturelles (MERN) of the transfer of liability for the Closure of the Francoeur mine.

Click here to read the full Globex Mining Enterprises Inc. (TSX:GMX) press release.