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Globe Metals & Mining to kick off 2011 exploration at Salambidwe REE Project in Malawi

Jul. 12, 2011 7:49 PM ET
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Globe Metals & Mining (ASX: GBE) will commence the 2011 exploration program this quarter at its Salambidwe rare earth elements (REE) Project in southern Malawi.

As Salambidwe is a virgin rare earth prospect, the program will target the confirmation and potential extension of broad mineralisation encountered in the 2010 rock chip and soil sampling program.

Further significant soil, rockchip and auger exploration activities will commence in September and Globe will also complete a crater-wide ground radiometric survey and regional geological mapping program.

These methods should prove effective in identifying areas with REE mineralisation potential. In conjunction with rockchip sampling and geological mapping, target areas for further exploration will be identified.

Results from the 2010 rock chip exploration program include 2.05% total rare earth oxides (TREO) including 214 parts per million (ppm) dysprosium (Dy2O3) and 0.43% TREO, 7,924ppm niobium (Nb2O5), 153ppm tantalum 2O5 and 2.75% zirconium (ZrO2).

Globe's main focus is the multi-commodity Kanyika Niobium Project in Malawi, which will commence production of ferro-niobium in 2014, a key additive in sophisticated steels.

Globe also has a number of other projects at an earlier stage of development such as its joint venture Machinga Rare Earth Project in southern Malawi where it is earning up to an 80% interest, and sees significant potential for an economic REE deposit.

The company recently completed A$48 million placement to fund exploration and is cashed up with A$45 million, as of May 2011, enabling the company to realise the projects' potential.

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