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Globex Mining Unveils 2011 Results From Mooseland, Updated Resource Expected

Globex Mining Enterprises (TSE:GMX) (OTCQX:GLBXF) unveiled Tuesday the most recent drill results from NSGold Corp's (CVE:NSX) 2011 drill program on Globex's Mooseland royalty property in Nova Scotia.

Yesterday, NSGold separately announced the results of the final six drill holes, with notable assays including 22.9 grams per tonne (g/t) of gold over 1.0 metre in hole NSG-36-11.

Other signficant results from the same hole included 15.4 g/t gold over 1.0 metre and 16.7 g/t gold over 0.8 metres, as well as 10.8 g/t gold over 0.6 metres in hole NSG-41-11.

In addition, hole NSG-38-11 hit 1.0 metre at 7.4 g/t gold and 8.84 g/t gold over 0.5 metres.

Globex said the results are typical of the distribution of erratic free gold in Meguma quartz vein systems.

The 2011 drill program results will be included into a new resource estimate, to be completed by MineTech International.

In June 2011, MineTech estimated an inferred gold resource of 2.5 million tonnes grading 4.9 g/t gold for 390,000 troy ounces of gold.

Globex maintains a four percent gross metal royalty on all production from the Mooseland gold property and has the right to receive five percent of NSGold shares once production has started.