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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Excellon Resources Inc | TSX:EXN | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 5.71% | 0.185 | 0.18 | 0.185 | 0.185 | 0.18 | 0.18 | 39,334 | 20:36:07 |
Recommendations from the Technical Report (Verbatim from Excellon’s press release)
“The author of the Technical Report, Mr. Michael J. Robertson, Pr.Sci.Nat (400005/92); MAusIMM (316078), of the independent consulting firm The MSA Group (Pty) Ltd., has concluded that the Company's proposed work program, outlined below, is appropriate for the Silver City Project. The main components of the program are:
Jorge Ortega, P.Geo., Vice President Exploration, has acted as Excellon’s Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in Excellon’s press release.”
Globex is pleased with the outlined extensive program as proposed by Excellon.
The remaining option terms to be met by Excellon under the agreement are paying C$200,000 and issuing common shares of Excellon with a value equivalent to C$625,000 based on the 5-day volume-weighted average price (VWAP) on or before September 23, 2022; and granting Globex a Gross Metals Royalty on the Bräunsdorf License equal to 3% of precious metals and 2.5% of other metals, which can be reduced to 2% and 1.5%, respectively, with a US$1,500,000 payment.
Excellon has also agreed to make a one-time C$300,000 payment upon the release of a maiden resource on the Bräunsdorf License and a one-time payment of C$700,000 upon the achievement of commercial production from the Bräunsdorf License.
Please refer to Globex’s press release dated September 24, 2019 for the detailed option terms.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 | |
For further information, contact: | |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.comwww.globexmining.com |
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.
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