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Globex acquires stake in NSGold, owner of Mooseland gold mine in Nova Scotia

Prospect generator and resource property bank Globex says it has agreed with NSGold to reduce its gross metal royalty

Inking a deal
Globex has struck a new agreement with NSGold

Globex Mining Enterprises Inc (TSX:GMX) (OTCMKTS:GLBXF) revealed it has taken an 11.1% stake in NSGold Corp (CVE:NSX) after it reached a new deal with the junior resource firm.

Prospect generator and resource property bank Globex said it has agreed with NSGold to reduce its gross metal royalty (GMR) – that's a cut taken on the metal produced – on its Mooseland Gold mine in Nova Scotia from 4% to 2%.

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The companies also agreed to eliminate the potential 5% share issuance upon reaching production in exchange for the immediate issuance of more than 1.74  million shares of NSGold – or an 11.1% interest.

Globex says it expects that the reduction of the royalty will advance the potential of the Mooseland Gold deposit's advancing toward production.

Mooseland is a Meguma-type gold deposit with a NI 43-101 inferred resource of 2.52 million tonnes, grading 5.6 g/t (grams per tonne) gold at a cutoff grade of 2.6 g/t for 454,000 contained ounces of gold.

Globex Mining shares in Toronto were unchanged at $0.32.

Contact Giles at [email protected]

Follow him on Twitter @Gile74 

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Price: 0.355 CAD

TSX:GMX
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