NORONT RESOURCES LTD. (NOT-TSX-V) is pleased to announce that it has
entered into an Option Agreement with Globex Mining Enterprises Inc. (GMXToronto,
G1M-Frankfurt and GLBXF-U.S. Pink Sheets whereby Noront can earn up
to 100% interest in Globex’s Hunters Point and area properties located
approximately 65km south of Belleterre, Quebec.
Under the agreement, Noront has agreed to pay Globex $200,000 in cash, issue
1.1 million shares in aggregate and perform $2.5 million dollars in exploration
over a period of 4 years in order to earn a 75% interest in the 6 projects (763
hectares) that make up the properties. Noront can earn a further 25% interest in
the property package by paying Globex an additional $500,000 in cash and issuing
a further 500,000 Noront shares, all of which is subject to the receipt of all
regulatory and other required approvals. A cash payment of $20,000, together
with the issuance of 200,000 common shares of Noront and completion of
$200,000 of acquisition exploration expenditures over the first six (6) months of
the agreement, is a firm commitment, the balance agreed upon in order to earn
the 100% interest over four (4) years payable in stages, is optional.
Globex will maintain a 2% Gross Metal Royalty on all production from the
properties as well as on any properties acquired by Noront and Globex within 25
km of the boundaries of the existing cells.
Recent staking within the 25 km boundary of the original cells by Noront and
Globex has increased appreciably the size of the property package by 230 cells
(approximately 13,500 hectares) and which are now included in the option
agreement
