GLOBEX MINING ENTERPRISES has received financing from the Canada Economic Development Agency (CED) for Quebec Regions and FedNor (the Federal Economic Development for Initiative in Northern Ontario toward a bankable feasibility study of its magnesium-talc project. The proposed project includes mining, milling and smelting in Timmins, Ont., and Rouyn-Noranda, Que. Total cost of the project could hit $1.5 billion.
The feasibility study will require a total investment of $17.7 million. Phase 1 (diamond drilling and metallurgical testing) will require $1.57 million, one quarter of which is coming equally from CED and FedNor. The Quebec Ministry of Finance, Economy & Research (Industry-Commerce Mission) will match the federal contribution, leaving Globex to raise 50% of the cost, or $787,000, itself. The Quebec share is part of a $4.4 million financing commitment by that government.
The deposit, located near Timmins, is estimated to contain over 100,000,000 million [sic] tonnes of magnesite, talc and quartz. The estimated is based on a limited area previously tested by widely spaced drill holes. Grades are roughly 54% magnesite (MgCO3), 27% talc and 16% quartz with 3% accessory iron oxides. A mine and feed preparation plant are to be built there. Talc will be upgraded for sale, and ore will be calcined to produce MgO.
The other key part of this undertaking envisioned by Globex is a large smelter complex hear Rouyn-Noranda where pure magnesium metal would be refined.
Check out the site at www.globexmining.com for more information on this proposed magnesium-talc project as well as Globex's many gold exploration projects.