North American project developer and royalty firm Globex Mining Enterprises has acquired a second project in the Eastern Canadian province of New Brunswick, giving it an advanced-stage undertaking with a previously defined compliant inferred resource statement.
Under terms of the purchase agreement with Rockport Mining, a subsidiary of Tri-Star Resources, Globex paid Tri-Star 350 000 shares and would provide a 1% net smelter royalty, which would kick in after the property had produced 600 000 oz of gold. The property was also subject to a 2% underlying royalty. All the royalties could be purchased for C$500 000 per half per cent.
