NEW YORK, March 20 /PRNewswire-FirstCall/ -- Globex, Inc. (GLXI: Pink Sheets), today announced that its first project team working in the Mount-Laurier area has finalized the acquisition of an additional 33 Uranium Cell claims in Northern Quebec, Canada. These claims are situated in the area surrounding the Company's Grenville Property, specifically in sector 31 J14. This is a key strategic acquisition for Globex as it now owns a significant number of adjoining claims in this uranium-rich sector. These new claims occupy an area of approximately 6.5 square miles.
Preliminary available geologist reports indicated a potential reserve of 300,000 tons with a concentration factor of 1.5% to 2.5% U308.
Management stated: "We are systematically identifying and taking advantage of opportunities to expand our asset base in this strategic sector. This will increase our negotiating power in joint venture deals regarding planned uranium extraction activities, which are currently in the works."
Management also indicated that the Company will take all the necessary steps to commence extraction activities in full respect of the relevant environmental protocols and will work together with the local community to protect the mining area.
Globex also announced that the geologists will complete the first phase of the drilling program this week, and will send all the samples for further evaluation and testing in order to complete the 43-101.
Management will announce shortly the appointment of a new Board of Directors that will better serve the shareholders in a reporting environment and, in particular, accelerate the Company's filing process.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
