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Globex sells Certac copper property to Osisko Mining

Globex Mining Enterprises Inc. said Feb. 26 that it sold its Certac copper-zinc-gold-silver property in Quebec to Osisko Mining Inc.

The property covers a number of copper and gold occurrences as well as the extensions of mineralized zones on neighboring cells owned by Osisko. The transaction consolidates the companies' landholdings in the area.

Osisko is required to pay C$250,000 and grant a gross metal royalty on all metal production based on the gold price upon the date of delivery of the metals by a smelter or royalty.

The royalty will be 2.5% at a gold price below C$1,000 per ounce and 3% at a gold price equal to or greater than C$1,000 per ounce.

Osisko retains first right of refusal should Globex decide to sell the royalty, as well as the right to repurchase 1.5% of the royalty for C$1.5 million.