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Globex flips 69 gold claims in Quebec

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Globex flips 69 gold claims in Quebec

Globex MiningEnterprises Inc. said July 11 that it has sold the 69 claims inDuverny Township in Quebec covering areas with "significant" goldpotential, which it had bought from beneficiaries of Jean Roger Beauchemin'sestate, to Secova MetalsCorp.

The claims adjoin both the Secova's gold property andTres-Or ResourcesLtd.'s Fontana gold property.

Globex paid C$85,000 in its shares and C$15,000 in cash aswell as reserved a 1.8% net smelter royalty to the estate purchasable at anytime for C$360,000 for the claims.

Globex sold the claims to Secova for C$136,500 and 1 millionSecova shares, while retaining a 1.5% gross metal royalty on the claims. Secovawould assume the 1.8% net smelter royalty to the beneficiaries of theBeauchemin estate.

Globex has received the cash payment from Secova but has yetto be issued the shares.