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Globex Mining takes 11.1% stake in NSGold

Globex Mining Enterprises Inc. has taken an 11.1% stake in NSGold Corp. after they reached a new deal covering the Mooseland gold project in Nova Scotia.

NSGold acquired the project and certain secondary properties from Globex under an April 2010 agreement, in exchange for a 4% gross metal royalty as well as the issuance of shares equivalent to 5% of NSGold's share capital upon any of the assets reaching production.

The new deal will eliminate the conditional share issuance and reduce the gross metal royalty to 2%. It will also see NSGold issuing 1,745,408 shares to Globex, giving the latter an approximately 11.1% stake.

A June 2012 estimate pegged inferred resources for Mooseland at 454,000 ounces of gold grading 5.60 g/t within 2.5 million tonnes using a 2.6 g/t cutoff.