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Globex, Queenston upbeat about Wood-Pandora results

2005-12-05 18:10 ET - News Release

Also News Release (C-QMI) Queenston Mining Inc

Mr. Jack Stoch of Globex reports

SHALLOW HOLES ON GLOBEX-QUEENSTON, JOINT VENTURE INDICATE PARALLEL GOLD HORIZON

Globex Mining Enterprises Inc. and Queenston Mining Inc. have released results from shallow holes W05-10 and W05-11 on their 50-50 Wood-Pandora joint venture project in Cadillac township, Quebec.

Both holes intersected significant gold mineralization in a mudstone horizon, which has now been intersected in five holes and is parallel to the recently announced wide gold intersection in a talc-chlorite schist horizon.

The previous gold intersections from the 2005 drilling in the "mudstone horizon" includes the following:

Hole No. From/to Width Au Width Au
m m g/t ft oz/t

W05-09 246.5-248 1.50 68.19 4.92 1.99
W05-05 258-259 1.00 3.66 3.28 0.10
W05-08 117-119 2.00 9.40 6.56 0.27

Assay results from the two recent holes in the mudstones located 50 metres east and west of hole W05-08, are the following:

Hole No. From/to Width Au Width Au
m m g/t ft oz/t

W05-10 72.15-72.95 0.80 19.99 2.62 0.58
W05-11 114.5-119 4.50 6.30 14.76 0.18

The gold values in the mudstone extend from surface to the deepest hole W05-09 where the zone was intersected at a vertical depth of approximately 205 metres (670 feet). The mudstone horizon gold zone is open in all directions and is a short distance south of existing Wood mine underground workings. The Wood and recently acquired Central Cadillac mine workings could provide access for mining both the talc-chlorite schist and mudstone gold zones.

Intersection widths may or may not equal true width.

As expected, the shallow holes which passed through the gold-bearing talc-chlorite schist horizon approximately 130 metres (425 feet) above previously announced hole W05-09 did not intersect significant gold values in the talc-chlorite schist horizon. This drilling has confirmed that the talc-chlorite schist gold zone does not extend to shallow depths and tops somewhere between minus 45 m and minus 175 m.

The next drill campaign which is scheduled to start at the beginning of January will target the talc-chlorite schist horizon which contains the 8.51 grams per tonne Au over 28-metre (0.25 ounce per ton Au over 91.86 feet) gold intersection reported in hole W05-09, and the parallel gold-bearing mudstone horizon.

The drill program was managed by Globex Mining Enterprises Inc. under the direction of Globex's qualified person, chief geologist, Ray V. Zalnieriunas, PGeo, employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. The drill core was logged and split and half-core samples were analyzed by standard fire assay with atomic absorption or gravimetric finish at Expert Laboratory Inc. of Rouyn-Noranda, Que. Geochemical assays greater than one g/t were subjected to a gravimetric fire assay.

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