NEWS ROUNDUP (May 29, 2000)

Globex Mining Enterprises (GMX-T) has acquired a 100% interest in a nickel-platinum group metals property in La Motte Twp., 20 km north of Malartic, Que.

The property includes the Bilson-Cubric nickel zones, where previous shallow drilling and surface-trenching returned between 0.68% and 3.65% nickel over widths of up to 3.3 metres and lengths of up to 76 metres.

Five samples of blasted rock from the Cubric showing returned between 1.7% and 4.63% nickel, 0.11-0.47% copper, 0.03-0.96% cobalt, plus anomalous platinum, palladium and rhodium values.

SGS-XRAL laboratories in Rouyn-Noranda, Que., did the assaying.

Globex has staked claims to cover 6 km of the mineralized horizon, including several indications of nickel or other sulphide mineralization.

Two small microdiamonds and kimberlite indicator minerals were found in several samples collected from the Darnley Bay project in the Northwest Territories.

Darnley Bay Resources (DBL-C) collected 4,100 kg of samples in and around anomalous areas and forwarded them to Monopros (a division of DeBeers Consolidated Mines) for analysis.

The company says more field sampling is needed to understand the indicator minerals and the diamonds. In the meantime, the junior is continuing to define drill targets for a program aimed at testing the project’s metallic mineral potential.

Guyana Goldfields (GGFI-C) has decided to go ahead with production at its Peters project in Guyana.

The company is ready to mount a 1,000-tonne-per-day vat- and heap-leaching operation at the project, a former gold producer about 140 km southwest of Georgetown. Open-pit mining methods would be employed.

Cost estimates indicate that the operation can be put in place for US$1.7 million. Cash costs are pegged at US$119 per oz.

Between 1904 and 1909, about 39,000 oz. gold were mined from the deposit. Miners made use of a 99-metre shaft with workings on 30-metre levels.

Junior Breakwater Resources (BWR-T) has completed its purchase of Cambior‘s (CBJ-T) Bouchard-Hebert and Langlois zinc-copper mines in northwestern Quebec. Breakwater also assumes the mines’ related hedging obligations.

The purchase is valued at US$48 million. Cambior will use US$45 million of the proceeds to repay a portion of its credit facility, thereby reducing its total debt to US$167 million from US$225 million.

Following the debt repayment, Cambior will have about US$10 million in cash.