Globe Metals & Mining: March Quarter 2012 Activities Report

April 30, 2012 (Source: Globe Metals & Mining) — Globe Metals & Mining (“Globe” or “the Company”; ASX: GBE) is pleased to present its March Quarter 2012 Activities Report:


Kanyika Niobium Project

DFS on track for completion in December 2012; first production of ferro-niobium planned for 2015

Updated financial model (Pre-DFS) shows robust economics under a range of scenarios; NPV US$300m

13,000m infill drilling campaign underway

Mount Muambe REE-Fluorite Project

Discovery of three new, substantial, shallow REE zones – demonstrating potential for large tonnages of REE mineralisation

All REE zones open at depth and laterally in most directions  – many holes ended in mineralisation. Best results include:

46m @ 2.6% TREO inc. 20m @ 3.3% TREO (from 24m; ended in 3.5% TREO; Zone AA)
49m @ 2.5% TREO inc. 20m @ 3.5% TREO (from 20m; ended in 3.6% TREO; Zone BB)
60m @ 2.1% TREO inc. 24m @ 2.6% TREO (from 20m; ended in 2.7% TREO, Zone DD)

High-grade maiden Inferred Fluorite Mineral Resource announced on the 9th March 2012, delineated after just two years with 71 holes for 5,286m; estimated at 1.6 Mt @ 19% CaF2 containing 310 K tonnes of CaF2

Metallurgical test work program to commence on drill core following the completion of the diamond component of the 2012 drilling campaign

Memba Titanium-Iron Project

Globe to earn up to 90% through staged exploration

2012 trenching program and regional exploration program due to commence in May

Cash at end of quarter A$36m (as at 31 March 2012)

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