Globe Metals & Mining: New fluorite discoveries at Mount Muambe – Mozambique

April 30, 2012 (Source: Globe Metals & Mining) — Further to our announcement on 14 March 2012, Globe Metals & Mining (“Globe” or “the Company”; ASX: GBE) is pleased to announce that the final fluorite results from 2011 drilling at the Mount Muambe Project in Mozambique have uncovered new zones of thick, high-grade fluorite associated with previously reported rare earth element (REE) discoveries.

Highlights

Confirmation of significant fluorite mineralisation associated with previously discovered, substantial, shallow REE zones. Hole MURC119 now includes:

49m @ 17.5% CaF2 inc. 8m @ 24.4% CaF2 (from surface; ended in 13% CaF2; Zone BB), with;
49m @ 2.5% TREO inc. 20m @ 3.5% TREO (from surface; ended in 3.6% TREO)

All substantial zones of fluorite intersected remain open at depth and laterally, additional results include:

24m @ 18.5% CaF2 inc. 4m @ 27.4% CaF2 (from surface; Zone DD)
24m @ 15.6% CaF2 (from surface; Zone BB)

Style of fluorite mineralisation in Zones AA, CC and GG is pervasive and  couldresult in similar grades found at Main Zone

Initial 2012 REE focused RC drilling program (~2,200m) is complete  – results expected in late May to early June

Comment

Globe’s Regional Exploration Manager for Africa, Michael Schultz, commented, “This new discovery of thick, high-grade fluorite only complements the previously reported REE results. Not restricted to either the fenite or carbonatite, the mineralisation in most cases is open at depth, leaving Globe well positioned to grow the known resources in the crater.”

“In terms of fluorite exploration, we were targeting the carbonatite after identifying the mineralisation in outcrop. Even though the fluorite was visible in both  outcrop and RC chips, we were  expecting somewhat lower grades – so these results were a very pleasant surprise. Having completed the initial RC drilling program for 2012, we have a fantastic opportunity to advance both our REE and fluorite program to new resources.”