Mooseland Mine

Halifax County, Nova Scotia

NTS 11D/15

Property

The property is located 31 miles (50 kilometres) northeast of Halifax, Nova Scotia, Canada. The property consists of forty-one (41) claims in Halifax County.

Ownership

Globex holds a 100% interest in the property, subject to a Net Smelter Return royalty, divided equally among three parties, namely 160880 Canada Inc., 160881 Canada Inc. and 160891 Canada Inc. and a cash payment to the vendors upon commercial production.

Geology

The property is underlain mainly by sediments of the Maguma Group, which are arranged about a shallow east plunging fold. Gold mineralization is developed on the fold=s flanks and in the crest and occurs as coarse free gold grains associated with quartz veining. Two main areas of mineralization are termed the West and East zones. The West Zone is 3,000 feet (914 m) long. Eleven separate quartz veins have been defined on both limbs of the fold. Gold occurs in east plunging ore shoots. The veins are from three inches to three feet and occasionally eight feet in width The East Zone is the faulted extension of the West Zone, found 1,100 feet (335 metres) northeast of the original discovery area. Quartz veins appear to be fewer in number, but, wider and higher in grade. The East Zone had been explored over a strike length of 800 feet and to a depth of 1,000 feet.

Acadia Mineral Ventures reported an indicated geological reserve for the property of 2.02 million short tons grading 0.39 ounces per ton gold to a depth of 1,000 feet. Uncut, drill indicated reserves by Hecla mining staff defined 312,720 short tons grading 0.37 opt gold for the West Zone to a depth of 1,300 feet and 327,350 short tons grading 0.56 opt gold for the East Zone to a depth of 600 feet, for a total drill indicated mineral inventory of 640,070 tons at an average grade of 0.47 ounces per ton gold. The zones appear to be open to depth, or to strike or both.

Previous Work

Mineral exploration on the claim group commenced in 1860 with intermittent work carried out until 1948. In 1974, S. Avril completed geological mapping. The property was acquired by D.P. Rogers. The one drill hole completed (222 ft) encountered four specks of visible gold. Cuvier Mines Inc. carried out surface sampling, trenching and diamond drilling (21 holes) during 1978 to 1981. The property was subsequently acquired by Tri-Explorations Ltd.

During 1986 to 1988, Acadia Mineral Ventures Ltd. optioned the property, carried out an IP survey and began diamond drilling. From 1988 to1989, Hecla Mining Company of Canada in partnership with Acadia Mineral Ventures and Biron Bay Resources initiated shaft sinking to a depth of 124.9 metres (410 ft).

In 2003, Azure started a ramp into the West Zone and by December 2003 had started to bulk sample the Irving, Little North and Cumming leads.  Azure processed part of the bulk sample in 2004.

In 2005, Globex terminated the option with Azure.  An agreement was reached with Brookmount Explorations Inc. in mid 2005 but Brookmount was unable to raise sufficient funds to meet commitments and the property was returned to Globex.