Globe Metals & Mining has yet again extended the rare earth elements strike zone at the evolving Mount Muambe project in Mozambique. The strike has now been extended to over 600 meters south of main fluorite rare earth element zone with the latest drilling highlights including:

Southern extension drilling 12 meters at 17.1% fluorite from 1 meter including 4 meters at 26.8% fluorite and 14 meters at 0.7% TREO with 336 ppm Dy2O3 from 13 meters.

Infill drilling on the Main Zone delivered; 5 meters at 50.0% fluorite from 8 meters and 18 meters at 40.9% fluorite from 15 meters including 14 meters at 48.4% fluorite.

Globe Metals said that the new fluorite results and additional infill drilling from the 2011 drilling program have further strengthened the company's confidence in a significant zone of contiguous fluorite mineralization at the project’s main zone.

The impact from the recent results is that they continue to support a model of fluorite dominantly hosted in sheets of fenite above a larger carbonatite body containing both light rare earth oxide and heavy rare earth oxide enriched mineralization.

The progress at the project during 2011 has positioned Globe Metals to be able to deliver a fluorite JORC Resource in the March quarter of 2012. There are also drilling results pending within weeks, as the 2011 reverse circulation program for 9400 meters still has over 4000 meters of assays to be announced.

Mr Mark Sumich MD of Globe Metals & Mining said that “Globe’s current share price does not reflect its intrinsic value, let alone its cash backing. Accordingly, given our strong cash position and the relatively small amount of cash required to undertake the buy back the board considers this to be a very appropriate use of our funds.”

(Sourced from www.proactiveinvestors.com.au)