VANCOUVER, BC -- 11/04/09 --
Globetech Ventures Corp. (OTCBB: GTVCF) has
signed an option agreement with No. 1 Naramata Bench Ltd. to earn a 100%
interest, subject to a 3% Net Smelter Return (NSR) Royalty, in the 500
hectare porphyry copper-gold Goldbuck property in the Quesnel Trough of
Central British Columbia. The road accessible property lies 58 kilometres
east of Williams Lake.
The Goldbuck property lies 5 kilometres northeast of the blind Fjordland
Exploration Inc. copper-gold-molybdenum Southeast Zone recently discovered
on their Woodjam property. The Goldbuck property is underlain by Eocene
calc-alkaline volcanic and sediment and Miocene flood basalt cover rocks.
The Triassic Jurassic Takomkane batholith lies immediately to the southern
boundary of the property.
A property wide soil geochemistry program was completed on the Goldbuck
property by a previous company in 2006. This program was successful in
identifying two linear copper-in-soil anomalies: A - 150 to 550 metres wide
and 1200 metres long and B - 250 to 550 metres wide by 950 metres long.
Selective follow up excavator trenching consistently intersected a hardpan
layer at a depth of 2.5 metres. Composite soil samples from the base of the
trenches returned copper values from 19 to 40 ppm.
Globetech plans a program of Mobile Metal Ion (MMI) soil geochemistry to
penetrate through the hardpan layer and 35 line kilometres of follow-up
Induced Polarization (IP) surveying to test the copper-in-soil anomalies in
advance of diamond drilling.
Globetech is earning a 100% interest, subject to a 3% Net Smelter Return
(NSR) royalty by issuing 2.1 million shares and by making cash payments
totaling $350,000 over the next 32 months. Globetech can purchase 1/2 of
the NSR for $1,000,000 at any time up to the 5th anniversary of the
agreement.
R. Tim Henneberry, P.Geo., an independent consultant to Globetech, is the
Qualified Person as defined in National Instrument 43-101, who has reviewed
and approved the technical content of this news release.
On behalf of the Board of Directors,
J. Casey Forward
President
Forward-Looking Statement
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company filings with U.S.
securities regulatory authorities.
Contact:
Casey Forward
604-669-9330
caseyforward@uniserve.com
