Global Energy Metals Corporation announce that following on from signing binding terms earlier this month it has now entered into a formal option agreement with Metal Bank Limited for a 6 month exclusive option in favour of MBK to earn-in and joint venture the Millennium cobalt, copper and gold project in Mount Isa, Queensland owned by GEMC's wholly owned subsidiary, Element Minerals Australia Pty Ltd. During the exclusive 6-month option period, MBK will undertake further due diligence and complete an initial exploration program to confirm the potential for mineralisation in the northern half of the tenement package.   An infill pXRF soil survey and geological mapping to refine drilling locations will commence in the first week of July. At the end of the option period, MBK will have the right to commence a formal earn-in to the Project to earn up to an 80% interest over two phases.

Global Energy Metals and Metal Bank Limited have signed a formal agreement granting MBK a 6 month exclusive option to earn-in and joint venture GEMC's Millennium copper-cobalt-gold Project in the heart of Mount Isa, Queensland; Millennium contains an inferred Cu equivalent Mineral Resource of 5.89MT1 across 5 granted mining leases with significant potential for expansion; MBK's initial exploration program at Millennium will commence in the first week of July; At the end of the Option Period, MBK will have the right to commence a formal earn-in to the Project to earn up to an 80% interest; The transaction advances GEMC's objectives of monetizing its existing projects by unlocking unrealized value and advancing projects through partner funded exploration; and GEMC retains project level exposure while diversifying its equity holdings in a well managed company that is creating value through a combination of exportation success and quality project acquisition.