Globe reports Niobium prices and demand remain strong November 6, 2008

African-focused uranium and specialty metals exploration and development company Globe Metals & Mining (ASX: GBE) reported today that niobium prices and demand remain strong in spite of the economic crisis.

Niobium, which is used in the steel making process, is the primary economic commodity at Globe’s headline multi-commodity (niobium, uranium, tantalum and zircon) Kanyika Project in Malawi. Kanyika has a 56Mt inferred JORC resource, a Pre-Feasibility Study was commissioned in September and the company plans to commence production in 2011.

The company recently attended the Tantalum-Niobium International Study Centre (TIC) conference in Shanghai, which is an annual gathering of participants in the specialty minerals industry (www.tanb.org). The dominant theme from the Conference was the overwhelming demand for niobium raw materials and end products, which shows no signs of abating in the foreseeable future, notwithstanding the global economic crisis.

Highlights:

• Benchmark ferro-niobium contract prices increase to US$43-46/kg
• Niobium raw material (columbite) spot price stable at ~US$20/lb
• Industry leader to increase FeNb production capacity to 150,000tpa by 2013, from 85,000tpa currently

Globe’s Managing Director, Mark Sumich, said “we are enormously encouraged by the positive sentiment for niobium at the TIC Conference. Both prices and demand for all niobium products remain strong, and there was considerable interest in the niobium to be sourced from Globe’s Kanyika Project in central Malawi.”

Click here to read the full announcement.

For further information, please contact:

Mark Sumich
Managing Director
Globe Metals & Mining
T: +61 8 9486 1779

or

James Moses
Partner
Fortbridge Consulting
M: +61 420 991 574
E: james.moses@fortbridge.com