Globex Reports Additional Transactions

ROUYN-NORANDA, Quebec, Aug. 14, 2023 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders of several transactions that have recently been signed or completed by Globex.

Globex is pleased to inform shareholders that it has received a cash payment of $2,000,000 from Agnico Eagle as the third payment toward the purchase of the Francoeur/Arntfield property, west of Rouyn-Noranda. Globex is due to receive an additional $6,000,000 over the next 23 months.

Globex has signed an option agreement for its 5-claim block, Gwillin Lake gold property in Barlow Township, Quebec with Tomagold Corporation (LOT-V) whereas Tomagold may earn 100% interest in the claims. Under the terms of the option agreement, Tomagold may make cash payments totaling $130,000 over four years, issue 625,000 Tomagold shares upon signing and an additional $100,000 worth of Tomagold shares, in four (4) annual $25,000-value share blocks based upon the Volume Weighted Average Trading Price (VWAP) over a 20-day period preceding the contract anniversary date. Tomagold must also undertake exploration expenditures totaling $1,500,000 to be completed by the fifth anniversary of signing of the option agreement. Globex will retain a 3% Gross Metal Royalty (GMR) on the five claims with Tomagold having the option of reducing the 3% GMR to 2% GMR by a single $1,500,000 cash payment to Globex. Surface sampling undertaken by Globex on the claims returned assays up to 57.1 g/t Au and 0.96% Cu over 1.0 metres in channel sampling.

Globex is also a participant with Chibougamau Independent Mines Ltd. (CBG-TSXV) in its option of the 99 claim Chibougamau West Block and the Letter of Intent (LOI), both with Tomagold on Chibougamau’s 127 claim East Block which includes a number of historical copper/gold mines and the recently drilled C-3 copper/gold zone. (Chibougamau’s press release of today’s date). Under the agreements, Globex will now have a 2% Gross Metal Royalty (GMR) on all the claims potentially being purchased under the LOI and option agreements between Tomagold and Chibougamau Independent Mines Ltd. Globex’s 1% Gross Metal Royalty on iron production from the large Mont Sorcier iron/vanadium deposit is not affected by these transactions.

Globex has also sold 100% interest in six lithium claims and claim fractions located in Fiedmont Township, Quebec to Jourdan Resources Inc. Globex has received $100,000 cash and 2,040,816 Jourdan shares for the property. In addition, Globex will retain a 2% Net Smelter Royalty (NSR) half of which may be purchased by Jourdan prior to commercial production for $1,000,000 indexed to inflation.

We have also received $150,000 from Agrégat R-N Inc. as the initial production payment from the Silidor Granite Quarry in Rouyn Township, Quebec.

Lastly, Globex received the initial $100,000 cash and 1,000,000 share option payment from Burin Gold Corp. pursuant to the Dalhousie Nickel/Copper property option announced in a press release dated June 5, 2023.

In other news, Eros Resources Corp. (C-ERC) has signed a non-binding Letter of Intent with Lincoln Gold Mining (LMG-V) under which Lincoln will negotiate to acquire the Bell Mountain Gold Project in Nevada from Eros. Globex retains a Gross Metal Royalty (GMR) which at a gold price of over US$1,200 per ounce is 3% GMR on all mineral production. The royalty also applies to any gold production within 7.5 km of the external claim boundary of the original 54 optioned claims. In addition, Globex receives US$20,000 per year advance royalty payments. Globex is optimistic that should the transaction be completed; this will lead to long awaited mineral production from the property.

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.