ROUYN-NORANDA, QUÉBEC–(Marketwired – Oct. 18, 2017) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that Globex has purchased, from Monarques Gold Corp., (TSX VENTURE:MQR), a 1.5% Net Smelter Royalty (NSR) which Monarques acquired as part of their purchase of Richmont Mines, Quebec assets. The royalty was applicable on Globex’s 100 % owned Francoeur/ Arntfield gold property.
The 1.5 % NSR, was payable by Globex up to a total of $1,300,000 after which it reduced to a 0.5% NSR on all additional gold production.
In order to acquire and eliminate the royalty, Globex made a one-time, twenty-five thousand dollars ($25,000) cash payment to Monarques and terminated a 0.5 % NSR payable by Monarques to Globex on eleven (11) claims previously sold by Globex to Richmont, located east of and adjoining Monarques Wasamac gold property in Beauchastel Township, Quebec. In addition, Globex has extended Monarques right to store Wasamac core at Globex’s Francoeur Mine site for one additional year to June 30, 2019.
The purchase removes an overhanging royalty on the Francoeur/Arntfield gold property where Globex recently announced a new discovery at surface grading 9.52 g/t Au over 7.1 m including 15.4 g/t Au over 4.1 m. Additional trenching, channel sampling and geophysics have been completed with positive results. A permit for 10 drill holes has been requested to drill the new gold zone, over a strike length of 340 m (1,115 ft). Drilling is expected to commence next week.
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.
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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.
50,207,424 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.