Subject: MINE OPENING
Work Starts on Globex's High Grade Gold Property
ROUYN-NORANDA, QUÉBEC--(Marketwired - May 24, 2017) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to update shareholders as regards planned work to be undertaken by Enforcer Gold Corp. (TSX VENTURE:VEIN)(FRANKFURT:N071) on Globex's Montalembert, high grade gold property. (See Globex Press Releases dated Nov 17, 2016, Dec 20, 2016, March 31, 2017).
An airborne VLF-EM survey was flown over the property in March to help define structural features such as folding, shearing and faulting which may control the emplacement of gold mineralization.
A comprehensive field program is now planned including:
- Extending stripping, previous undertaken by Globex, along strike in both directions on the Galena and Number 2 quartz/gold bearing veins.
- Undertaking channel sampling along the newly exposed vein extensions
- Performing IP surveys over the known vein systems
- Doing prospecting over the property
- Ground follow-up of airborne geophysical anomalies.
- 5,000 to 8,000 meters of large diameter diamond drilling.
- Targeted 1,000 meters of reverse circulation drilling.
The drilling will initially be targeted at four high priority areas. Enforcer has committed over $2.2 million to the 2017 exploration program.
Globex has optioned 100% interest in the Montalembert property to Enforcer in exchange for $2.7 million in option payments, 8.5 million Enforcer shares and $15 million in exploration expenditures over a 4 year period. Should Enforcer acquire the property, Globex will retain a Gross Metal Royalty of 6% on the first 150,000 ounces of gold produced (9,000 ounces) and 3.5% GMR thereafter.
This press release was written by Jack Stoch, P. 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
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