Globex Receives Payments to Finalize Uranium Property Acquisition by Infini Resources

ROUYN-NORANDA, Quebec, Jan. 08, 2024 (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 that Infini Resources Limited (proposed ASX Code: I88), an Australian public company, has now met all the terms of the agreement signed on January 27, 2022 regarding their acquisition of Globex's Des Herbiers uranium project, located northeast of the town of Johan Beetz (NTS-12L07), Quebec.

Globex previously received C$100,000 related to signing of the contract with the condition of an additional payment of C$200,000 and C$300,000 Infini shares at AUD$0.20 within 30 days of receiving the conditional admission letter from the security authorities. Infini has received the required listing document and thus Globex has received the $200,000 cash payment and been issued 1,672,427 shares. Globex retains a 3% Gross Metal Royalty (GMR) of which 1% GMR may be purchased by Infini for $1,000,000 CDN.

The Des Herbiers uranium property consists of 66 claims and covers numerous occurrences of low to moderate grade uranium mineralization exposed both in surface trenching and channel sampling as well as reported in numerous drill holes of the 403 holes (57,663 m) drilled to date.

Historical NI 43-101 reports (August 15, 2011 and April 9, 2009) for Uracan Resources Ltd. indicate 43,954,000 lbs of U₃O₈ have been delineated so far (click to Globex press release dated November 17, 2021 for details).

The price of uranium has significantly increased since Globex acquired the des Herbiers uranium claims.

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.