ROUYN-NORANDA, Quebec, Nov. 30, 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 that Orford Mining Corp. (ORM-TSXV) has renewed the option (second anniversary) of Globex's Joutel Eagle Property in Joutel township, Quebec. Under terms of the agreement, Orford has paid Globex $125,000 and issued 2,500,000 Orford shares to Globex.
The 50 square kilometre property includes 11 kilometres of the horizon in which the adjoining Eagle and Telbel Gold Mines occur. The Eagle Mine currently also under option from Globex by Maple Gold Mines Ltd. (MGM-TSXV) and the Telbel Mine are reported to have produced over 1.1 million ounces of gold and are currently, also being actively explored.
Orford has currently completed 3,253 metres of drilling on the optioned property primarily focused on the South Gold Zone intersecting wide intersections of significant gold values. Orford has stated that "Our efforts will be focused on identifying further gold and copper mineralization across the Joutel Eagle Property in the coming year." Click to access todays Orford press release for details).
Globex is pleased that Orford is continuing their exploration on the property following their initial success in locating and focussing on the South Gold Zone. The 11-kilometre-long strike length of the Eagle/Telbel Mines horizon offers a significant hunting ground to find additional mineralization.
The Joutel Eagle Property (Option Agreement with Globex Mining).
Globex currently is in a very strong position with approximately $25,000,000 in cash, vendable shares of other companies and receivables in addition to 240 mineral property assets including 92 royalties as well as real estate (land and buildings).
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.
|We Seek Safe Harbour.
|Foreign Private Issuer 12g3 ? 2(b)
|CUSIP Number 379900 50 9
|For further information, contact:
|Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fce6385b-cdec-47da-9f24-0274af9baeb7
These press releases may also interest you