Quarrying has begun at Globex's Silidor Property

ROUYN-NORANDA, Quebec, May 02, 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 quarrying has commenced upon Globex’s Silidor Gold Mine Property at Rouyn-Noranda, Quebec.

In 2022, Globex agreed to a quarrying deal with Rouyn-Noranda based Agrégat RN Inc. which specialize in earth movement, quarrying and open pit mining. Under the deal, Globex allowed Agrégat to apply for a BEX (a quarry licence) in order to quarry and crush for sale, large sterile granite outcroppings on the property. Per the agreement, Globex is to receive one hundred and fifty thousand dollars ($150,000) as an initial royalty payment upon the first 300,000 tonnes being sold from the property after which Globex is to receive twenty-five cents per tonne. Currently, 100,000 tonnes has been blasted and is being processed for delivery. Agrégat has an initial contract to provide one million tonnes to Glencore.

The property has several million tonnes easily accessible within the current BEX and studies are underway to identify other areas on the property with economic potential, in order to extend the BEX in the near future.

Globex maintains the rights to all precious and base metals on the property. In 2020, Globex completed a detailed aeromagnetic survey over the property to help define any potential structural controls of gold mineralization.

Photo 1 – Crushed stockpile

Photo 2 - Crusher

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.

Photo accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6ee0520-9bc4-487e-8318-597716a0e305
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ec6c0ef-a743-488b-9871-4ddf990d3922

Photo 1

Crushed stockpile

Photo 2

Crusher