Globex Mining Enterprises Closes Two More Property Deals
ROUYN-NORANDA, Quebec, Aug. 25, 2020 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders of two additional property deals.
In the first case, Globex sold 100% interest in all 16 cell fractions of the Sigma East Property, located east of the Sigma Mine and 1 cell fraction, the Sigma 2 property, to Eldorado Gold Quebec Inc., a subsidiary of Eldorado Gold Corporation (ELD-TSX), for a single cash payment of CAD $1,606,000.00. Historical drilling intersected erratic gold mineralization on several of the cells.
In the second case, Globex sold six (6) cells in the Windfall mining camp to Osisko Mining Inc. (OSK-TSX). One of the Windfall area cells is on strike and to the east of Osisko’s Windfall gold deposit, three are further southeast and off the main structure and two are near, to southwest and on strike of the Black Dog gold deposit. In exchange for the cells, Osisko has paid Globex one hundred thousand dollars ($100,000.00) in cash. Globex has retained a two percent (2%) Gross Metal Royalty.
Combined, the deals add $1,706,000.00 cash to Globex’s treasury bringing Globex’s cash and shareholdings at today’s date to approximately ten million dollars. Globex has no debt and owns all its assets including 188 exploration properties, royalties and real-estate. (Note: Electric Royalties Ltd., Troilus Gold Corp and Starr Peak Exploration shares received, as part of property deals announced on July 13, 2020, July 21, 2020 and August 12, 2020 respectively, are subject to the customary four months hold period).
Also, Globex is receiving 53,846 (book value $35,000.00) Nickel and Technologies Limited (NICO-CSE) shares as part of the previous option of its Marbridge South nickel property.
Lastly, Globex wishes to point out to shareholders that the price of zinc has surpassed $1.10 USD per pound. At an average monthly zinc price at or above $1.10 per pound zinc, Globex’s Mid-Tennessee royalty will increase from 1% to 1.4%.
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 LEI 529900XYUKGG3LF9PY95 | |
| 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 | Tel.: 819.797.5242 Fax: 819.797.1470 |
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 .
