Globex Magusi Copper-Zinc-Silver-Gold Project Options

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ROUYN-NORANDA, Quebec, Dec. 27, 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 Exchthe winds
and GLBXF – OTCQX International in the US) is pleased to inform shareholders that we have signed an option agreement with them Electro Metals and Mining Inc. (Electro) Regarding Globex’s 100% property Magusi-Fabie Mines, which includes 154 claims and 1 mining lease located in Hebecourt, Duparquet, Duprat and Montbray Township, Quebec, 55 km northwest of Rouyn-Noranda.

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Under the terms of the agreement, Electro will pay Globex $3,500,000 in cash over four years, including $100,000 on January 31, 2025, 4,000,000 shares of Electro common stock no later than January 31, 2025 and an additional 2,000,000,000 shares.^th memorial and incurred $8,350,000 in building costs including a minimum of $650,000 in the first year. After commercial production, Globex will receive an additional $1,000,000 adjusted for inflation.

When Electro acquires a 100% interest in the property, Globex will retain a 3% Gross Metal Royalty (GMR) which may be reduced to 2% GMR for a payment of $2,000,000. In addition, Globex will retain payments of $200,000 per year in advance payments (half cash and half shares) payable starting in the sixth year. Any accrued early royalty payments will be deducted from the first product payment due. This agreement supersedes the contract previously announced on December 15, 2021. This agreement supersedes the contract previously announced on December 15, 2021.

The Magusi portion of the property includes the Magusi River Copper-Zinc-Silver and Gold deposits, reported in accordance with NI 43-101 standards by Roscoe Postle Associates Inc. in 2012 as Total
Indicated Resource of 2,429,000 tonnes grading 3.53% Zn, 1.54% Cu, 37.2 g/t Ag and 0.99 g/t Au and Total Indicated Resource of 693,000 tonnes grading 0.50% Zn, 2.50% g /1 and A. 0.27 g/t Au both at $60.00/t cutoff. The metal prices used in the study were US $3.50/lb Cu, US $0.95/lb Zn, US $21.00/oz. Ag and US$ 1,300/oz. Au and an exchange rate of $1.00 to $1.00. Current iron ore prices are very high and the exchange rate has shifted in favor of project economics. (NI Report 43-101 dated March 21, 2012 and entitled, NI 43-101 Technical Report on the Mineral Resource Estimate for the Magusi Project, Abitibi Region, Canada for Mag Copper Ltd., Prepared by Bernard Salmon , Eng. , Holger Kratzelmann, P.Eng. – Roscoe Postle Associates Inc.).

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The Magusi deposit may be expanded through further drilling and there are several areas targeted for exploration across a large area that extends over 11 kilometers offshore hosting the Magusi River and Fabie Bay polymetallic deposits.

In other Globex news:

Lincoln Gold Mining Inc. they reported that they made a small amount of money to complete the purchase of Bell Mountain Gold Project in Nevada from Eros Resources Corp. and will use the funds to “explore and develop Bell Mountain”. Lincoln also said, “While we work to complete the final steps with the TSXV to close the Bell Mountain acquisition, we remain focused on moving the Bell Mountain project into production”. Globex maintains a sliding scale Gross Metal Royalty (GMR) on the project which at current metal prices is 3% GMR.

Globex provided an extension there Tomagold Corporation (LOT-TSXV) you are now required to pay Globex $15,000 and you have cleared $150,000 of the cost of the Gwillim property west of Chibougamau by June 30, 2025.

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Globex crossed New Brunswick Bald Hill Antimony property option agreement with Superior Mining International Corp. (SUI-TSXV) announced on September 10^th2024, due to failure to meet the conditions of the first option in time. The Bald Hill antimony and nearby Devil’s Pike antimony/gold deposits are both now available for selection. National Instrument Technical Report 43-101 in 2010 by Conestoga-Rovers and Associates of Fredericton, NB, for Rockport Mining Corp., written by Heather MacDonald, MSc, P Geo., reports, “Based on drill holes 16 widely spaced totaling 3,554 meters and 609 assays, a 450 meter long antimony zone was located exposed, including intersections up to 11.7 percent antimony over a total length of 4.51 meters.” In 2021, Globex conducted a small drilling program, which returned the following results:

• Port BH21-25 – 1.34% antimony. more than 3.6 meters from 310.5 meters;
• Port BH21-27 – 2.67% antimony. over 2.7 meters from 112.2 meters and 1.73% antimony. more than 3.3 meters from 124.7 meters;
• Port BH21-28 – 4.71% antimony. over 10.2 meters from 109.5 meters.

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This press release is written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (QP) under NI 43-101.

Forward-looking statements: Except for historical information, this news release may contain “forward-looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that could cause actual results, level of activity and performance to differ materially from Globex Mining Enterprises Inc.’s expectations and projections. (“Globex”). No assurance can be given that any of the events anticipated by the forward-looking information will or will occur, or if any of them do, what benefits Globex will receive from them. A more detailed discussion of risks is available in the “Annual Information Form” filed by Globex on SEDARplus.ca.

56,065,836
issued and outstanding shares

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