ROUYN-NORANDA, QUEBEC--(Marketwired - Oct. 19, 2017) - MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that it has received or had confirmation that it will collect the following payments:
Donalda Property Sale
On October 6, 2017, $300,000.00, 350,000 Falco shares (currently $1.14/share) and 350,000 five year Falco warrants at a strike price of $1.15 were paid to Globex by Falco Resources Inc. (TSX VENTURE:FPC). In addition, the Dickenson Property which adjoins onto the east side of Globex's Francoeur/Arntfield gold property was transferred to Globex. These claims will add at least 1.5 km of the gold localized Francoeur/Wasa fault to Globex's current approximately +7 km long holding. Globex is presently working on the Arntfield portion of the Francoeur/Arntfield property in an area near and to the southwest of the Arntfield #1 shaft where stripping and channel sampling have returned significant gold values from a new mineralized area. (See Globex Press Release dated September 25, 2017). A 10 hole drill program will start next week to test the new discovery horizon over a 340 m (1,115 ft) strike length.
Nordeau East and West
Chalice Gold Mines Ltd, (TSX:CXN) has informed Globex that on or around October 26th, Chalice will be making the second option payment of $170,000 of the Nordeau East and West option, properties of which are located 40 km east of Val d'Or, Quebec. Chalice is completing a large program of soil sampling, geophysics and follow-up drilling.
Montalembert High Grade Gold Project
Globex will receive a second option payment from Enforcer Gold Corp. (TSX VENTURE:VEIN) by November 16th to renew their option on Globex's Montalembert gold project. The payment will be made up of $300,000 and 2,000,000 Enforcer shares (currently $0.10/share). Enforcer is currently completing a $2.2 million exploration program of stripping, channel sampling, mapping, prospecting, geophysics and drilling.
Mid Tennessee Mines
The September monthly royalty payment from zinc production at the Mid Tennessee Mines has been calculated. The payment will be US$ 93,954 (CDN$ 115,403). Monthly payments since the start of production in May now totals CDN$ 551,393. The mine and mill are currently ramping up to full production and zinc prices have been steadily rising so royalty payments are expected to rise.
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
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.
50,207,424 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.