Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

January 12, 2007 02:00 ET

Globex Mining Enterprises Inc.: Fabie Bay Copper-Silver Ore to be Milled by Xstrata

ROUYN-NORANDA, QUEBEC--(CCNMatthews - Jan. 12, 2007) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M) (PINK SHEETS:GLBXF) is pleased to inform shareholders that First Metals Inc. (FMA-TSX) has entered into a Letter of Intent with Xstrata Copper Canada to custom mill and produce a copper concentrate at Xstrata's facilities.

The confirmation of the availability of custom milling is regarded as a pivotal component in the rapid advancement of the Fabie Bay copper-silver deposit to production.

Globex is pleased with the rapid advancement toward production. Globex holds a 2% Net Metal Royalty and a 10% Net Profit Royalty on production (after recoup of $10 million of capital costs) from both the Fabie Bay and Magusi River massive sulphide deposits held under option from Globex by First Metals. In addition, Globex will receive 10% of the issued stock of First Metals upon commercial production being achieved from the properties.

This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).

We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3

Contact Information