Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

April 29, 2008 01:00 ET

Globex Receives Cash and Shares; Commercial Production Starts at Fabie Bay

ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - April 29, 2008) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that the Fabie Bay copper-silver mine located near Rouyn-Noranda, Quebec, has achieved commercial production.

According to First Metals (TSX:FMA), with whom Globex has a royalty agreement, First Metals Inc. "achieved commercial production as of March 1, 2008, at the Fabie Bay Mine. During the month of March, 44,500 tonnes of copper ore, grading 2.56% Cu were mined and trucked from the Fabie Bay Mine near Rouyn-Noranda, Quebec.

In March, 42,000 tonnes were milled at the Xstrata Horne mill and smelter facilities. Mill recoveries averaged 90% at a 21% concentrate grade. Gross metal production was 2.1 Million pounds of copper. Subject to final assays, payable metals will be approximately 1.9 million pounds. Actual revenues generated will be based upon the average price of copper on the London Metal Exchange for the month of June. If today's copper price (U.S. $3.95/lb) was used, this would represent U.S. $7.5 million in gross revenue." (First Metals press release of April 28, 2008).

Globex has 2 royalties on all mineral production from the property, the first being a 2% Net Metal Royalty and the second being a 10% Net Profit Royalty which comes into effect after First Metals recoups $10 million of capital costs.

First Metals, on April 25, 2008 delivered the remaining $250,000 property purchase payment to Globex as well as a certificate for 3,886,018 First Metals shares having a cash value of over $4 million.

Globex is pleased with the swift progress of First Metals in getting the Fabie Bay Mine into production and looks forward to their equally swift achieving commercial production at the larger Magusi River, copper-zinc-gold-silver deposit to the west on which Globex also maintains two royalties.

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

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 Company's expectations and projections.

17,832,674 shares issued and outstanding

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