Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.
Chibougamau Independent Mines Inc.

Chibougamau Independent Mines Inc.

March 08, 2013 10:24 ET

Adjusted Cost Base of Globex and Chibougamau Independent Mines Shares Following "Spin Out"

ROUYN-NORANDA, QUÉBEC--(Marketwire - March 8, 2013) - Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) and Chibougamau Independent Mines Inc. (TSX VENTURE:CBG)(STUT:CLL) ("Chibougamau Mines") announce, further to Globex's management information circular dated September 19, 2012, the manner in which the adjusted cost base ("ACB") of Globex's common shares outstanding prior to the effective date of the recent Plan of Arrangement should be apportioned between the shares of Chibougamau Mines and Globex's "new" common shares. Under the Plan of Arrangement which resulted in the "spin out" of Chibougamau Mines, Globex shareholders received one Chibougamau Mines share and one "new" Globex share for each Globex share held.

Globex believes that the appropriate proportionate allocation of the ACB of Globex's shares is as follows: (i) 79.8% of the ACB of the Globex shares should be apportioned to the ACB of the "new" Globex shares, and (ii) 20.2% of the ACB of the Globex shares should be apportioned to the ACB of the Chibougamau Mines shares.

By way of example only, if the ACB of a shareholder's Globex shares was $1.00 prior to the Plan of Arrangement, the ACB of the shareholder's "new" Globex shares will be $0.798 and the ACB of the shareholder's Chibougamau Mines shares will be $0.202. The ACB of the Globex shares will vary from shareholder to shareholder.

Globex's determination of allocation is based on the initial closing price of Globex's shares on the Toronto Stock Exchange and of Chibougamau Mines' shares on the TSX Venture Exchange after Chibougamau Mines commenced trading on January 25, 2013. Globex's determination is not binding on Canada Revenue Agency.

The web site for Chibougamau Independent Mines Inc. is now available at

We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Chibougamau Independent Mines Inc. - 167101 10 4
CUSIP Globex Mining Enterprises Inc. - 379900 50 9

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

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