GLOBEX MINING ENTERPRISES INC.
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GLOBEX MINING ENTERPRISES INC.

September 09, 2015 09:00 ET

Globex Acquires Underexplored High Grade Gold Property

ROUYN-NORANDA, QUEBEC--(Marketwired - Sept. 9, 2015) -

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GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that it has acquired 100% interest in a high grade gold property, which has not been explored in over 40 years, located approximately 10 km northwest of the Cree Village of Waswanipi, Quebec. The property consists of 44 cells totalling 2,405 hectares (4,978 acres).

Historic Information

Gold was discovered on the property in 1949 by N.A. Timmins. Prospecting followed by trenching and limited diamond drilling located four quartz veins (Galena, Number 1, Number 2 and Rabbit veins) of varying widths up to five feet (1.5 m) and with lengths of 300 feet (91 m) to 1,200 feet (366 m), within multiple north-south shears observed over a 4,200 foot (1,280 m) strike length and 600 foot (183 m) width.

Sampling of the Galena quartz vein returned 0.55 oz/ton Au (17.17 gpt Au) over a 200 foot (61 m) sample length and an average width of 2.4 feet (0.73 m). Gold was reported as coarse free gold principally within the quartz veins but also within the enclosing schistose rocks.

Drilling, south of the area trenched, returned values of up to 1.97 oz/ton Au (61.27 gpt Au) over a true width of 4 feet (1.22 m) and 0.61 oz/ton Au (18.97 gpt Au) over 1.9 feet (0.58 m) in a hole located 340 feet (104 m) to the southwest.

In 1973, a grubstake syndicate stripped and cleared the Galena, Rabbit and Number 2 veins after which the property was acquired by Rochelom Mines Ltd., which undertook a detailed trenching and analysis of the Galena vein system over a near continuous strike length of 405 feet (123 m), an average sample width of 2.06 feet (0.63 m) and to a depth of 2 feet (0.61 m). Seventy eight (78) samples were collected from fine blast material over continuous 5 foot (1.5 m) lengths and two 7.5 foot (2.3 m) lengths weighing 8 lbs each are reported to have returned an average of 0.67 oz/ton Au (cut) (20.84 gpt Au) and 0.93 oz/ton Au (uncut) (28.93 gpt Au).

Sample Table (Rochelom Mines Ltd, 1974 by C.A. Veilleux, Eng., GM 30084)

(78 five foot samples and two seven and one-half foot samples)

(Assays presented are the reported average of two or more assays per sample)

Sample
Number
Vein Width
Feet/(Meters)
Uncut Gold Grade
(oz/ton)
Uncut Gold grade (gpt) Sample
Number
Vein Width
Feet/(Meters)
Uncut
Gold Grade
(oz/ton)
Uncut
Gold Grade (gpt)
851 2.0/(0.61) 0.80 24.88 891 2.0/(0.61) 0.17 5.29
852 2.5/(0.76) 1.02 31.73 892 2.5/(0.76) 0.02 0.62
853 3.0/(0.91) 1.88 58.48 893 2.0/(0.61) 0.12 3.73
854 2.5/(0.76) 1.53 47.59 894 2.0/(0.61) 0.29 9.02
855 2.0/(0.61) 1.00 31.10 895 2.0/(0.61) 0.25 7.78
856 2.0/(0.61) 1.84 57.23 896 2.0/(0.61) 0.91 30.48
857 2.0/(0.61) 1.60 49.77 897 1.7/(0.52) 1.69 52.57
858 3.0/(0.91) 2.28 70.92 898 1.9/(0.60) 2.16 67.18
859 2.0/(0.61) 1.66 51.63 899 1.8/(0.55) 1.09 33.90
860 3.0/(0.91) 2.71 84.29 900 2.0/(0.61) 2.08 64.70
861 2.0/(0.61) 1.33 41.37 901 3.0/(0.91) 2.13 66.25
862 2.0/(0.61) 1.52 47.28 902 2.5/(0.76) 2.22 69.05
863 3.0/(0.91) 0.52 16.17 903 2.5/(0.76) 0.59 18.35
864 2.0/(0.61) 1.25 38.88 904 2.5/(0.76) 0.69 21.46
865 3.0/(0.91) 0.57 17.73 905 2.5/(0.76) 1.19 37.01
866 2.5/(0.76) 1.24 38.57 906 2.3/(0.70) 0.76 23.64
867 3.0/(0.91) 1.80 55.99 907 2.0/(0.61) 1.06 32.97
868 2.3 (0.70) 2.62 81.49 908 2.0/(0.61) 1.14 35.46
869 2.5/(0.76) 0.78 24.26 909 1.9/(0.60) 1.44 44.79
870 2.0/(0.61) 0.60 18.66 910 1.3/(0.40) 0.83 25.82
871 1.9/(0.60) 0.62 19.28 911 1.3/(0.40) 1.02 31.73
872 2.5/(0.76) 0.14 4.35 912 1.5/(0.48) 1.54 47.90
873 2.5/(0.76) Tr Tr 913 1.5/(0.48) 1.22 37.95
874 1.3/(0.40) 0.01 0.31 914 1.4/(0.43) 1.51 46.97
875 1.3/(0.40) Tr Tr 915 2.0/(0.61) 0.70 21.77
876 1.5/(0.48) 0.14 4.35 916 1.5/(0.48) 0.65 20.22
877 1.8/(0.55) 0.01 0.31 917 1.4/(0.43) 0.84 26.13
878 1.6/(0.49) 0.45 14.00 918 1.3/(0.40) 0.76 23.64
879 2.0/(0.61) 0.02 0.62 919 1.5/(0.48) 0.81 25.19
880 2.0/(0.61) 0.29 9.02 920 2.1/(0.64) 0.63 19.60
881 1.3/(0.40) 0.22 6.84 921 2.5/(0.76) 1.06 32.97
882 1.5/(0.48) 0.70 21.77 922 3.0/(0.91) 0.82 25.50
883 1.3/(0.40) 0.02 0.62 923 3.0/(0.91) 0.94 29.24
884 1.3/(0.40) 0.01 0.31 924 2.5/(0.76) 1.53 47.59
885 1.7/(0.52) 0.11 3.42 925 2.5/(0.76) 0.58 18.04
886 1.8/(0.55) 0.02 0.62 926 2.0/(0.61) 0.56 17.41
887 2.0/(0.61) 0.01 0.31 927 1.8/(0.55) 0.74 23.02
888 2.0/(0.61) 0.16 4.98 928 2.2/(0.67) 0.56 17.41
889 1.5/(0.48) Tr Tr 929 2.0/(0.61) 0.79 24.57
890 2.0/(0.61) 0.02 0.62 930 2.3/(0.70) 0.81 25.19

Rejects from the 80 samples were combined into seven samples weighing 758 pounds, bagged and sent to the Quebec government assay lab as an outside check due to the high grade nature of the mineralization. The government assay lab average of the combined sample assays was 0.59 oz/ton Au (18.35 gpt Au) confirming the high-grade nature of the materials.

Subsequently, a five ton bulk sample of vein material representing different lengths along the Galena quartz vein was grouped into bags with each lot being weighed, crushed, ground and split. The calculated average of the bulk samples excluding sample L-6 at the north end of the trench gave 0.37 oz/ton Au (11.51 gpt Au) over a sample length of 355 feet (108 m) having an average trench width of 2.12 feet (0.65 m).

Based upon the assay results, a decline was proposed to follow and sample the Galena vein for a length of 550 feet (168 m) along with a 255 foot (78 m) cross cut to the Number 2 vein to be followed by 700 feet (213 m) of additional drifting north and south along the Number 2 vein. It was noted that the cross cut would intersect the Rabbit vein affording additional sampling of this structure.

The decline was never done and there is no record of additional work on the gold zones since the trench sampling in 1973, some 42 years ago. It should be noted that while 700 feet of drifting was proposed along Number 2 vein, we have no record of surface assays from this vein although a report references free gold observed within the vein.

Proposed Work and Verification

Preliminary work is expected to include line cutting, mapping, prospecting, rock sampling and geophysics. Of particular interest will be whether or not the country rock between the known gold bearing vein systems hosts gold values. Other quartz veins in which gold was observed and for which we have no assay data will also be sampled.

A recent short property visit by Globex personnel located the old trenches which are heavily overgrown. Samples of either loose or in place country rock taken where exposed have been assayed and, for the most part, returned anomalous gold values. One outcrop exposure north of the Galena vein returned 33.5 g/t Au (1.0 oz/t Au) from sheared and altered rock which contained up to 4% fine disseminated pyrite and no quartz veining.

Properties with occurrences of coarse free gold are particularly difficult to explore. While gold may be present in significant quantities, it is difficult to assess the quantity or grade by grab sampling, channel sampling or even diamond drilling. Large volume sampling such as that undertaken by Rochelom Mines Ltd. in 1973 is required.

Globex is enthused by this acquisition. It is rare to acquire a gold showing, better yet, a high grade gold asset in the Abitibi that has not been explored over the last forty years.

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

We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9

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