Globex Mining Enterprises Inc.
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Globex Mining Enterprises Inc.

October 15, 2015 09:49 ET

Globex: High Grade Gold Intersection at Pandora-Wood Property

ROUYN-NORANDA, QUEBEC--(Marketwired - Oct. 15, 2015) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) is pleased to provide shareholders with results from the first hole in our second phase of 2015 drilling at the Pandora-Wood Joint Venture property near Cadillac, Quebec. The project is a 50% joint venture with Canadian Malartic Corporation (jointly owned by Agnico Eagle Mines Ltd. and Yamana Gold Inc.) Globex is the operator of the project.

Hole W15-116B returned an average of 15.59 gpt Au over 5.0 m (0.45 oz/T Au over 16.4 ft) including an interval of 24.37 gpt Au over 3.0 m (0.71 oz/T over 9.8 ft). Hole W15-116B was planned to test the down-plunge western extension of the AB vein structure previously intersected in hole W13-101 (6.4 gpt Au over 4.27 m) located approximately 40 m to the east. This hole is the first to test a structural re-interpretation by Globex of vein structure plunge in this area of the Pandora-Wood property and we are very pleased with this initial result.

Drill hole intercepts:

Hole Number From - to (metres) Core length m (ft) Assay gpt (oz T)
W15-116B 367 to 372 5.0 m (16.4 ft) 15.59 (0.45 oz)
including 369 to 372 3.0 m (9.8 ft) 24.37 (0.71 oz)

True widths are estimated at 55% of intersection widths.

The drilling for the Phase 2 program was undertaken during the month of September and all samples have now been sent for assay. We are awaiting results from the remaining drill holes.

All split core samples were delivered to ALS Minerals laboratories located 1324 rue Turcotte, Val d'Or, Quebec. The laboratory conducted all aspects of sample preparation. Samples were dried and crushed to 70% passing a 2 mm mesh screen. A 250‐gram subsample is pulverized to a nominal 85% passing 75 micron mesh screen. The remaining crushed rejects are retained for further analysis and quality control. Assay samples are analysed by Fire Assay with an Atomic Absorption (AA) finish, with an automatic re-assay of all samples returning greater than 1 gpt by Fire Assay with a Gravimetric Finish.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101

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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

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