Globex Mining Enterprises Inc.

TSX : GMX
OTCQX : GLBXF
FRANKFURT : G1M


Globex Mining Enterprises Inc.

May 07, 2014 09:54 ET

Globex Intersects 4.8m Grading 5.39 g/t Au at Eagle Mine Property

Globex Short Position 455,400 Shares

ROUYN-NORANDA, QUEBEC--(Marketwired - May 7, 2014) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to report results from two drill programs on our Eagle Mine Property and Lac à l'Eau Jaune Property.

On the Eagle Mine Property, Globex drilled two holes EM-14-01 and EM 14-02B of 595 metre and 1,011 metre lengths respectively.

Hole EM-14-01 intersected wide zones of semi massive and heavy disseminated pyrite in the mine horizon approximately 100 metres northwest of the mine with three areas of sulphide giving significant gold assays.

Hole EM-14-01
From (m) To (m) Length (m) Gold (g/t)
347.00 349.20 2.20 2.47
352.20 359.40 7.20 4.11
Including
354.60

359.40

4.80

5.39
445.50 447.57 2.07 1.15

Hole EM-14-02B was collared approximately 120 metres southeast of hole EM-14-01 and intersected the same pyritic horizon 475 metres below and approximately 100 metres southeast of the first hole. Sulphide mineralization was heavy but not as concentrated as in the first hole. Hole EM-14-02B returned the following gold assays.

Hole EM-14-02B
From (m) To (m) Length (m) Gold (g/t)
837.00 844.00 7.00 1.00
Including
837.85

839.50

1.65

2.03

True widths are unknown as the core displayed significant flexures and folding. For planning purposes, a true width of approximately 65% is used internally.

Two drill holes LEJ-14-01 and LEJ-14-02 were drilled on the Lac à l'Eau Jaune Property to test two moderate induced polarization anomalies indicated under the south end of the lake. The drill holes are located approximately 320 metres apart in a north-south direction and were of 480m and 324m lengths respectively. Neither drill hole intersected significant gold values but hole LEJ-14-02 intersected an exhalative chert horizon with 0.49% Cu and 0.20 g/t Au. This mineralized horizon warrants additional work.

North of the area drilled, a grid covering 14 linear kilometres was blanketed by a combined magnetometer and induced polarization survey. The geology in the grid area will be mapped this summer in anticipation of a drill program next winter.

All samples were delivered to Expert Laboratories Inc., located at 127 Boulevard Industriel, Rouyn- Noranda, Quebec. The laboratory conducted all aspects of the sample preparation. Samples were dried and crushed to 90% passing a -10 mesh screen. A 300-gram subsample was taken for pulverization to a nominal 90% passing -200 mesh with the remaining crushed rejects being retained.

A 29.166-gram sub-sample of this pulp (1 assay-ton) was taken and was fused following the standard procedures used in a fire assay method. The gold content of all samples was determined using Atomic Absorption Spectroscopy (Method Code: Au FA-GEO, lower detection limit 5 ppb). Any samples found to contain greater than 1 g/t Au were subjected to a re-assay, whereby the gold content was determined using a gravimetric fire assay method.

Other News

Globex and Mag Copper Limited have agreed to split the $400,000 option payment due April 28, 2014 into four equal payments of $100,000 over the next twelve months. The initial $100,000 payment has been received. In addition, the expenditure requirements under the contract period have been adjusted to deal with the current financial environment. The total expenditure requirements of $10,250,000 has not changed but has been extended by an additional year.

Also, Globex as of the latest publication of "Short Positions" by Stockwatch now has a declared short of 455,400 shares. We have been especially surprised by the large amount of shorted shares as the short position came into being during our recent financing.

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.

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

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

40,793,755 shares issued and outstanding

Contact Information