Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

April 05, 2007 01:00 ET

Globex Mining Enterprises Inc.: Fabie Bay Copper Mine Update

ROUYN-NORANDA, QUEBEC--(CCNMatthews - April 5, 2007) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(PINK SHEETS:GLBXF) is pleased to provide shareholders with a summary update regarding Globex's Fabie Bay and Magusi River massive sulphide (copper, zinc, gold, silver) deposits under option to First Metals Inc. (FMA-TSX).

In a press release dated April 4, 2007, First Metals provided the following update, which is summarized below:

Fabie Bay Deposit

- 350 vertical, 10 metre deep, drill holes have been completed on a three-metre by three-metre pattern and are ready to load and blast.

- Assay results from the first 144 holes averaged 2.85% copper at a 1.5% copper cut-off grade, slightly better than the 2.77% copper grade reported in the April 2006, Micon, NI 43-101 report.

- Mining equipment is on site including a jaw crusher and a six cubic metre loader.

- Dewatering of the ramp and underground workings has reached the 90 metre level and the underground workings are in good condition. Dewatering is expected to be completed by April.

- The hydro-electric line should be completed by the end of April and the 5,000 KVA transformer and switch gear are on site.

Magusi River Deposit

- A 20,000 metre diamond drill contract has been let to drill the Magusi deposit for exploration purposes and in order to acquire a certificate of approval to remove a 50,000 tonne bulk sample for metallurgical test work and mine planning.

- A road has been completed joining the Fabie Bay Mine site to the Magusi deposit area.


- Induced polarization anomalies located south of both the Fabie Bay and Magusi River deposits as well as on the Duprat Township claim block will be drilled.

Globex maintains a 2% Gross Metal Royalty on all production from the properties as well as a 10% Net Profit Interest after recoup of $10 million in capital costs. In addition, at commercial production Globex will receive cash payment of $250,000 and common shares of First Metals equal to 10% of the issued capital of the Company.

For greater detail as to progress on these properties, please refer to the First Metals press release dated April 4, 2007

This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).

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

16,680,950 shares issued and outstanding

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