ROUYN-NORANDA, QUEBEC--(Marketwire - Jan. 2, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES
GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) and Chibougamau Independent Mines Inc. (TSX VENTURE:CBG) ("CIM") wish to inform Globex shareholders that CIM has, in an extremely difficult financing market, raised sufficient funds so that CIM may start trading on the TSX Venture Exchange.
CIM has raised $1.4 million in "flow-through" units. As the TSX Venture Exchange requires that CIM has a minimum of approximately $1.2 million in working capital at listing, Jack Stoch Geoconsultant Services Limited has subscribed for "hard cash" units of CIM in that amount. Jack Stoch Geoconsultant Services Limited is a company owned by Jack Stoch, President and Chief Executive Officer of Globex and CIM. Jack Stoch and Dianne Stoch view CIM's projects as among the best in the Province of Quebec and are prepared to ensure their advancement and that of CIM through this investment.
Surprisingly, neither the Quebec Government funds nor the Quebec union fund, set up specifically to support exploration in Quebec, participated in the CIM financing. We find this perplexing especially when we were told that, at least in one case, that they were surprised by the high quality of our projects. The current financial uncertainty both in Europe and North America and weak performance of the junior sector has made it impossible for CIM to raise the complete amount in its private placement, as initially announced. Several investment funds have expressed an interest in CIM but have requested that we re-contact them in early 2013 once their new 2013 funds are funded.
Closing of the CIM private placement was completed on December 31, 2012. As previously announced, the TSX Venture Exchange has conditionally approved CIM's listing application. It is expected that CIM will commence trading on the TSX Venture Exchange in early January, after closing of the private placement, completion of the previously-announced "spin out" of CIM shares to Globex's shareholders, and delivery by CIM of standard listing documentation to the TSX Venture Exchange.
CIM will immediately initiate several of its exploration programs, including drilling of the historical non NI.43-101 Berrigan gold, silver, zinc zone immediately north of the town of Chibougamau, Quebec. The initial drill program on the Berrigan property will be focused on confirming the previously drilled shallow, historical zinc zone. Interestingly, previous drilling principally in the late 1940's by Noranda and in the 1950's and 1960's by Tache Lake focused on the zinc values and largely ignored the numerous and very significant gold and silver values. This is understandable as gold was trading at approximately $34.00 per oz. and silver at $0.70 to $1.96 per oz. (averaging approximately $1.08 per oz.) at that time.
The following are some of the drill intersections reported, all from shallow depths:
| Hole # | From | To | Interval | Zn % | Cu % | Au g/t | Ag g/t | ||||||
| A-005 | 131.4 m | 140.2 m | 8.8 m | 5.70% | 6.96 g/t | ||||||||
| A-010 | 97.3 m | 105.2 m | 7.9 m | 4.43% | 4.94 g/t | 25.36 g/t | |||||||
| A-016 | 18.9 m | 21.2 m | 2.3 m | 1.51% | 6.43 g/t | ||||||||
| 76.2 m | 77.7 m | 1.5 m | 3.45% | 8.91 g/t | |||||||||
| A-061 | 91.6 m | 100.6 m | 9.0 m | 3.76% | 0.16% | 3.00 g/t | 17.24 g/t | ||||||
| 107.1 m | 115.7 m | 8.6 m | 6.15% | 0.17% | 8.14 g/t | 39.70 g/t | |||||||
| A-062 | 59.3 m | 61.1 m | 1.8 m | 6.92% | 4.62 g/t | 17.14 g/t | |||||||
| A-063 | 113.7 m | 114.3 m | 0.6 m | 17.55% | 49.23 g/t | 404.64 g/t | |||||||
| 129.4 m | 132.8 m | 3.4 m | 8.86% | 8.88 g/t | 68.16 g/t | ||||||||
| 138.9 m | 141.5 m | 2.6 m | 4.69% | 4.04 g/t | 11.14 g/t | ||||||||
| A-065 | 121.6 m | 125.7 m | 4.6 m | 7.67% | 6.08 g/t | 21.56 g/t | |||||||
| 139.8 m | 144.5 m | 4.7 m | 2.80% | 3.55 g/t | 7.64 g/t | ||||||||
| 164.7 m | 167.2 m | 2.5 m | 3.13% | 6.95 g/t | 15.44 g/t | ||||||||
| A-066 | 100.6 m | 101.8 m | 1.2 m | 22.90% | 36.65 g/t | 39.73 g/t | |||||||
| 159.8 m | 168.8 m | 9.0 m | 6.26% | 5.19 g/t | 19.60 g/t | ||||||||
| A-067 | 157.1 m | 158.2 m | 1.1 m | 16.75% | 10.96 g/t | ||||||||
| A-072 | 188.7 m | 190.9 m | 2.2 m | 5.08% | 3.13 g/t | ||||||||
| A-073 | 144.8 m | 145.1 m | 0.3 m | 27.90% | 32.88 g/t | ||||||||
| A-076 | 126.3 m | 129.8 m | 3.5 m | 11.07% | 3.02 g/t | ||||||||
| A-083 | 94.3 m | 96.3 m | 2.0 m | 4.45% | 3.79 g/t | 10.34 g/t | |||||||
| 119.4 m | 132.6 m | 13.2 m | 4.99% | 2.88 g/t | 15.91 g/t | ||||||||
| A-084 | 130.3 m | 142.8 m | 12.5 m | 4.58% | 5.10 g/t | 17.18 g/t | |||||||
| A-086 | 50.9 m | 52.1 m | 1.2 m | 7.00% | 15.07 g/t | 59.60 g/t | |||||||
| A-103 | 56.4 m | 59.4 m | 3.0 m | 5.84% | 11.61 g/t | ||||||||
| U-02 | 44.9 m | 45.6 m | 0.7 m | 2.95% | 17.81 g/t | 89.74 g/t | |||||||
| 90.4 m | 91.4 m | 1.0 m | 13.80% | 26.72 g/t | 58.91 g/t | ||||||||
| 95.8 m | 108.7 m | 12.9 m | 5.75% | 3.11 g/t | 15.17 g/t | ||||||||
| U-03 | 8.2 m | 16.6 m | 8.4 m | 13.09% | 6.98 g/t | 20.71 g/t | |||||||
| 49.4 m | 64.0 m | 14.4 m | 8.69% | 3.41 g/t | 17.49 g/t | ||||||||
| U-04 | 17.4 m | 19.7 m | 2.3 m | 12.77% | 4.60 g/t | 14.65 g/t | |||||||
| 85.9 m | 86.6 m | 0.7 m | 7.05% | 37.68 g/t | 78.09 g/t | ||||||||
| U-09 | 71.8 m | 75.8 m | 4.0 m | 2.32% | 4.32 g/t | 12.43 g/t | |||||||
| SU-23 | 2.8 m | 10.6 m | 7.8 m | 3.98% | 3.33 g/t | 20.54 g/t | |||||||
| SU-52 | 0.0 m | 5.0 m | 5.0 m | 3.88% | 3.01 g/t | 19.82 g/t | |||||||
| SU-59 | 0.0 m | 4.1 m | 4.1 m | 5.40% | 3.51 g/t | 31.04 g/t | |||||||
| TA-87-27 | 31.1 m | 32.3 m | 1.2 m | 5.60% | 17.98 g/t | 37.33 g/t | |||||||
| TA-87-40 | 81.1 m | 83.5 m | 2.4 m | 10.05% | 2.96 g/t | 50.05 g/t | |||||||
| 91.4 m | 94.2 m | 2.8 m | 10.82% | 3.23 g/t | 19.19 g/t | ||||||||
| TA-90-50 | 65.5 m | 70.1 m | 4.6 m | 4.12% | 6.78 g/t | 10.12 g/t | |||||||
| 84.6 m | 87.5 m | 2.9 m | 3.90% | 3.20 g/t | |||||||||
| 95.5 m | 106.7 m | 11.2 m | 10.39% | 0.10% | 2.54 g/t | 19.26 g/t | |||||||
| 114.0 m | 129.5 m | 15.5 m | 6.57% | 0.10% | 8.05 g/t | 23.58 g/t | |||||||
| TA-90-51 | 197.4 m | 200.0 m | 2.6 m | 5.39% | 0.21% | 3.52 g/t | 20.10 g/t | ||||||
| TA-90-52 | 201.2 m | 203.3 m | 2.1 m | 5.21% | 5.70 g/t | 11.60 g/t | |||||||
| TA-90-56 | 81.0 m | 84.4 m | 3.4 m | 5.75% | 4.06 g/t | ||||||||
| 164.4 m | 166.9 m | 2.5 m | 5.23% | 6.18 g/t | |||||||||
| 215.7 m | 219.6 m | 3.9 m | 6.74% | 3.95 g/t | |||||||||
| TLT-09 | 247.4 m | 249.7 m | 2.3 m | 4.28 g/t |
Source: Technical Review (NI 43-101 Compliant) & Evaluation of the Exploration Potential on the Berrigan Gold-Silver-Zinc Project, McKenzie Township, Chibougamau, May 17, 2012 (revised Aug. 15, Oct. 30 and Nov. 26, 2012) by Claude Larouche, geo., ing (OIQ).
Interestingly, several grab samples of non zinc bearing rock taken from a rock dump of material left from a small bulk sample assayed up to one quarter ounce gold leading us to believe that the gold and silver mineralization may well extend beyond the previously drilled zinc zone.
The Board of Directors of Globex and CIM wish to thank those who have supported us throughout this task and look forward to rewarding Globex and CIM shareholders through our future efforts.
Jack Stoch, P.Geo. President and CEO of Globex Mining Enterprises Inc and Chibougamau Independent Mines Inc. wrote this press release in his capacity as QP under applicable regulations.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 - 2(b) |
| CUSIP Number 379900 10 3 |
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 Companies expectations and projections. A more detailed discussion of the risks is available in the current Company's "Annual Information Form" available on SEDAR at www.sedar.com
Contact Information:
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com