Globex Mining Enterprises Inc.
TSX : GMX
PINK SHEETS : GLBXF
FRANKFURT : G1M

Globex Mining Enterprises Inc.
Queenston Mining Inc.
TSX : QMI

Queenston Mining Inc.

June 08, 2006 05:43 ET

Globex-Queenston Continue to Report Excellent Drill Results at Wood-Pandora

ROUYN-NORANDA, QUEBEC--(CCNMatthews - June 8, 2006) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRANKFURT:G1M) (PINK SHEETS:GLBXF) and QUEENSTON MINING INC. (TSX:QMI) (STUTTGART:QMI) are pleased to announce gold intersections in three drill holes recently completed on the "New Gold Discovery" at the Wood-Pandora (50%-50%) Joint Venture property, located in Cadillac township, Quebec. The JV also is releasing the results of drilling along the "Cadillac Break" near the Wood Mine completed earlier this year on the same property.

"New Gold Discovery" Drill Program

The highlight of the drilling is the intersection of significant gold mineralization in all three holes including:



- 4.98 g/t Au (0.15 oz/ton) over a core length of 9.91 m (32.51 ft)
in hole W06-25
- 8.94 g/t Au (0.26 oz/ton) over a core length of 28.10 m (92.20 ft)
in hole W06-26, and
- 10.47 g/t Au (0.31 oz/ton) over a core length of 11.00 m (36.10 ft)
in hole W06-27


The drilling follows-up on a new gold discovery announced by the JV on March 6, 2006 where three holes intersected significant gold values in a pyrrhotite and arsenopyrite sulphide zone. The deepest of the discovery holes, W06-22, intersected a core length of 45.8 metres (150.3 ft) grading 22.6 g/t Au (0.66 oz/T) at a vertical depth of 135 m. The current program is targeted at establishing the extent, dip, strike and plunge of the new discovery and firmly establishing an accurate true width.



Table of Assay Results

---------------------------------------------------------------------
Est-
Inter- imated
Hole # Dip Az From To val True Au
(degrees) (degrees) (m) (m) (m) Width (g/t)
(m)
---------------------------------------------------------------------
W06-25 -56 0 degrees N 175.74 185.65 9.91 7.75 4.98
---------------------------------------------------------------------
including 175.74 180.24 4.50 3.51 7.98
---------------------------------------------------------------------
W06-26 -61 0 degrees N 193.40 221.50 28.10 19.06 8.94
---------------------------------------------------------------------
including 198.00 202.50 4.50 3.05 11.49
---------------------------------------------------------------------
and 210.85 212.55 1.70 1.15 19.24
---------------------------------------------------------------------
and 215.10 221.50 6.40 4.34 22.61
---------------------------------------------------------------------
W06-27 -62 0 degrees N 239.25 250.25 11.00 7.46 10.47
---------------------------------------------------------------------
including 239.25 243.00 3.75 2.54 22.34
---------------------------------------------------------------------
and 246.27 250.25 3.98 2.70 6.53
---------------------------------------------------------------------


Hole W06-25 was drilled from south to north to intersect the zone at a vertical depth of 140 m and 25 m west of hole W06-22. The hole intersected 9.91 m (32.51 ft) of pyrrhotite-arsenopyrite mineralization which assayed 4.98 g/t Au (0.15 oz/T Au) over an estimated true width of 7.75 m (25.4 ft). The best interval within the zone averaged 7.98 g/t Au (0.23 oz/T) over a core length of 4.50 m (14.76 ft) with an estimated true width of 3.51 m (11.5 ft). It is interpreted that the hole intersected the upper edge of the mineralized zone.

Hole W06-26 was drilled from the same location as W06-25 but at a steeper angle to intersect the zone at a vertical depth of 177 m or 37 m (121 ft) below W06-25. This hole intersected a thick zone of semi-massive pyrite cut by barren calcium carbonate veins. The entire zone assayed 8.94 g/t Au (0.26 oz/T) over 28.10 m (92.2 ft) over an estimated true width of 19.06 m (62.53 ft). The best interval within the zone averaged 22.61 g/t Au (0.66 oz/T) over a core length of 6.40 m (20.99 ft) with an estimated true width of 4.34 m (14.2 ft).

Hole W06-27 was drilled from south to north intersecting the zone 74 m (242.8 ft) below W06-22 at a vertical depth of 210 m. The hole intersected 11.0 m (36.09 m) of semi-massive pyrite which assayed 10.47 g/t Au (0.31 oz/T) over an estimated true width of 7.46 m (24.48 ft). The best interval within the zone averaged 22.35 g/t Au (0.65 oz/T) over a core length of 3.75 m (12.30 ft) with an estimated true width of 2.54 m (8.33 ft). Hole W06-27 is the deepest hole in the gold zone to date.

The JV is encouraged with the continued good grades and widths of the mineralized zone intersected in the drilling. The New Gold Discovery remains open and drilling continues to determine its extent and geological characteristics.

"Cadillac Break" Drill Program

Earlier this year the JV completed a Phase 4, nine hole diamond drill program along the Cadillac Break in the vicinity of the historic Wood Mine. This program's aim was to follow-up on significant gold mineralization encountered in the D Zone (8.51 g/t Au over a core length of 28.00 m) and C Zone (Mudstone) (68.19 g/t Au over a core length of 1.5 m) both encountered in hole W05-09 during the Phase 3 program. Details of the Phase 3 drill program were announced in news releases issued on November 23, 24 and December 5, 2005. Upon further evaluation and final assay results the D Zone intersection in hole W05-09 has been revised to average 6.87 g/t Au (0.20 oz/T) over an estimated true width of 17.46 m (57.28 ft).

The nine holes were drilled within a 200 m area around the D Zone intersection in hole W05-09. Three prominent zones were intersected within the Cadillac Break all reporting encouraging gold mineralization. From south to north, the zones are referred to as the D, North Contact (NC) and C.



Table of Assay Results

---------------------------------------------------------------------
Estimated
True
Hole # From To Interval Width Au
(m) (m) (m) (m) (g/t) Zone
---------------------------------------------------------------------
W05-12 199.00 221.50 22.50 13.54 0.45 D
---------------------------------------------------------------------
238.35 242.50 4.15 2.55 38.77 C
---------------------------------------------------------------------
W06-13 237.00 259.00 22.00 13.85 0.43 D
---------------------------------------------------------------------
271.00 273.00 2.00 1.26 6.61 NC
---------------------------------------------------------------------
278.00 282.00 4.00 2.52 1.96 C
---------------------------------------------------------------------
W06-14 112.00 152.00 40.00 25.17 0.35 D
---------------------------------------------------------------------
172.50 176.00 3.50 2.20 4.89 NC
---------------------------------------------------------------------
189.00 193.50 4.50 2.83 8.71 C
---------------------------------------------------------------------
W06-15 253.75 259.00 5.25 3.37 1.24 D
---------------------------------------------------------------------
307.45 308.00 0.55 0.35 11.33 C
---------------------------------------------------------------------
W06-16 141.00 155.58 14.58 11.17 1.70 D
---------------------------------------------------------------------
W06-18 98.00 134.50 36.50 21.45 0.30 D
---------------------------------------------------------------------
W06-19 No Significant Values
---------------------------------------------------------------------
W06-20 110.50 134.50 24.00 14.78 0.59 D
---------------------------------------------------------------------
141.06 144.27 3.21 1.98 16.43 NC
---------------------------------------------------------------------
159.00 164.07 5.07 3.19 2.98 C
---------------------------------------------------------------------
W06-21 256.00 265.00 9.00 5.42 1.94 NC
---------------------------------------------------------------------
269.00 269.50 0.50 0.30 11.97 C
---------------------------------------------------------------------


The D Zone was intersected in 7 of the 9 holes and is represented by wide widths (5.25 m to 40.00 m) of low grade gold mineralization (0.30 g/t to 1.7 g/t Au) in a highly contorted package of altered talc-chlorite schists. The widest assay interval was 1.70 g/t Au over a core length of 14.58 m in hole W06-16.

The North Contact Zone was intersected in 4 of the 9 holes reporting core lengths ranging from 2.00 m to 9.00 m with the best assay interval recorded in hole W06-20 averaging 16.43 g/t Au (0.48 oz/T) over a core length of 3.21 m (10.53 ft). The North Contact occurs in an altered-silicified zone near the talc-chlorite schist contact with fine grained mudstone to the north.

The C Zone, previously referred to as the Mudstone Horizon was intersected in 6 of the 9 holes over core lengths ranging from 0.50 m to 5.25 m. The zone is silicified, occurring in a biotitic schist within mudstone and returned a best assay interval of 38.77 g/t Au (1.13 oz/T) over a core length of 4.15 m (13.62 ft) in hole W05-12.

This phase of drilling did not produce similar assay results in the D Zone as was intersected in previous hole W05-09. It however, intersected significant, high-grade mineralization in the North Contact and C Zones above a vertical depth of -250 m. These zones continue to be favourable targets on the property and remain open at depth. Recently, Agnico-Eagle Mines Inc. announced a US$90 million expenditure to advance the Lapa Gold Project to production. The Lapa deposit is located 3 km east of the JV property within the same altered package of volcanic and sedimentary rocks along the Cadillac Break.

The Wood-Pandora drilling program was supervised by Globex's Exploration Manager and qualified person Ray V. Zalnieriunas, P. Geo. employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. The drill core was logged, split and half-core samples were analyzed employing the appropriate gold fire assaying techniques, including a metallic sieve method as required. Analysis was conducted by Expert Laboratory Inc. of Rouyn-Noranda, Quebec.

This press release was written by Charles E. Page and Jack Stoch in their capacity as a Qualified Persons (Q.P.).



Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3


Forward Looking Statements - We Seek Safe Harbour

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 Company's expectations and projections.

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