Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

May 21, 2010 15:43 ET

Globex Raises Additional Exploration Funds

Drilling Starts at Nordeau Gold Property/More Gold at Russian Kid (Rocmec 1)

ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - May 21, 2010) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF)(PINK SHEETS:GLBXF) is pleased to inform shareholders that it has closed a private placement of 957,600 flow through common shares. Globex has placed 406,200 flow through common shares with Quebec "accredited investors" at a price of $1.955 per share and 551,400 flow through common shares with non-Quebec "accredited investors" at $1.87 per share for a gross proceeds of $1,825,239. The shares are subject to a 4 month hold period.

Three funds have taken part in the private placement. No warrants or brokers' warrants were issued as part of the financing. A cash commission of 4% was paid to Citadel Securities Inc. of Halifax, Nova Scotia and various registered representatives.

The funds will be spent on exploration and hydrometallurgical test work on projects in Quebec, Ontario and Nova Scotia.

In other news, Plato Gold Corp. has announced the start of a second phase drill program on the Nordeau East gold zone, part of the Nordeau gold package optioned from Globex (see Plato press release dated May 19, 2010). Plato has reported drill results from the first phase of drilling including 14.3 g/t Au over 5.5 m and 8.0 g/t over 6.7 m (see Plato press release dated January 26, 2010). The drilling is being done in order to test the continuity of the mineralized zone. Globex is pleased that Plato is moving forward to better define the Nordeau East gold zone.

Rocmec Mining Inc. has announced a NI 43-101 conformable resource calculation on the Boucher structure at the Russian Kid Gold Mine (Rocmec 1) on which Globex has a gross metal royalty of up to 5%. In the press release dated May 20, 2010, Rocmec reported 22,700 ounces of gold defined in the measured and indicated categories. This is the first definition of a resource in this structure and, according to the press release, brings the Russian Kid deposit's measured and indicated resource to 570,300 t grading 6.52 g/t Au with an additional inferred resource of 1,512,400 t grading 7.40 g/t for a total of 479,100 oz of contained gold. See the Rocmec press release for details. The resource was calculated by SGS Geostat in a NI 43-101 report for Rocmec and will be available on Sedar.

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 Companies expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at

20,197,674 shares issued and outstanding

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