August 18, 2016 09:30 ET
ROUYN-NORANDA, QUEBEC--(Marketwired - Aug. 18, 2016) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) wishes to inform shareholders that it has sold 100% interest in its Montgolfier and Orvilliers Townships, Quebec property, the purchase of which was disclosed by Globex in a press release dated December 16, 2014. The sale by Globex to 2520385 Ontario Inc. a wholly owned subsidiary of Galway Metals Inc. (TSX VENTURE:GWM) is for a single cash payment of $200,000 and a 1% Gross Metal Royalty. Galway will also assume the underlying 2% Net Smelter Royalty obligation due to the original property vendors.
The property covers 24 kilometers of the Casa Berardi Break which is the host of the Casa Berardi Gold Mine owned by Hecla Mining Company and adjoins at its southwestern property boundary, the Estrades polymetallic deposit. Previous exploration consisting principally of airborne and ground geophysical surveys and follow-up diamond drilling which intersected the Casa Berardi Break and several areas with gold mineralization.
The transaction is part of a larger series of transactions announced today by Galway which will rejuvenate exploration on our cells and adjoining properties.
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.
46,502,706 shares issued and outstanding
Globex Mining Enterprises Inc.Jack Stoch, P.Geo., Acc.Dir.President & CEO819.797.5242819.797.1470 (FAX)firstname.lastname@example.org
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