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

Globex Mining Enterprises Inc.

November 28, 2006 01:00 ET

Update on Globex's Fabie Bay Project

ROUYN-NORANDA, QUEBEC--(CCNMatthews - Nov. 28, 2006) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX), (Frankfurt, Stuttgart, Berlin, Munich, Xetra:G1M)(PINK SHEETS:GLBXF) wishes to update shareholders on two important milestones recently announced regarding Globex's Fabie Bay and Magusi River copper, zinc, gold, silver deposits.

Firstly, First Metals Inc. (FMA-TSX) has commissioned a 31-km hydroelectric line to the properties and has paid $2.4 million to Hydro Quebec to cover the cost of construction which is planned to be completed by the end of January 2007.

Secondly, metallurgical test work conducted on new drill core has achieved 93% copper recoveries in a plus 24% copper concentrate. This confirms historic recoveries indicated in a 1978 bulk sample taken by Noranda.

At commercial production, Globex will also receive shares equal to 10% of the issued capital of First Metals Inc.

Globex is very pleased with the rapid progress being made by First Metals and looks forward to production from the properties which will generate significant cash flow to Globex from the companies 2% Net Metal Royalty and 10% Net Profit Royalty.

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

16,407,050 shares issued and outstanding


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