ROUYN-NORANDA, Québec, Sept. 24, 2019 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that we have optioned our Bräunsdorf Exploration License (now called the Silver City Project) in Saxony Germany to Excellon Resources Inc. (EXN-TSX, EXLLF-OTC, E4X1-Frankfurt) a silver producer which operates the Platosa Mine, Mexico’s highest grade silver mine.
Under the terms of the agreement Excellon will, over a three year period, pay Globex $500,000 in cash payments and $1,600,000 in Excellon stock. The first payment at signing and the second at the first anniversary are firm commitments totaling $200,000 in cash ($100,000 on signing and $100,000 at the first anniversary) and $550,000 in Excellon stock ($225,000 of shares at signing and $325,000 of shares at the first anniversary). Excellon will undertake Globex’s current year property exploration obligation of $500,000 and pay the final portion of the cost of geophysical surveys (magnetometer and induced polarization) recently completed for Globex. Globex has completed two years of exploration on the exploration licence including compilations, mapping, rock and soil sampling, geophysical surveys, prospecting, etc. The project is now well advanced with numerous drill target areas defined. The 164 sq km Bräunsdorf land package has seen rudimentary pick and shovel exploration and mining over a 750 year period with historical silver production as compiled indicating a current day value of about five hundred million dollars as well as by-product zinc, lead, and fluorite.In addition, upon filing of a maiden independent mineral resource estimate, Excellon will make a one-time payment of $300,000 to Globex and on the commencement of commercial production on any portion of the property, an additional one-time payment of $700,000.Globex retains a 3.0% Gross Metal Royalty (GMR) on recovered precious metals and a 2.5% Gross Metal Royalty on all other metals. Excellon may purchase 1% of Globex’s 3% GMR on precious metals and 1% of Globex’s 2.5% GMR on all other metals for a payment of $1,500,000.Globex wishes to acknowledge that our German consulting geologist Matthias Jurgeit has done an excellent job on our behalf. Globex welcomes the partnering with Excellon, a company with both excellent exploration capabilities and ongoing mining expertise in vein type silver deposits.This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.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 expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.54,407,852 shares issued and outstanding
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