ROUYN-NORANDA, QUEBEC–(Marketwired – May 31, 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 reached a tentative agreement to option its Ramp Gold Property located northeast of Matheson Ontario to RJK Explorations Ltd. (TSX VENTURE:RJX.A). The property is located along the gold localizing Porcupine-Destor Fault Zone, a major crustal feature related to gold deposits in the Timmins and Matheson gold camps.
Under the agreement RJK can earn 100% beneficial interest in the Ramp Gold Property subject to the following terms:
- $10,000 upon signature of the Option Agreement;
- $250,000 on or before July 15, 2016;
- $250,000 in each subsequent year subject to an adjustment for inflation;
- A 2.5% Gross Metal Royalty (GMR) payable to Globex, 1% of which may be purchase in increments of 0.5% at any time for $1,000,000 for each 0.5%, within 3 years of Commercial Production.
The Ramp Gold Property consists of 66 unpatented claims, 16 patented claims, 3 mining leases and 9 parcels of patented and leased surface rights.
A historic mineral resource was calculated by R.A. Bennett, P.Eng. in a report dated January 28, 1994 titled “Property Report, 1993 Compilation Beatty Township Area, Larder Lake Mining Division, Ontario for Maude Lake Gold Mines Limited” as follows:
Resource Above 220 m Elevation
| Name | Proven | Probable | Possible | Drill Indicated | Totals | ||||
| Tons | Oz Au | Tons | Oz Au | Tons | Oz Au | Tons | Oz Au | Tons & grade | |
| 5 Zone “04” | 81,810 | 16,988 | 46,155 | 6,216 | 11,910 | 1,833 | 13,711 | 2,935 | 153,586 @ .182 |
| 5 Zone “03” | – | – | 2,983 | 365 | 10,573 | 1,669 | – | – | 13,558 @ .150 |
| 5 Zone “02” | 9,215 | 2,503 | 12,236 | 2,115 | 24,488 | 5,527 | 26,137 | 6,181 | 72,075 @ .224 |
| 5 Zone “01” | – | – | – | – | – | – | 69,462 | 13,596 | 69,462 @ .196 |
| Ramp Vein | – | – | 26,162 | 25,344 14,328 cut |
31,187 | 5,611 | 70,568 | 17,040 | 127,917 @ .373 .289 cut |
| #2 Vein | – | – | – | – | – | – | 42,945 | 12,273 | 42,945 @ .286 |
| Shaft Vein | 5,141 | 1,542 | 6,883 | 1,203 | 3,241 | 447 | 15,309 | 3,194 | 30,574 @ .209 |
| Total | 96,166 | 21,033 | 94,419 | 35,243 | 81,399 | 15,087 | 238,132 | 55,219 | 510,116 @ .248 126,582 Oz Au |
Deep Resource
Per the same report, Bennett reports that below 220 m elevation a resource estimate was previously calculated from deep surface drill intercepts plotted on cross and longitudinals sections of 283,358 tons grading 0.22 oz Au/ton (62,906 oz) (historical, non NI-43-101 compliant).
The resources described above are historic. A qualified person has not done sufficient work for Globex to classify the historical estimates as current mineral resource and Globex is not treating the historical estimates as current mineral resources under National Instrument 43-101 and CIM Standards for Mineral Resources and Reserves. These historical resources should not be relied upon.
The large Ramp Gold Property provides ample space for additional modern exploration both in the area of the known historical resource and elsewhere on the claims.
The surface expression of the Ramp deposit has been stripped within an open pit and the mineralized zones have been previously accessed at depth by an exploration ramp on five levels. Both features are currently flooded. The property is accessible by an all season gravel road.
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.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 |
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
44,797,706 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
[email protected]
www.globexmining.com
