Resource Increase at Globex Labyrinth Royalty Property

ROUYN-NORANDA, Quebec, Sept. 27, 2022 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangeangels and GLBXF – OTCQX International in the United States) is pleased to inform shareholders that Labyrinth Resources today announced a increase to 500,000 ounces of gold inasmuch as Inferred resource at the Labyrinth Gold Project (formerly called Russian Kid Mine). The project is located in the township of Dasserat, Quebec, west of Rouyn-Noranda. Globex retains a 5% gross metal royalty on the first 25,000 ounces of gold produced and a 3% gross metal royalty on all subsequent production.

The resource would be “open in all directions, supporting substantial mineral resource growth potential through near-mine and regional drilling.” Inferred Mineral Resources are reported as “3 mt at 5.0 g/t Au for 500,000 oz Au at a cut-off of 3 g/t Au.

Shareholders can access the lengthy Labyrinth press release by clicking here.

Globex is pleased with Labyrinth’s reported progress and looks forward to their continued success in increasing the resource base.

(Note: Production royalties are only payable upon production.)

This press release was prepared by Jack Stoch, P. Geo., President and Chief Executive Officer of Globex in his capacity as a Qualified Person (QP) under NI 43-101.

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CUSIP number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For more information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President and CEO
Globex Mining Enterprises Inc.
86, 14e Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Such. : 819.797.5242
Fax: 819.797.1470
[email protected]
www.globexmining.com

Forward-looking statements: Except for historical information, this press 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 actual results, level of activity and performance to differ materially from Globex Mining’s expectations and projections. Enterprises Inc. (“Globex”). No assurance can be given that the events anticipated by the forward-looking information will or will occur, or if any of them occur, 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.

55,695,336 shares issued and outstanding

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