Globex Options Beauchastel Township, Cadillac Break Claims
ROUYN-NORANDA, QUEBEC--(Marketwired - Aug 2, 2016) - Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that it has optioned 100% interest in 24 claims Globex owns on the Cadillac Break in Beauchastel Township, Quebec southwest of Rouyn-Noranda to Opawica Explorations Inc. (TSX VENTURE:OPW) owner of the adjoining Bazooka Gold Property.
The initial consideration payable to Globex is $30,000 and the issuance of 500,000 Opawica shares upon TSXV approval of the transaction, and an additional $30,000 and 500,000 Opawica shares by January 31, 2017 or upon the issuance of a permit to drill, whichever occurs first. In addition, Globex shall maintain a 3% Gross Metal Royalty upon all mineral production from the property, 1% of which may be purchased for one million dollars within the first five years of the option.
The optioned claims cover over 6 km of the Cadillac Break which have not been extensively explored due to a sedimentary rock cover which was thought to be excessively thick. However, after drilling by Globex, it has been shown to be relatively thin thus opening the property and the prolific gold localizing Cadillac Break to modern exploration.
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
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.
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Contact
Globex Mining Enterprises Inc.
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
819.797.5242
819.797.1470
info@globexmining.com
www.globexmining.com