ROUYN-NORANDA, Quebec, Nov. 30, 2021 (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 Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has optioned our Eagle Northwest, Gagné and Valrennes claim packages totaling approximately 50 square kilometres (191 claims), in the Joutel Mining Camp of Northwestern Quebec to Orford Mining Corporation (ORM-TSXV).

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd14f92-66b7-49af-8504-ba32ac40c8a7

Geological Map with gold and copper showing on the Joutel Eagle Property
Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 101³.

Globex’s Eagle Northwest property herein and hereafter called the Joutel Eagle Property to coincide with Orford nomenclature, covers 11 kilometres of the Casa Berardi structural zone, south splay (CBSZ) which is associated with several mineral deposits such as the Casa Berardi Gold Mine and the polymetallic Estrade Mine. In addition, 11 kilometres of the northwestern extension of the Eagle/Telbel Gold Mine horizon has been shown by Globex’s recent detailed aeromagnetic survey to traverse the entire strike length of the property. Within this property, previous drilling roughly defined the “South Gold Zone” over a strike length of approximately 700 metres and to a depth of 500 metres. This historical gold zone is open to depth as are a number of other areas of gold mineralization intersected in previous drilling.

On the Gagné claims, surface sampling produced assays grading up to 26.2 g/t Au over 3.0 m in trenching (GM54803).

Lastly, the Valrennes claims, toward the western portion of the mining camp, have several clusters of very strong airborne electromagnetic anomalies which have received limited follow up and have potential to indicate the presence of gold and/or base metal bearing stringer or massive sulphides.

Under the option agreement, Orford may earn 100% interest in the claims by fulfilling the follow terms:

1. The payment of $1,650,000 (half in cash and half in Orford shares) over a five year period of which $425,000 in the first 12 months is a firm obligation;
   
   
2. A work expenditure of $2,775,000 of which $525,000 is a firm obligation within the first 24 month period.
   

Globex will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of $2,000,000.

Globex is pleased to be optioning this large land package to Orford which has good exploration experience in the area.

Shareholders should note that Globex has also recently optioned our Eagle Gold Mine property to Maple Gold Mines Ltd. (see Globex press release dated July 19, 2021 and Maple’s work update in Maple’s press release dated October 7^th, 2021).

Apart from the Orford and Maple option deals, Globex retains two sizable claim packages in the Joutel Mining Camp, the former Poirier Mine and Joutel Copper Mine both of which Globex considers to have significant exploration potential in addition to historical resources.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d473ca12-79a4-42c9-ab48-2a6130a7f5dd

Casa Berardi: Hecla Mining, Mineral Resources Statement as of December 31, 2019. https://www.hecla-mining.com/casa-berardi/ Estrades: Technical report on the Mineral Resources Estimate for the Estrades Project, Northwestern Quebec Canada. Galway Metals, November 5, 2018, Amended March 15, 2019. Eagle /Telbel: Système d'information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01. Douay: Maple Gold Mines. Mineral Resource Statement as at October 24, 2019. https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate . Vezza: Mineral Resources Estimate for the Vezza Project, located 25 km south of Matagami, Quebec, Maudore Minerals Ltd. December 31, 2012. Poirier Copper/Joutel Copper: Système d'information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DP346, GM44192. Sleeping Giant: Système d'information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 13,2020. DV-2010-01 Mine Selbaie: Système d'information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 1,2021,  DV 2000-02

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.