ROUYN-NORANDA, Quebec, Dec. 05, 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 Exchanges and GLBXF – OTCQX International in the US) is pleased to update shareholders as regards the work undertaken by Kiboko Gold Inc. (KIB-TSXV) on the Fontana area of the Harricana Gold Project, in Duverny township, Quebec (NTS 32C12). Globex retains a 2% Net Smelter Royalty on Harricana Gold Project claims, including the areas currently being drilled at Fontana and most of the other areas with known significant gold mineralization.

Kiboko recently reported that it has completed the initial portion of their Phase 1 exploration program consisting of 55 holes totaling more 8,000 metres drilled since mid-September. Drilling has now paused and is planned to restart in early 2023. The winter portion of their Phase 1 exploration program is expected to consist of 12 drill holes totaling 2,600 m. The total Phase 1 program is projected to consist of 67 holes totaling 11,000 m and is expected to be completed in the first quarter of 2023. Kiboko is also targeting to report a maiden near-surface, pit constrained mineral resource estimate on a portion of the Fontana area in the second quarter of 2023. (click here for the Kiboko press release).

More information on Kiboko and its Phase 1 exploration program is summarized in a recent 6ix Summit presentation by Kiboko’s President and CEO, Jeremy Link, that may be viewed by clicking here.

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

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.