Globex Finalizes Acquisition of Francoeur and Arntfield Gold Mines

Jul 28, 2016

Rouyn-Noranda, Québec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) wishes to inform shareholders that further to our press release dated March 3, 2016, Globex has finalized the agreement made between Globex and Richmont Mines Inc. (RIC-TSX and NYSE) wherein Globex acquired 100% interest in the Francoeur Mine, Arntfield Mine and a large package of mining concessions, mining leases and claims in Beauchastel and Dasserat Townships, approximately 25 km west of Rouyn-Noranda, Quebec.

The purchase includes a modern office building, headframe and hoist, core facility, machine shop and sundry equipment. A mineral resource (Measured and Indicated 320,000 t @ 6.47 gpt Au (66,600 oz Au) and Inferred 18,000 t @ 7.17 gpt Au (4,150 oz Au)) has been identified by Richmont in the West Zone of the Francoeur mine using a cut-off grade of 4.3 gpt Au and a gold price of CDN $1,300 (approx. USD $986) (Richmont Web Page Disclosure – Mineral Reserve & Resource Table as of December 31, 2015). This resource has not been reviewed by a qualified person for Globex under National Instrument 43-101 and is considered by Globex as an historical estimate. The resource remains open at depth and is accessible by shaft and underground ramp. The Northern Miner (1991-09- 23) reported a historic resource of 633,086 tonnes grading 4.84 gpt Au (98,512 oz Au) on the adjoining Arntfield Gold Mine property (Source: sigeom.mines.gouv.qc.ca).

Globex has begun reviewing the large geological data bank with an eye to identifying priority target areas for exploration. Several such areas have been identified.

http://www.globexmining.com/news.php