Globex: Sells Certac Cells to Osisko Mining
ROUYN-NORANDA, QUÉBEC–(Marketwired – Feb. 26, 2018) - GLOBEX MINING ENTERPRISES INC. ((TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that Globex has sold our Certac copper/zinc/gold/silver property located at Le Tac township, Quebec (32F08) to Osisko Mining Inc. (TSX:OSK). Consideration for the sale is a cash payment of two hundred and fifty thousand dollars ($250,000) and a Gross Metal Royalty (GMR) payable to Globex on all metal production based upon the gold price upon the date of delivery of the metals by a smelter or royalty. The GMR will be 2.5% at a gold price below $1,000 per ounce or 3% GMR at a gold price equal to or greater than $1,000 per ounce. Osisko retains a first right of refusal should Globex decide at anytime to sell its GMR as well as an exclusive right to buy back 1.5% GMR for $1,500,000.
The Certac property covers a number of copper and gold occurrences as well as the extensions of mineralized horizons or zones on neighboring cells owned by Osisko Mining Inc.
Previous drilling reported copper and gold intersections as did surface sampling on a number of showings. The sale of the Globex claims to Osisko Mining Inc. consolidates their land holdings in the area and assures that quality exploration will be undertaken on the cells covered by Globex’s GMR. Globex retains a significant portion of any possible future production on the cells through its GMR should exploration successfully outline an economic deposit.
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.
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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
51,053,577 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.