Globex Provides Update to Shareholders

“This too Shall Pass” Persian Adage

ROUYN-NORANDA, Québec, April 17, 2020 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to provide an update to shareholders in times that are, to state it mildly, difficult.

Globex has had to adjust at every level due to reduced revenue, government shutdowns of field work in Quebec and Cape Breton, Nova Scotia, permitting delays in Ontario, ordered closure of all offices in Rouyn-Noranda including Globex’s office and restrictions on travel. Access to the Town of Rouyn-Noranda is restricted to essential material and personnel by roadblocks due to the high number of Coronavirus cases.

Globex has made necessary adjustments to carry on business effectively.  We have upgraded our VPN system and staff is working from home writing reports, designing 3D models of a number of our orebodies, drawing maps, updating our website data, reviewing and planning fieldwork, etc.

In addition, we have staked a number of new assets and purchased a number of properties and royalties.  We have also focused on identifying potential clients for a number of our assets and have approached them to see if option or purchase deals can be done. 

We expect that doing deals will be difficult as many exploration companies have limited funds and are loath to spend any of it in the current investment climate.  Globex, being contrarian, views these times as a period of opportunity and is acting.  We have the advantage of funds on hand, both hard cash and flow through, no debt, 100% ownership of most of our almost 200 assets (one-half of which are gold properties) and a team of dedicated and skilled staff.  On the negative side of the equation, our revenue not surprisingly is down. As I stated above, companies are loath to make property investment decisions currently.  In addition, the price of zinc has tumbled below ninety cents per pound, for the time being, curtailing our royalty stream from the Mid-Tennessee Zinc Mines although zinc prices seem to be slowly rising.