ROUYN-NORANDA, Quebec, Nov. 28, 2023 (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 Brunswick Exploration Inc. (TSX-V: BRW) has exercised the entire Lac Escale Lithium property option (Mirage Property) which Globex and Brunswick jointly announced on January 24, 2023 (click here to access press release).
The option covers 96 cells and a one-kilometer area of influence extending from the current 96 cell boundaries. Under the option agreement, Brunswick was required to make payments totaling $500,000, (half in cash and half in shares) and undertake a minimum of $1,000,000 in exploration work over four years. In addition, at the fifth anniversary of the coming into force of the retained 3% Gross Metal Royalty, Brunswick must pay Globex an advance royalty of $100,000 per year.
Brunswick have notified Globex that they have met the minimum $1,000,000 exploration expenditures and Globex has received an additional $212,500 in cash and 216,395 Brunswick shares, representing a cash equivalent of $212,500 (216,395 shares at 30-day VWAP average of $0.982/share). The full exercise of the option has occurred approximately 11 months after signature of the 4-year option agreement.
Brunswick have announced today that they have completed construction of a winter exploration camp at Mirage to facilitate a minimum 15,000 metre drill campaign on the claims. This is in addition to the previously announced 5,000 metre drill program. First assays from this drill program are expected imminently and will be released as rapidly as possible.
Globex expects that Brunswick has exercised the entire option agreement so much ahead of time for good reason.
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.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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.
