Kiboko Starts 12,450 Metre Drill Program on Globex Royalty Property

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ROUYN-NORANDA, Quebec, Sept. 20, 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 inform shareholders that Kiboko Gold Inc. (KIB-TSXV) has commenced drilling with two rigs on the Fontana portion of their Harricana Project located in Duverny township, Quebec (NS 32C12). Globex maintains a 2% Net Smelter Royalty on the Fontana area.

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In Kiboko’s press release, they state the following:

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“The Phase 1 exploration program recommended in the Harricana Technical Report (as defined herein) consists of 12,450 metres (“m”) of drilling at the Fontana area of the Project, which is identified in Figure 2. The planned program, which is subject to modification, consists of 3,945 m of orientated HQ diamond drilling (18 holes) and 8,505 m of 5.5-inch reverse-circulation (“RC”) drilling (64 holes). The Phase 1 exploration program is fully funded and is expected to be completed in the first quarter of 2023.”

“Kiboko in their press release discuss the “Exploration Targets” based upon an in-depth analysis of the previous 79,565m of historical drilling and have provided maps to facilitate an understanding of the past drill focus and gold mineralization distribution. Click here to access the Kiboko press release.

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(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.