Mr. Jack Stoch reports

GLOBEX: EXPLORATION UPDATE, CONTINUANCE AS FEDERAL CORPORATION

As shareholders have no doubt gathered, 2014 has been a difficult and disappointing year so far. Despite excellent efforts by Globex Mining Enterprises Inc.'s staff, the negativity and malaise in the markets have had an overwhelmingly negative effect on the company's share price, its joint venture and option partners, and its business in general. Despite this, Globex continues to move forward adding value to the company.

The Mid Tennessee mine operated by Nyrstar continues to generate royalty income for Globex despite several problems at the mill, which limited production for extended periods during the year. These problems seem to have been cleared up, and production is ramping up. To date, since January, Globex has received approximately $835,413 in royalty payments based on zinc prices varying from 91 cents to 92 cents per pound in the first six months of the year and $1.03 to $1.05 per pound for the following five months. It is the company's expectation that, baring additional mill problems, production will increase and zinc prices will continue to rise as projected by many mining analysts.

On the exploration front in the past months, Globex undertook a number of exploration programs. The first on its Eagle Gold property consisted of two drill holes, one of which intersected 5.39 grams per tonne gold over 4.8 metres. This intersection extends a known zone and suggests additional drilling is required.

Globex then drilled two holes on its Poirier mine property. One hole intersected massive sulphides much closer to surface than anticipated, suggesting more complex folding than originally thought. Hole P-14-002 intersected 4.95 per cent zinc and 8.95 g/t Ag over 6.47 m, including 7.48 per cent Zn and 12.61 g/t silver over 3.23 m.

At the Lyndhurst property, Globex re-evaluated deep stratigraphic drilling at the Moses volcanogenic massive sulphide zone and the underexplored eastern half of the property. It also undertook rehabilitation work related to previous exploration activity by Globex. More work is contemplated at a later date.

On the Nordeau East and Nordeau West properties, Globex reviewed all the previous drilling by Plato Gold Corp. and sampled 1,500 metres of previously unassayed core. The best single new assay was 8.13 g/t Au over one metre. Two mineralized zones in hole PG-06-21 returned 1.50 g/t Au over 11.8 m and 1.13 g/t Au over 9.0 m. More work is warranted.

A 645 m, four-hole drill program was undertaken in the Smith gold zone area of the Smith Zulapa property. The best result was 5.97 g/t Au over 1.5 metres in hole SZ-14-04. The historical zones of mineralization were extended, but as often occurs in areas of free gold, gold values are erratic. Again, more work is warranted.

At the Turner Falls rare-earth property, additional core was assayed returning anomalous results. Recently, the property was enlarged encompassing at least two additional areas of high-grade rare-earth mineralization.

As regards to the Wood Pandora property, Globex recently met with the new joint venture partners, Yamana Gold Inc. and Agnico Eagle Mines Ltd., that participate in the Wood Pandora joint venture under Canadian Malartic Corp., following the takeover of Osisko Mining Corp. A joint venture meeting was held to plan the next drill program and discuss other topics such as various options to develop the Ironwood gold deposit. One drill hole was done in order to meet assessment requirements on the Amm mining concession. The best results were 16.83 g/t Au over 0.6 m and 6.08 g/t Au over 1.5 m.

Lastly, Globex drilled several holes on its Champdore magnetic complex but did not intersect anything of economic value.

Currently, Globex is preparing to drill several holes on its Rich Lake property on a series of geophysics anomalies and a coincident off-hole anomaly indicated in previous drilling. The company intends to undertake drilling on its Vauze and Beauchastel properties, and is also mapping and sampling its new Moly Hill property and its Lac Turgeon property. The Moly Hill property has a historical non-National Instrument 43-101 resource reported in Quebec government files as 269,000 tons grading 0.13 per cent molybdenum. What caught the company's interest are historical references to disseminated mineralization (bismuth) underlying the molybdenite zone.

Recent acquisitions include the Moly Hill property referred to above and the Silidor gold mine property at Rouyn-Noranda, from which 2,948,000 tonnes grading 5.08 g/t Au has been extracted. The company purchased the Santa Anna gold property, which has a historical, non-NI 43-101 resource of 1,278,532 tonnes grading 2.97 g/t Au (122,088 ounces Au), of which 362,726 tonnes grading 2.42 g/t Au (27,764 ounces Au) is reported as open pittable (see press release dated Aug. 27, 2014) (source: Pierre O'Dowd, PGeo, May, 2005, NI 43-101 technical report for Vantex Resources Ltd.). Historical non-NI 43-101 resources should not be relied upon.

Globex acquired two silica properties, one of which, the Lac de la Grosse Femelle, was sold indirectly to Rogue Resources Inc. for one million shares, cost and a 1-per-cent net smelter return (NSR). The other, the Ha!Ha! property, was sold to Midatlantic Minerals Inc. for annual advance royalty payments and a $1.25-per-ton royalty.

On the Timmins talc magnesite project near Timmins, Ont., Globex's team has been busy undertaking additional testwork and developing a modified, internally generated economic assessment. The company's internal study, which combines previous data generated for its published independent preliminary economic assessment (April 16, 2012), new information input from experts, new test data and a different product line for the magnesia, should be completed shortly. Initial work suggests significant capital cost savings, and increases in the discounted net present value, and pretax and after-tax internal rate of return. The report is for internal use as a tool to help the company raise awareness of the project's economic potential with financial institutions.

On the option front, Integra Gold Corp. continues to make required option payments but has not yet provided an update as to exploration undertaken on the Farquharson (Donald) property, which adjoins Integra's Triangle and 4 Plug gold zones.

Mag Copper Ltd. also has made required option payments to Globex, and maintained the Fabie Bay/Magusi property by paying taxes and doing the assessment work (including drilling) required to keep the land package. It is working on a plan to advance the Magusi deposit to production.

Tres-Or Resources Ltd. has been given an extension until Nov. 30, 2014, to make the next option payment on the Fontana property, which it has indicated it plans to make.

Laurion Mineral Exploration Inc. has made an agreement with Lincoln Mining Corp. on a path forward, and Lincoln has announced a financing to pay Laurion and advance Globex's Bell Mountain royalty asset.

Glen Eagle Resources Inc. recently started a new drill campaign on the Authier lithium royalty property.

Other news

Globex has obtained articles of continuance under the Canada Business Corporations Act, and, effective Oct. 28, 2014, is a Canadian federal corporation governed by the Canada Business Corporations Act and is no longer governed by the Business Corporations Act (Quebec). Globex's continuance as a federal corporation was approved at Globex's annual and special meeting of shareholders held on June 12, 2014.

In connection with Globex's continuance as a federal corporation, its registered office has been changed from Rouyn-Noranda, Que., to 89 Belsize Dr., Toronto, Ont., M4S 1L3. In light of its new registered office, Globex may file an application with the Ontario Securities Commission to change its principal securities regulator from the Autorite des marches financiers to the Ontario Securities Commission.

This press release was written by Jack Stoch, PGeo, president and chief executive officer of Globex in his capacity as a qualified person under NI 43-101.

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