Mr. Jack Stoch reports

GLOBEX ACQUIRES GOLD SILVER EXPLORATION TARGET IN NEVADA, USA

Globex Mining Enterprises Inc. has acquired by staking eight unpatented lode claims totalling 66.88 hectares (165.28 acres) in Clark county, southern Nevada, United States.

The property herein called the Red Star project was staked to cover two epithermal quartz vein systems, the over two-kilometre-long Red Star vein system and the western 470-metre-long segment of the Double Standard vein system. The Double Standard vein zone is located 2.5 kilometres (km) south of the Red Star vein system. The project area is situated at the north-western edge of the historic Crescent mining district at the western slope of the McCullough Mountain range.

Prospecting began in this district in about 1894, but no important discoveries were made. The period of greatest activity was from 1905 to 1907, when at least 10 incorporated companies were working in this area. Late in 1936 metal mining was revived, stimulated by the increased price of precious metals. Most of this work was carried out by small companies or lessees until 1942. Most of the historic production included turquoise (around the porphyry copper occurrence at Crescent Peak), gold, silver, copper and lead. However, no complete production data are available for the Crescent Mining district. In the early 1980s, Crescent Mining Ltd. exploited the Rest mine and extracted gold through a heap leach operation. However, no grade or production data are available. Initial historic mining and exploration at the Red Star vein system dates back to the period 1907 to 1914. At that time, it was staked by five unpatented lode claims (Red Star Group) owned and operated by the Red Star Mines company (probably active from 1906 to 1910). In addition, this company also had purchased the high-grade silver-gold (Ag-Au) vein system at the Double Standard mine (three patented claims), located 2.5 km south of the Red Star Group.

Globex has already carried out initial field work including geological mapping and has collected a total of 65 rock samples (mostly grab samples and linear chip samples) from the Red Star property and two samples from outside the property. These include 60 samples from the Red Star vein, three samples from the Double Standard veins, one sample from the Peak vein and one sample from the Aurum vein (the two latter form part of the Red Star vein system).

The Red Star vein system trends about 100 degrees and the principal Red Star vein dips in average about 55 degrees north. Vein outcroppings of the Red Star system can be followed over a lateral distance of 2,000 metres (m) but it is likely that it continues under postmineral sedimentary and volcanic rock cover at least until the western limit of the Globex claim block (resulting in about a 2,240 m strike length). Horizontal vein widths of individual or composite quartz veins (including quartz breccias and stockwork zones with over 30 per cent quartz) vary greatly from less than one m to 23 m (four m to 23 m width in the 220-metre-long Main-pocket). The average vein width is about four m.

The 1,300-metre-long Double Standard vein system strikes in average 105 degrees and dips in average 70 degrees north. The western vein segment (staked by Globex) is traceable over a length of 470 m. There is present a principal vein and several vein splays, however detail geological mapping has not yet been performed. Quartz veins are 0.2 to about 1.5 m thick. Epithermal mineralization of low- and intermediate-sulphidation type (or adularia-sericite type) took place in at least three multiquartz-generation pulses:

Pulse A1 has been observed only in the Double Standard vein system and in the Peak vein. Obtained assay results are up to 9.6 grams per tonne (g/t) Au and up to 70 g/t Ag. Pulse A1 is of the intermediate-sulphidation epithermal style. Pulse A2 is volumetrically the most important within the Red Star vein system, but is present also in the Double Standard veins, the Aurum vein and possibly also in the Peak vein. Pulse A2 is of the low-sulphidation epithermal style. Samples with significant elevated gold values collected exclusively from A2 quartz along the Red Star vein are as follows: R-21 over 3 m width with 0.73 parts per million (ppm) Au and 4.1 ppm Ag; R-51 over 4.5 m width with 0.558 ppm Au and 3.8 ppm Ag; and R-40 over 1.22 m width with 2.01 ppm Au and 46.2 ppm Ag.

Pulse B represents most likely the latest multigeneration epithermal stage. It is present only in the Red Star vein, especially in its hangingwall portion as massive quartz bands from one to about five m wide. Chalcedony, crustiform-colloform quartz banding, high-grade grey and black ginguro quartz (these dark grey to black bands are referred to as ginguro layers, which is the Japanese word for black silver) and rarely quartz after platy calcite indicate precipitation from boiling epithermal fluids. Pulse B appears to represent a low-sulphidation epithermal type with occasional injections of intermediate sulphidation epithermal fluids (precipitating ginguro quartz). So far, only five samples have been collected from ginguro-rich quartz vein material yielding gold equivalent values of 5.67 g/t (sample C-3), 20.4 g/t (sample C-6), 4.83 g/t (sample C-9), 20.1 g/t (sample R-9) and 11.42 g/t (sample R-10). Nevertheless, ginguro quartz is present along the entire hangingwall portion of the Main-pocket and in numerous isolated outcrops in the eastern vein segment.

The Red Star project offers exceptional discovery potential for epithermal high-grade Ag-Au, polymetallic Ag-Au and wide low-grade gold-silver mineralization.

Analytical methods

Samples were placed in labelled plastic bags, sealed with a plastic zip and shipped to American Assay Laboratories (AAL) in Sparks, Nev., United States, for preparation and geochemical analysis. AAL is an ISO 17025 certified laboratory. Samples are crushed and a 300-gram subsample pulverized to over 85 per cent minus 75 micron. All samples underwent ICP-OES analysis of a 0.5-gram subsample after five-acid digestion (HNO3, HF, HClO4, HCl and H3BO3) for 11 elements, including silver. Five-acid treatment results in near total digest. Gold was analyzed through fire assay of a 30-gram subsample and analyzed with ICP-OES. Obtained gold values above 10 parts per million (ppm) and silver above 100 ppm were reanalyzed through fire assay of a 30-gram subsample and gravimetric determination. Typical internal standards and checks were completed by AAL during analysis.

This press release was written by Matthias Jurgeit, eurogeologist, under the supervision of Jack Stoch, Geo, president and chief executive officer of Globex in his capacity as a qualified person under National Instrument 43-101.

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