Globex Completes Sale of Francoeur/Arntfield/Lac Fortune Gold Property to Yamana Gold Inc. for $15 Million

Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTM Zone, Stock Exchanges and GLBXF – OTCQX International in the USA) is pleased to inform shareholders that it has completed its previously-announced sale to Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY) of the Francoeur/Arntfield/Lac Fortune gold property in Abitibi, Québec as well as 30 claims in Beauchastel township and three claims in Malartic township, Québec. The Francoeur/Arntfield/Lac Fortune property adjoins Yamana’s Wasamac Gold Mine project.

 

At closing, Globex received an initial payment of $4,000,000 from Yamana, satisfied by Yamana issuing 706,714 shares to Globex at a deemed price of $5.66 per share. As previously announced, the Purchase Agreement provides that Yamana will make the following additional cash payments to Globex, which Globex may elect to receive in Yamana shares:

 

On:

- first anniversary of closing: $3,000,000

- second anniversary of closing: $2,000,000

- third anniversary of closing: $3,000,000

- fourth anniversary of closing: $3,000,000

 

Globex retained a 2% Gross Metal Royalty on all mineral production from the properties, of which 0.5% may be purchased by Yamana for $1,500,000.

 

The 706,714 Yamana shares issued to Globex at closing are subject to restrictions on resale for a period of four months.

 

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