Message #3 From:
NewsBot Date: May 15, 2008 07:10:17 PM
Globex Reports Record Quarter on Royalties and Other Revenue
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT, STUTTGART, BERLIN,
MUNICH, XETRA:G1M)(OTCQX: GLBXF) is pleased to inform shareholders that
it has received its first royalty payment from First Metals Inc. (TSX:
FMA).
The payment of $302,697 relates to Globex's 2% Metal Royalty on
production from the Fabie Bay copper deposit in Quebec. The partial
payment does not include the March production royalty of approximately
$100,000, receivable as of May 15th, 2008.
Globex also has published its First Quarter 2008 Financial Results
for the period ended March 31st, 2008. Net earnings before tax for the
first quarter is $4,324,721, equal to $0.24 per share, compared to a
loss before tax of $44,981 for the same period in the prior year. The
increase is due in large part to shares and cash received from First
Metals Inc. (TSX: FMA) as part of the purchase price of the Fabie Bay
and Magusi River deposits.
Globex is extremely pleased with the progress we have made to date
and look forward to the continuation of Metal Royalties which we expect
to be generated by First Metals from the Fabie Bay Mine and next year
from the Magusi River deposit.
In addition, we expect royalty revenue to commence shortly from the
Tennessee zinc mines being developed by Strategic Resource Acquisition
Corporation (SRZ-TSX) and the Russian Kid Gold Mine (Rocmec 1) being
developed by Rocmec Mining Inc. who have announced a projected mill
start-up for mid October 2008.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b) CUSIP Number 379900 10 3
