Globex Receives First Royalty Payment from Mid Tennessee Royalty
ROUYN-NORANDA, QUEBEC--(Marketwired - Jul 24, 2017) - Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that the Nyrstar NV, Mid Tennessee mine and mill complex has been in operation since May 2017 and is rapidly increasing production to full capacity.
Globex, at current zinc prices, holds a 1.4% Gross Metal Royalty on all zinc production from the property. In the initial production months of May and June, 5,664,180 lbs of zinc were produced of which 4,814,553 lbs are payable. Globex's share of production is US$150,272 (CDN$198,808) at average zinc prices per pound for May and June of US$1.175 and US$1.167 respectively. The current zinc price is US$1.25 per pound.
It is also worth noting that at closing of the mine and mill in November 2015, the last month's production was at a high of 12,595,640 lbs of zinc (10,706,294 lbs payable).
Globex is pleased with the re-opening of the mine and mill and looks forward to the revenue stream which will be generated for Globex as they ramp up to full production capacity. Most projections, as regards zinc prices, estimate that prices will continue to rise over the next several years.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex.
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
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Contact
Globex Mining Enterprises Inc.
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
819.797.5242
819.797.1470
info@globexmining.com
www.globexmining.com
