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Globex Updates Its Timmins Area, Talc-Magnesite Project

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kiwisteve   Monday, 09/20/10 06:45:14 PM
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Globex Updates Its Timmins Area, Talc-Magnesite Project

ROUYN-NORANDA, QUEBEC--(Marketwire - Sept. 20, 2010) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to provide shareholders with an update in our magnesite-talc project.

Since the last update, we have been working diligently albeit methodically advancing the project through detailed hydrometallurgical tests while stick handling numerous aspects of the project from environmental and mining permitting to project design, and all that entails.

We can now confirm that our mini-pilot test has begun after much debate over costs, design and scheduling. All parties are now satisfied with the hydrometallurgical mini-pilot test program and feel that it will provide us with the technical data required to complete a prefeasibility study and design a demonstration/small scale production plant. In this regard, Aker Solutions Inc., have been engaged to aid in the oversight of the mini-pilot test and ensure that the data acquired will be sufficient to effect a prefeasibility study. A bid for a prefeasibility study has been solicited and if acceptable should be starting in the near future.

On the permitting front, Blue Heron Solutions for Environmental Management Inc. (Blue Heron) has completed the first phase of environmental baseline studies in order to acquire the permits to develop an open pit talc-magnesite mine. Recently a series of monitoring wells were commissioned in order to study the water table in the area of the proposed open pit. This work and other data collection is ongoing under the second phase of the program managed by Blue Heron with assistance from Golder Associates Ltd. In addition, an initial intergovernmental meeting was held last week, at which Globex presented and discussed the project with the various government bodies involved in approving such projects. Globex staff will also be consulting with aboriginal communities to solicit their input as regards the project. Bids from a number of firms have also been solicited to guide and sign off on a NI 43-101 conformable reserve calculation required in order to finance such a project to production. Shareholders will recall that in a report dated February 24, 2010 coauthored by Micon International Limited, Aker Solutions and Applied Mineral Research Inc., we reported an Indicated Resource of 12,728,000 tonnes grading 52.1% Magnesite and 35.4% Talc and an additional inferred resource of 18,778,000 tonnes grading 53.1% Magnesite and 31.7% Talc in the zone A. (See press release dated March 2, 2010). The resource is open both along strike to the west and east where it is exposed on surface as well as to depth. Additional drilling trenching and assaying will be undertaken to facilitate raising part of the resource to the reserve category.

On the land front, the size of the property has been increased through the purchase of 5 claim units that adjoin the property to the south. In addition the property claim fabric has been surveyed and a number of claim wedges have been staked. A request has been filed with the Ministry of Northern Development, Mines & Forestry to convert the claims to lease, an important mineral title step in our march toward production.

A grid was recently cut over the property to serve as a base for detailed mapping and geophysical surveys. Geophysical surveys have been completed and mapping is ongoing with a team of three geologists now on site.

Roskill Consulting Group Limited has been engaged to perform market studies on a number of magnesium compounds and talc. A preliminary report has been received on magnesium compounds enabling us to focus our mini-pilot test work toward what seems to be the best markets. Roskill found significant interest from potential end users and a stated desire for possible future business arrangements. The talc report is still in process. Likewise significant interest has been expressed by some end users. We expect to receive the final report by mid October 2010.

In response to requests from potential clients for samples of magnesium compounds, we have engaged Drinkard Metalox Inc. to produce a magnesium compound to meet these requests. In addition talc was floated at SGS's Lakefield metallurgical lab producing high grade material for additional test work at the Centre de Technologie Minerale et de Plasturgie laboratory in Quebec. Some talc concentrate was subsequently micronized in order to generate higher value, finely ground talc for testing for speciality uses. The micronized talc has a high brightness and purity making it ideal for use in many high end products.

One potential client has been testing a mixture of our talc and a magnesium compound at its facility in Europe. Initial indications are that, the material meets the corporation's requirements. Additional test work is ongoing.

Process testing and permitting are extraordinarily complex and time consuming. In order to limit missteps we are moving ahead steadily and cautiously well aware of the cost to our shareholders should we proceed to production without all possible care.

All this said, we have made excellent progress fine tuning our talc and magnesium compound recovery processes, conducting environmental, geological and market studies and are satisfied with the milestones reached to date. We look forward to achieving our ultimate goal.

I would like to especially thank our dedicated staff, consultants and contractors who, with incredible effort and patience are guiding us to our goal.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101
We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 10 3

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 Companies expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com


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