TORONTO, June 22, 2026 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF - OTCQX International in the US) is pleased to inform shareholders that Lincoln Gold Mining Inc. (LMG-TSXV) have reported that the Bell Mountain gold-silver project located in Churchill County, Nevada on which Globex holds a 3% Gross Metal Royalty (3% GMR) "is fully permitted and is at the construction financing stage. The mineral claims, water pollution control permit, BLM plan of operations, core mineral tenure and principal operational permits have been consolidated.
Lincoln finalized the Bell Mountain acquisition on January 6, 2025, and completed an updated Preliminary Economic Assessment (PEA) for the project and prepared a six-month financial plan for the first stage of the project's development. The company is now in the process of arranging construction financing". Construction costs are estimated t be in the range of US$25-$30 million, plus bond requirements. Construction is estimated to take between 8 to 10 months.
A NI 43-101 Technical Report titled "Technical Report on the Bell Mountain Project Updated Preliminary Economic Assessment (PEA) was prepared by Welsh Hagen Associates of Reno, Nevada, effective July 23, 2024, with a reporting date of January 6, 2025. Randall K. Martin, SME-RM a Mineral Modeler/Mine Planner, working as a consultant for WHA is responsible for the mineral resource estimate reported in Table 1.1 below as published in the NI 43-101 report, page 1-9, available on Sedar. Mr. Martin is a Qualified Person (QP) as defined by NI 43-101 and is independent of Lincoln Gold. Potentially open pit minable Measured and Indicated Resource in the 4 zones (Spurr, Varga, Sphinx and East Ridge) total 45,832 gold equivalent ounces and 27,147 Inferred gold equivalent resources. Significant exploration potential remains to add gold and silver ounces to the resource. Note that a gold price of US $1,950/oz. and silver of US $24.00/oz. were used in the resource calculations. Gold is currently twice that price and silver almost three times.
Projected 2026-2027 work includes finalizing the pace of operations, obtaining construction financing, beginning earthworks and construction of the plant with first production and cash flow in 2027
Jack Stoch, P.Geo., Executive Chairman and CEO of Globex, in his capacity as a Qualified Person (Q.P.) under Ni 43-101, prepared the information that forms the basis of this written disclosure.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 - 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. Executive Chairman & CEO Globex Mining Enterprises Inc. 120 Carlton Street, Unit 219 Toronto, Ontario, Canada M5A 4K2 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
Caution Regarding Forward-Looking Statements
Certain statements included in this press release may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Except as may be required by such laws, Globex Mining Enterprises Inc. ("Globex") does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties. As a result, actual results could differ materially from Globex's expectations expressed in or implied by such forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will materialize, or if any of them do, what benefits Globex will derive therefrom. Numerous risk factors which may cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Globex's annual information form for the 2025 fiscal year filed with the Canadian securities regulatory authorities, available on SEDAR+ at www.sedarplus.ca and on Globex's website at www.globexmining.com. Globex cautions readers that such risks are not the only ones that could impact it. Additional risks and uncertainties not currently known to Globex or that Globex currently deems to be immaterial may have a material adverse effect on Globex's business, financial condition, and results of operations. Given these risks and uncertainties, Globex cautions investors and others against placing undue reliance on such forward-looking statements as a prediction of future results or for any other purpose. This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the 1933 Act), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the 1933 Act.
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