December 11, 2002

News Release: Globex Options Magusi River-Fabie Bay, Massive Sulphide Deposits to Noranda Inc. - Drilling has Started -

GLOBEX MINING ENTERPRISES INC. (GMX: Toronto Stock Exchange) is pleased to announce that it has signed an agreement with Noranda Inc. to option Globex's 100% owned Magusi River - Fabie Bay property including polymetallic mineral deposits in Hebecourt Township, Quebec approximately 40 kilometres northwest of Rouyn-Noranda, Quebec.

Under the agreement, Noranda can earn a 60% interest (Globex retaining 40% interest) in the property subject to option payments totalling $260,000 and $2.5 million in exploration over 3 years as well as presentation to Globex of a bankable feasibility study, the cost of which shall be entirely borne by Noranda. Subject to certain external conditions, Globex will receive additional funds in year one of the option. Should Noranda not present Globex with a bankable feasibility study by year 4, Noranda will pay Globex an advance royalty until delivery of the study. Following delivery of the feasibility study, Noranda will pay Globex a higher advance royalty until commercial production. Once commercial production is achieved, Globex will receive a guaranteed minimum annual production profit payment before deduction of previous advance royalties or production expenses.

To recap, the Magusi River and Fabie Bay mineral deposits are two polymetallic, massive sulphide, copper, zinc, gold, silver deposits with drill defined resources and reserves totalling in the case of Magusi River 3,236,073 tons at 3.23% Zn, 1.64% Cu, 0.03 oz/ton Au and in the case of Fabie Bay 790,000 tons at 2.7% Cu (see press release dated April 25, 2002 for greater detail). The gold potential of the properties was never separately considered and in fact the drill core of the Fabie Bay deposit was never assayed for gold. The Magusi River deposit has significant gold content including drill intersections in the West Zinc Zone such as the following:

- Hole M-66: 20.0 feet grading 0.17 oz/ton Au,
1.85 oz/ton Ag and 14.98% Zn
- Hole M-63: 8.0 feet grading 0.23 oz/ton Au,
1.14 oz/ton Ag and 17.18% Zn
- Hole M- 9: 17.1 feet grading 0.22 oz/ton Au,
0.87 oz/ton Ag and 10.70% Zn
- Hole M-34: 20.4 feet grading 0.26 oz/ton Au,
1.04 oz/ton Ag and 5.20% Zn

Globex and Noranda have initiated deep and along strike drilling on the property to test the down dip and plunge extensions of the mineral deposits.

Globex Mining Enterprises Inc.
Jack Stoch, P.Geo,
President
(819) 797-5242
(819) 797-1470 (FAX)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Web Site: www.globexmining.com

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