GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that Strategic Resource Acquisition Corporation (SRA) has closed an initial public offering totaling CDN$111,750,000 which will be directed to funding the restart of mining and milling operations at the Middle Tennessee Zinc mines near Gordonsville, Tennessee.

SRA has also engaged Dynatec Mining Corporation as contract operator to reactivate and operate the mines for two years. Mine start-up is expected to be achieved before year end.

SRA expects to produce 150 million pounds per year of zinc in one of the highest quantity zinc concentrates in the world.

Globex owns 660,000 shares of SRA valued at approximately CDN$5.00 per share and holds a one point four percent (1.4%) Gross Metal Royalty at today’s zinc price payable on zinc produced from the Tennessee mines. See press release dated January 17, 2007 for royalty details. The current zinc price is approximately US$1.65 per pound.

Globex is pleased with the rapid pace of developments at the Tennessee site and looks forward to the commencement of long term cash flow from the property.

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 Company’s expectations and projections.

16,680,950 shares issued and outstanding

Contacts:
GLOBEX MINING ENTERPRISES INC.
Jack Stoch, P.Geo, Q.P.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com

Copyright © 2007 SYS-CON Media. All Rights Reserved.

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