Globex Announces 2011 Half Year Results
09 August 2011 - 11:15PM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) wishes to inform shareholders that yesterday, the Company
released financial results for the second quarter ended June 30,
2011. These financial statements have been prepared in accordance
with the International Financial Reporting Standards (IFRS).
The management discussion and analysis and condensed interim
consolidated financial statements for the three month and six month
periods ended June 30, 2011 may be viewed at www.sedar.com.
Highlights are as follows:
The Company reported net income of $692,918 for the three months
and $486,141 for the six months ended June 30, 2011.
During the three month period ended June 30, 2011, the Company
generated net option income of $2,405,157 (2010 - $300,000) as well
as metal royalty income of $156,917 (2010 - $33,600).
In the six month period ended June 30, 2011, net option income
totalled $2,504,918 compared to $374,000 in the same six month
period in 2010 along with metal royalty income of $362,850 (2010 -
$33,600). The increase in the net option income reflects sales and
mining option agreements negotiated during the current year while
the significant increase in metal royalty income represents the
ramp up in zinc production (Q1 - 6,000 tonnes of zinc; Q2 - 8,000
tonnes of zinc) at Nyrstar NV's Middle Tennessee mine.
Exploration expenditures for the second quarter of 2011 totalled
$785,649 (2010 - $528,132) and for the six months, totalled
$1,144,383 (2010 - $838,825) which includes a combination of
eligible flow-through and other expenditures.
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 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
22,035,675 shares issued and outstanding
Contacts: ack Stoch, P.Geo., Acc.Dir. President & CEO Globex
Mining Enterprises Inc. 819.797.5242 819.797.1470 (FAX)
info@globexmining.com www.globexmining.com
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