Globex Options Virgin Mountain Rare Earth & Beryllium Project in Arizona

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[{"type":"text","content":"Globex Options Virgin Mountain Rare Earth & Beryllium Project in Arizona\n\n\n\n TORONTO, Sept. 29, 2025 (GLOBE NEWSWIRE) --\n \n GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich,\n \n\n Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exch\n \n\n anges\n \n\n and GLBXF – OTCQX International in the US)\n \n is pleased to inform shareholders that we have optioned our Virgin Mountain Rare Earth Property located in Mohave County, northwestern Arizona to\n \n Arizona Mountain Pass Heavy Rare Earths Pty Ltd.,\n \n an Australia exploration company.\n \n\n\n THE DEAL:\n \n\n\n Under the agreement with Arizona Mountain Pass,\n \n Globex will receive $800,000 in cash payments and $600,000 in shares over a 42-month period\n \n in exchange for 100% interest in the property subject to:\n \n\n\n A\n \n 3% Gross Metal/Mineral Royalty\n \n subject to a 1% GMR buydown for US$ 1,000,000 adjusted annually based on the U.S. Consumer Price Index from the Effective Date.\n \n\n Commencing on the seventh anniversary of the Effective Date, until commercial production, an\n \n annual advance royalty of U.S.$100,000\n \n recoupable from first production.\n \n\n\n $2,500,000 CDN of exploration expenditures\n \n\n\n\n Within a 10-mile radius from the current claim boundaries any mining claims, leases, permits or other mineral interests acquired by or on behalf of Arizona Mountain Pass, shall be deemed to form part of the property and shall be subject to the terms and conditions of the agreement.\n \n\n\n\n\n History:\n \n\n The Virgin Mountain rare earth & beryllium property, consisting of 23 unpatented lode claims totalling 192.28 hectares, (475.1 acres) located in the Arizona portion of the Virgin Mountain Range, about 120 km northeast of Las Vegas, Nevada. It is easily accessible from Las Vegas via highway 15 toward the northeast until the village of Mesquite, NV, from here a 16 km long gravel road leads to the project area.\n \n\n Past exploration activities for uranium and later for rare earth elements (REE) initiated in the 1940’s and ended in 1991. Numerous small exploration pits, one collapsed adit, 2 collapsed shafts and a number of old access roads resulted from these exploration efforts. During that time...

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