Mr. Jack Stoch reports

EXCELLON LOOKS TO SPIN-OUT GLOBEX'S SILVER CITY PROPERTY IN SAXONY, GERMANY

Globex Mining Enterprises Inc. has provided an update to shareholders on plans by Excellon Resources Inc. regarding the Silver City property in Saxony, Germany, much of which is under option from Globex.

As announced yesterday by Excellon:

"Excellon is considering the structure and timing of a spinout of its Silver City project in Saxony, Germany, as a European-focused exploration company. In connection with the prospective spinout, the company expects that SpinCo would conduct a financing to fund working capital and continuing exploration activities. Additionally, the company's intention would be to seek a listing for SpinCo shares on a recognized Canadian stock exchange, subject to fulfilling all of the applicable regulatory and listing requirements.

"Further details will be provided in due course.

"Expected benefits of SpinCo for Excellon shareholders include:

• Valuation reset expected for Silver City as a publicly traded European-focused exploration company;
• New market opportunity for investors seeking direct exposure to a pure-play, high-grade district-scale silver exploration project in a favourable jurisdiction;
• Potential for improved trading liquidity for SpinCo as a separate public company.

"Silver City was mined for high-grade silver for over 800 years until the late 19th century. Excellon holds exploration licences totalling 340 square kilometres over a major epithermal silver system that has been encountered on almost every drill hole, with high-grade intersections including 1,043 grams per tonne silver equivalent over 1.3 metres, 1,042 g/t AgEq over 0.45 metre and 1,633 g/t AgEq over 0.35 metre. The exploration team and institutional support for Silver City in Saxony, Germany, are exceptional."

Any plan that creates increased shareholder value and advances exploration of the Silver City property is welcome by Globex.

This press release was written by Jack Stoch, Geo, president and chief executive officer of Globex in his capacity as a qualified person under National Instrument 43-101.

We seek Safe Harbor.