FORM 20-F

             [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
                      ____________________________________

                      LES ENTREPRISES MINIERES GLOBEX INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                         GLOBEX MINING ENTERPRISES INC.
               (TRANSLATION OF REGISTRANT AS SPECIFIED IN ENGLISH)


                                    333-6900
                            (COMMISSION FILE NUMBER)

                                  QUEBEC, CANADA
         (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)


                                 146-14TH STREET
                              ROUYN-NORANDA, QUEBEC
                                CANADA    J9X 2J3
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICERS)
 ------------------------------------------------------------------------------

 SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15 (D)
                                   OF THE ACT.


Indicate number of outstanding shares of each of the issuer's classes of capital
or  common  stock  as  of  the close of the period covered by the annual report:
COMMON  SHARES   11,641,785

Indicate by check mark whether the registrant (1) has filed all reports required
to  be  filed  by  Section 13 or 15 (d) of the Securities Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to  file  such reports), and (2) has been subject to such filing requirement for
the  past  90  days.

YES  X     NO
    ---       ---

<PAGE>
                       TABLE OF CONTENTS

GLOSSARY  . . . . . . . . . . . . . . . . . . . .   1
CURRENCY. . . . . . . . . . . . . . . . . . . . .   3
EXCHANGE RATES. . . . . . . . . . . . . . . . . .   3
UNCERTAINTY OF FORWARD-
LOOKING STATEMENTS. . . . . . . . . . . . . . . .   3

                            PART 1

ITEM 1.  DESCRIPTION OF BUSINESS. . . . . . . . .   3
  Overview. . . . . . . . . . . . . . . . . . . .   4
  2000 Summary. . . . . . . . . . . . . . . . . .   4
  Business and principal
    exploration properties. . . . . . . . . . . .   6
  Reclamation . . . . . . . . . . . . . . . . . .   7
  Employees.  . . . . . . . . . . . . . . . . . .   7
  Risk Factors. . . . . . . . . . . . . . . . . .   7
    - Immediate Need for Cash . . . . . . . . . .   7
    - Operating Losses, Negative Cash Flow
      from Mining Operations and Financing Risks    7
    - Fluctuations in the market  price of gold .   7
    - Exploration Risks . . . . . . . . . . . . .   7
    - Development and Operating Risks . . . . . .   8
    - Uncertainty of reserves and
      Mineralization Estimates. . . . . . . . . .   8
    - Competition . . . . . . . . . . . . . . . .   8
    - Regulation. . . . . . . . . . . . . . . . .   8
    - Foreign operations. . . . . . . . . . . . .   9
    - Dependance on key personnel . . . . . . . .   9
    - No Operating History. . . . . . . . . . . .   9
    - Regulatory Compliance, Permitting Risks
      and Environmental Liability . . . . . . . .   9
    - Lack of Production Experience . . . . . . .  10
    - Volatility of Stock Price and
      Limited Liquidity . . . . . . . . . . . . .  10
    - Title of properties . . . . . . . . . . . .  10

ITEM 2.   DESCRIPTION OF PROPERTIES . . . . . . .  11
  Globex Mineral Exploration Properties Tables. .  11
  Principal Exploration Properties. . . . . . . .  13
  Less Significant Properties with
       Past Production. . . . . . . . . . . . . .  22
  Other Early/Intermediate Stage
    Exploration Properties. . . . . . . . . . . .  24

ITEM 3.   LEGAL PROCEEDINGS . . . . . . . . . . .  25

ITEM 4.   CONTROL OF REGISTRANT . . . . . . . . .  25

ITEM 5.   NATURE OF TRADING MARKET. . . . . . . .  25
  Comparative Market Price Data . . . . . . . . .  25

ITEM 6.   EXCHANGE CONTROLS AND
  OTHER LIMITATIONS AFFECTING
  SECURITY-HOLDERS  . . . . . . . . . . . . . . .  26

ITEM 7.   CANADIAN FEDERAL INCOME TAX
  INFORMATION FOR UNITED STATES
  RESIDENTS . . . . . . . . . . . . . . . . . . .  27

ITEM 8.   SELECTED CONSOLIDATED
  FINANCIAL INFORMATION . . . . . . . . . . . . .  28
  Currency  . . . . . . . . . . . . . . . . . . .  29
  Dividends . . . . . . . . . . . . . . . . . . .  29

ITEM 9.   MANAGEMENT'S DISCUSSION
  AND ANALYSIS OF CONSOLIDATED FINANCIAL
  CONDITION AND RESULTS OF
  OPERATIONS. . . . . . . . . . . . . . . . . . .  29
  Introduction. . . . . . . . . . . . . . . . . .  29
  Consolidated Results of Operations. . . . . . .  30
  Liquidity and Capital Resources . . . . . . . .  31

ITEM 10.   DIRECTORS AND OFFICERS
  OF THE REGISTRANT . . . . . . . . . . . . . . .  33
  Directors of Globex . . . . . . . . . . . . . .  33
    Executive Officers. . . . . . . . . . . . . .  33
  Executive and Audit Committees. . . . . . . . .  33

ITEM 11.   COMPENSATION OF
  DIRECTORS AND OFFICERS. . . . . . . . . . . . .  33
  Summary Compensation Table. . . . . . . . . . .  33
  Option Grants During the Most Recently
    Completed Fiscal Year . . . . . . . . . . . .  34
  Remuneration of Directors. .  . . . . . . . . .  34

ITEM 12.   OPTIONS TO PURCHASE  SECURITIES
  FROM REGISTRANT OR SUBSIDIARIES . . . . . . . .  34

ITEM 13.   INTEREST OF MANAGEMENT
  IN CERTAIN TRANSACTIONS . . . . . . . . . . . .  35

                        PART II

ITEM 14.   DESCRIPTION OF
  SECURITIES REGISTERED . . . . . . . . . . . . .  35

                        PART III

ITEM 15.   DEFAULTS UPON
  SENIOR SECURITIES . . . . . . . . . . . . . . .  35

ITEM 16.   CHANGES IN SECURITIES
  AND CHANGES IN SECURITY FOR
  REGISTERED SECURITIES.  . . . . . . . . . . . .  35

                        PART IV

ITEM 17.   FINANCIAL STATEMENTS . . . . . . . . .  35

ITEM 18.   FINANCIAL STATEMENTS . . . . . . . . .  35

ITEM 19.   FINANCIAL STATEMENTS AND
  EXHIBITS. . . . . . . . . . . . . . . . . . . .  36
  Exhibit index . . . . . . . . . . . . . . . . .  36
  Signatures. . . . . . . . . . . . . . . . . . .  37
  Consent of Independant Chartered Accountants. .  38
  Consolidated Financial Statements Index . . . .  39


                           i
<PAGE>
GLOSSARY  OF  CERTAIN  MINING  TERMS

     The  following  is  a  glossary  of  some  of  the terms used in the mining
industry  and  referenced  herein:

     "AU"  means  gold.

     "CIL"  -  an  acronym for Carbon-In-Leach - means the process of a solution
leach  plant  in  which  the  dissolved gold in the pregnant cyanide solution is
extracted  through  adsorption  onto  activated carbon concurrent with leaching.

     "CONTAINED  GOLD"  means  the  total  measurable gold or gold equivalent in
grams  or  ounces  estimated  to  be  contained  within  a  mineral  deposit.  A
calculation or estimate of contained gold makes no allowance for mining dilution
or  recovery  losses.

     "CU"  means  copper.

     "CUTOFF  GRADE" means the grade of mineralization, established by reference
to  economic  factors,  above  which  material  is  included  in mineral deposit
reserve/resource  calculations and below which the material is considered waste.
Cutoff grade may be either an external cutoff grade which refers to the grade of
mineralization  used  to  control  the  external or design limits of an open pit
based  upon  the  expected  economic parameters of the operation, or an internal
cutoff  grade  which  refers  to  the  minimum  grade  required  for  blocks  of
mineralization  present  within  the  confines  of an open pit to be included in
mineral  deposit  estimates.

     "DEVELOPMENT  STAGE"  means the period when a mineral deposit that has been
estimated  to  be  economically viable is prepared for commercial production and
includes  pre-production  stripping  in  the  mine  and  the construction of the
necessary  process  plant  and  supporting  facilities.

     "DIAMOND  DRILL"  means  a  machine  designed  to  rotate under pressure an
annular diamond-studded cutting tool to produce a more or less continuous solid,
cylindrical  sample  of  the  material  drilled.

     "G  AU/T"  means  grams  of  gold  per  metric  tonne.

     "GRADE"  means  the  amount  of valuable mineral in each ton of mineralized
material,  expressed  as troy ounces (or grams) per ton or tonne of gold or as a
percentage  of  copper  and  other  base  metals.

     "GRAMS  PER CUBIC METRE" means alluvial mineralization measured by grams of
gold  contained  per  cubic  metre  of material, a measure of weight of gold per
volume  of  material.

     "HEAP  LEACHING"  means  a  method  of  gold and silver extraction in which
mineralized material is heaped on an impermeable pad and sodium cyanide solution
is  applied  to  the  material.  The  gold  and  silver are dissolved out of the
material as the solution percolates down through the heap, the pregnant solution
is  collected  from below the heap and the gold and silver are precipitated from
the  pregnant solution in vessels or columns containing activated carbon or zinc
powder.

     "HECTARE" or "HA" means measurement of an area of land equivalent to 10,000
square  metres  or  2.47  acres.

     "LEACH PAD" means a large, impermeable foundation or pad used as a base for
ore during heap leaching.  The pad prevents the leach solution from escaping out
of  the  circuit.

     "LODE  MINING  CLAIM"  means  a  mining  claim located on a vein or lode of
quartz  or  other  rock  in  place,  bearing  gold, silver, cinnabar, tin, lead,
copper,  or  other  valuable  deposits.

     "MINERAL DEPOSIT, DEPOSIT OR MINERALIZED MATERIAL" means a mineralized body
which  has  been physically delineated by sufficient drilling, trenching, and/or
underground  work,  and  found to contain a sufficient average grade of metal or
metals  to  warrant further exploration and/or development expenditures.  Such a
deposit  does  not  qualify under Commission standards as a commercially minable
ore  body  or  as  containing  ore  reserves,  until final legal, technical, and
economic  factors  have  been  resolved.

     "MIXED  ORE"  means  a  mixture  of  oxidized  and  unoxidized  ore.

     "NET PROFITS INTEREST ROYALTY" means a royalty payment made by the producer
of  metals,  usually to a property owner or Governmental authority, based on the
value  of  gross  metal  production from the property, less deduction of certain
costs  including  smelting,  refining, transportation and insurance costs (often
referred  to  as  realization costs) plus direct operating costs associated with
the  mining  and  treatment  of  ore  and  the  mining  of  associated  waste.


                                        1
<PAGE>
     "NET  SMELTER RETURN ROYALTY" means a royalty payment made by a producer of
metals, usually to a previous property owner or Governmental authority, based on
the value of gross metal production from the property, less deduction of certain
limited  costs including smelting, refining, transportation and insurance costs.

     "OPEN  PIT MINING" means the process of mining ore body from the surface in
progressively  deeper  steps.  Sufficient waste rock adjacent to the ore body is
removed to maintain mining access and to maintain the stability of the resulting
pit.

     "ORE"  means  a  natural  aggregate  of  one  or  more minerals which, at a
specified  time and place, may be mined and sold at a profit, or from which some
part  may  be  profitably  separated.

     "OUNCE  (OZ)"  means  a  Troy  ounce.

     "OXIDIZED  ORE"  (also  referred  to as "oxide ore") means mineralized rock
which  can  be  profitably mined and in which some of the original minerals have
been oxidized by natural processes.  Oxidation tends to make the ore more porous
and  permits  a  more  complete  permeation  of cyanide solutions so that minute
particles  of  gold  in the interior of the rock will be more readily dissolved.

     "OZ/TON  (OPT)"  means  Troy  ounces  per  short  ton.

     "PATENTED  MINING  CLAIM"  means  a  mining claim on the public land of the
United  States  or  Canada,  under  the mining laws, for which a patent has been
issued  conveying  the  title  of  the United States or Canada to the patentees.

     "PORPHYRY  DEPOSIT"  means  a  disseminated  mineral  deposit often closely
associated  with  porphyritic  intrusive  rocks.

     "PORPHYRITIC"  means a rock texture in which one mineral has a larger grain
size  than  the  accompanying  minerals.

     "PROBABLE  RESERVES"  means  reserves  for  which quantity and grade and/or
quality  are computed from information similar to that used for proven reserves,
but  the sites for inspection, sampling and measurement are farther apart or are
otherwise  less adequately spaced.  The degree of assurance, although lower than
that  for proven reserves, is high enough to assume continuity between points of
observation.

     "PROVEN/PROBABLE RESERVES" means a term used if the difference in degree of
assurance between the proven and probable categories cannot be reliably defined.

     "PROVEN  RESERVES"  means  reserves for which (a) quantity is computed from
dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or
quality  are  computed  from the results of detailed sampling; and (b) the sites
for  inspection,  sampling  and  measurement  are  spaced  so  closely  and  the
geological  character  is  so  well  defined that size, shape, depth and mineral
content  of  reserves  are  well  established.

     "RESERVE"  means  that  part of a mineral deposit which can be economically
and  legally  extracted  or  produced  at the time of the reserve determination.
Reserves  are  customarily  stated  in  terms  of  "ore"  when  dealing  with
metalliferous  minerals.

     "STRIKE  LENGTH"  means the longest horizontal dimensions of a body or zone
of  mineralization.

     "STRIPPING  RATIO"  means  the  ratio  of  waste  material  to  ore that is
experienced  in  mining  an  ore  body.

     "TON"  means  a  short  ton  (2,000  pounds).

     "TONNE"  means  a  metric  tonne  (2,204.6  pounds).

     "UNPATENTED  MINING CLAIM" means a mining claim located on the public lands
of  the  United  States  or  Canada, for which a patent has not been issued.  An
unpatented  mining claim is a possessory interest only, subject to the paramount
title  of  the  United  States  or Canada.  The validity of an unpatented mining
claim  depends  upon  the  existence  of  a  valuable mineral deposit within the
boundaries  of  the  claim  and  compliance  with  mining  codes.


                                        2
<PAGE>
CURRENCY

UNLESS  OTHERWISE  SPECIFIED, ALL DOLLAR AMOUNTS IN THIS REPORT ARE EXPRESSED IN
CANADIAN  DOLLARS.
 -----------------


EXCHANGE  RATES

     The  following  table  sets  forth certain exchange rates based on the noon
buying  rate  in  New  York  City  for  cable transfers as certified for customs
purposes by the Federal Reserve Bank of New York (the "Noon Buying Rate").  Such
rates are set forth as United States dollars per Cdn$1.00 and are the inverse of
rates  quoted  by  the Federal Reserve Bank of New York for Canadian dollars per
US$1.00.

<TABLE>
<CAPTION>
                               YEARS ENDED DECEMBER 31,
                               ------------------------
                         2000    1999    1998    1997    1996
                        ------  ------  ------  ------  ------
                                  (US$PER CDN$1.00)
<S>                     <C>     <C>     <C>     <C>     <C>
High for period         0.6903  0.6925  0.7105  0.7487  0.7513
Low for period          0.6483  0.6535  0.6341  0.6945  0.7235
End of period           0.6571  0.6925  0.6504    0.07  0.7301
Average for period (1)  0.6732  0.6744  0.6714   0.722  0.7329
<FN>

  (1) The average of the exchange rates for each month in the applicable period.
</TABLE>

UNCERTAINTY  OF  FORWARD-LOOKING  STATEMENTS

     Certain  statements  in  this  document,  constitute  "forward-looking
statements"  within  the meaning of the Private Securities Litigation Reform Act
of  1995.  Such forward-looking statements include without limitation statements
regarding planned levels of exploration and other expenditures, anticipated mine
lives, timing of production and schedules for development.  Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements or industry results to
be  materially  different  from  any future results, performance or achievements
expressed  or  implied  by  such forward-looking statements.  Factors that could
cause  actual results to differ materially include, among others, the following:
inability  to acquire financing, unanticipated grade, geological, metallurgical,
processing or other mining-related problems, conclusions of feasibility studies,
changes  in  project  parameters  as plans continue to be refined, the timing of
receipt of governmental permits, the failure of plant, equipment or processes to
operate  in  accordance  with specifications or expectations, results of current
exploration activities, accidents, delays in start-up dates, environmental costs
and  risks,  changes in metal prices, the results of financing efforts and other
risk  factors  detailed  or  referenced in this document.  See "Risk Factors"and
"Liquidity  and  Capital  Resources".  Most of these factors are beyond Globex's
ability  to  control  or  predict.

                                     PART I


ITEM  1.     DESCRIPTION  OF  BUSINESS


OVERVIEW

     Globex  is  a  Canadian  gold and base metal and industrial mineral company
engaged  in  the acquisition, exploration and development of mineral properties.
Globex  has  an  interest  over 108 North American exploration properties in its
portfolio.  Globex's exploration activities are concentrated in Quebec, Ontario,
British  Columbia  and  Nova  Scotia,  Canada,  as  well  as Nevada, Arizona and
Washington  in  the  United  States.


                                        3
<PAGE>
     To  date,  Globex's  sources  of  revenue  have  been the receipt of option
payments  from  joint  venture partners and interest income.   Government grants
have  assisted  exploration financing.  It is not engaged in mining operation or
mineral  production.

     Globex  was  incorporated  on  October  21,  1949,  pursuant  to the Mining
Companies  Act  (Quebec)  under  the  name  Lyndhurst Mining Company Limited (No
Personal  Liability).  On June 4, 1974, the corporate name was changed to Globex
Mining Enterprises Inc.  On November 4, 1985, Globex was continued under Part IA
of the Companies Act (Quebec).  On January 21, 1988, Globex completed an initial
public  offering  by  prospectus in the Province of Quebec and was listed on the
ME.  Globex Nevada, Inc. ("Globex Nevada"), a wholly owned subsidiary of Globex,
was  incorporated  on  November  4,  1988 under the laws of the State of Nevada.
Globex  was  listed  on TSE on December 27, 1995 and  delisted from The Montreal
Exchange  on December 12, 1997.  Globex listed on the CDNX on September 9, 2000.

    The principal executive offices of  Globex  are  located at 146-14th Street,
Rouyn-Noranda,  Quebec,  Canada  J9X  2J3,  telephone  number  (819)  797-5242.

     Gold  Capital  Corporation,  a subsidiary of Globex was organized under the
laws  of  the  State  of  Colorado  on  December 10, 1993. It  is an exploration
company,  whose  principal  asset,  the Tonkin Springs Project in Eureka County,
Nevada  (the  "Tonkin  Springs  Project")was  sold  in  early  1999.

     Gold  Capital  Corporation  is  currently  inactive.

     The  offices  of  Gold Capital Corporation are located at Parker, PMB 433 -
9815  South  Parker  Road,  Parker,  Colorado  80134,  USA.


2000  SUMMARY


2000  has  been a terrible year for the mining industry in general and Canada in
particular.  Despite  significant  price  increases  in  many  minerals  such as
platinum,  palladium,  rhodium,  tantalum,  etc.  and  the discovery of diamonds
and/or  kimberlites in Quebec and Ontario, the industry is wallowing at the base
of  extended  depression.  It  seems  that the prolonged low gold price, despite
significant  increases  in consumption has overridden any good news or optimism.

Having  said  the  above,  Globex  has  had  an  interesting and productive year
although  it  is  not  reflected  in  our stock price.  Below, I discuss what we
accomplished over the last year in point form as there were so many things going
on.

(a)  LYNDHURST  MINE  PROJECT,  QUEBEC - Globex received a grant from the Quebec
Ministry  of Natural Resources for $280,000 which we coupled with $60,000 of our
own  funds to drill our deep massive sulphide discovery.  We succeeded in better
defining  the  shape  of the zone and delimited the upper north-east edge with a
drill  hole which intersected 18 feet (5 metres) of massive sulphides containing
up  to  8.5% zinc.  We now must move to the west and drill the western plunge of
the  sulphide ore body where it's believed to be largest and possibly richest in
copper,  zinc  and  silver.

(b)  GLOBEX  ACQUIRED  TWO PROPERTIES IN LA MOTTE AND PREISSAC TOWNSHIPS, QUEBEC
FOR  NICKEL, PLATINUM, PALLADIUM AND RHODIUM EXPLORATION.  We joint ventured the
properties  with  Aurogin  Resources  who flew them with their exclusive AEROTEM
system.  Numerous  anomalies  were  indicated and ground truthing was completed.
An  area  on the La Motte claims was stripped and channel sampled.  Assays up to
4.15%  nickel,  1.15% copper, 0.75% g/t combined platinum, palladium and rhodium
were  encountered with loose material giving up to 4.6% nickel, 0.96% cobalt and
1.5  g/t  PGE's.  Early  in  2001,  follow  up ground geophysics and first phase
diamond  drilling  were  completed.


                                        4
<PAGE>
(c)  IN  ROUYN  AND  BEAUCHASTEL  TOWNSHIPS,  QUEBEC  GLOBEX  HAS PUT TOGETHER A
MASSIVE  LAND  POSITION  SPANNING NUMEROUS BASE METAL AND GOLD BEARING HORIZONS.
We  agreed  to  option the claims to Aurogin Resources who flew complete AEROTEM
coverage  over  the  claims.  About  a  dozen priority targets were outlined and
ground follow up has been completed.  Several drill ready targets will be tested
by  our  partners  in  2001.  One  of the high points of the new results was the
discovery  that the gold localizing Cadillac Fault which was thought to traverse
the  southern  end  of  the  property at a depth of greater than 1000 metres now
looks  like  it is only 200 to 300 metres below surface and affords us 5.5 km of
prime,  hitherto  unexplored  prime  gold  hunting  geology.

d)  IN  WASHINGTON  STATE,  recent sampling by Echo Bay Minerals on our COMSTOCK
CLAIMS  has  returned platinum values of up to 20.6 g/t, palladium of up to 2.24
g/t  and  copper  up  to  5.19%.  As a result of this sampling, Globex signed an
option  agreement  with  Latitude  Minerals  Corporation  in early 2001 and will
receive  cash  and stock payments and work commitments over 5 years with a gross
royalty  on  production  assuming  the  option  goes  to  fruition.

e)  IN  THE  WEMINDJI  AREA  ON  THE  EAST  SIDE OF JAMES BAY, QUEBEC, Globex in
partnership with Aurogin Resources Ltd. and Sparton Resources Inc. acquired some
74,600  acres (30,200 hectares) of claims covering magnetic signatures which may
be  related  to  diamond  bearing  kimberlite  bodies.  Majescor  Resources Inc.
announced  in  late  2000  that  they  had  discovered huge numbers of indicator
minerals  and  kimberlite  fragments  in  till  samples from the area.  Majescor
intends  to  drill  approximately  8  to 10 prime magnetic features, probably in
early  spring.  If  kimberlite bodies and/or diamonds are intersected, this area
may  develop into one of Canada's most important diamond plays with Globex being
positioned  to  be  an  important  player.

f)  IN  ONTARIO, GLOBEX DRILLED TWO MORE HOLES ON OUR HUGE MAGNESITE-TALC-SILICA
DEPOSIT  NEAR  TIMMINS.  The  ore  body  is  probably  North  America's  largest
undeveloped  magnesite-talc-silica  deposit.  Studies  of  all  the  available
engineering,  geological  and  metallurgical  data  show that the deposit can be
mined by cheap open pit methods and the mineral constituents can be economically
separated  and refined to produce saleable dead burn magnesite, magnesium metal,
high  quality  talc  for  the cosmetic and fine paper industries and silica most
likely for use in local smelting processes.  A consulting engineer who  reviewed
the  data,  has indicated that at production we should be in the lowest quartile
to  world  producers at a capital cost of  roughly half of what Noranda spent to
get  Magnola  up  and  running.  We  will  be making a major effort to move this
project  forward  over  the  next  12  months.

g)  IN  VAUQUELIN  TOWNSHIP,  QUEBEC,  GLOBEX  HAS ACQUIRED 100% INTEREST IN THE
NORDEAU EAST AND WEST GOLD ZONES.  Previous drilling has indicated a resource of
715,299  tonnes grading 6.3 g/t.  A review of the data by an exploration company
may  result  in  an  agreement  whereby the exploration company will do all work
necessary  to  evaluate,  prepare  a  positive feasibility study and finance the
project  to  production in exchange for a 50% interest in the project subject to
clear  title  being  provided by Globex.  Evaluation work is presently underway.

h)  AT  THE  DUQUESNE WEST PROPERTY NORTH OF ROUYN-NORANDA, QUEBEC, negotiations
were entered into regarding an option to explore and if warranted open pit mine,
the  top  30  metres  of  the  Fox and Shaft Zones.  If an agreement is reached,
Globex  will receive option payments and a net smelter return from gold produced
from  within  30  metres  of  surface.  The rest of the property below 30 metres
shall  remain  the  sole  property  of  Globex  and G oconseils Jack Stoch Ltee.

i)  IN  JOUTEL TOWNSHIP, QUEBEC, GLOBEX DRILLED TWO HOLES ON GEOPHYSICAL TARGETS
AT  THE  POIRIER  MINE  PROPERTY.  One  hole  hit  disseminated and semi massive
sulphides  with  low zinc values in excellent geology.  In 2001, Globex will try
to  drill  several  other priority near surface targets.  The at depth potential
below  the  old  mine  and  mineral inventory of 2,334,000 tonnes of copper-zinc
mineralization  has,  as  of  yet,  not  been  adequately  tested.

j)  SOUTH  OF  SENNETERRE  IN  TIBLEMONT  TOWNSHIP,  QUEBEC, GLOBEX ACQUIRED THE
SMITH-ZULAPA  PROPERTY.  Included in the land package is the Smith Gold Zone and
shaft.  A  gold bearing quartz vein system has been outlined by diamond drilling
and  is  open for further definition and expansion.  A copper-nickel zone called
the  Zulapa  Zone also occurs on the property.  Previous drilling has outlined a
zone  of  3.8 million tonnes grading 0.39% copper and 0.38% nickel with possible
platinum  group  minerals  being present.  The sulphide body is wide and open at
depth.  Further  investigation  of  the  PGE  potential  of  the  Zulapa Zone is
proposed  for  2001.


                                        5
<PAGE>
k)  AN  AEROTEM  SURVEY  WAS  FLOWN  OVER THE VAUZE PROPERTY NEAR ROUYN-NORANDA,
QUEBEC.  A  few  low  priority  anomalies  were  found  and  remain to be ground
truthed.

l)  IN  LIGNERIS  TOWNSHIP,  QUEBEC,  A  MAGNETOMETER  SURVEY WAS COMPLETED OVER
GLOBEX'S  TUT  GOLD  SHOWING AREA.  Sections and plans were also compiled of all
the  available previous diamond drilling and show that the deepest of the series
of  relatively  shallow  holes  is one of the best returning 6.29g/t Au over 5.7
metres.  The  mineralization  which  is  reported  to  have been followed over a
strike  length  of  900  metres and a width of up to 30 metres needs significant
follow  up.

m) GLOBEX HAS ALSO BEEN KEEPING ITS EYES OPEN FOR GOOD INEXPENSIVE ACQUISITIONS.
Of  particular note are the following acquisitions, the former Agnico Eagle gold
mine  at  Joutel,  the  former  Normetal  base  metal  mine  at  Normetal,  the
Smith-Zulapa Property (discussed in (j) above), the westward extension of our La
Motte  Property  (discussed  in  (b) above) to include the Atman nickel(possibly
PGE) showing area and strike extension of the Marbridge Nickel Mine geology, the
Laguerre-Knutson  gold property near Larder Lake, Ontario including the Laguerre
shaft and underground workings and the Knutson surface gold zone and down plunge
extension.

 In  Beauchastel  Township,  Globex  acquired  a  60%  interest in the Halliwell
copper-gold  property  which was flown using the AEROTEM system with our partner
Aurogin  Resources Ltd., and a group of claims, the BM group, which fills in the
gap  between  the  Halliwell  and  Beauchastel-Rouyn  properties.

n)  SUBSEQUENT  TO  YEAR END, GLOBEX ALSO ACQUIRED THE DUVERNY TOWNSHIP, QUEBEC,
DUVAY  GOLD  ZONE.   A  large low grade gold resource is indicated in previously
published  literature.  Globex  intends to recompile the existing geological and
metallurgical  data  and decide if further work is warranted in the present gold
environment.

Globex  has  maintained  most of its other properties but has and will drop some
low priority claims (ex.: Lyndhurst, Rouyn-Beauchastel, Bell Mountain)  in order
to  rationalize  our  massive  land  position  in  the  context  of  the present
exploration  environment.

Globex presently has 105 properties in 35 projects.  Globex owns 100% of most of
its  projects except the Wemindji Project in which its owns a 33 1/3 % interest,
the  Duquesne  West  Project  50%  and  the  Wood Gold Mine in which we have 50%
back-in-right.  Fourteen  (14)  of  our  projects  have  significant  zones  of
mineralization  delineated  by  diamond  drilling.

In  2001, Globex intends, subject to available funds to drill select targets for
gold,  platinum,  palladium, rhodium, nickel and base metals.  We intend to move
the  Timmins Magnesite-Talc-Silica project forward and will continue to evaluate
and acquire new undervalued assets.  Globex will also manage our joint ventures,
seek new joint ventures and will advance our present assets by diamond drilling,
geophysics,  geological  studies  and  compilations.


BUSINESS  AND  PRINCIPAL  EXPLORATION  PROPERTIES

     Globex  has three principal corporate objectives with respect to its mining
business.  First, Globex seeks to acquire properties of high-quality exploration
merit at moderate prices and subsequently enter into joint ventures with respect
to such properties at higher prices.  Globex attempts to minimize economic risks
in  the  exploration  and  development  stages  by having joint venture partners
undertake  the  more  expensive  drilling  and development work as part of their
responsibility under the applicable joint venture.  Second, Globex is focused on
the  acquisition of properties with minable deposits that can be upgraded with a
view  toward  becoming  producing  properties.  Finally, Globex will endeavor to
achieve  its  true  market  value  in  order  to  realize  gains  for its equity
shareholders.


                                        6
<PAGE>
RECLAMATION

     Reclamation  bonds  have  been  posted  by  the  Globex  to secure clean-up
expenses  if  various  properties  are  closed  or  abandoned.


EMPLOYEES

     As  of May 25, 2001, Globex has two  full-time  employees.  The officers of
Globex,  Mr.  Stoch  and  Ms.  Stoch, are paid consultants to Globex. Mr. Stoch,
through  his  consulting  firm,  was paid C$25,000  to May 31, 2001 while Dianne
Stoch  received  C$7,500  for  the  same  period.


RISK  FACTORS

     IMMEDIATE  NEED  FOR  CASH

     Continued frugal management is essential to the Company's survival, because
of  the  prevailing  negative  mining  and  exploration  financing markets.  The
Company has required recent financing and is actively seeking additional cash to
ensure  ongoing  exploration  activities.

     OPERATING  LOSSES,  NEGATIVE CASH FLOW FROM MINING OPERATIONS AND FINANCING
RISKS

     Historically,  Globex  has  generated  an  operating  loss  and  has  never
generated cash flow from mining operations.  As a result, the Company has relied
on  the  issuance of equity securities and funding from other sources to satisfy
cash  requirements.  Additional  financing  will be required for certain ongoing
Globex  projects and to ensure sufficient working capital  in the future.  There
can  be  no  assurance  of  obtaining  funds  from  other sources in the future.

     FLUCTUATIONS  IN  THE MARKET PRICE OF GOLD, MAGNESIUM, TALC  AND BASE METAL

     The  profitability  of  gold  ,  magnesium,  talc  and  base  metal  mining
operations  and  thus  the value of the mineral properties of Globex is directly
related to the market price of the various minerals.  The market prices of gold,
magnesium,  talc  and base metals fluctuates widely and are affected by numerous
factors  beyond  the  control  of  any  mining  company.  These  factors include
expectations  with  respect  to the rate of inflation, the exchange rates of the
dollar  and  other  currencies,  interest  rates,  demand,  global  or  regional
political,  economic  or  banking conditions, and a number of other factors.  As
the  market prices of gold and base metals have declined dramatically, the value
of  the  mineral  properties  of  Globex  have  also decreased dramatically, and
Globex  might  not  be  able  to  recover  its  investment in those interests or
properties.  The  selection  of  a  property for exploration or development, the
determination  to  construct  a  mine  and  place  it  into  production, and the
dedication  of  funds necessary to achieve such purposes are decisions that must
be  made long before the first revenues from production will be received.  Price
fluctuations  between the time that such decisions are made and the commencement
of  production  can  drastically  affect  the  economics  of  a  mine.

     EXPLORATION  RISKS

     Mineral  exploration  is  highly  speculative  and capital intensive.  Most
exploration  efforts  are  not  successful,  in  that  they do not result in the
discovery  of  mineralization of sufficient quantity or quality to be profitably
mined.  The  economic feasibility of any individual project is based upon, among
other  things,  the  interpretation of geological data obtained from drill holes
and  other  sampling  techniques, feasibility studies (which derive estimates of
cash  operating  costs  based  upon  anticipated tonnage and grades of ore to be
mined and processed), the configuration of the ore body, expected recovery rates
of  metals  from  the  ore, comparable facility and equipment costs, anticipated
climatic  conditions, estimates of labor productivity, royalty burdens and other
factors.  As  a  result, it is possible that the actual operating cash costs and
economic returns of Globex's properties may differ materially from the costs and
returns  estimated  initially.


                                        7
<PAGE>
     DEVELOPMENT  AND  OPERATING  RISKS

     The  operations  of Globex are also subject to all of the hazards and risks
normally  incident  to  developing and operating mining properties.  These risks
include:  under  capitalization,  insufficient  ore  reserves;  fluctuations  in
production  costs  that  may make mining of reserves not economical; significant
environmental  and  other regulatory restrictions; labor disputes; unanticipated
variations  in grade and other geological problems; water conditions; surface or
underground  conditions; metallurgical and other processing problems; mechanical
and  equipment performance problems; failure of pit walls or dams; force majeure
events, including natural disasters; and the risk of injury to persons, property
or  the  environment,  any  of  which can materially and adversely affect, among
other  things,  the  development of properties, production quantities and rates,
costs  and  expenditures  and  production  commencement  dates.

     UNCERTAINTY  OF  RESERVES  AND  MINERALIZATION  ESTIMATES

     There are numerous uncertainties inherent in estimating proven and probable
reserves  and  mineralization,  including  many  factors  beyond  any  company's
control,  such  as  falling  metal  prices which could cause reclassification of
reserves to a mineral deposit.  The estimation of reserves and mineralization is
a  subjective process and the accuracy of any such estimate is a function of the
quality  of  available data and of engineering and geological interpretation and
judgment.  Results  of  drilling,  metallurgical  testing and production and the
evaluation  of  mine  plans  subsequent  to the date of any estimate may justify
revision  of  such  estimates.  No  assurances  can be given that the volume and
grade  of  reserves  recovered  and  rates  of  production will not be less than
anticipated.  Assumptions  about  prices  are  subject  to  greater uncertainty.

     If current prices continue or if there are declines in the market prices of
gold,  magnesium,  talc,  base  metals  or  other  precious  metals, reserves or
mineralization  may  be  rendered  uneconomic  to exploit.  Changes in operating
and  capital  costs  and other factors including, but not limited to, short-term
operating  factors such as the need for sequential development of ore bodies and
the  processing  of  new  or  different ore grades, may materially and adversely
affect  reserves. Considering the sustained low  prices for gold and base metals
and  possible  future  fluctuations  in  the price of metals, some reserves will
most  likely  have  to  be  reevaluated  from  reserves  to  mineral  deposit.

     COMPETITION

     Globex  competes  with  major  mining  companies and other natural resource
companies  in  the  acquisition,  exploration,  financing and development of new
properties  and  projects.  Many of these companies are more experienced, larger
and better capitalized  than Globex.  The competitive position of Globex depends
upon  its  ability  to  obtain  sufficient  funding  and to explore, acquire and
develop new and existing mineral resource properties or projects in a successful
and  economic  manner.  Some  of  the  factors  which  allow producers to remain
competitive in the market over the long term are the quality and size of the ore
body,  cost  of  production  and  operation  generally, and proximity to market.
Globex  also  competes  with  other  mining companies for skilled geologists and
other  technical  personnel.

     REGULATION

     Globex's  activities in Canada and the United States are subject to various
federal, provincial, state and local laws and regulations governing prospecting,
development,  production,  labor  standards,  occupational  health, mine safety,
control  of  toxic substances, other matters involving environmental protection,
and  taxation.   The  environmental protection laws address, among other things,
the  maintenance  of  air  and  water  quality  standards,  the  preservation of
threatened  and  endangered species of wildlife and vegetation, the preservation
of certain archaeological sites, reclamation, and limitations on the generation,
transportation,  storage  and disposal of solid and hazardous wastes.  There can
be no assurances that all the required permits and governmental approvals can be
obtained on a timely basis and maintained as required.  Globex believes that the
properties  and  operations  in which it retains interests are currently for the
most  part  in  material compliance with applicable laws and regulations.  For a
discussion of proposals to amend the U.S. General Mining Law which may adversely
impact  Globex's  properties  in the United States, see "Risk Factors - Proposed
Federal  Legislation."


                                        8
<PAGE>
     FOREIGN  OPERATIONS

     Globex  conducts  operations  on numerous mineral properties in both Canada
and  the United States.  Globex's activities in the United States are subject to
the  risks  normally  associated  with conducting business in foreign countries,
including  exchange  controls  and  currency fluctuations, foreign taxation, and
other  risks  that  could  cause  exploration  or  development  difficulties  or
stoppages or restrict the movement of funds.   Globex's operations could also be
adversely  impacted  by  laws  and  policies  of  the  United  States and Canada
affecting  foreign  trade,  investment and taxation. These factors may result in
foreign  currency  exchange  gains  and  losses  due  to  the fluctuation in the
relative  values  of the currencies involved.  Globex does not currently own any
mineral  properties outside of Canada and the United States, although Globex may
acquire  other  foreign  properties  in  the  future.

     DEPENDENCE  ON  KEY  PERSONNEL

     Globex  is dependent on the services of certain key officers and employees,
including  Globex's  President,  Jack Stoch.  Globex does not have an employment
agreement  with  Mr.  Stoch  and  does  not carry key man life insurance on him.

     Competition in the mining exploration industry for qualified individuals is
intense and the loss of any key officer or employee if not replaced could have a
material  adverse  effect  on  the  business  and  operations  of  Globex.

     NO  OPERATING  HISTORY

     Globex  is  an  exploration  company and currently owns no mineral property
that  has reached the production stage.  There are  no revenues from the sale of
metals  and  no  operating  history  upon which to base estimates of future cash
operating  costs  and  capital  requirements.

     REGULATORY  COMPLIANCE,  PERMITTING  RISKS  AND  ENVIRONMENTAL  LIABILITY

     Exploration,  development  and  mining  activities are subject to extensive
Canadian  and  U.S.  federal,  state  and  local  laws and regulations governing
exploration,  development,  production,  taxes, labor standards, waste disposal,
protection  and  remediation  of  the  environment,  reclamation,  historic  and
cultural preservation, mine safety and occupational health, toxic substances and
other  matters.  The  costs  of  discovering,  evaluating,  planning, designing,
developing,  constructing,  operating and closing a mine and other facilities in
compliance  with such laws and regulations is significant.  The costs and delays
associated with compliance with such laws and regulations could become such that
Globex  would  not  proceed  with  the  development  or  operation  of  a  mine.

     Mining  in  particular  (and  the ownership or operation of properties upon
which historic mining activities have taken place) is subject to potential risks
and liabilities associated with pollution of the environment and the disposal of
waste  products  occurring  as  a  result of mineral exploration and production.
Insurance  against  environmental  risks  (including  potential  liability  for
pollution  or  other  hazards  as  a  result  of  the disposal of waste products
occurring  from exploration and production) is not generally available to Globex
(or  to  other companies within the mineral industry) at a reasonable price.  To
the  extent  that  Globex  become  subject  to  environmental  liabilities,  the
satisfaction  of  any such liabilities would reduce funds otherwise available to
Globex  and  could  have  a  material  adverse  effect  on  Globex.  Laws  and
regulations  intended to ensure the protection of the environment are constantly
changing,  and  are  generally  becoming  more  restrictive.

     In  the  context  of  environmental  permitting,  including the approval of
reclamation  plans, Globex must comply with standards, laws and regulations that
may  entail  greater  or  fewer  costs and delays depending on the nature of the
activity  to be permitted and how stringently the regulations are implemented by
the  permitting  authority.  It is possible that the costs and delays associated
with  compliance  with such laws, regulations and permits could become such that
Globex  would  not proceed with the development of a project or the operation or
further  development  of  a  mine.  Globex has made, and expects if required, to
make  significant  future expenditures to comply with permitting obligations and
environmental  laws  and  regulations  although  no  such requirements currently
exist.


                                        9
<PAGE>
     LACK  OF  PRODUCTION  EXPERIENCE

     Globex  principal  mining-related  activities  to  date  have  consisted of
acquiring,  exploring, and developing mineral properties.  The Company has never
been  involved  in  operating  mineral  producing  properties  or  producing  or
extracting  minerals.  The  expertise  required  for operation and extraction of
minerals  is different from the expertise required for acquisition, exploration,
and  development.  There can be no assurance that Globex will ever be successful
in  operating  mines  and  producing  minerals.

     VOLATILITY  OF  STOCK  PRICE  AND  LIMITED  LIQUIDITY

      Globex  Common  Stock  is listed on TSE and CDNX.  Globex Common Stock has
experienced  significant volatility in price and limited trading volume over the
last  several  years.  See  "Comparative  Market  Price  Data".  There can be no
assurance  of  adequate  liquidity  in  the  future  for  Globex  Common  Stock.

     TITLE  TO  PROPERTIES

     The  validity  of  unpatented mining claims, which constitute a significant
portion  of  the  property  holdings  of  Globex,  is  often uncertain, and such
validity  is  often  subject  to  contest.  Unpatented  mining claims are unique
property  interests in the United States and Canada and are generally considered
subject  to  greater  title  risk  than  patented mining claims or real property
interests that are owned in fee simple.  The validity of unpatented mining claim
in  the  United  States,  in  terms  of  both  its  location and maintenance, is
dependent  on  strict  compliance  with  a  complex  body  of  federal and state
statutory  and  case  law.  In  addition,  there  are  few  public  records that
definitively  control  the issues of validity and ownership of unpatented mining
claims.  Globex  has  not  filed  patent applications for many of its properties
that  are  located  on  federal  public  lands  in the United States, and, under
proposed  legislation to revise the General Mining Law, patents may be difficult
to  obtain  in  the  United  States.  Although  Globex  has attempted to acquire
satisfactory  title  to its properties consisting of unpatented mining claims in
the  United  States,  Globex  does  not  generally  obtain  title opinions until
financing is sought to develop a property, with the attendant risk that title to
some properties, particularly title to undeveloped properties, may be defective.
See  "Risk  Factors  -  Immediate  Need  For  Cash".


                                       10
<PAGE>
ITEM  2.     DESCRIPTION  OF  PROPERTIES


     GLOBEX  MINERAL  EXPLORATION  PROPERTIES

     The  following  table  is  a guide to Globex's current portfolio of mineral
properties.  The  nature  of  the  exploration  business  is  such  that  this
information  changes  continually as new properties are identified and acquired,
and  existing  ones  mature  for  development,  are  sold  or  are  released.

<TABLE>
<CAPTION>
                                                                AREA -
PROPERTY                  LOCATION           COMMODITY         HECTARES  OWNERSHIP
----------------------  ------------  -----------------------  --------  ----------

  PRINCIPAL EXPLORATION PROPERTIES
  --------------------------------
<S>                     <C>           <C>                      <C>       <C>
Lyndhurst Property      Quebec,       Copper, Zinc                 1877        100%
                        Canada
Poirier Mine            Quebec,       Polymetallic                  267        100%
                        Canada
Bateman Bay             Quebec,       Gold, Copper                   86        100%
                        Canada
Duquesne West           Quebec,       Gold                          300         50%
                        Canada
Mooseland               Nova Scotia,  Gold                          648        100%
                        Canada
Wood Mine               Quebec,       Gold                          184      0% (1)
                        Canada
Nordeau Gold            Quebec,       Gold                          298        100%
                        Canada
Timmins Magnesite-Talc  Ontario,      Magnesite,                    304        100%
                        Canada        Talc, Silica


  LESS SIGNIFICANT PROPERTIES WITH PAST PRODUCTION
  ------------------------------------------------

Suffield Mine           Quebec,       Polymetallic                  617        100%
                        Canada
Normetal Mine           Quebec,       Polymetallic                  156        100%
                        Canada
Agnico Eagle Mine       Quebec,       Polymetallic                   77        100%
                        Canada
Vauze Mine              Quebec,       Polymetallic                  231        100%
                        Canada
Vulcan Property         Washington,   Gold                          307        100%
                        U.S.
<FN>
(1)  Globex  does not currently own any portion of the Wood Mine property but it
     has  contractual  rights  to acquire a 50% interest in such properties upon
     Globex's  completion  of  certain  exploration activities and expenditures.
</TABLE>


                                       11
<PAGE>
  OTHER  EARLY/IMMEDIATE  STAGE  EXPLORATION  PROPERTIES
  ------------------------------------------------------

<TABLE>
<CAPTION>
                                                               AREA
PROPERTY                LOCATION             COMMODITY       (HECTARES)  OWNERSHIP
-----------------  -------------------  -------------------  ----------  ----------
<S>                <C>                  <C>                  <C>         <C>
Rouyn-Beauchastel  Quebec,              Gold, Copper, Zinc         3717        100%
                   Canada
Buckell Lake       Quebec,              Gold                         96        100%
                   Canada
Lac Simon          Quebec,              Gold                        240        100%
                   Canada
Tarmac             Quebec,              Gold                         64        100%
                   Canada
Victoria West      Quebec,              Gold                        724        100%
                   Canada
Louvicourt         Quebec,              Polymetallic               1344        100%
                   Canada
Duvay              Quebec,              Gold                         65        100%
                   Canada
Aumaque            Quebec,              Gold                         63        100%
                   Canada
La Motte           Quebec,              Nickel, Platinum,          1606        100%
                   Canada               Palladium,  Rhodium
Preissac           Quebec,              Nickel                      944        100%
                   Canada
Tut                Quebec,              Gold                        160        100%
                   Canada
Wemindji           Quebec,              Diamond                   34600        33a%
                   Canada
Smith-Zulapa       Quebec,              Gold, Copper-Nickel         418        100%
                   Canada
Halliwell          Quebec,              Gold                        314         65%
                   Canada
Laguerre-Knutson   Ontario,             Gold                         64        100%
                   Canada
Jacobie Copper     British Columbia,    Copper                       64        100%
                   Canada
Bell Mountain      Nevada,              Gold                        416        100%
                   U.S.
Sheep Mountain     Arizona,             Copper,  Molybdenum         144        100%
                   U.S
                               ____________________________
</TABLE>

     Globex  believes  its  most  significant mineral properties are as follows:
Timmins  Magnesite-Talc,  Nordeau  Gold,  Lyndhurst, Bateman Bay, Bell Mountain,
Duquesne  West,  Mooseland, Wood Mine, Sheep Mountain and Poirier Mine.  Each of
these  mining  properties  is  described  below.  These  descriptions  include
information as to historic mining and exploration activity by third parties that
is believed to be reliable, but have not been confirmed by Globex.  There can be
no  assurance  that any of these properties will contain adequate mineralization
to  justify  a  decision  to construct a mine.  See "Risk Factors --Exploration,
Development,  Mining  and  Processing  Risks,"  "--Uncertainty  of  Reserves and
Mineralization  Estimates,"  and other mining-related risks factors in the "Risk
Factors"  section.


                                       12
<PAGE>
PRINCIPAL  EXPLORATION  PROPERTIES

     LYNDHURST  PROPERTY

     The  Lyndhurst  property  is  located  approximately  22 miles due north of
Rouyn-Noranda,  Quebec.  The  property  is accessed by driving 25 miles north on
provincial  highway  and  a  gravel  road.  There  are  99 claims totaling 1,631
hectares  plus  one  mining  concession  of  236  hectares.  Globex  has  a 100%
ownership  interest  in  the  Lyndhurst  property.  On September 1, 1985, Globex
acquired  96  claims  and one mining concession from Stoch Lt e, John Archibald,
Chris  Bryan  and Dianne Stoch in exchange for 750,000 escrowed shares of Globex
Common  Stock,  a  1.5%  net  smelter  return  and C$15,000.  See "Management of
Globex-Interest  of  Management  in  Certain Transactions."  Globex subsequently
acquired  additional  claims  by  staking  while  over  the  years acquiring and
dropping  claims  as  a  result  of  exploration  results.


     GEOLOGY.  The Lyndhurst property covers a 10-kilometer strike length of the
Hunter  Group.  The  property  is  mostly  underlain by the Hunter and Kinoj vis
Volcanic  Groups  which  belong  to  the  southern  part  of the Archean Abitibi
lithotectonic  Subprovince.  Regional  multiphase  deformation  affects  all the
rocks  and  most  of  these two volcanic groups are metamorphosed to greenschist
facies.  This  group,  composed mainly of felsic volcanics, has been intruded by
the  Poularies  and  Palmarolle Batholiths, forming the heart of the Lac Abitibi
Antiform.  The Hunter Group is believed to be older than the predominately mafic
Kinoj  vis  Group  which is overlying in discordance to the south.  The regional
east-west Lyndhurst Shear Zone crosses the southern half of the property and may
have  been responsible for the shearing often noted at the contact point between
the  two volcanic groups.  A large mineralized alteration zone has been followed
down  plunge  from  the  mine  to  the  west  and  is  open  at  depth.

     MINING  HISTORY.  The  Lyndhurst  property  hosts the past copper producing
Lyndhurst  Mine  (reportedly  200,000  tons  at  2%  copper) and has been worked
piecemeal by numerous companies since its discovery in 1928.  In 1955, Lyndhurst
Mining  Co.  Ltd.  sank  a  215  metre  shaft with five levels and began limited
production  after an extensive program of underground diamond drilling.  Further
exploration,  principally  diamond drilling, was undertaken by various companies
until  1988  when  Minnova conducted an input survey, deep EM survey, geological
and  lithogeochemical  sampling,  mapping, stripping and diamond drilling.  From
1991  to  1993,  Noranda  Exploration  undertook  mapping,  stripping,  induced
polarization  and  horizontal-loop electromagnetic surveys, and shallow and deep
diamond  drilling.

     In  1995,  Globex  drilled  one hole on the Lyndhurst property.  In January
1997,  Amblin  Resources  Ltd.  conducted  a  Gutierrez airborne electromagnetic
survey  and a ground gravity survey. In June 1998, in drill hole LY98-5A, Amblin
discovered  a  new  body of massive sulphide, including 18.79 metres of .45% Cu,
1.51%  Zn  and  12.7 gm/tonne Ag.   Later in 1998, Amblin drilled two holes into
the  new  sulphide  body, both of which intersected significant massive sulphide
mineralization:


     HOLE NO.  LENGTH (M)   CU%    ZN%   AG G/T  AU G/T
     --------  ----------  -----  -----  ------  ------

     LY98-5A         2.61   3.62   2.94   159.3     0.6

     LY98-6           8.4   3.14   0.07    28.8       -

                     11.3    0.1   2.04    15.8       -

                      3.5    1.2      -       -       -

                     2.35   2.77      -    17.8       -


                                            13
<PAGE>
     In  2000, Globex drilled two exploration holes and one deep hole, L00-8B to
test  the  up  dip potential of the massive sulphide zone.  The hole intersected
two  sections  of  massive  sulphides,  3.36 m and 2.98 metres.  Included in the
zones  are  the  following  assays:


     HOLE NO.  LENGTH (M)   CU%    ZN%   AG G/T
     --------  ----------  -----  -----  ------

     LY00-8B          2.9   0.49   0.13    53.8

                     0.46   0.35   6.77      33

                     2.98   0.19   5.16    35.6


     Downhole  geophysics  in  the five deepest holes shows the massive sulphide
zone  extends  as  far  as  the  system is able to detect both below the present
drilling  and  particularly  strongly  to  the  west.


POIRIER  MINE

     LOCATION.  The  Poirier  Mine  property  consists of 10 claims covering 267
hectares  straddling the Joutel and Poirier township line in northwest Quebec, 7
km  to  the west of the site of the former town of Joutel and covers the area of
the  former  Poirier  Mining  Concession  #516.  A  100%  interest in claims was
purchased  in  1998.The  mine  area  is  accessible  from Amos (120 km south) or
Matagami (80 km northeast) by paved highway 109.  A road extends westward for 25
km  from  highway  109  passing near the mine site as it connects to the Selbaie
Mine  site.

HISTORY.  The  Poirier Mine was discovered with airborne geophysics by Rio Algom
in  1959.  Following  three and a half years of follow up work, including ground
based  geophysical  and  geochemical  surveys  and an extensive diamond drilling
program,  a  1860 foot three compartment shaft was sunk and two levels (1000 and
1150)  were  developed  to  carry  out detailed work on an ore zone indicated by
surface  diamond  drilling.

     In  1964,  a  decision  was made to construct a mining and milling plant to
process  1500 tons per day of copper and zinc ore from the Poirier property.  In
1965,  an  agreement  was reached with Joutel Copper Mines to expand the Poirier
concentrator  to  handle up to 700 tons per day of their ore on a custom milling
basis.

     Commercial production started in January 1966.  Over a period of nine years
4,670,000  tons  of copper ore grading 2.22% copper and 748,000 tons of zinc ore
grading  5.58%  zinc  were  mined  and  milled to produce 94,580 tons of copper,
29,300  tons  of  zinc  and 285,000 ounces of silver from the Poirier mine.  The
shaft  was  extended  to  a depth of 2849 feet in 1968 and by the closure of the
mine  in July 1975 some 63,000 feet of drifting on 18 levels had been completed.
Cut  and fill, shrinkage and blast hole stoping methods were used to extract the
reserves  with  an  estimated  60%  of  the  production coming from cut and fill
stopes.

     Official  reserves  reported to the government at closure were 763,000 tons
of  copper  ore  at  2.20%  copper  and 716,500 tons of zinc ore at 10.44% zinc.

     The infrastructure was dismantled and sold in late 1976.  Mine archives are
reported  to  have been burnt except for those filed with the Quebec Ministry of
Energy  and  Resources.

     Bonanza  Metals  Inc.  (Forbex,  Fieldex) acquired the property in 1986 and
undertook  a  program  of  compilation and shallow drilling.  Bharti Engineering
Associates  Inc.  was hired in 1989 to prepare a pre-feasibility study which was
delivered  in  May  1990.

     In  2000,  Globex  did  several  small  geophysical  grids  and drilled two
exploration  targets.


                                       14
<PAGE>
     GEOLOGY-REGIONAL.  The  Poirier  Mine  property  is  located  within  the
Joutel-Poirier mining camp.  The known sulphide deposits of the camp include the
Poirier,  Joutel  Copper  and  Explo-Zinc  zone  and  occur  on the east side of
calc-alkaline  felsic  volcanic  sequence  surrounding  the  Mistawack granitoid
batholith.  The carbonated sulphide deposits of the Agnico-Eagle and Telbel gold
mines  are  located  about 6 km to the north in what appear to be the top of the
same rhyodacitic rocks which consist of argillaceous tuffs, cherts, breccias and
associated  rhyolites.  These  rocks  are  cut  by  numerous dioritic and felsic
dykes.  The  east-west  trending,  steeply  dipping  felsic horizons hosting the
deposits  strike  onto  and  across  the  Poirier  Mine  property.

     GEOLOGY-LOCAL.  The  following  description  of  the  local  geology  is an
excerpt from a report titled "Mine de Poirier Rio Algom" written in 1974 of 1975
by  Rio Algom personnel."The rock sequence on the Poirier property starts at the
north with granite and moves south through rhyolite then dacite and finally down
to  porphyritic  rhyolites towards the south of the property. This rock sequence
strikes  approximately  east-west  and  dips  about  75  degrees  to  the south.
Although  a  large  gabbro dyke cuts the property in a north easterly direction,
the  most  important  dyke on the property is a large northwest trending complex
feldspar dyke which is epidote rich in the centre and siliceous at the edges and
which  separates  the  East  and  Main  Zones  from  the  West  Zone.

     Three  types  of  ore occur: ification zones hosting 1% to 20% disseminated
sulfides and locally up to 10% tourmaline.chalcopyrite rich zones of chlorite in
the central (main) zone; sphalerite rich massive pyrrhotite and pyrite with some
chlorite  in  the  central (main) and West Zones with the same massive sulphides
containing  copper  rich  mineralization in the West Zone; and chalcopyrite rich
zones  in  a mineralized cherty dacite formation in the lower zones of the mine.

     The copper and zinc zones are fairly distinct from each other although they
carry  a little copper and zinc respectively.  The ore occurs toward the contact
of  the  dacite  volcanic  pile with the footwall rhyolite in folded and sheared
beds  of  chlorite. These chlorite beds are thought to have been originally fine
tuffs  that  were  selectively  and  almost  completely  chloritized.

     The  mineralized  zones  at  Poirier  are  volcanogenic  lenses  of massive
sulphides  enriched  in  copper  and/or  zinc  with  typical  zoning  of  metal
concentrations  due  to  the  hydrothermal  mineral  deposition."

     ORE  RESERVES.  The original mine records are reported lost or burnt and no
core  from  the  mine  is  available.  The records used to calculate the mineral
reserve  estimation  of  the  West  (copper  and  zinc)  and Q (zinc) Zones were
reconstructed  from microfilms of sections and logs deposited in the archives at
the  Ministry  of Mines and Resources by Rio Algom before closure.  About 30% of
the  original  drill  logs  have been located and another 30% reconstructed from
information  visible  on  drafted  drill  sections.

     The  reserves  were  largely  developed  by  Rio  Algom  and  a significant
percentage  of the ore is located in pillars adjacent to stopes.  The major zinc
lenses  of  the  Q Zone were partially developed prior to shutdown but no mining
was  carried  out.  The  Q  Zone zinc lenses occur as two and occasionally three
en-echelon lenses plunging to the east at 60-70 degrees and dipping to the south
at  75  degrees.  Lense  separation varies from a few feet up to 50 feet, widths
vary  up  to  100 feet over typical strike lengths of 100 to 200 feet.  Vertical
continuity  and  continuity  from  section  to section is difficult to establish
because  of  the  intense  folding  even  with  closely spaced drilling (50 foot
centres).

     A  mineral  inventory  was  calculated  for  the  West  and  Q  Zone  using
reconstructed  cross  sections on 50 foot spacing.  Polygons were created on the
cross sections using the bisectrices of between adjacent drill holes, geological
contacts  and  assay  cutoffs.  Each polygon was assigned a tonnage based on the
area of the polygon multiplied by the distance between sections (50 ft.) and the
assumed  density  of  the  rock  (8.4  cu.  ft.  per ton for massive sulphides).

     An  undiluted  mineral  inventory  was  calculated for the West and Q Zones
grading  1.24%  Cu and 8.77% Zn and totalled 1,400,863 tons.  In addition to the
mineral  inventory shown on Table I, some 300,000 tons at 8.06% Zn are contained
in the East Lens and 534,000 tons at 2.5% Cu in the Main Lens.  Gold values were
not  recorded  but  previous production indicated a grade of over 0.5 oz per ton
gold.

     From  an  exploration  point  of  view,  the  property  has excellent depth
potential  as  there  has  been  no  exploration  below  the  2500  foot  level.
Similarly,  more drilling is needed above the 850 foot level and about known ore
shoots.  Previous  exploration  was directed principally at outlining copper ore
and  zinc bodies were not a priority.  Gold was not systematically analysed for.


                                       15
<PAGE>
BATEMAN  BAY

     The  Bateman  Bay  property  is  centered  on  the  Gouin  Peninsula, which
separates  Lac  Chibougamau  from  Lac  aux  Dor  s  and  is located about eight
kilometres east-southeast of the town of Chibougamau, Quebec. Access is provided
by  three miles of paved provincial highways and then three miles of local paved
roads in the immediate area of the town of Chibougamau, Quebec or by boat on Lac
aux  Dores.  The  property  consists of two unpatented mining claims on Canadian
crown  land,  totalling  86  hectares  in  size.


     GEOLOGY.  The Bateman Bay property is located within the Dore Lake Complex,
a  layered  intrusive made up of anorthosite, gabbro, pyroxenite, granophyre and
transition  rock.  A minor band of mafic volcanics and related sediments crosses
the  center  of  the  property in an east-west direction.  The north boundary of
this  volcanic  horizon  is  marked  by the Dor  Lake Fault, a brittle structure
generally  thought  to  be a primary ore controlling feature for the Chibougamau
Camp.  A  northwest  trending  shear  zone runs from the area of the Bateman Bay
shaft  to the Jaculate Mine to the northwest. This structure hosts the "A" Zone.
Two  additional  zones termed the "B" and "C" occur within parallel, en echelon,
northwest  trending  shears  to  the  northeast.

     MINING  HISTORY.  Norlake  Mining  Corporation  completed  3  drill  holes
totalling  337  metres and an electromagnetic survey on the area of the property
in  1936.  During 1955-1956, 64 drill holes were completed for a total of 12,641
metres.  This  was  accompanied by magnetometer, electromagnetic and resistivity
surveying.  During  1957,  an  additional 108 holes totalling 23,753 metres were
completed.  An  underground  development  program was initiated and completed by
1960.  This  consisted  of  shaft  sinking  to  a  depth  of  160 metres and the
development  of  three  levels,  the  lowest  being  at 152 metres from which 33
underground drill holes were completed. Two chalcopyrite bearing structures were
defined  by  this  work.

     During 1964-1968, Patino Mining Corporation Limited ("Patino") completed an
additional  nine  drill  holes.  Subsequently,  the  shaft  was deepened and the
property was linked to the Jaculet Mine at the 274 meter level.  In 1970, Patino
completed  one  additional  surface  drill hole and an additional 18 underground
holes  on  the 274 meter level for a total of 695 metres.  The Bateman Bay shaft
is  reported  to  have  been  used by Patino as production shaft for the Jaculet
Mine.  Globex  has  no  rights  to  minerals  in  the  Jaculet  Mine.

     In 1991, after compiling all previous geological work, drilling 9 holes for
2,966  metres  and  re-interpreting  the results, Robex Resources Inc. announced
that  gold  and  copper mineralization was present in the "A" Zone to a depth of
811  feet.  Subsequently, the Province of Quebec rehabilitated the mine site and
ultimately  revoked  the  then-existing  mining  concessions.

     Except  for  lateral  development  and  a  small  bulk  sample,  no  mining
production  is known to have occurred on the Bateman Bay property.  The 810-foot
deep  Bateman  Bay  Shaft  has been capped, the headframe and all mine buildings
have  been  removed  and  the  site  has been contoured to acceptable standards.

     In  1997,  a  grid  was  cut  over  the  property  and  detailed  E.M.  and
magnetometer  surveys  were  completed.

DUQUESNE  WEST

     The  Duquesne  West property is located 25 kilometres northwest of the town
of  Rouyn-Noranda,  Quebec,  and  four  kilometres from the town of Duparquet in
Abitibi  West County.  The property consists of 20 contiguous unsurveyed claims,
totalling  289  hectares.  Access to the mine is by highway for approximately 22
miles.

     Globex  acquired  a  50%  interest in the property pursuant to an agreement
dated  December  19,  1986 with Jacques Viau.  In order to acquire the interest,
Globex  issued  200,000 shares of Globex common stock to Mr. Viau, granted him a
1%  net  smelter  return  and  agreed  to  expend  C$600,000  on the property (a
condition  which  was  subsequently  waived).

     The  remaining  50%  interest  in the property is owned by G oconseils Jack
Stoch  Lt  e ("Stoch Lt e"), which is controlled by Jack Stoch, the President of
Globex.


                                       16
<PAGE>
     GEOLOGY.  The  Duquesne  West  property  lies  on  the  east-west  striking
southern limb of the Lepine Lake regional syncline within the Abitibi Greenstone
Belt.  The  underlying  rocks  are  all  Precambrian in age and range from older
volcanics  of  the  Kinoj  vis  Group  followed  by  Clericy  Sediments, younger
volcanics  of the Blake River Group and finally sediments of the Duparquet Group
(Temiscaming-type).  A major period of folding and faulting post-dated the final
period  of  deposition  and  resulted  in  the development of the aforementioned
Lepine  Lake  Syncline  and  other  folds  in  the  area  as  well  as  the Main
Porcupine-Destor  Break, a large regional gold-bearing structure which stretches
east  from  the  Timmins camp into Destor Township in Quebec.  This was followed
closely  by  the  development  of  subsidiary splays and parallel shears and the
intrusion  of  acid  porphyries,  granites and aplites and later basic dikes and
lamprophyres,  primarily  along  the  faults.

     MINING  HISTORY.  The  Duquesne  West  property  was  originally  staked in
1923-1925  followed  by  extensive  stripping,  trenching  and  limited  diamond
drilling.  In  the  1930s,  38  diamond  drill  holes  were  drilled,  totalling
approximately  12,200  feet,  and  the  Shaft  and  South Zones were discovered.
Fifteen  more  diamond  drill  holes  totalling  9,929  feet  were  drilled from
1944-1949.  From  1973-1982,  extensive  diamond  drilling  and  geophysics were
conducted  on the property.  In 1983, Claremont Mines Limited drilled an 80-foot
shaft and took a 425-ton bulk sample from Shaft Zone.  In 1990 and 1991, Noranda
Exploration  conducted  diamond  drilling  (13  holes)  and  did  geological and
geophysical  exploration  on  the  property.

     In  1994, Globex undertook extensive geophysical coverage of the claims and
drilled  seven  short holes totalling 440 metres.  Between  1994 and 1997, Santa
Fe  has  conducted  a  further  78,000 feet of drilling.  In 1996, Santa Fe also
performed  a  real-time  induced  polarization  survey and located an additional
anomaly  located  between  the  Shaft  Zone  and the Fox Zone.  Santa Fe drilled
another  hole  in  February  1997.

     Numerous  intersections of gold mineralization were intersected with values
reaching  1.56  oz  per  ton  Au  over 35 feet.  Santa Fe (now Newmont) outlined
numerous  gold  zones  and delineated a significant geological resources in wide
spaced  drilling.


MOOSELAND

     The  Mooseland property is located approximately 70 kilometres northeast of
Halifax,  and  about 1 kilometre south of the village of Mooseland, Nova Scotia.
Access  to  the  Mooseland  property  is via about 70 miles of paved highway and
about  30  miles along paved road.  The Mooseland property consists of 40 claims
in  Halifax  County,  Nova  Scotia.

     Globex  holds  a 100% interest in the property, which it acquired by taking
over  the $37,000 provincial environmental bond from Acadia Minerals Corporation
in November 1996.  The property is subject to a 1.5% net smelter return royalty,
divided  equally  among  three parties, namely 160880 Canada Inc., 160881 Canada
Inc. and 160891 Canada Inc., all of which companies are owned by prospectors who
initially  sold  the  property.

     No  significant  exploration  of development work has been conducted on the
Mooseland  property  since  1989.

     GEOLOGY.  The  Mooseland  property is underlain by both the Goldenville and
Halifax  sedimentary formations of the Maguma Group.  The lower southwest corner
of  the  property  is  underlain  by granitoids of the Musquodoboit Pluton.  The
Maguma  group  sediments  are  arranged  about  a  shallow  east  plunging  fold
structures  called the Mooseland-Gegogan Anticline.  Fold limbs appear to dip on
average  from  50  to  75  either  to  the  north or south depending on location
relative  to  the  fold  axes.  Locally  beds may steepen to subvertical and are
subhorizontal  at fold hinges.  A sericitic shear zone is developed at the hinge
of  this  structure.

     The anticline structure is the primary controlling feature of the property.
Mineralization  consists  of auriferous quartz veins developed on the flanks and
in  the  crest  of  this  structure.  Two main areas of mineralization have been
identified  on  the property.  These are termed the West and East zones, and are
separated  by  a  young  northwest trending brittle structure called the Tangier
River  Fault.  Gold  mineralization is associated with quartz veining and occurs
within  the  zone  as  coarse  free  grains  and  irregular  masses ranging from
pin-points  to  match-head  in  size.  Gold grain distribution is reported to be
irregular within the quartz veins.  The veins in the West and East zones consist
of 85% to 95% massive quartz, white to pale grey in color.  The veins contain 5%
to  10%  wall  rock  inclusions  and  minor  sulfides.


                                       17
<PAGE>
     The  West  Zone  covers  a  strike  extent  of  3,000  feet in an east-west
direction.  The  western  extent  of  the  zone  abuts against the local granite
intrusive.  The  east  end  of  the  zone  is  cut off by the northwest trending
Tangier Fault. A short fault block segment of the zone was found several hundred
feet  north  of  this  cross-cutting  fault  and was mined in the Brunswick Mine
during  the late 1890s.  Overburden is said to average five feet in depth on the
West  Zone,  and  the  crest of the fold is well exposed in a trench immediately
west  of  the  highway  that  transects  the property.  At least eleven separate
quartz  veins  have  been  identified  on  both  limbs  of  the  fold.  Gold  is
interpreted to occur in small shoots that plunge at 10  to 30  to the east.  The
individual veins average from three inches to three feet and occasionally are up
to  eight  feet  in  width. The East Zone was discovered by Acadia during a 1987
diamond  drilling  program.  The  area  is  covered by 50 to 100 feet of glacial
drift,  in  the form of a drumlin.  The East Zone is located approximately 1,100
feet  north-northwest  of  the West Zone.  The two zones are separated by a wide
zone  of multiple northwest faults.  The axis of the anticline strikes 40  to 50
to  the  north  near  the  crosscutting fault zone, which curves to an east-west
altitude  at  the  eastern  limits of the zones.  The fold appears to be tighter
than  at  the  West  Zone  and  shows  a  greater  degree of faulting and gouge.
Developed  quartz  veins  appear to be fewer in number, but, wider and higher in
grade.

     MINING  HISTORY.  During  the  period of 1860-1870, production began on the
Furnace  lead  on the Mooseland property, a stamp mill was erected, the district
was  opened  up  to  road  access, several shafts were developed on the Furnace,
Cummings  and  Specimen  leads,  and  the Irving belt and Little North lead were
discovered.  In  1884,  gold bearing boulders were found on the west bank of the
Tangier  River  and the Bismark lead was discovered in 1890.  The Mooseland Gold
Mining  Company  carried  out  minor  production until 1895.  From 1896 to 1914,
minor  sporadic  work  was  carried  out  on  the  Cummings  lead.

     From  1937  to  1938,  nine diamond drill holes were completed by Compagnie
Belgo-Canadien  de Prospection Miniere Limit e while testing a 1,200 foot strike
length  of  the  anticlinal  hinge  and the Irving and Cummings leads.  In 1974,
Stuart  Avril completed a geological mapping program.  From 1978 to 1981, Cuvier
Mines  Inc.  carried  out  surface  sampling, trenching and diamond drilling.  A
total  of  21  drill  holes  for a drilled footage of 1,150 feet were completed.

     In  1987,  Acadia  Mineral  Ventures  Limited  ("Acadia")  had  an  induced
polarization  survey  conducted  which  covered  the  western  mineralized zone.
Acadia  completed  65  diamond  drill  holes  for a total length of 43,946 feet.
Three  areas  of  gold  mineralization were recognized based on past exploration
activities  and  the  Acadia work.  These were termed the Main Mooseland,  North
Mooseland  and  Otter Pond areas.  Sampling in the Main Mooseland area indicated
the  presence  of mineralization in seven separate zones.  Initial drill results
for the Otter Pond area were reported to be higher in grade and thicker in width
than  most  intersections  obtained  in the Main Mooseland area.  By March 1988,
Acadia  had  completed  135 drill holes totalling approximately 104,000 feet, of
which  85  drill  holes  totalling  68,398 feet were completed on the West Zone.

     In  1988,  Hecla  Mining  Company  of  Canada ("Hecla") in partnership with
Acadia  and  Biron  Bay  Resources  initiated an underground exploration program
relating  to  the Mooseland property.  Work completed by Hecla in 1989 consisted
of  site preparation, temporary surface plant set-up, establishment of a 24-foot
concrete  shaft  collar,  installation  of  a 60-foot high steel headframe and a
skid-mounted  double  drum  hoist;  and shaft sinking to a depth of 410 feet.  A
small shaft station was established at the 160-foot level and a full station was
cut  at  320  feet.   A  stratigraphic study re-logged 76 Acadia drill holes and
refined  the geological interpretation.  In May 1989, while shaft sinking was in
progress, Hecla suspended its work.  The planned underground lateral development
and  bulk  sampling  program was not carried out.  The 410-foot deep Hecla Shaft
has  been  capped.  A  steel headframe is still in place as well as the portable
steel  building  which  serves  as  the  hoist  room.


WOOD  MINE

     The  Wood  Mine  property  is  located  50  kilometres  east of the city of
Rouyn-Noranda, Quebec, and 3 kilometres east of the village of Cadillac, Quebec.
The  property  is  184  hectares  in  size  and  consists  of  eight contiguous,
unpatented  mining  claims.  The property straddles paved provincial highway and
is  reached  by  driving  1.5  miles  east  of  the village of Cadillac, Quebec.

     Globex had a limited right to form a 50% joint venture with another company
if  Globex  brings  it  into  an  exploration  program.


                                       18
<PAGE>
     GEOLOGY.  The  property  is  located  on  a  southern flank of the Cadillac
Syncline.  The  main  lithologies  are  Archean  in  age  and  are arranged as a
subvertical  to  steep  south  dipping,  overturned  homocline  which  strikes
approximately  east-west.  These  lithologies,  from  north to south, consist of
greywackes  and  minor  bands  of lean magnetite iron formations of the Cadillac
Group,  mafic  and  felsic  volcanics  of  the Piche Group and greywackes of the
Pontiac Group.  An east-west trending,  narrow, 15 to 50 meter thick subvertical
band  of  carbonate-talc-chlorite  schists  cuts  through the Piche and Cadillac
groups  at a low angle.  This is historically referred to as the Cadillac Break,
a  shear  structure  of  crustal  proportions.

     Gold  mineralization associated with the Cadillac Break structure occurs in
three  separate  forms:  (I)  narrow,  shallow  south  dipping
quartz-tourmaline-sulfide-scheelite-native  gold  veins which are typically 2 to
20  centimetres  in thickness and occur as stacked sets adjacent to the Cadillac
Break,  mainly  in  Piche Group volcanics; (ii) lenticular sulfide zones, 0.1 to
1.5  meter  thick, consisting of 1% to 30% pyrite and subvertical quartz veining
developed at either or both margins of a series of three or four banded magnetic
iron  formation  units;  and  (iii)  biotitic  silic

     Currently there are two main areas of gold mineralization recognized on the
property.  The  "W" Zone (Wood Zone) consists of a series of stacked sulfide ore
and  quartz-tourmaline  vein  zones  which are developed in the area of the Wood
Shaft,  to  depth  and on strike to areas which have previously been mined.  The
"P"  Zone  (Pandora Zone) consists of silicified, biotitic sediments and a mafic
tuff.  The  "P"  Zone  straddles the property's eastern boundary with the former
Pandora Mine and resembles zones which have been investigated on the Pandora and
Tonawanda  properties  to  the  east.

     MINING  HISTORY.  The  Wood  Mine  property  was originally acquired around
1927.  Three  drill  holes  were completed under option by Canadian Enterprises,
Limited  in  1934.  Wood-Cadillac  diamond  drilled  during  1936 and put down a
three-compartment  shaft  to  522 feet in 1937.  From 1937 to 1938, lateral work
was  carried  out  on the 250, 375 and 500 foot levels.  Several ore bodies were
developed.  A  200 ton-per-day mill was built in 1939.  In 1941, a 500 foot deep
winze  was  sunk  from the 500 foot level in an area 400 feet west of the shaft,
with  lateral work carried out on the 625, 750 and 875 foot levels and a station
cut  at  1,000 feet.  This lower level development of ore did not come on stream
soon  enough  to feed the mill at capacity, forcing mine closure in 1942.  Total
production  from the upper three levels was reported to be 27,213 ounces of gold
and 4,519 ounces of silver from 179,400 tons of milled ore.  In 1942, 431 pounds
of  hand  cobbed  scheelite  grading  20.05% WO3 was also shipped.  During 1945,
Central  Cadillac  Mines, Limited completed rehabilitation on both the Wood Mine
property  and the nearby Central Cadillac Mine.  In 1946, underground work began
again and the two mines were linked.  Capacity of the Wood mill was increased to
350  tons  per  day and milling resumed in 1947.  The Wood shaft was deepened to
875  feet  in  1948.  Milling stopped in 1949 due to lagging ore development and
drops  in grades.  Production from the consolidated properties for the 1947-1949
period  was  reported  to  be  32,479  ounces  gold and 4,167 ounces silver from
257,254  milled  tons.

     The  consolidated  property  lay  idle  until 1965, when 5 drill holes were
completed  on  an  area  east of the Wood Shaft.  In 1969, Gold Hawk Exploration
Limited  drilled  8  holes  for a total length of 5,522 feet, testing a 700 foot
strike  length  of  mineralization located 700 feet east of the shaft.  In 1973,
Hawk  Mines  Limited  drilled  between the Wood Shaft and the west boundary.  In
1975,  the  property  was  optioned  by  Gallant  Gold Mines Limited which later
conducted  diamond drilling totalling some 2,000 metres and a very low frequency
electromagnetic surveying program.  During 1984, La Compagnie de Gestion Miniere
Louvicourt  Ltee completed 19 drill holes totalling 4,930 metres in the areas of
the  Wood Shaft (W Zone) and eastern boundary (P Zone).  These claims lapsed and
were re-staked in 1995.   Amblin Resources Inc. drilled nine widely spaced holes
in  1997,  eight  of  which  encountered  visible  gold. However, the option was
terminated  due  to  a  lack  of funds. Globex has managed to retain its back in
right  through  negotiations  with  the  underlying  prospector  group.

     As  for the current state of the property, the Wood Shaft is capped and the
headframe  and  buildings  have  been  removed.


                                       19
<PAGE>
NORDEAU  GOLD

     LOCATION.   The  Nordeau  Gold  deposits  are located on  two claim blocks.
The eastern block consists of 16 claims totalling 243.6 hectares and the western
block  consist of 5 claims totalling 54.4 hectares.  Title to several claims are
subject  to  verification  of  claim  post  locations.

     The  21  claims  are  located  in Range 1, southeastern Vauquelin Township,
Quebec  approximately 50 km east southeast of Val d'Or, NTS 32C/3.  The property
is  easily  accessible  from  paved highway 117.  At a point, approximately 6 km
south of the town of Louvicourt, an all season gravel road leads eastward to the
Chimo  Gold  Mine  and Mill as well as lumbering operations further to the east.
Numerous secondary seasonal roads lead southward from this road providing access
to  both  claim  blocks.

     GEOLOGY.  The  Nordeau  gold  zones  occur in the Archean, Trivio Formation
which  consists  of  both  sedimentary  and  basic  volcanic  units.  Gold
mineralization  is  associated  with a shear corridor believed to be the eastern
extension  the  prolific  Cadillac-Larder,  gold  localizing,  break.

     In  the mineralized areas, the Trivio Formation consists of a band of basic
volcanics  (Chimo  Volcanic  Unit)  up  to  400  metres wide which separates two
sedimentary  horizons  composed  principally of greywacke, siltstones and lesser
conglomerate.  A magnetite iron formation traverses both claim blocks within the
northern  sedimentary unit and previous calculations based upon diamond drilling
have  delineated  approximately  90  million tons of +25% iron bearing material.

     Metamorphism is within the limits of the greenschist facies but is near the
amphibolite  metamorphic facies.  Stratigraphy trends N295 , dips are roughly 70
to  the north and tops face southward.  Lineations, crenulations and small folds
within  the  shear  zones,  plunge,  give  or  take,  80  to  the  west.

     Gold  mineralization  occurs  in shear zones within the basic volcanic unit
(Chimo  Volcanics),  in  sediments  at or near the northern volcanic-sedimentary
contact  and  in  association with magnetite iron formations within the northern
sedimentary  unit.

     The  gold  is associated with quartz veins of various widths and is usually
in  the  form  of  free  gold  at  both  the  megascopic  and microscopic scale.
Associate  sulphide  minerals are common in particular, pyrite, arsenopyrite and
pyrrhotite,  varying  from  1%  to  5%  in  quartz  veins and from 20% to 50% in
association  with  sections  the  magnetite  iron  of  formation.

     Various  drill programs have delineated gold bearing quartz vein systems on
both the eastern and western blocks.  The most recent gold resource figures were
published in 1990 by the previous owner Vauquelin Mines Ltd. and are as follows;

Nordeau  East  Zone:     -  178,428  tons  grading  0.194  oz/ton  Au  probable.
                         -  202,061  tons  grading  0.175  oz/ton  Au  possible.
Nordeau  West  Zone:     -  110,700  tons  grading  0.154  oz/ton  Au  probable.
                         -  198,000  tons  grading  0.160  oz/ton  Au  possible.

Total probable & possible resource:  689,259 tons @ 0.173 oz/ton Au.


                                       20
<PAGE>
TIMMINS  MAGNESITE-TALC  PROJECT

     LOCATION.   The  property  consist of 17 patented surface rights claims and
19  mineral  claims  situated  in  the  south half of Deloro Township, Porcupine
Mining District, 13 km southeast of the City of Timmins, Ontario.  Access is via
Pine  Street in Timmins which extends southward into northern Ogden Township.  A
gravel  bush  road  trends  eastward from Ogden Township just below the township
line (Odgen - Montjoy) into Adams Township.  After the road crosses the regional
powerline,  a branch trends northward directly across the centre of the property
in  Deloro  Township.

     GEOLOGY  AND  METALLURGY.  The  area  is underlain by Archean intrusive and
extrusive  units  and  sediments  including  large  masses of altered ultramafic
(serpentinized  peridotites)  and  at least one east-west diabase dyke.  Strikes
are  generally  east-west,  dips  near  vertical  or  steeply to the north.  The
magnesite-talc-quartz  rock unit is exposed on surface as large areas of outcrop
10  to  20feet  above a sand plain floor.  The property contains a large body of
magnesite,  talc  and quartz reported to be in the order of +100,000,000 million
tonnes  in the limited area previously tested by widely spaced drill holes.  The
potential  orebody is made up of roughly 54% magnesite (MgCO3), 27% talc and 16%
quartz with 3% accessory iron oxides.  Pilot plant flotation tests indicate that
65-70% of the magnesite can be recovered in a flotation concentrate which is 99%
acid  soluble.  Iron  has  replaced  some magnesia in the crystal lattice of the
magnesite resulting in a high iron product.  The iron can be removed by chemical
processes.

     The  carbonate  concentrate  is  calcined  to  produce  a  caustic calcined
magnesia  having  the  following  chemical  properties:

                    Magnesia  (MgO)                92.5%
                    Iron  Oxide  (Fe2O3)            6.0%
                    Silica  (SiO2)                  1.0%
                    Lime  (CaO)                     0.1%
                    Miscellaneous                   0.4%

     Extensive  bench  pilot research has confirmed that the iron in the caustic
calcined  MgO  can  be  reduced  from 6.0% to 0.4% (Fe2O3) or lower, by a simple
chlorine  roast.  The  chlorine roast will remove the iron as volatilized ferric
chloride  (FeCl3)  itself  a  saleable  chemical  byproduct  used  in  water
purification.

     The analysis of the low iron product is:

                    Magnesia  (MgO)                98.3%
                    Iron  Oxide  (Fe2O3)            0.4%
                    Silica  (SiO2)                  0.8%
                    Lime  (CaO)                     0.1%
                    Miscellaneous                   0.4%

     Talc  is  recovered  as  a  first stage in the flotation process, and after
cleaning  and  re-cleaning in additional flotation cells, is dried and processed
by  fine  grinding  to  produce  a  high  purity,  fibre free, low arsenic talc,
suitable  for  the  paper,  paint  and  cosmetic  industries.  The 30-35% of the
magnesite  lost  to tailings in the second stage of the flotation process can be
chemically recovered by dissolving in hydrochloric acid and burning the MgCl2 to
produce high purity magnesia (MgO).  Testing has indicated that the tailing from
the  flotation  make  an excellent feed which will produce a high purity product
(99%  MgO)  with  iron  and  calcium  each  less  than  0.1%.

     Also,  the quartz in the rock can be recovered in the flotation process and
possibly  sold  as  Flux  to  local  smelters.


                                       21
<PAGE>
LESS  SIGNIFICANT  PROPERTIES  WITH  PAST  PRODUCTION  OR  RESOURCES


SUFFIELD  MINE

     The  Suffield  Mine property is located four miles southwest of the city of
Sherbrooke, Quebec and is accessible by secondary provincial highway.  The claim
group  consists  of  nine  unpatented mining claims, covering 617 hectares.  The
property  is  owned  100%  by  Globex, which acquired the ground by purchase and
staking.  A 5% net profit interest royalty is held by Waldo Investments Inc.  No
significant  exploration  activity  has  occurred  on the Suffield Mine property
since  1990  and  Globex  has  no  immediate  exploration  plans.

     GEOLOGY.  The  Suffield Mine property is situated on the northwest flank of
the  Sherbrooke  Anticline. This structure is overturned to the northwest and is
dissected  by  series  of  thrust faults. There are two distinctive lithological
formations  in  the  area;  the  Ordovician-aged  Ascot  Formation  of felsic to
intermediate  volcanics  and schists and, the Siluro-Devonian-aged Francis Group
of  sediments. Both units are intruded by small ultramafic, granite, diorite and
lamprophyre  bodies.  The  property's stratigraphic sequence, from west to east,
consists  of  a large band of phyllites, followed by a chert, siltstone and iron
formation  sedimentary unit and finally a capping of  thick sequence of sericite
schists  and  porphyritic  rhyolite.  Disseminated  and volcanic massive sulfide
mineralization  occurs at the sediment-volcanic contact. Mineralization consists
chiefly  of  sphalerite and pyrite and appears to be controlled in part by rolls
and  dips  in  the  contact  surface.

     MINING  HISTORY.  The  Suffield  Mine  property  contains  two past mineral
producers  -- the Suffield King and Howard Mines -- and several prospects -- the
Silver  Star,  North  Howard  and  No.4  Shaft  zones.  The property experienced
intermittent  mining  activities  over the period from 1863 to 1956. Until 1949,
mining  consisted of small scale production from prospect pits and shafts.  From
1949  to  1956, Ascot Metals Corporation developed the Suffield Mine No.3 Shaft.
Production  reportedly  totalled  600,000  tons  grading 6.5% zinc, 0.8% copper,
0.45%  lead,  2.5  opt silver, and 0.007 opt gold.  The mine closed prior to the
completion of the No.4 Shaft, which saw little or no production.  SOQUEM carried
out geological mapping, geochemical and geophysical surveys and diamond drilling
in  1968  and  1969.  In 1972, Lynx Canada Exploration drilled three short holes
which  reportedly  confirmed  previously  defined  Suffield  work.

     In  1985,  Copper  Stack  Resources  Ltd.  completed  geophysics  and drill
follow-up on the Silver Star zone. A total of 2,116 feet in six drill holes were
put down.  An induced polarization survey was carried out by Spartan Mining Ltd.
and  the  holdings  were geologically reviewed by G oconseils Jack Stoch Lt e in
1987.  The  property  was optioned in 1989 by Noranda Exploration Company, Ltd.,
which  completed  a  program  of combined geophysical (magnetometer and very low
frequency  electromagnetic), geochemical and geological surveying, trenching and
diamond drilling for a total of 2,632 metres in 19 drill holes.  During 1990, an
additional  1,627  metres  of  drilling  was  completed  with  four drill holes.

VULCAN  PROPERTY

     The  Vulcan  property, also known as Gold Dike, is located in Ferry County,
Washington,  two  miles  from the Canada-U.S. border and four miles southwest of
Grand Forks, British Columbia.  Access to the property is provided by five miles
of  unpaved county roads and an unpaved drivable trail.  Globex Nevada owns 100%
of  8  patented  claims,  100% of 34 unpatented claims, and 11 unpatented claims
optioned  (with  no  cash  payments  or  work  requirements).

     Globex  Nevada  acquired the Vulcan property on August 18, 1995 pursuant to
an agreement with N.A. Degerstrom, Inc. and Gold Express Communications Inc. for
a  purchase  price  of  one  dollar  and  the  assumption  of all liabilities in
connection  with  the property.  To date, Globex has paid more than $38,000 with
respect to liabilities incurred by the previous owners.  In addition, Globex has
posted  a  $75,000  bond  with  the  State of Washington with respect to certain
environmental  matters.


                                       22
<PAGE>
     In 1996, Globex conducted exploration on the Vulcan property in the process
of  reassessing the property's geologic potential.  During 2000, select sampling
was  done  south  of the previously known gold zone on a previously known copper
dyke.  Significant  values  were  returned for platinum and palladium as well as
copper.  Globex  has  since  signed  an  option agreement with Latitude Minerals
Corporation.

     GEOLOGY.  With  respect  to  the geology of the Vulcan property, Permian to
Triassic  sedimentary  and  volcaniclastic  rocks  crop out near Danville in the
northern  portion  of the Republic graben.  Near the Gold Dike mine, interbedded
units  of  argillite, siltite, limestone, and quartzite have been recrystallized
to  the hornblende hornfels metamorphic facies by later intrusion of Creataceous
(?)  alkalic  rocks  of  the  Shasket  Creek complex.  The Shasket Creek alkalic
complex  was  originally  mapped  as two phases -- monzonite to shonkinite (with
possible nepheline syenite), and syenite porphyry (a more leucocratic phase with
orthoclase  phenocrysts).

     MINING  HISTORY.  Early  exploration and mining took place near the turn of
the century on the Vulcan property.  Small amounts of high grade copper ore were
hand-cobbed  from  the  Comstock  Vein  and  shipped  directly  to the smelters.
Exploration  for  gold  on  the  property and surrounding areas took place on an
intermittent  basis.  This  consisted of various forms of sampling and drilling,
and  at least two small audits into the Gold Dike Vein.  The property came under
the  control of Vulcan Mountain Mining Company, which commenced to mine the Gold
Dike  by  open-pit  methods.  Approximately  150,000 tons of ore were reportedly
extracted and processed using cyanide heap leaching to extract the gold from the
ore  with an average recovered grade of approximately 0.10 opt gold and 0.15 opt
silver.  Diamond  drilling  on  the  property  has occurred intermittently since
1963.  During 1996, Globex completed geological mapping and induced polarization
surveys  on  the claims, as well as 14 diamond drill holes completed for a total
length  of  7,272  feet.

BELL  MOUNTAIN

     The  Bell  Mountain  property  is  located  in  Churchill  County,  Nevada,
approximately  63  kilometres  southeast  of Fallon and there are 26 lode claims
Bureau of Land Management land.  The property is most easily accessed from Reno,
Nevada  via  paved  highway  to a point 10 miles east of Frenchman's Station and
then nine miles of gravel road to the mine.  The claims are owned 100% by Globex
Nevada.  All  claims  are  unpatented  and  are  located  on  federal  land.

     Globex  Nevada  acquired  the  property on November 14, 1994 pursuant to an
agreement  with N.A. Degerstrom, Inc. ("Degerstrom") for a purchase price of one
dollar.  Pursuant  to the agreement, Degerstrom retained a 2% net smelter return
royalty on all metals, minerals, ores or other materials mined or taken from the
property.  Globex  Nevada  has  the  option to buy-out the net smelter return by
paying  $167,000  to  Degerstrom  within  90  days of commencement of commercial
production.

     GEOLOGY.  The  host  rocks  on  the  Bell  Mountain  property are siliceous
pyroclastic  rhyolites and the two major vein systems identified on the property
can  be  classified  in the volcanic-hosted epithermal quartz-adularia deposits.
The  veins  contain  gold and silver as electrum and silver as chlorargyrite and
argentite.  The  vein  systems on the property have been identified over a total
area of 2.34 km2 with only 0.09 km2 tested by drilling to an average depth of 25
metres,  leaving  a  large  area  open  to  exploration.

     MINING  HISTORY.  The  property  was  originally  staked in 1914.  In 1918,
Tonopah Mining Co. conducted underground development and sampling.  The property
was  then  mainly  idle until some sampling was conducted in 1948.  It then fell
idle again until the 1970s when a 270-meter long adit was driven.  In 1978, Bell
Mountain  Mining  Co.  did  a substantial sampling program including driving the
180-meter  Varga  adit.  A geology professor wrote a summary on all the existing
data  in  1978.

     In  1984,  Santa  Fe  Mining  Co.  drilled  51  reverse  circulation  holes
principally  in  the Varga area including 10 holes in the Sphinx area.  In 1985,
Alhambra  Mines reopened the underground workings and resampled and mapped them.
Metallurgical  tests  were  undertaken and 18 drill holes completed in the Spurr
adit  area.  Between  1988  and  1993, Degerstrom drilled 104 holes, completed a
technical  feasibility  study and permitted the property for open-pit mining and
heap  leaching.

In  1996,  ECU  completed  a  first  phase  drill  program  on the Bell Mountain
property.  ECU  drilled five holes in three zones for 2,388 feet.   The property
was  also  mapped  and  an  airborne  magnetic  survey  was  completed.


                                       23
<PAGE>
SHEEP  MOUNTAIN

     The  Sheep  Mountain  property  is  located  50 miles northwest of Phoenix,
Arizona  and  can  be  reached  by  paved  interstate  to the Castle Hot Springs
turn-off,  from  which  gravel roads give ready access to all parts of the claim
group.  The  property  consists  of  20  unpatented  lode  claims  covering
approximately  356  acres  on  federal  land  in  Yavapai  County, Arizona.  The
property  is owned 100% by Globex Nevada which acquired the property by outright
sale.

     Globex  has not yet conducted any significant exploration work on the Sheep
Mountain  property  and is in the process of looking for joint venture partners.
Globex  believes  that  this  property  warrants  further  definition  drilling.

     GEOLOGY.  The  Sheep  Mountain  property  is  underlain  by  Yavapai Series
Precambrian  biotite  schists  which  are  intruded by granite or diorite of the
Bradshaw  Complex.  The  Laramide-age(?)  Sheep  Mountain  Stock  intrudes  the
Precambrian  lithologies.  The property is capped by a 1,500 to 2,000 foot thick
cover  of  Tertiary  volcanics  and  lesser  sediments.

     Mineralization  is  related  to the Sheep Mountain Stock intrusion. Primary
hypogene,  porphyry  copper-molybdenum style mineralization consists principally
of  pyrite  and  lessor  quantities  of  chalcopyrite  and molybdenite and trace
galena,  sphalerite,  magnetite  and specularite. This sulfide mineralization is
widespread  and  underlies  an  area  of  three  to  four  square  miles.  An
enriched-copper  supergene  blanket is developed at upper reaches of the sulfide
zone.  It is assumed that this area of enrichment is tabular in shape. The oxide
zone  usually  consists  of  native copper, copper oxides and carbonates (mainly
chalcocite,  bornite  and  covellite)  with  minor  pyrite  and  molybdenite. In
addition,  disseminated  chalcocite  may  be  present  in  minor  amounts in the
hypogene  mineral  zone  for  several  hundred feet below the supergene blanket.

     Mineralization  is  based  on  four widely spaced drill holes along a 5,500
foot  by 1,100 foot wide northwest trending zone, that appears to follow the Cow
Creek  Fault.  The  average  zone  thickness is 90 feet and occurs at an average
depth  of  1,975  feet.  Primary sulfide mineralization reportedly underlies the
oxide  zone  to  an  average  thickness  of  390  feet.

     MINING HISTORY.  The original claims in the Sheep Mountain area were staked
in  the  early  1960s.  Staking  was  centered on mineralized Precambrian strata
exposed  in  two  small  windows showing through Tertiary volcanics in the Sheep
Mountain  West  area.  From  1963  to  1966,  Phelps Dodge Corporation completed
44,000 feet of drilling in  38 rotary/core holes testing adjacent to these zones
of  mineralization.  In 1966 and 1967, Bear Creek Mining Company completed 3,620
feet  of  drilling  in  two  holes  without  success.  From  1969  to 1981, Utah
International  Inc.  conducted geological mapping and 21,241 feet of drilling in
eight  rotary/core  holes.

     In  1992,  Orcana  Resources  Ltd.  commissioned  a geological review and a
conceptual study to estimate the costs of establishing surface plant capital and
operating  costs. Subsequently, a preliminary economic evaluation on the project
was  completed. Several mining and processing alternatives were investigated. It
was  suggested  that  a  ramp  accessed,  conveyor-based  production model using
conventional  flotation  processing  was the most economically attractive mining
method.  Diamond  drilling  of  two holes for 5,150 feet later in 1992 confirmed
the  geological  assessment  of  the  mineralized  zone.

OTHER  EARLY/IMMEDIATE  STAGE  EXPLORATION  PROPERTIES

     ADDITIONAL  EARLY  STAGE  EXPLORATION  PROPERTIES

     In  addition  to the properties described above, Globex owns 18 other early
stage  exploration  properties  (up to 75 claim groups in the Wemindji property)
all  of  which  are  referenced  in the "Globex Mineral Properties" table at the
beginning  of  this section.  Globex has varying degrees of information on these
properties.  These  properties  are  in  the early stages of exploration and any
future  potential production from these properties is highly speculative at this
point  in  time.


                                       24
<PAGE>
ITEM  3.     LEGAL  PROCEEDINGS

     As  of  the  date  of  this  statement, Globex  is not a party to any legal
proceeding.


ITEM  4.     CONTROL  OF  REGISTRANT

     The  following  table sets out, as of May 25 , 2001 the name of each person
who, to the knowledge of the senior executives of the Company, exercises control
or  direction  over  more  than 10% of the issued and outstanding common shares:

                                           NUMBER OF    PERCENTAGE OF
     NAME AND MUNICIPALITY OF RESIDENCE  COMMON SHARES  COMMON SHARES
     ----------------------------------  -------------  -------------
     Geoconseils Jack Stoch Ltee *
     Rouyn-Noranda, Quebec                     2020486           16.5
     ----------------------------------  -------------  -------------

     *  GEOCONSEILS JACK STOCH LTEE IS WHOLLY-OWNED BY JACK STOCH, THE PRESIDENT
AND  A  DIRECTOR  OF  THE  COMPANY.

     As  of  May 25, 2001 the following sets out the ownership of Common Shares,
the  registrant's only voting shares, by all directors and officers of Globex as
a  group.

     All  Directors  & Officers (3 persons) own 2,599,133 common shares, 21.3% .
At  May  25,  2001,  there  were 12,211,785common shares issued and outstanding.



ITEM  5.     NATURE  OF  TRADING  MARKET

     COMPARATIVE  MARKET  PRICE  DATA

     GLOBEX COMMON STOCK.  Globex Common Stock is listed on the TSE and CDNX and
trades  under  the  stock symbol "GMX."  Globex delisted from the Montreal Stock
Exchange  December  12,  1997  and  listed on the CDNX on September 9, 2000. The
following  table  sets forth certain information as to the sale prices per share
of  Globex  Common  Stock  as  traded on the TSE , ME and CDNX for each calendar
quarter  since  January  1997.  Globex's fiscal year ends on December 31 of each
year.

<TABLE>
<CAPTION>
Fiscal Year          Globex Common Stock Price per Share (In  Canadian dollars)
------------------  ------------------------------------------------------------
2001 (to April 30)  First Quarter  Second Quarter  Third Quarter  Fourth Quarter
------------------  -------------  --------------  -------------  --------------
<C>                 <S>            <C>             <C>            <C>
              High           0.25            0.30           N.A.            N.A.
------------------  -------------  --------------  -------------  --------------
               Low           0.16            0.25           N.A.            N.A.
------------------  -------------  --------------  -------------  --------------
2000
------------------
              High           0.90            0.55           0.40            0.40
------------------  -------------  --------------  -------------  --------------
               Low           0.09            0.21           0.24            0.13
------------------  -------------  --------------  -------------  --------------
1999
------------------
              High           0.34            0.29           0.30            0.25
------------------  -------------  --------------  -------------  --------------
               Low           0.12            0.16           0.15            0.10
------------------  -------------  --------------  -------------  --------------
1998
------------------
              High           2.10            1.90           1.00            0.65
------------------  -------------  --------------  -------------  --------------
               Low           1.30            1.30           0.28            0.12
------------------  -------------  --------------  -------------  --------------
1997
------------------
              High           6.00            5.95           4.85            3.75
------------------  -------------  --------------  -------------  --------------
               Low           3.60            4.50           4.75            1.51
------------------  -------------  --------------  -------------  --------------
</TABLE>

     2,713,387  Globex  shares are owned by 706 record holders in the U.S.  That
represents  22%  of  the  total  share  issuance  to  date.


                                       25
<PAGE>
ITEM  6.     EXCHANGE  CONTROLS AND OTHER LIMITATIONS AFFECTING SECURITY HOLDERS

     There are no governmental laws, decrees or regulations of Canada that would
prohibit the export or import of capital, or affect the remittance of dividends,
interest  or  other  payments  to  a non-resident holder of Globex Common Stock,
other  than  withholding  tax  requirements  (see  "Certain  Federal  Income Tax
Consequences"), the Investment Canada Act ("ICA") in certain circumstances where
a  non-Canadian  has  acquired  control  of Globex in violation of the ICA, laws
relating  to  national security, insofar as the holder of Globex Common Stock is
from  a  country  on an export control list and other laws applicable only under
extraordinary  conditions,  such  as  insolvency,  or other laws applicable to a
restricted  class  of persons, such as a party to a merger in respect of which a
prohibition  or  similar  order  has  been  rendered.

     Except  as stated above, there are no limitations imposed under the laws of
Canada,  the Province of Quebec or by the constituent documents of Globex on the
rights  of  a  non-resident  to  hold  or  vote  Globex  Common  Stock.

     The ICA, which became effective on June 30, 1985, regulates the acquisition
by  non-Canadians  of control of a Canadian business enterprise.  In effect, the
ICA  requires review by Investment Canada, the agency which administers the ICA,
and  approval  by  the  Canadian  government,  in  the case of an acquisition of
control  of  a  Canadian business by a non-Canadian where:  (I) in the case of a
direct  acquisition  (for  example, through a share purchase or asset purchase),
the assets of the business are C$5,000,000 or more in value; or (ii) in the case
of  an  indirect acquisition (for example, the acquisition of the foreign parent
of  the  Canadian business), the Canadian business has assets of C$50,000,000 or
more in value or the Canadian business represents more than 50% of the assets of
the  original  group and the Canadian business has assets of C$5,000,000 or more
in  value.  Review  and  approval  are  also  required  for  the  acquisition or
establishment  of a new business in areas concerning "Canada's cultural heritage
or national identity" such as book publishing, film production and distribution,
television  and  radio  production  and  distribution  of music, and the oil and
natural  gas  industry,  regardless  of  the  size  of  the  investment.

     As  applied  to an investment in Globex, three methods of acquiring control
of  a  Canadian  business would be regulated by the ICA:  (I) the acquisition of
all  or  substantially  all  of  the  assets  used  in  carrying on the Canadian
business;  (ii)  the  acquisition, directly or indirectly, of voting shares of a
Canadian corporation carrying on the Canadian business; or (iii) the acquisition
of  voting  shares  of an entity which controls, directly or indirectly, another
entity  carrying  on  a  Canadian business.  An acquisition of a majority of the
voting  interests  of  an  entity,  including  a corporation, is deemed to be an
acquisition  of control under the ICA.  An acquisition of less than one-third of
the  voting  shares  of  a  corporation  is  deemed  not to be an acquisition of
control.  An  acquisition of less than a majority, but one-third or more, of the
voting  shares  of  a  corporation  is  presumed to be an acquisition of control
unless  it can be established that on the acquisition the corporation is not, in
fact,  controlled  by  the acquirer through the ownership of voting shares.  For
partnerships,  trusts,  joint  ventures  or  other  unincorporated  entities, an
acquisition  of less than a majority of the voting interests is deemed not to be
an  acquisition  of  control.

     In  1988,  1994  and 1995, the ICA was amended to relax the restrictions of
the  ICA  on "Americans," "NAFTA-investors" and "WTO-investors."  As a result of
these amendments, except where the Canadian business is in the cultural, oil and
gas,  uranium,  financial  services or transportation sectors, the threshold for
direct  acquisition  of  control by investors from a country that is a member of
the  World Trade Organization and other foreign investors acquiring control of a
Canadian  business from an investor from a country that is a member of the World
Trade  Organization  has  been  raised  from $5 million to $150 million of gross
assets  (adjusted  annually to account for inflation), and indirect acquisitions
are  not  reviewable.

     In  addition to the foregoing, the ICA requires that all other acquisitions
of  control  of  Canadian  businesses  by  non-Canadians  are  subject to formal
notification  to  the  Canadian  government.  These provisions require a foreign
investor to give notice in the required form, which notices are for information,
as  opposed  to  review,  purposes.


                                       26
<PAGE>
ITEM  7.     CANADIAN  FEDERAL  INCOME  TAX  INFORMATION  FOR
             UNITED  STATES  RESIDENTS

     The  following  is  a  summary of the principal Canadian federal income tax
provisions  applicable to United States security holders of Globex Common Stock.
This  summary  is  based upon the provisions of the Income Tax Act (Canada) (the
"Canadian  Tax  Act")  and,  for  those  persons who are residents of the United
States  ("U.S.  Residents")  for  the  purposes  of  the  Canada-U.S. Income Tax
Convention  (1980)  including  all  protocols  thereto  (the  "Convention"), the
provisions  of the Convention.  The summary is based upon the current provisions
of the Canadian Tax Act and their regulations, all proposed changes announced by
the  Minister  of  Finance  as  of this date, counsel's understanding of Revenue
Canada administrative positions, and the provisions of the Convention as of this
date.  No  assurance  can  be  given  that  any  of the proposed changes will be
enacted as set out.  No assurance can be given that changes announced after this
date  could  result  in  different  income tax consequences than those described
hereunder.

     This  summary  assumes  that (I) Globex Common Stock is and continues to be
listed  on  a  Canadian  prescribed stock exchange, which is currently the case,
(ii)  the  holder does not carry on any business in Canada, and (iii) the holder
owns  the  shares  as  capital  property.

     The  Canadian  Tax  Act  subjects persons who are not resident in Canada to
Canadian  income  tax  on  any  gain  arising  from  the disposition of "taxable
Canadian property."  50% of capital gains are included in computing income which
is  taxed  at  ordinary  Canadian  income  tax rates.  Taxable Canadian property
includes  shares of a corporation listed on a prescribed Canadian stock exchange
where the non-resident and/or persons with whom he does not deal at arm's length
owns  25%  or more of the issued shares of any class of the capital stock of the
corporation  during  the  five-year  period  preceding the sale.  Any person not
resident  in  Canada  who does not own such a percentage of shares of a class of
Globex  shares  will  not  be subject to Canadian income tax on any capital gain
arising  on  a  disposition of Globex Common Stock.  This applies to persons who
are  U.S.  Residents  or  persons who are not resident in Canada and who are not
U.S.  Residents.

     Should  a U.S. Resident hold such percentage of Globex shares, no liability
to  pay  Canadian income tax on any capital gain will arise unless the person is
an  individual  who  was  resident  in  Canada for 120 months or more during any
20-year  period  prior to sale and who was resident in Canada at any time during
the 10 years prior to sale.  For purposes of the Canadian Tax Act, the tax basis
of  Globex  Common Stock acquired pursuant to the Merger will be its fair market
value  at  the  Effective  Time  of  the  Merger.

     Canada  does  not  consider  a  "limited  liability  company"  to be a U.S.
Resident  but it considers a corporation that elects to be an "S" corporation to
be  a  U.S.  Resident.

     Globex  is  required  to withhold, pursuant to the Canadian Tax Act, 25% of
any  dividends  paid  or  credited  or  deemed  to  be  paid  or  credited  to a
non-resident  person.  The Convention reduces this withholding rate to (I) 5% of
the  gross  dividend if the beneficial owner is a U.S. Resident corporation that
owns  at  least  10%  of the voting shares of Globex, and (ii) 15% for all other
U.S.  Residents.  The  general  withholding  rate will apply to residents of the
United  States  who  are  neither  Canadian  residents  nor  a  U.S.  Resident.


                                       27
<PAGE>
ITEM  8.     SELECTED  CONSOLIDATED  FINANCIAL  INFORMATION

     The  consolidated financial data as of December 31, 1996 , 1997, 1998, 1999
and  2000  and  for the years then ended were derived from the historical Globex
Consolidated  Financial  Statements.  The selected financial data should be read
in conjunction with "Globex Management's Discussion and Analysis of Consolidated
Financial Condition and Results of Operations" and with the "Globex Consolidated
Financial  Statements"  included  elsewhere  in  this  document.

<TABLE>
<CAPTION>
                                              FOR THE YEAR ENDED DECEMBER 31,

OPERATING DATA:
----------------------
(CANADIAN GAAP)               2000         1999           1998          1997          1996
                        --------------  -----------  -------------  ------------  ------------
<S>                     <C>                   <C>          <C>            <C>           <C>
Revenue                 $      61,946   $  124,378   $     64,969   $   868,319   $   358,415

Net income (loss)            (398,610)    (313,732)   (23,709,326)   (1,308,126)       56,894
Net income (loss) per
  Common Share                  (0.03)       (0.03)         (2.23)        (0.20)         0.01
Cash dividends per
  Common Share                      -            -              -             -             -

OPERATING DATA:
----------------------
  (U.S. GAAP)                 2000         1999           1998          1997          1996
                        --------------  -----------  -------------  ------------  ------------

Revenue                 $      61,946   $  124,378   $     64,969  $   868,319    $   358,415

Net loss(1)                  (398,610)    (313,732)   (23,709,326)   (1,456,383)   (1,451,010)

Net loss per share(2)           (0.03)       (0.03)         (2.35)        (0.24)        (0.28)
Cash dividends per
  Common Share                      -            -              -             -             -


                                                      AS OF DECEMBER 31,
BALANCE SHEET DATA:
----------------------
  (CANADIAN GAAP)             2000         1999           1998          1997          1996
                        --------------  -----------  -------------  ------------  ------------

Working capital         $     205,093   $  737,844   $    913,240   $ 2,584,408   $ 1,511,621

Total assets                2,283,561    2,425,528      2,898,325    32,418,316     3,223,446

Long-term debt                      -            -              -             -             -

Shareholders' equity        1,977,793    2,371,903      2,696,435    26,169,236     3,144,114

BALANCE SHEET DATA:
----------------------
  (U.S. GAAP)                 2000         1999           1998          1997          1996
                        -------------  -----------  -------------  ------------  ------------

Working capital         $     205,093   $  737,844   $    913,240   $ 2,584,408   $ 1,511,621

Total assets                  627,400      769,367      1,242,164    30,762,155     1,715,542

Long-term debt                      -            -              -             -             -

Shareholders' equity          321,632      715,742      1,040,274    24,513,075     1,636,210
                                  ____________________
</TABLE>

(1)  Under U.S. GAAP, an impairment of $ - (1999 $ - ) has been recorded against
     the  carrying value of the mineral properties, reducing the carrying values
     to  zero.

(2)  Under  U.S.  GAAP,  the  calculation  of primary income (loss) per share is
     based  on  the  number  of  issued and outstanding Common Shares, excluding
     shares  held  in  escrow  as  contingent  consideration,  plus Common Share
     equivalents, including outstanding options and warrants, if they would have
     a  dilutive  effect.  Consequently,  under  U.S. GAAP, the weighted average
     number  of  shares  outstanding  would  be:

<TABLE>
<CAPTION>
                             FOR THE YEAR ENDED DECEMBER 31,

                     2000        1999        1998       1997       1996
                  ----------  ----------  ----------  ---------  ---------
<S>               <C>         <C>         <C>         <C>        <C>
Weighted average
number of shares
outstanding       12,136,686  12,032,664  10,097,064  6,121,952  5,197,118
</TABLE>


                                       28
<PAGE>
CURRENCY

     Unless otherwise specified, all dollar amounts in this report are expressed
in  Canadian  dollars.
    -----------------


EXCHANGE  RATES

     The  following  table  sets  forth certain exchange rates based on the noon
buying  rate  in  New  York  City  for  cable transfers as certified for customs
purposes by the Federal Reserve Bank of New York (the "Noon Buying Rate").  Such
rates are set forth as United States dollars per Cdn$1.00 and are the inverse of
rates  quoted  by  the Federal Reserve Bank of New York for Canadian dollars per
US$1.00.

<TABLE>
<CAPTION>
                                    YEARS ENDED DECEMBER 31,
                                    ------------------------
                              2000    1999    1998    1997    1996
                             ------  ------  ------  ------  ------
                                    (US$PER CDN$1.00)
<S>                          <C>     <C>     <C>     <C>     <C>

     High for period         0.6903  0.6925  0.7105  0.7487  0.7513
     Low for period          0.6483  0.6535  0.6341  0.6945  0.7235
     End of period           0.6571  0.6925  0.6504    0.07  0.7301
     Average for period (1)  0.6732  0.6744  0.6714   0.722  0.7329
<FN>
     (1)  The  average  of  the  exchange rates for each month in the applicable
          period.
</TABLE>

DIVIDENDS

     The  Company  has not, during the past previous five fiscal years, declared
or  paid  any  dividends  on  its  Common  Shares.


ITEM  9.     MANAGEMENT'S  DISCUSSION AND ANALYSIS OF CONSOLIDATED  FINANCIAL
             CONDITION  AND  RESULTS  OF  OPERATIONS

     The  following  discussion  of  consolidated  results  of  operations  and
financial  condition  should  be  read in conjunction with  historical financial
consolidated  statements and notes thereto appearing elsewhere in this document.
Factors  that  could cause actual results to differ materially from year to year
include,  among  others,  general economic conditions, the results of equity and
debt  financing  efforts,  fluctuations  in  the  price of metals, unanticipated
geological  or  metallurgical  problems,  delays  in  exploration or development
activities,  personnel  problems  and  other  risk  factors  detailed  in  "Risk
Factors."

     All  dollar  references  in  this  section refer to CANADIAN dollars unless
otherwise  specified.


INTRODUCTION

     Globex does not own any mineral properties that are in the production stage
and  thus  does  not  have  any  revenue from the sale of minerals.  Exploration
companies  operate at a loss and so  depend on external financing to survive. To
date,  Globex's only sources of funds have been (i) the receipt of payments from
joint  venture  partners  and  other  mining companies that hold options to earn
interests  in  certain  mineral  properties owned by Globex (ii) gain on sale of
marketable  securities  and  (iii)  interest  income.  Consequently,  Globex has
limited  financial  resources, and is particularly vulnerable to general impacts
of  the  mining industry such as fluctuations in the price of metals, as well as
other  market  risks.

     In  early  1999, GCC's share of the Tonkin Springs Project, its only asset,
was  sold  thereby  mitigating  some  major expenses. GCC is currently inactive.

     Globex may withstand the unfavorable conditions of the markets, despite the
current  negative  environment  in  the  mineral exploration industry. See "Risk
Factors".


                                       29
<PAGE>
CONSOLIDATED  RESULTS  OF  OPERATIONS

     FISCAL  2000  COMPARED TO FISCAL 1999.   For the fiscal year ended December
31, 2000 ("fiscal 2000"), Globex recorded a net  loss of ($398,610), an increase
of  $84,878  over  the net loss of ($313,732) for the fiscal year ended December
31, 1999 ("fiscal 1999").  Of this, the whole amount or ($398,610) resulted from
Continuing  Operations.

     On  February  26,1999,  the  Company  sold  its  60% interest in the mining
properties  of the Tonkin Springs Venture limited Partnership, held through Gold
Capital  Corporation,  for  cash  proceeds  of  $1,276,190  and common shares of
Sudbury  Contact  Mines  worth  $200,000.  The  purchaser  also  assumed  all
obligations  of the Company regarding its 60% interest arising after February 8,
1999  under  any  assumed  contracts  and  permits.

     The  sale  of  this  asset resulted in a favourable variance in fiscal 2000
compared  to  1999's  loss  from  discontinued  operations  of  ($135,438).

The  loss in fiscal 2000 resulted from the normal costs  associated with running
an  exploration  company,  with  the  exception  of the write-down of marketable
securities  of  ($122,500).  Exploration  companies  do not make profits until a
discovery  is  brought  to  production.

     Total  income  in fiscal 2000 decreased 50% from $124,378 in fiscal 1999 to
$61,946.

     Interest  income  decreased  24%  from $30,761 in fiscal 1999 to $23,292 in
fiscal  2000  due primarily to diminishing funds on deposit.  Income from option
payments  in  fiscal  2000 decreased by 100% to nil from $91,430 in fiscal 1999.
In  fiscal  1999, Globex's only source of option payments was Amblin at $91,430.
Zero  gain  on  the  sale  of marketable securities in fiscal 2000 resulted in a
decrease  of 100% over 1999, with a $2,187 gain on marketable securities.  Other
revenue  in  2000  was  $38,654,  an  increase  of  100%  over  1999  at  nil.

     Total  consolidated  operating  costs before taxes in fiscal 2000 increased
53%  to  $452,716  from $295,602 in fiscal 1999, primarily due to an increase in
write  down  of  marketable  securities  of  $122,500,  professional services of
$63,100  and  office  and  general  of $25,300 offset by favourable variances in
other  and  outside  services  of  $62,500.

     General  and  administrative expenses of $294,786 for fiscal 2000 increased
by  12% from $263,770 for fiscal 1999. 2000 professional services are up $63,100
over  1999  offset  somewhat  by outside services which decreased $31,100 or 30%
from  1999.  Travel  and automotive and wages and benefits increased 86% in 2000
to  $18,285  from  $9,855  in 1999.  At $9,993 telephone is 51% higher in fiscal
2000  than in 1999 at$6,601.  The general and administrative expenses for fiscal
2000  include  approximately  $90,000  and  $106,800  for 1999, paid to Globex's
officers,  Jack Stoch and Dianne Stoch, for consulting services including office
rental,  electricity,  equipment  usage  etc.  See  "Management  of
Globex-Compensation  of  Directors  and  Officers;  -Interest  of  Management in
Certain  Transactions."

     Interest  expense  continues  at  nil  in  fiscal  year  2000.

     Amortization increased to $7,103 in fiscal 2000 from $7,091 in fiscal 1999.

     Write-down  of marketable securities increased 81 times from $1,500 in 1999
to  $122,500  in  2000  Sudbury Contact shares, acquired as part of the proceeds
from  the  sale  of  GCC's  interest in the Tonkin Springs Project, and Ameridex
shares,  were  allowed  to  reflect  current  market  conditions.


 1999  COMPARED  TO  FISCAL  1998.  For  the fiscal year ended December 31, 1999
("fiscal  1999"),  Globex  recorded  net  loss  of  ($313,732)  a  decrease  of
$23,395,594  over  the  net  loss  of  ($23,709,326)  for  the fiscal year ended
December  31,  1998 ("fiscal 1998").  Of this amount, ($135,438) was due to Loss
on  operations  of  the  Joint  Venture while a loss of ($178,294) resulted from
Continuing  Operations.

     On  February 26,1999, the Company completed its sale of its 60% interest in
the  mining  properties  of the Tonkin Springs Venture Limited Partnership, held
through  Gold  Capital  Corporation,  for cash proceeds of $1,276,190 and common
shares  of Sudbury Contact Mines worth $200,000.  The purchaser also assumed all
obligations  of the Company regarding its 60% interest arising after February 8,
1999  under  any  assumed  contracts  and  permits.


                                       30
<PAGE>
     The  sale  of this asset resulted in many favourable cost variances in 1999
over  1998.

     The  loss  before  discontinued operations in fiscal 1999 resulted from the
normal  costs  associated with running an exploration company.  No profit can be
anticipated  before  a  discovery  is  brought  to  production.

     Total  income  in  fiscal  1999  increased  91% to $124,378 from $64,969 in
fiscal  1998.

     Interest  income  in  fiscal  1999 decreased 22% to $30,761 from $39,551 in
fiscal  1998  due  primarily to diminishing funds on deposit. Income from option
payments  in  fiscal  1999  increased by 480% to $91,430 from $15,750  in fiscal
1998.  In  fiscal  1999  as  was  true  in  1998, Globex's only source of option
payments  was  Amblin at $91,430 and $15,750 respectively. A gain on the sale of
marketable  securities  of $2,187 was realized in 1999, an increase of 100% over
1998,  which had a nil gain on marketable securities.  Other revenue in 1999 was
nil,  a  decrease  of  100%  over  1998  at  $9,668.

     Total  consolidated  operating  costs before taxes in fiscal 1999 decreased
75%  to  $295,602 from $1,168,589 in fiscal 1998, primarily due to a decrease in
exploration  expenditures  and  abandoned  claims  written  off  of  $323,930,
management  fees  and  professional  services.

     General  and  administrative expenses of $263,770 for fiscal 1999 decreased
by  65%  from  $754,855  for  fiscal 1998. 1999 management fees and professional
services  are down $482,822 over  1998 offset somewhat by outside services which
increased  $71,612  or  233%  over  1998.  Travel  and  automotive and wages and
benefits  decreased 86% in 1999 to $9,855 from $68,778 in 1998.  The general and
administrative  expenses  for  fiscal  1999  include  approximately $106,800 and
$32,263  for  1998,  paid to Globex's officers, Jack Stoch and Dianne Stoch, for
consulting  services  including office rental, electricity, equipment usage etc.
See  "Management  of Globex-Compensation of Directors and Officers; -Interest of
Management  in  Certain  Transactions."

     Interest  expense  decreased  100%  from  $1,509  in  1998 to zero in 1999.

     Amortization  decreased  to  $7,091  for fiscal 1999 from $8,760 for fiscal
1998.

     Write-down of marketable securities decreased by 97% to $1,500 in 1999 from
$56,294  in  1998.

LIQUIDITY  AND  CAPITAL  RESOURCES

     HISTORICAL. Globex's primary source of liquidity has been from the issuance
of  Globex  Common Stock.  In August 1995, a net amount of $2,200,000 was raised
through  a  private  placement  of  1,100,000 shares of Globex Common Stock at a
price of $2.00 per share.  These funds were utilized for exploration and general
corporate purposes.  In December 1995, another private placement raised $300,000
for exploration.  In addition to sales of Globex Common Stock, Globex has raised
some  capital  through  the  exercise of options and warrants to purchase Globex
Common  Stock.  In  July  1997  approximately $15,892,650 was raised through the
issuance  of  Special  Warrants convertible to Globex Common Stock, primarily to
finance  the  purchase  of  Gold Capital Corporation, to finance loans to GCC to
perform  work  at  the  Tonkin  Springs  Project.

     In  April 1997, Gold Capital as borrower, signed a term sheet with Standard
Bank  London  Limited  and  Standard  New  York  Inc.  for  Standard  to provide
US$13,000,000  in  senior  debt  and  a  US$10,000,000  secured hedging line for
development  of  the  Tonkin  Springs  Project.  This  offer  of  financing  was
withdrawn  due  to,  amongst  other  things, the falling price of gold and thus,
severely  reduced  the  viability of the Tonkin Springs Project.  The subsequent
sale  of  GCC's share of the Tonkin  Springs Project  resulted in a nominal cash
inflow  but  more  importantly  dealt with all obligations of the project which,
when  coupled  with  disintegrating  gold  prices,  were  onerous.

     Globex  has  also  funded its operations and exploration activities through
the  receipt  of  option  payments  from joint venture partners and other mining
companies  that  hold  options  to  earn interests in certain mineral properties
owned  by  Globex.

     In  fiscal  2000, Globex had nil option income.  In 1999, Amblin, no longer
in  the  mining  exploration  business,  was Globex's only optionee contributing
$91,380  to  income.  In  fiscal 1998 Globex 's only option payment $15,750 also
came from Amblin while in the 1997 fiscal year,  total revenue exceeded $868,000
as  detailed  below.  In  fiscal  1996  and  1995,  Globex received $267,351 and
$59,388  respectively  in  option payments.  In addition, Globex earned interest
income  in  fiscal  2000  of  $23,292,  1999 of $30,761, $39,551 in fiscal 1998,
$226,600 in fiscal 1997and $91,064 in fiscal 1996.  In fiscal 2000, other income
contributed  $38,654.


                                       31
<PAGE>
     In  recent years, Globex has been essentially free of significant debt with
the  exception  of  1997,  when  Globex 's debts included $2,102,692 reclamation
reserve  and  minority  interest  in joint venture of $3,483,522.  Not including
accounts  payable  and  accrued  liabilities,  Globex had no outstanding debt in
2000,  1999,  1998  and  1996.

     GCC,  as  a  separately  administered corporate body, had certain budgetary
obligations  related  to  the  Tonkin  Springs  Project  as  well  as  possible
environmental  liabilities  with  annual  holding  costs  of  the Tonkin Springs
Project  estimated  at  approximately US$2.0 million including a monthly advance
profit  payments  of US$60,000 due to US Gold starting September 1998 plus other
payments  of  approximately  US$120,000  due  in  August  1998 and an additional
minimum  advance  royalty  payment  of  $150,000  due  January  1999.   These
obligations  were  mitigated with the sale of the Tonkin Springs project. GCC is
currently  inactive.

     In  fiscal  2000,  other  income of $38,654, interest income of $23,292 and
t-bill  withdrawals  of  $347,849  satisfied  Globex's  liquidity  requirements.
Operating  activities  utilized  $323,113  in  cash  in  fiscal  2000.

     At  December  31,  2000,  Globex had current assets of $486,776 compared to
current liabilities of $281,683 for a current ratio of 2 to 1.  This compares to
current  assets of  $775,224 and current liabilities of  $37,380 at December 31,
1999,  resulting  in  a  ratio  of  20  to  1.

     During  fiscal  1999, liquidity needs were met from: (i) interest income of
$30,761  and  (ii)  $91,430  in income from receipt of option payments and (iii)
$2,187  gain  on  sale  of marketable securities.  Globex's operating activities
employed  approximately  $288,511  of  cash  during  fiscal  1999.

     During 1998, liquidity needs were essentially met through the sale of GCC's
share  of  the  Tonkin  Springs  Project.

     Due  to  the  increasingly  unstable  and  depressed  price  of  metals and
generally worsening market conditions for financing of exploration companies, in
the  first  quarter  1998  five properties optioned by Globex to other companies
were  returned to Globex. Not only did this mean lost revenue but along with the
properties,  the cost of holding these properties reverted to Globex. Because of
this  negative  market,  no  new  options  were  entered  into.

     Under  the  Tonkin  Springs  Joint  Venture,  Gold  Capital Corporation, as
distinct  from  Globex which had no direct obligations,  had certain contractual
obligations  noncompliance  of  which  would  likely  result  in  GCC losing all
interest in the Tonkin Springs Project. For example, GCC was informed by US Gold
that it believed GCC must fund $470,000 to cover six months of operations at the
project.  Annual  holding costs of the Tonkin Springs Project were approximately
US$2.0 million with monthly advance profit  payments of US$60,000 due to US Gold
starting  September  1998  including  other payments of approximately US$120,000
due  in  August  1998  with  an  additional  minimum  advance royalty payment of
$150,000  due  January  1999.

     Operations  at  the  Tonkin  Springs  Project  were governed by the  Mining
Venture  Agreement,  between TSVLP and GCC.  Pursuant to the terms of the Mining
Venture  Agreement,  GCC,  separate and distinct from the parent Globex, was the
manager  of  operations  at  the  Tonkin  Springs  Project,  and  GCC was solely
obligated  to  fund  those  operations  through  the  commencement of commercial
production.  In  return  for  complying  with  that  funding obligation, GCC was
entitled  to  recover a disproportionate amount of cash flow from the production
and  sale of minerals at the Tonkin Springs Project up to the Recoupable Amount.
Annual  holding  costs  of  the  Tonkin  Springs  Project  were  approximately
US$2,000,000  with  monthly  payments  of  US$60,000  due  to  US Gold, starting
September  1998  including  other  payments  of  approximately US$120,000 due in
August  1998  and an additional minimum advanced royalty payment of $150,000 due
January  1999.

     Loans  by  Globex  to  GCC increased by $2,918,267 in 1998 for a cumulative
total  of  $12,119,175  at  year  end,  prior  to  write-offs.

     From  late  1997,  Globex  and  GCC  had been making every effort to obtain
additional  financing  to  bridge the period prior to the completion of positive
column  test  results and the release of loan dollars from Standard Bank to Gold
Capital  with  no success.  When Standard Bank withdrew its offer to finance the
Tonkin  Springs  Project  in  any shape or form, because of deteriorating market
conditions,  it  became apparent that the project had to be sold quickly. Due to
the  onerous  payments  coming due,  GCC lacked the necessary maneuverability in
negotiations  with  Sudbury  Contact.  GCC  is  currently  inactive.


                                       32
<PAGE>
     Globex's  current  cash  position  calls  for  severe  rationalization  of
properties,  to  allow  for  maintenance of core properties.  Metal markets have
continued to remain depressed and financing is difficult.  Shortage of cash is a
serious  impediment  to  Globex's  survival.


ITEM  10.     DIRECTORS  AND  OFFICERS  OF  THE  REGISTRANT

DIRECTORS  AND  OFFICERS  OF  GLOBEX

<TABLE>
<CAPTION>
NAME AND POSITION
WITH COMPANY                    PRINCIPAL OCCUPATION         DIRECTOR SINCE
-----------------------  ----------------------------------  --------------
<S>                      <C>                                 <C>
JACK STOCH               President of the Company                 1983
Rouyn-Noranda, Quebec
President and director

DIANNE STOCH             Private Consultant                       1985
Rouyn-Noranda, Quebec
Secretary-treasurer and
director

CHRIS BRYAN              Mining Analyst                           1983
Whitby, Ontario
Director

JOEL SCHNEYER            President                                1997
Parker, Colorado         Mercantile Resource Finance, Inc.
Director                 (advisor - mining sector)

IAN ATKINSON             Private Consultant                       1987
The Woodlands, Texas
Director
</TABLE>


     For  those  directors exercising control or direction over more than 10% of
the issued common shares of the Company, see "Principal Shareholders"  - ITEM 4.
Control  of  Registrant.

     The Company is not required to have an Audit Committee and does not have an
Executive  Committee.


ITEM  11.     COMPENSATION  OF  DIRECTORS  AND  OFFICERS

     The  following  table  sets  out  all annual and long term compensation for
services in all capacities to the Company for the fiscal year ended December 31,
2000, of the Chief Executive Officer.   Other than as set out below, the Company
did  not  pay  any  remuneration  to  its  officers during the fiscal year ended
December  31,  2000.

<TABLE>
<CAPTION>
     SUMMARY  COMPENSATION  TABLE

                                  ANNUAL COMPENSATION                  LONG TERM COMPENSATION
                          -----------------------------------  ------------------------------
                                                                       AWARDS         PAYOUTS
                                                               ---------------------  -------
                                                               RESTRICTED  NUMBER OF
NAME AND                                        OTHER ANNUAL     STOCK      OPTIONS    LTIP     ALL
PRINCIPAL POSITION        YEAR  SALARY  BONUS   COMPENSATION     AWARDS     GRANTED   PAYOUTS  OTHER
------------------------  ----  ------  -----  --------------  ----------  ---------  -------  -----
<S>                       <C>   <C>     <C>    <C>             <C>         <C>        <C>      <C>
                          2000       -      -      $60,000(1)          -          -        -      -
Jack Stoch
President and             1999       -      -      $60,000(1)          -          -        -      -
Chief Executive
Officer                   1998       -      -            -             -          -        -      -
------------------------  ----  ------  -----  --------------  ----------  ---------  -------  -----
</TABLE>

(1)  The  foregoing  amounts  were  paid to a company controlled by Mr. Stoch as
     consulting  and  or  retainer  fees.


                                       33
<PAGE>
OPTION  GRANTS  DURING  THE  MOST  RECENTLY  COMPLETED  FISCAL  YEAR

     There  were no grants of options made to the Chief Executive Officer during
the  fiscal  year  ended  December  31,  2000.

     There  were  no  exercises  of  stock  options during the fiscal year ended
December  31,  2000  by  Mr.  Stoch and the fiscal year-end value of unexercised
options  on  an  aggregated  basis  at  year-end  was  zero.

REMUNERATION  OF  DIRECTORS

     The  Company  did not pay any cash remuneration to its directors during the
fiscal  year  ended  December  31,  2000.


ITEM  12.     OPTIONS  TO  PURCHASE  SECURITIES  FROM REGISTRANT OR SUBSIDIARIES

     The  Company  has  granted  the  following  options:

<TABLE>
<CAPTION>
                                              NUMBER  OF
                                             OPTIONS GRANTED
                        EXERCISE PRICE PER  ----------------
EXPIRY DATE                   SHARE          2000     1999
---------------------  -------------------  -------  -------
<S>                    <C>                  <C>      <C>
TO SENIOR EXECUTIVES:

April 2, 2002          $       0.30         215,000  215,000

December 5, 2004               0.3075       189,000  189,000

October 10, 2002               0.25         225,000  225,000
--
February 27, 2001              0.25           5,000    5,000

February 6, 2002               0.25          55,000   55,000


TO CONSULTANTS:

December 21, 2003              0.25          60,000   60,000

December 5, 2004               0.3075        25,000   25,000

February 4, 2000               5.00               -   50,000

October 10, 2002               0.25          10,000   10,000

May 19, 2005                   0.21         100,000        -

November 21, 2005              0.13         100,000        -


TO EMPLOYEES:

February 21, 2003              0.25           5,000    5,000

May 19, 2005                   0.21           5,000        -
                                            -------  -------
                                            994,000  839,000
                                            -------  -------
</TABLE>

During  the  year Nil (1999 -  Nil) options were exercised, 205,000 (1999 - Nil)
were issued, and 50,000 (1999 - 45,456) expired.


                                       34
<PAGE>
ITEM  13.     INTEREST  OF  MANAGEMENT  IN  CERTAIN  TRANSACTIONS

     The  year  the  company  made payments to a shareholder, Dianne Stoch and a
company  controlled  by  a  shareholder,  Jack  Stoch,  for management services,
accounting  services  and  office  space  totaling  $90,000 (1999 -   $106,800).


                                     PART II

ITEM  14.     DESCRIPTION  OF  SECURITIES  REGISTERED

     Not  applicable.


                                    PART III

ITEM  15.     DEFAULTS  UPON  SENIOR  SECURITIES

     Not  applicable.


ITEM  16.     CHANGES  IN SECURITIES AND CHANGES IN SECURITY FOR REGISTERED
              SECURITIES

     Not  applicable.


                                     PART IV

ITEM  17.     FINANCIAL  STATEMENTS

     The  following documents are attached as part of this Annual Report on Form
20-F.

     DESCRIPTION  OF  DOCUMENT

     Consent  of  Independent  Auditors
     Auditor's  Report
     Consolidated  Balance  Sheets  At  December  31,  2000  and  1999
     Consolidated  Statements  Of  Loss  and  Deficit  For  The  Years  Ending
     December  31,  2000,  1999  and  1998
     Consolidated  Statements  of  Changes  in  Financial Position for The Years
     Ending  December  31,  2000,  1999  and  1998
     Notes  to  the  Consolidated  Financial  Statement
     Consolidated  Schedule of Mineral Properties and Deferred Exploration Costs


ITEM  18.     FINANCIAL  STATEMENTS

Not  applicable.


                                       35
<PAGE>
ITEM  19.     FINANCIAL  STATEMENTS  AND  EXHIBITS.

     The  following  exhibits  are  filed  as part of this Annual Report on Form
20-F.

Exhibit No.  Description  of  Document
-----------  -------------------------

3.1          Articles  of  Continuance  of  Globex,  dated November 4, 1985. (1)
3.2          By-Law  No.  IA  of  Globex,  dated  January  27,  1987.  (1)
3.5          Consent  of  McKechnie  Moore.
10.1         Agreement  concerning  Lyndhurst Property, dated September 1, 1985,
             among  Globex,  Stoch  Ltee,  J. Archibald, C. Bryan, and D. Stoch,
             as  amended  on  October  1,  1986.  (1)
10.4         Stock  Purchase Option Agreement, Agreement Not to Sell Shares, and
             Agreement  to  Vote  Shares  for  Merger,  dated  as of January 16,
             1997, between  Globex  and  U.S.  Gold.  (1)
10.5         Asset  Purchase  Agreement between Tonkin Springs Holdings Inc. and
             Gold  Capital  Corporation  and Sudbury Contact Mines Limited as of
             February  26,  1999.  (2)

                              ____________________

Notes:
(1)     Incorporated  by Reference - Previously filed with Form F-4 filed August
        15,  1997
(2)     Incorporated  by  Reference  - Previously filed with Form F-4 filed July
        14,  1999


                                       36
<PAGE>
SIGNATURES



     Pursuant  to  the requirements of Section 12 of the Securities Exchange Act
of  1934,  the  registrant  certifies  that it meets all of the requirements for
filing  on Form 20-F has duly caused this registration statement (annual report)
to  be  signed  on  its  behalf  by  the undersigned, thereunto duly authorized.


                         GLOBEX MINING ENTERPRISES INC.
                         ------------------------------
                                  (REGISTRANT)





                                 /s/ JACK STOCH
                              ---------------------
                                   (SIGNATURE)

                              JACK STOCH, PRESIDENT



DATE:  May 25, 2001


                                       37
<PAGE>
ITEM  19

     EXHIBIT  3.5  -  CONSENT  OF  INDEPENDENT  CHARTERED  ACCOUNTANTS


     As independent chartered accountants, we hereby consent to the inclusion in
this Registration Statement of Form 20F of Globex Mining Enterprises Inc. of our
report dated April 10, 2001 related to the consolidated balance sheets of Globex
Mining  Enterprises  Inc.  as at December 31, 2000 and 1999 and the consolidated
statements of loss and deficit and changes in financial position for each of the
years ended December 31, 2000, 1999and 1998 prepared using accounting principles
generally  accepted  in  Canada.


/S/  McKechnie  Moore
----------------------
McKechnie  Moore
Chartered  Accountants




Ottawa,  Canada
May  25,  2001



                                       38
<PAGE>
GLOBEX  MINING  ENTERPRISES  INC.
CONSOLIDATED  FINANCIAL  STATEMENTS

December  31,  2000  and  1999

INDEX

Auditor's  Report
Consolidated  Balance  Sheets  At  December  31,  2000  and  1999
Consolidated  Statements  Of  Loss  and  Deficit  For  The  Years  Ending
December  31,  2000,  1999  and  1998
Consolidated  Statements  of  Changes in Financial Position for The Years Ending
December  31,  2000,  1999  and  1998
Notes  to  the  Consolidated  Financial  Statement
Consolidated  Schedule  of  Mineral  Properties  and  Deferred Exploration Costs


                                       39
<PAGE>

                                 MCKECHNIE MOORE
                              CHARTERED ACCOUNTANTS
                      1390 Prince of Wales Drive, Suite 500
                                 Ottawa, Ontario
                                K2C 3N6    CANADA



AUDITORS'  REPORT

TO  THE  SHAREHOLDERS  OF
     GLOBEX  MINING  ENTERPRISES  INC.:


     We  have  audited  the  consolidated  balance  sheets  of  Globex  Mining
Enterprises  Inc.  as  at  December  31,  2000  and  1999  and  the consolidated
statements  of  loss and deficit and changes in financial position for the years
ended  December  31,  2000,  1999  and  1998. These financial statements are the
responsibility  of the company's management. Our responsibility is to express an
opinion  on  these  financial  statements  based  on  our  audits.
We  conducted  our  audits  in  accordance  with  generally  accepted  auditing
standards.  Those  standards require that we plan and perform an audit to obtain
reasonable  assurance  whether  the  financial  statements  are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the  amounts and disclosures in the financial statements. An audit also includes
assessing  the  accounting  principles  used  and  significant estimates made by
management,  as well as evaluating the overall financial statement presentation.
In  our  opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the company as at December 31, 2000
and 1999 and the results of its operations and changes in its financial position
for  the  years  ended  December  31,  2000,  1999  and  1998 in accordance with
accounting  principles  generally  accepted  in  Canada.


                                        /S/ MCKECHNIE  MOORE
                                        ----------------------
                                        MCKECHNIE  MOORE
                                        CHARTERED  ACCOUNTANTS

Ottawa,  Ontario
April  10,  2001


                                       40
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED  FINANCIAL  STATEMENTS
Consolidated  Balance  Sheets

GLOBEX  MINING  ENTERPRISES  INC.
INCORPORATED UNDER THE LAWS OF QUEBEC

AS  AT  DECEMBER  31


                                                             IN DOLLARS
                                                     --------------------------
                                                         2000          1999
                                                     ------------  ------------
<S>                                                  <C>           <C>
ASSETS

CURRENT
  Cash                                                    28,932        37,875
  Marketable securities - lower of cost and market
  (market value $234,975; 1999 $744,044)                 234,975       724,324
  Accounts receivable                                    220,607        11,974
  Prepaid expenses                                         2,262         1,051
                                                     ------------  ------------
                                                         468,776       775,224

RECLAMATION BONDS (NOTE 3)                               181,978       171,569
CAPITAL ASSETS (NOTE 4)                                   19,728        21,601
MINERAL PROPERTIES AND DEFERRED EXPLORATION
   EXPENSES (SCHEDULE)                                 1,595,079     1,457,134
                                                     ------------  ------------

                                                       2,283,561     2,425,528
                                                     ------------  ------------

LIABILITIES
CURRENT
  Accounts payable and accrued liabilities               281,683        37,380
DEFERRED INCOME TAXES                                     24,085        16,245
                                                     ------------  ------------
                                                         305,768        53,625
                                                     ------------  ------------

SHAREHOLDERS' EQUITY
SHARE CAPITAL
  Common shares (NOTES 5 AND 6)                       33,395,098    33,390,598
DEFICIT                                              (31,417,305)  (31,018,695)
                                                     ------------  ------------
                                                       1,977,793     2,371,903
                                                     ------------  ------------
                                                       2,283,561     2,425,528
                                                     ------------  ------------
</TABLE>

SEE  ACCOMPANYING  NOTES

ON  BEHALF  OF  THE  BOARD:

"SIGNED"  JACK  STOCH,  DIRECTOR

"SIGNED"  DIANNE  STOCH,  DIRECTOR


                                       41
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED  FINANCIAL  STATEMENTS
     Consolidated  Statements  of  Loss  and  Deficit

GLOBEX  MINING  ENTERPRISES  INC.

YEARS  ENDED  DECEMBER  31

                                                                             IN DOLLARS
                                                                            ------------
                                                                  2000          1999          1998
                                                              ------------  ------------  ------------
<S>                                                           <C>           <C>           <C>
INCOME
  Interest                                                         23,292        30,761        39,551
  Options                                                               -        91,430        15,750
  Gain on sale of marketable securities                                 -         2,187             -
  Other                                                            38,654             -         9,668
  Forgiveness of debt                                                   -             -             -
                                                              ------------  ------------  ------------
                                                                   61,946       124,378        64,969
                                                              ------------  ------------  ------------

EXPENSES
  Amortization                                                      7,103         7,091         8,760
  Capital tax                                                       6,276        12,552         9,052
  Exploration expenditures and abandoned claims written off        28,327        23,241       347,171
  Interest                                                              -             -         1,509
  Management fees                                                       -             -       178,261
  Office and general                                               67,618        42,352        92,342
  Other                                                                 -        31,449             -
  Outside services                                                 71,225       102,320        30,708
  Professional fees                                               113,225        50,096       354,657
  Telephone                                                         9,993         6,601         9,454
  Transfer agent fees                                               8,164         8,545        11,603
  Travel and automotive                                            18,285         9,855        47,929
  Wages and benefits                                                    -             -        20,849
  Write-down of marketable securities                             122,500         1,500        56,294
                                                              ------------  ------------  ------------
                                                                  452,716       295,602     1,168,589
                                                              ------------  ------------  ------------

LOSS BEFORE INCOME TAXES                                         (390,770)     (171,224)   (1,103,620)
  Deferred income taxes                                             7,840         7,070         1,739
                                                              ------------  ------------  ------------
LOSS FROM CONTINUING OPERATIONS                                  (398,610)     (178,294)   (1,105,359)
                                                              ------------  ------------  ------------

DISCONTINUED OPERATIONS
  Loss from operations of Joint Venture (note 9)                        -      (135,438)   (1,382,604)
  Loss on disposal of Joint Venture (note 9)                            -             -   (21,221,363)
                                                              ------------  ------------  ------------
                                                                        -      (135,438)  (22,603,967)
                                                              ------------  ------------  ------------


NET LOSS                                                         (398,610)     (313,732)  (23,709,326)

DEFICIT, BEGINNING OF YEAR                                    (31,018,695)  (30,704,963)   (6,995,637)
  Share issue expenses                                                  -             -             -
                                                              ------------  ------------  ------------

DEFICIT, END OF YEAR                                          (31,417,305)  (31,018,695)  (30,704,963)
                                                              ------------  ------------  ------------

LOSS PER SHARE
  Basic
     - continuing operations                                       (0.034)       (0.015)       (0.104)
     - discontinued operations                                          -        (0.012)       (2.123)
  Fully diluted
     - continuing operations                                       (0.032)       (0.014)       (0.096)
     - discontinued operations                                          -        (0.011)       (1.960)
</TABLE>

SEE  ACCOMPANYING  NOTES


                                       42
<PAGE>
<TABLE>
<CAPTION>

CONSOLIDATED  FINANCIAL  STATEMENTS
Consolidated  Statements  of  Changes
in  Financial  Position

GLOBEX  MINING  ENTERPRISES  INC.

YEARS  ENDED  DECEMBER  31

                                                                        IN DOLLARS
                                                                        -----------
                                                               2000         1999         1998
                                                             ---------  -----------  ------------
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
<S>                                                          <C>        <C>          <C>
  Net loss                                                   (398,610)    (313,732)  (23,709,326)
  Non-cash items  - amortization                                7,103        7,091        51,415
                  - loss on disposal of discontinued
                    operations                                      -            -    21,815,616
                  - unrealized foreign exchange loss (gain)         -        5,559      (806,238)
                  - exploration expenditures and                    -
                    abandoned claims written off                    -          903       323,388
                  - gain on sales of assets                         -      (2 ,187)      (21,291)
                  - write down of securities                        -        1,500        56,294
                  - deferred income taxes                       7,840        7,070         1,739
                                                             ---------  -----------  ------------
                                                             (383,667)    (293,796)   (2,288,403)
                                                             ---------  -----------  ------------

  Decrease (increase) in non-cash working capital             523,808     (845,857)    2,244,094
                                                             ---------  -----------  ------------

                                                              140,141   (1,139,653)      (44,309)
                                                             ---------  -----------  ------------


CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
  Share capital                                                 4,500      (10,800)      236,525
  Sale of capital assets                                            -            -        22,153
  Sale of joint venture interest                                    -            -     1,474,093
  Share issue expenses                                              -            -             -
                                                             ---------  -----------  ------------

                                                                4,500      (10,800)    1,732,771
                                                             ---------  -----------  ------------


CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
  Deferred exploration expenses                              (110,447)     (84,675)     (594,654)
  Mineral properties                                          (27,498)      28,901       (26,511)
  Capital assets                                               (5,230)      (6,427)       (2,713)
  Reclamation bonds                                           (10,409)      (9,285)      (19,025)
  Other assets                                                      -      200,000      (424,535)
  Reclamation reserve                                               -            -             -
  Minority interest in joint venture                                -            -             -
                                                             ---------  -----------  ------------

                                                             (153,584)     128,514    (1,067,438)
                                                             ---------  -----------  ------------

(DECREASE) INCREASE IN CASH                                    (8,943)  (1,021,939)      621,024

CASH, BEGINNING OF YEAR                                        37,875    1,059,814       438,790
                                                             ---------  -----------  ------------

CASH, END OF YEAR                                              28,932       37,875     1,059,814
                                                             ---------  -----------  ------------
</TABLE>

SEE  ACCOMPANYING  NOTES

                                       43
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000



1.   NATURE  OF  OPERATIONS
     ----------------------

     The  Company  is in the process of exploring its mineral properties and has
     not  yet  determined whether these properties contain ore reserves that are
     economically  recoverable.

     The  recoverability  of  amounts  shown  for mineral properties and related
     deferred  costs is dependent upon the discovery of economically recoverable
     reserves,  confirmation of the Company's interest in the underlying mineral
     claims,  the  ability  of  the  Company  to  obtain  necessary financing to
     complete the development, and future profitable production or proceeds from
     the  disposal  thereof.


2.   SIGNIFICANT  ACCOUNTING  POLICIES
     ---------------------------------

     a)   Principles  of  Consolidation
          -----------------------------

          The  consolidated  financial  statements  of Globex Mining Enterprises
          Inc.  are  prepared  in  accordance with generally accepted accounting
          principles applicable in Canada. The consolidated financial statements
          include the accounts of the Company and its wholly owned subsidiaries,
          Globex  Nevada  Inc.  and  Gold  Capital  Corporation.

     b)   Translation  of  Foreign  Currencies
          ------------------------------------

          Monetary  assets  and  liabilities of foreign subsidiaries and foreign
          currency  denominated  monetary  assets  and  liabilities  of Canadian
          operations  are  translated  into  Canadian  dollars at exchange rates
          prevailing  at the balance sheet date and at exchange rates prevailing
          at  the transaction date for non-monetary items. Revenues and expenses
          are  converted  at  the  average  exchange  rate  for  the  year.

     c)   Capital  Assets
          ---------------

          Capital assets are recorded at cost. Amortization charges are recorded
          at  rates set to charge operations with the cost of depreciable assets
          over  the  estimated  useful  lives  as  follows:

          Machinery, office equipment and computer equipment, using the straight
          line  method over periods from three to seven years or the diminishing
          balance  method  at rates varying from 20 to 30 percent. Buildings and
          service  installations  when  put  in  service using the straight line
          method  over  a  period  of  forty  years.


                                       44
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000


2.   SIGNIFICANT  ACCOUNTING  POLICIES  (CONT'D)
     -------------------------------------------

     d)   Mineral  Properties  and  Deferred  Exploration  Expenses
          ---------------------------------------------------------

          The  Company  capitalizes  the  costs  of  acquisition  of  mineral
          properties.  These  costs  will  be  amortized  over  the  estimated
          productive  lives  of  the  properties upon commencement of production
          using  the  unit-of-production  method.

          The  Company  capitalizes  all direct costs relating to exploration on
          its  mineral  properties.  These  costs  will  be  amortized  over the
          estimated productive lives of the mineral properties upon commencement
          of  production  using  the  unit-of-production  method.

          Partial  sales of mineral properties are accounted for by applying the
          proceeds  from  such  sales  to  the  carrying  costs of the property,
          reducing  these  costs  to  NIL  prior to recognizing any gains. Costs
          related  to  abandoned  projects  will  be  written  off.

     e)   Values
          ------

          The  amounts shown for mineral properties and for deferred exploration
          expenses  represent  costs  to  date  and  are not intended to reflect
          present  or  future  values.

     f)   Fair  Value  of  Financial  Instruments
          ---------------------------------------

          The  carrying  value of the Company's financial instruments classified
          in  the  working  capital,  approximate  their  fair  value due to the
          relatively  short  periods  to  maturity  of  the  instruments.

     g)   Use  of  Estimates
          ------------------

          The  preparation  of financial statements in conformity with generally
          accepted  accounting  principles requires management to make estimates
          and  assumptions  that  affect  the  reported  amounts  of  assets and
          liabilities and disclosure of contingent assets and liabilities at the
          date  of the financial statements, and reported amounts of revenue and
          expenses during the reporting period. Actual results could differ from
          those  estimates.  Management  believes  the estimates are reasonable.

     h)   Realization  of  Assets
          -----------------------

          Realization  of  the  Company's  assets  is  subject  to various risks
          including  permitting,  reserves  estimation,  gold  prices  and
          environmental  factors.

     i)   Credit  Risk
          ------------

          The  Company  does  not  believe  it  is  subject  to  any significant
          concentration  of  credit risk. Cash and short term investments are in
          place  with  major  financial  institutions  and  corporations.


3.   RECLAMATION  BONDS
     ------------------

     Reclamation  bonds  have  been  posted  by  the  Company to secure clean-up
     expenses  if  various  properties  are  closed  or  abandoned.


                                       45
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000


4.   CAPITAL  ASSETS


<TABLE>
<CAPTION>
                                    2000                     1999
                  -------------------------------------  ------------
                            ACCUMULATED   NET CARRYING   NET CARRYING
                   COST    AMORTIZATION      AMOUNT         AMOUNT
                  -------  -------------  -------------  ------------
<S>               <C>      <C>            <C>            <C>
Mining equipment  $17,481  $      16,674  $         807  $      1,152

Office equipment   19,399          9,824          9,575         9,736

Vehicles           11,981          9,274          2,707         3,867

Computers          14,514          8,217          6,297         5,886

Software           10,248          9,906            342           960
                  -------  -------------  -------------  ------------
                  $73,623  $      53,895  $      19,728  $     21,601
                  -------  -------------  -------------  ------------
</TABLE>


5.   STOCK  OPTIONS
     --------------

     The  Company  has  granted  the  following  options:

<TABLE>
<CAPTION>
                                                  NUMBER OF OPTIONS GRANTED
                                                  -------------------------
EXPIRY DATE            EXERCISE PRICE PER SHARE        2000         1999
---------------------  -------------------------  -----------  ------------
<S>                    <C>                        <C>          <C>
TO SENIOR EXECUTIVES:

April 2, 2002          $         0.30                 215,000       215,000

December 5, 2004                 0.3075               189,000       189,000

October 10, 2002                 0.25                 225,000       225,000

February 27, 2001                0.25                   5,000         5,000

February 6, 2002                 0.25                  55,000        55,000


TO CONSULTANTS:

December 21, 2003                0.25                  60,000        60,000

December 5, 2004                 0.3075                25,000        25,000

February 4, 2000                 5.00                       -        50,000

October 10, 2002                 0.25                  10,000        10,000

May 19, 2005                     0.21                 100,000             -

November 21, 2005                0.13                 100,000             -


TO EMPLOYEES:

February 21, 2003                0.25                   5,000        5,000

May 19, 2005                     0.21                   5,000            -
                                                  -----------  -----------
                                                      994,000      839,000
                                                  -----------  -----------
</TABLE>


     During  the  year  Nil (1999 - Nil) options were exercised, 205,000 (1999 -
     Nil)  were  issued,  and  50,000  (1999  -  45,456)  expired.


                                       46
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000



6.   SHARE  CAPITAL
     --------------

     AUTHORIZED:  UNLIMITED  COMMON  SHARES

     Issued:

<TABLE>
<CAPTION>
                                           2000                    1999
                                 -----------------------  ------------------------
<S>                              <C>         <C>          <C>         <C>
     BALANCE, BEGINNING OF YEAR  11,625,786  $33,390,598  11,615,786  $33,401,398

     SHARES REACQUIRED                    -            -           -      (12,500)

     PRIVATE PLACEMENT               16,000        4,500      10,000        1,700
                                 ----------  -----------  ----------  ------------
     BALANCE, END OF YEAR        11,641,786  $33,395,098  11,625,786  $33,390,598
                                 ----------  -----------  ----------  ------------
</TABLE>



     411,100  common  shares  are held in escrow. 375,000 were issued as partial
     consideration  for  the  Lyndhurst  Property and cannot be released without
     consent  of  the  regulatory  authorities.

     The  balance  of  36,100  common  shares were issued as consideration for a
     property  which has since been abandoned and thus will not be released from
     escrow.

     During  the  year,  16,000  shares  were  issued  in  exchange  for mineral
     properties.


7.   INCOME  TAXES
     -------------

     The Company has losses for tax purposes of approximately $1,835,000 (1999 -
     $1,398,800)  which  may  be applied to reduce future taxable incomes of the
     Company.  These  losses  expire  as  follows:

                                      $
                        2001       45,500
                        2002      109,200
                        2003        2,200
                        2004      376,000
                        2005      427,000
                        2006      384,000
                        2007      491,100

     The Company has approximately $798,500 of Canadian exploration expenditures
     which  under  certain  circumstances,  may  be  utilized  to reduce taxable
     incomes  of  future  years.


                                       47
<PAGE>
Notes  to  the  Consolidated

Financial  Statements

DECEMBER  31,  2000


8.   RELATED  PARTY  TRANSACTIONS
     ----------------------------

     During  the  year, the Company made payments to a shareholder and a company
     controlled  by  a shareholder for management services, accounting services,
     office  and  storage  space  totalling  $90,000  (1999  -  $106,800). These
     transactions  are  in the normal course of business and are measured at the
     exchange amount being the amount of consideration established and agreed to
     by  the  parties.


9.   DISCONTINUED  OPERATIONS
     ------------------------

     On  February  26,  1999  ,  the Company sold its 60% interest in the mining
     properties of Tonkin Springs Venture Limited Partnership, held through Gold
     Capital  Corporation,  for cash proceeds of $1,276,190 and common shares of
     Sudbury  Contact  Mines  worth  $200,000.  The  purchaser  also assumed all
     obligations  of  the  Company  regarding  its  60%  interest  arising after
     February  8,1999  under  any  assumed  contracts  and  permits.


10.  UNITED  STATES  ACCOUNTING  PRINCIPLES
     --------------------------------------

     The  following  tables  provide  summary  balance  sheet  information  and
     supplementary  earnings  and  cash  flow  information  that would have been
     reported  had the financial statement been prepared in accordance with U.S.
     GAAP:

<TABLE>
<CAPTION>
     BALANCE  SHEET
                                           DECEMBER 31,      DECEMBER  31,  DECEMBER  31,
                                              2000               1999           1998
                                       -------------------  -------------  -------------
Assets
<S>                                    <C>                  <C>            <C>
                                       $          627,400   $    769,367   $  1,242,164
                                       -------------------  -------------  -------------

Liabilities                            $          305,768   $     53,625   $    201,890
                                       ===================  =============  =============

Shareholder's equity

              Share capital (1)                31,956,376     31,951,876     31,962,676
                                       -------------------  -------------  -------------

              Deficit (1)                     (31,634,744)   (31,236,134)   (30,922,402)
                                       -------------------  -------------  -------------
                                                  321,632        715,742      1,040,274
                                       -------------------  -------------  -------------

Liabilities and shareholders' equity   $          627,400   $    769,367   $  1,242,164
                                       ===================  =============  =============
</TABLE>


                                       48
<PAGE>
Notes  to  the  Consolidated

Financial  Statements

DECEMBER  31,  2000


10.  UNITED  STATES  ACCOUNTING  PRINCIPLES  (CONT'D)
     ------------------------------------------------

     STATEMENTS  OF  OPERATIONS
<TABLE>
<CAPTION>
                                                                              FOR THE PERIOD
                                                                              FROM INCEPTION
                                                                                 TO DECEMBER
                                          YEAR  ENDED  DECEMBER  31,          31,  2000  (3)
                                          --------------------------
                                 2000            1999            1998
                           ----------------  ------------  -----------------  --------------
<S>                        <C>               <C>           <C>                <C>

Net Income (Loss) under
Canadian GAAP              $      (398,610)  $  (313,732)  $    (23,709,326)  $ (29,978,583)
Impairment of carrying
values of minerals
properties (4)                           -             -                  -      (1,656,161)
-------------------------  ----------------  ------------  -----------------  --------------
Net (Loss) under U.S.
GAAP                       $      (398,610)  $  (313,732)  $    (23,709,326)  $ (31,634,744)

Weighted average number
of shares outstanding (2)      (12,136,686)   12,032,664         10,097,064

Primary income (loss)
  per share (2)            $         (0.03)  $     (0.03)  $          (2.35)

</TABLE>


     STATEMENT  OF  CHANGES  IN  FINANCIAL  POSITION

<TABLE>
<CAPTION>
                                               FOR THE PERIOD FROM
                                                  INCEPTION TO
                                                DECEMBER 31, 2000
                                              ---------------------
<S>                                           <C>

           Net loss for the period            $        (31,634,744)

           Non-cash operating items                     23,414,050
                                              ---------------------
           Cash used in operations            $         (8,220,694)

           Cash used in investing activities           (25,202,996)

           Cash from financing activities               33,452,622
                                              ---------------------
           Cash generated                     $             28,932
                                               ====================
</TABLE>

     (1)  Under  U.S.  GAAP, the proceeds of share issues are recorded using the
          Net to Treasury method whereby all costs of issue are charged directly
          to  share  capital.

     (2)  Under U.S. GAAP, the calculation of primary income (loss) per share is
          based on the number of issued and outstanding common shares, excluding
          shares  held  in escrow as contingent consideration, plus common share
          equivalents, including outstanding options and warrants, if they would
          have  a  dilutive  effect.

     (3)  Under  U.S.  GAAP,  companies  which are development stage enterprises
          must  disclose  income  and  cash  flow information from the company's
          inception  up  to  and  including  the date of the most recent balance
          sheet.


                                       49
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000


10.     UNITED  STATES  ACCOUNTING  PRINCIPLES  (CONT'D)
        ------------------------------------------------

     (4)  The  Company  owns  mineral properties in Quebec, Ontario, Arizona and
          Washington  state. As at December 31, 2000, none of the properties had
          any  proven  reserves, and therefore management has no assurances that
          future  cash  flows  generated  by  these  properties, if any, will be
          sufficient  to  cover  the  costs  incurred  to  date of acquiring and
          exploring  these  mineral  rights.  Consequently, under U.S. GAAP, the
          Company  has  recorded an impairment against the carrying value of the
          properties  in the year ended December 31, 2000 of $ - (1999 of $ - ).

          Management  has  performed  an assessment of the recoverability of the
          carrying  values  for  its  exploration  properties as of December 31,
          2000.  Management has estimated future cash flows based on acquisition
          costs,  exploration  and development expenditures incurred to date and
          anticipated  exploration  and  development expenditures as well as its
          assessment  of  potential realizable value in the event of the sale of
          any  of  such  properties. Management's estimates of future cash flows
          were  based  on  assumptions  regarding  potential  metal  grades  and
          recovery  rates, gold prices, capital requirements, mining, processing
          and  other  operating  costs,  metallurgical  characteristics and mine
          design,  among  others.  None  of the Company's current properties are
          currently  in  production.  No  reserve reports or feasibility studies
          were  available nor does management have current plans to prepare such
          reports or studies. As a result of this assessment, the carrying value
          of  Globex's  properties  at  December  31,  2000  is  zero.

          Due  to  the  nature  of  exploration, it can be anticipated, based on
          results  of  drilling  and  other  exploration  activity,  that only a
          portion  of  exploration properties will prove feasible to develop. As
          the  Company  acquires  additional  exploration  properties,  conducts
          exploration  and obtains further information regarding its properties,
          it  will  consider  whether an impairment of the carrying value of any
          mineral  property  is  warranted.

     INCOME  TAXES

     Under  U.S.  GAAP, income taxes are provided for using the liability method
     instead  of  the  deferral  method. With the liability method, deferred tax
     assets  and  liabilities  are  recognized  for  the  difference between the
     financial statement carrying amounts and the respective tax basis of assets
     and  liabilities  at enacted rates. Under U.S. GAAP, the income taxes would
     be  recorded  as  follows.

                         Deferred tax asset             $ 84,859

                         Less: Evaluation allowance       84,859
                                                        --------

                         Net deferred tax asset                -
                                                        ========


                                       50
<PAGE>
Notes  to  the  Consolidated
Financial  Statements

DECEMBER  31,  2000


10.  UNITED  STATES  ACCOUNTING  PRINCIPLES  (CONT'D)
     ------------------------------------------------

     ACCOUNTING  FOR  STOCK  OPTIONS

     The  Company  has  adopted  the  disclosure-only provisions of Statement of
     Financial  Accounting  Standards  No.  123,  "Accounting  for  Stock-Based
     Compensation"(SFAS  123).  The  Company applies Accounting Principles Board
     Opinion  No.  25,  "Accounting for Stock Issued to Employees" in accounting
     for  its stock option grants and accordingly, because the exercise price of
     employees stock options equals the market price of the underlying shares on
     the  date of grant, no compensation expense has been recognized for grants.

     The  fair  value of options granted during the year 1996 has been estimated
     as  $2.21  on  the date of grant using the Black and Scholes model with the
     following assumptions: Risk-free investment rate of 8%; expected volatility
     of  the market price of the Company's shares of 45%; a dividend growth rate
     of  0%;  and an expected life of the options of 5 years. For the purpose of
     fair  value disclosures, the fair value of the options granted is amortized
     to  income  over  the  vesting  period  of  the options. For the year ended
     December  31, 1996 this additional charge against earnings would be $4,400.

     The  fair  value of options granted during the year 1997 has been estimated
     as  $3.56  on  the date of grant using the Black and Scholes model with the
     following assumptions: Risk-free investment rate of 6%; expected volatility
     of  the market price of the Company's shares of 30%; a dividend growth rate
     of 0%; and an expected life of the options of 7.6 years. For the purpose of
     fair  value disclosures, the fair value of the options granted is amortized
     to  income  over  the  vesting  period  of  the options. For the year ended
     December  31,  1997  this  additional  charge  against  earnings  would  be
     $231,900.

     The  fair  value of options granted during the year 1998 has been estimated
     as  $0.04  on  the date of grant using the Black and Scholes model with the
     following  assumptions:  Risk-free  investment  rate  of  5.03%;  expected
     volatility of the market price of the Company's shares of 67.4%; a dividend
     growth  rate  of 0%; and an expected life of the options of 4.83 years. For
     the  purpose  of  fair  value  disclosures,  the  fair value of the options
     granted  is amortized to income over the vesting period of the options. For
     the  year  ended  December 31, 1998 this additional charge against earnings
     would  be  $915.

     No  options  were  granted  during  the  year  1999.

     The  fair  value of options granted during the year 2000 has been estimated
     as  $0.27  on  the date of grant using the Black and Scholes model with the
     following  assumptions:  Risk-free  investment  rate  of  5.4%;  expected
     volatility  of the market price of the Company's shares at 115%; a dividend
     growth  rate of 0%; and an expected life of the options of 5 years. For the
     purpose of fair value disclosures, the fair value of the options granted is
     amortized  to  income  over the vesting period of the options. For the year
     ended  December  31,  2000 this additional charge against earnings would be
     $56,000.


                                       51
<PAGE>
<TABLE>
<CAPTION>
                         Consolidated Schedule of Mineral Properties and
                                  Deferred Exploration Expenses

GLOBEX  MINING  ENTERPRISES  INC.

YEAR  ENDED  DECEMBER  31,  2000                               IN  DOLLARS
                                                               -----------

                                              BALANCE        ADDITIONS      EXPENSES
                                            BEGINNING OF  (WRITTEN OFF &    INCURRED     BALANCE
                                                YEAR           SALES)       (INCOME)   END OF YEAR
                                           --------------  ---------------  ---------  -----------
<S>                                        <C>             <C>              <C>        <C>
Ascot Twp, Quebec
     Acquisition                                   20,000                -          -       20,000
     Exploration                                    3,840                -        396        4,236

Beauchastel & Rouyn Twps, Quebec
     Acquisition                                    9,200                -          -        9,200
     Exploration                                   15,519                -      1,354       16,873

Bourlamaque Twp, Quebec
     Acquisition                                        -            4,710          -        4,710
     Exploration                                        -                -        441          441

Cariboo Mining District, British Columbia
     Acquisition                                        -                -          -            -
     Exploration                                    8,271                -          -        8,271

Clericy Twp, Quebec
     Acquisition                                        -                -          -            -
     Exploration                                    1,042                -          -        1,042

Deloro Twp, Ontario
     Acquisition                                        -           17,544          -       17,544
     Exploration                                        -                -     11,490       11,490

Desmoloizes Twp, Quebec
     Acquisition                                        -                -          -            -
     Exploration                                      487                -          -          487

Destor & Poularies Twps, Quebec
     Acquisition                                        -                -          -            -
     Exploration                                    2,860                -     32,638       35,498

Dubuisson Twp, Quebec
     Acquisition                                  155,000                -          -      155,000
     Exploration                                  314,031                -         88      314,119

Dufresnoy Twp, Quebec
     Acquisition                                   23,404                -          -       23,404
     Exploration                                   47,751                -        260       48,011

Duparquet & Destor Twps, Quebec
     Acquisition                                   20,000                -          -       20,000
     Exploration                                   57,524                -        880       58,404

Garrison Twp, Ontario
     Acquisition                                    3,700                -          -        3,700
     Exploration                                   40,947                -      1,576       42,523

Halifax Twp, Nova Scotia
     Acquisition                                        -                -          -            -
     Exploration                                      243                -      1,991        2,234
                                           --------------  ---------------  ---------  -----------
                                                  723,819           22,254     51,114      797,187
                                           --------------  ---------------  ---------  -----------
</TABLE>


                                       52
<PAGE>
<TABLE>
<CAPTION>

Consolidated  Schedule  of  Mineral  Properties  and
Deferred  Exploration  Expenses



GLOBEX  MINING  ENTERPRISES  INC.


YEAR  ENDED  DECEMBER  31,  2000                               IN  DOLLARS
                                                               -----------

                                      BALANCE         ADDITIONS
                                    BEGINNING OF    (WRITTEN OFF &       EXPENSES         BALANCE
                                        YEAR            SALES)       INCURRED (INCOME)  END OF YEAR
                                   --------------  ----------------  -----------------  -----------
<S>                                <C>             <C>               <C>                <C>
BALANCE FORWARD                           723,819            22,254             51,114      797,187

Hearst & McVittie Twps, Ontario
     Acquisition                                -             3,000                  -        3,000
     Exploration                                -                 -                458          458

James Bay Area, Quebec (Wemindji)
     Acquisition                                -                 -                  -            -
     Exploration                                -                 -             21,670       21,670

Joutel Twp, Quebec
     Acquisition                                -             1,244                  -        1,244
     Exploration                                -                 -                 21           21

Ligneris Twp, Quebec
     Acquisition                            2,176                 -                  -        2,176
     Exploration                            1,780                 -              4,534        6,314

Louvicourt Twp, Quebec                                            -                  -       42,468
     Acquisition                           42,468                                  254       43,316
     Exploration                           43,063                 -

McKenzie & Roy Twps, Quebec
     Acquisition                                -                 -                  -            -
     Exploration                              316                 -                 66          382

Poirier & Joutel Twps, Quebec
     Acquisition                            9,000                 -                  -        9,000
     Exploration                            7,037                 -             11,954       18,991

Rouyn Twp, Quebec
     Acquisition                                -                 -                  -            -
     Exploration                                -                 -                 56           56

Scott Twp, Quebec
     Acquisition                            5,000                 -                  -        5,000
     Exploration                           88,503                 -                132       88,635

Tiblemont Twp, Quebec
     Acquisition                                -                 -                  -            -
     Exploration                                -                 -                568          568

Vauquelin Twp, Quebec
     Acquisition                            3,000             1,000                  -        4,000
     Exploration                           17,809                 -              1,397       19,206

Bell Mountain, Nevada, USA
     Acquisition                                -                 -                  -            -
     Exploration                           25,139                 -              6,052       31,191

Sheep Mountain, Arizona , USA
     Acquisition                           55,000                 -                  -       55,000
     Exploration                           25,611                 -              3,230       28,841

Vulcan, Washington, USA
     Acquisition                           13,887                 -                  -       13,887
     Exploration                          393,526                 -              8,942      402,468
                                   --------------  ----------------  -----------------  -----------
                                        1,457,134            27,498            110,447    1,595,079
                                   --------------  ----------------  -----------------  -----------
</TABLE>


                                       53
<PAGE>