Mirabel, Globex modify Russian Kid deal (May 31, 2005)

Mirabel Resources (RMB-V) and Globex Mining Enterprises (GMX-T) have rejigged their agreement under which Mirabel will take over the Russian Kid property in Dasserat Twp., Quebec.

Under the new deal, Mirabel provides more shares, less cash, and a larger royalty to Globex.

The amended agreement provides for Mirabel to issue 1.75 million shares to Globex on signing, and $150,000 for exploration on other Globex properties in 2005. There are cash payments of $250,000 to Globex on the first and second gold pours from the property. Globex retains a 5% net metal royalty on the first 25,000 oz. gold and a 3% net metal royalty on gold in excess of 25,000 oz. and on all other metal production from the property.

Russian Kid, also known as El Coco, hosts a resource of 1 million tonnes grading 8.6 grams gold per tonne, according to an estimate done in 1984 under the old National Policy 2A.