Globaltex Inc. - Announcement.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--June 26, 2000

Globaltex Inc. (the Company) (CDNX:GTX.) (Nasdaq:GBTXF) is pleased to announce that the Willow Creek Coal Project is commencing commercial-scale mining operations, with the mine's first shipment of 50,000 plus tonnes of raw coal scheduled for delivery by September 2000.

The Willow Creek Coal Project is a joint venture with Mitsui Matsushima Canada Ltd. (Mitsui), a wholly owned subsidiary of Mitsui Matsushima Co. Ltd., BCR Ventures Inc., a wholly owned subsidiary of BC Rail Ltd. and Falls Mountain Coal Inc., a wholly owned subsidiary of Globaltex Industries Inc. The Willow Creek project is located 48 kilometers west of Chetwynd, British Columbia.

Mitsui, in its capacity as exclusive sales agent for the joint venture and its sub-agent have secured an agreement with a major European steel company for this initial 50,000 plus tonne shipment. In addition, Mitsui has concluded an agreement with a major Japanese firm for a trial shipment of 40,000 tonnes, with the shipping date to be determined according to available vessels.

Mitsui is continuing to pursue further opportunities for coal sales in Europe, Asia and North America, both directly and through its sub agents. As part of this coal sales effort, the Joint Venture is continuing to ship numerous bulk samples to potential customers for evaluation. The Joint Venture expects to receive future orders for larger shipments as its customers complete their quality assessment of the Willow Creek coal.

The coal produced from the Willow Creek mine is of very good quality, with high calorific value, and low ash and sulphur content. Based on recent media and sales agent reports of increasing demand and contract prices, management of the Company is of the view that the outlook for the world coal market is very positive. Richard M. Schaeffer, Treasurer of the New York Mercantile Exchange, according to the Energy in the News, wrote on the general outlook for coal, Coal is, after all, the primary fuel for generating nearly 40% of the world's electricity and for smelting 70% of the world's steel. In the power-hungry United States, coal fuels the generation of nearly 57% of electricity. With world power demand expanding at an annual average of 3%, coal consumption is on the rise. Many countries also depend economically on the coal trade, both as importers and exporters. In 1997, for example, international coal trading topped 460 million tons. Despite growing environmental concerns about the volume of coal now being burned, coal's future looks healthier than ever. Willow Creek's coal with its low sulphur and ash character is contemporary with meeting the new environmental standards being set today.

ON BEHALF OF THE BOARD OF DIRECTORS Orval E. Gillespie Chairman and Chief Executive Officer

This news release has been prepared by the management of the company who takes full responsibility for its contents. The Canadian Venture Exchange neither approves nor disapproves of the contents of this news release.