Globestar Mining Corporation

Globestar Mining Corporation

November 01, 2007 08:00 ET

GlobeStar Announces That Mining and Construction Activities Have Been Temporarily Suspended at Its Cerro De Maimon Project in The Dominican Republic as a Result of Tropical Storm Noel

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2007) - GlobeStar Mining Corporation ("GlobeStar" or the "Company") (TSX:GMI) announces that construction and mining activities have been temporarily suspended at its Cerro de Maimon copper/gold project in the Dominican Republic as the result of Tropical Storm Noel. Construction and mining activities are expected to resume to near normal levels as early as next week.

Tropical Storm Noel passed over the Dominican Republic last weekend, dumping in excess of 20 inches of rain in some areas of the country. Main access to the town of Maimon and to the project was cut early this week when the Maimon River flooded. Access for light vehicles has already been partially restored, and crews are currently working to re-establish the main road access.

The Company has been in contact with the Canadian Embassy in the Dominican Republic and local officials in order to offer assistance during the clean-up process. At the request of local officials, the Company's equipment was used yesterday to help clean up some of material and debris blocking the main access road to Maimon and the project.

GlobeStar has been in constant contact with operations personnel at the project and continue to closely monitor the situation. There has been no significant damage to the project.

The Company is currently assessing the impact that the tropical storm will have on the project schedule. Once the assessment is completed, the Company will provide an update on the project status.

About GlobeStar

GlobeStar Mining Corp. is a well-funded minerals exploration company, developing the permitted Cerro de Maimon copper/gold project in the Dominican Republic. Production from the 6 million tonne, high-grade open pit mine is currently expected in the summer of 2008. GlobeStar is currently exploring an extensive base and precious metals exploration portfolio in the Dominican Republic with over C$4million currently committed to exploration during 2007 and early 2008.

Reader Advisory

The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Assumptions that are subject to significant risks and uncertainties are the basis for these statements. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although GlobeStar believes that the expectations reflected in forward looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, except as required pursuant to applicable securities laws.

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