Globestar Mining Corporation

Globestar Mining Corporation

September 17, 2009 07:00 ET

GlobeStar's Lithium Project

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2009) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today announced key highlights of the continuing development of GlobeStar's 60% owned Moblan lithium deposit (the "Moblan Lithium Project") located approximately 100 kilometres north of Chibougamau, Quebec. The Moblan Lithium Project is located next to a local highway and is being explored in conjunction with SOQUEM Inc. ("SOQUEM"), a wholly owned subsidiary of Societe generale de financement du Quebec, an industrial and financial holding corporation of the government of Quebec.


- Drilling to date at the Moblan Lithium Project has outlined a near-surface 40 metre thick pegmatite sill which hosts a NI-43-101 compliant inferred mineral resource estimate of high quality spodumene mineralization totalling 5.3 million tonnes grading 1.51% Li2O at a cut-off grade of 0.43% Li2O. Included in this resource is a higher grade inferred mineral resource estimate of 2.1 million tonnes grading 1.85% Li2O at the same cutoff grade. The deposit has been drilled to a vertical depth of approximately 50 metres and remains open at depth.

- The pegmatite sill hosting the Moblan Lithium Project sub-crops below thin overburden and is gently dipping at approximately 30º thus making the deposit suitable to open pit mining at an estimated stripping ratio of less than 1 to 1.

- Preliminary metallurgical testing indicates that a high quality lithium concentrate containing approximately 91% spodumene and approximately 7.2% Li2O may be produced from the Moblan Lithium Project. High quality lithium concentrate may be sold directly to end users in the glass and ceramic sectors or may be further upgraded to battery quality lithium carbonate. Developers of automotive batteries are continuing to focus on lithium as one of the key elements for such batteries.

- The robust outlook for lithium demand has prompted GlobeStar to initiate planning for the fast track development of the Moblan Lithium Project which based upon the grades estimated to date could ultimately rank among the highest grade undeveloped lithium deposits in the world.

Moblan Lithium Project

GlobeStar has been actively exploring the pegmatite swarm in the vicinity of the Moblan Lithium Project during the past nine years and in 2008 earned a 60% interest in SOQUEM's mineral claims which host the Moblan Lithium Project. GlobeStar also owns mineral claims directly adjacent to the Moblan Lithium Project which contain pegmatite dykes with lithium, tantalum and niobium mineralization. GlobeStar's expenditures on these properties have totalled over US$550,000 during the past five years.

Development work on the Moblan Lithium Project has included surface mapping, diamond drilling, metallurgical work at SGS Lakefield and a mineral resource estimate by an independent consultant. Exploration during 2009 by SOQUEM has focused on surface trenching and geological mapping.

During the fourth quarter of 2009, GlobeStar will evaluate its strategic alternatives for the Moblan Lithium Project while expediting the development of this important lithium deposit.

Additional information concerning the Moblan Lithium Project, including the detailed technical report entitled "Technical and Economic Assessment of the West Moblan Pegmatite Project" dated December 6, 2008 and GlobeStar's Annual Information Form dated March 30, 2009 can be found on GlobeStar's website and at

About GlobeStar

GlobeStar Mining Corporation is a Canadian based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is also exploring for copper and gold on its extensive mineral concessions in the Dominican Republic.

GlobeStar has developed NI-43-101 compliant inferred mineral resource estimates for the Moblan Lithium Project in Quebec, Canada and the Cumpie Hill lateritic nickel deposit in the Dominican Republic.

GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

Gary H.K. Pearse, P.Eng. of Equapolar Resource Consultants, a Qualified Person as defined under Canadian National Instrument 43-101, supervised the preparation of and verified the technical information contained in this release.

Cautionary Statements Concerning Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable to GlobeStar as of the date of such statements are inherently subject to significant risks and uncertainties and may not be appropriate for use other than as used herein. These estimates and assumptions include, but are not limited to: (a) the accuracy of geologic interpretations and studies of the Moblan Lithium Project and (b) the ability of GlobeStar to successfully continue its exploration activities in respect of the Moblan Lithium Project. 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, implied or indicated by these forward-looking statements. Although GlobeStar believes that the expectations reflected in its forward-looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in the "Risk Factors" section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada. These factors are not intended to represent a complete list of the factors that could affect GlobeStar. 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, or to explain any material difference between actual events and such forward-looking statements, except as required pursuant to applicable securities laws.

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