Globestar Mining Corporation

Globestar Mining Corporation

March 23, 2007 08:00 ET

GlobeStar: 200+ Hole Diamond Drill Program Underway on the Company's Nickel Belt, Dominican Republic

TORONTO, ONTARIO--(CCNMatthews - March 23, 2007) - GlobeStar Mining Corporation ("GlobeStar" or the "Company") (TSX:GMI) is pleased to announce a 207 diamond drill campaign for their nickel concessions in the Dominican Republic has begun. The program began with a 67 hole resource evaluation program consisting of infill drilling at 100 metre centres covering the recently discovered Cumpie Hill and Loma Mala areas (see, both located on a massif located between the Leonora and Maimon rivers, some 8.5 kilometers from Xstrata's Falcondo smelter. The program has been designed by GlobeStar's nickel consultant, Roger Billington, and is designed to provide information suitable for an independently prepared National Instrument 43-101 compliant resource calculation.

The resource evaluation program will concentrate on saprolite bearing ridge tops, similar to the adjacent Loma Peguera area, where Falcondo have been mining since 1971. GlobeStar announced the Cumpie Hill discovery on May 19th 2006 and have already drilled 50 diamond drill holes on the plateau (Best intersections: 17 metres grading 2.0% Ni and 20 metres grading 1.7% Ni). The Loma Mala discovery was announced on Feb 9th 2007, and 6 holes have been drilled to date. (Best intersections: 13 metres grading 2.0% Ni and 11 metres grading 1.9% Ni). The shallow depth drilling program is progressing rapidly, and as of today, 3 holes have been completed in 5 days. The man-portable diamond drill rig is permanently allocated to the nickel program and all holes will produce drill core, not rock chips.

Cumpie Hill and Loma Mala are located in the most northerly 1.5 kilometres of GlobeStar's 43 kilometre long peridotite belt, which is approximately 40% by length of the Dominican Republic's nickel-bearing peridotite belt. Preliminary mapping and pitting elsewhere along the belt has revealed mineralization at Corozal (1.8% nickel), 4 kilometres south of Cumpie Hill and Loma Prieta, (2.2% nickel on the ridge top, 1.8% nickel at the base) 43 kilometres south of Cumpie Hill. Much of the belt remains to be mapped, and is subject to an ongoing exploration program by GlobeStar geologists.

In addition to the resource evaluation program, a 140 hole scout program will be done in 2007 exploring along GlobeStar's nickel peridotite belt south of Cumpie Hill. A second diamond drill rig is planned to be deployed in Q2 2007 to accelerate the nickel development program and will be allocated to the scout drilling program.

At the Company's Cerro de Maimon copper/gold mine site, a 23-hole pre-production drill program was recently completed. Results from the first 4 holes were announced on Feb 19th 2007 and further assay results will be released shortly. Drilling is continuing.

This press release was prepared by Bill Fisher, P.Geo, GlobeStar's CEO and the Qualified Person under the National Instrument 43-101. It has been reviewed for content by consultant Roger Billington, P.Geo, GlobeStar's Qualified Person for nickel exploration, who designed the nickel drilling program.

About GlobeStar

GlobeStar Mining Corporation is a minerals exploration company, developing the permitted Cerro de Maimon copper/gold project, currently anticipated to be due for completion in summer 2008. The Company is aggressively exploring an extensive base and precious metals exploration portfolio in the Dominican Republic. The Company recently raised US$42.25 (C$48 million) million debt and C$30 million in equity, sufficient to fund mine development and aggressive exploration programs.

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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