Globestar Mining Corporation

Globestar Mining Corporation

October 20, 2005 09:05 ET

GlobeStar Announces Drilling Programs for Copper, Nickel in the Dominican Republic; Appoints Exploration Manager

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2005) -


GlobeStar Mining Corporation (TSX VENTURE:GMI) ("GlobeStar" or the "Company") is pleased to announce a 4 to 5 hole diamond drilling program exploring for volcanogenic massive sulphide mineralization at their Cuance joint venture in the Dominican Republic. The drilling will be carried out and funded by partner Everton Resources (TSX VENTURE:EVR). The target(s) are located near GlobeStar's permitted Cerro de Maimon copper/gold project, for which the company is currently arranging production financing.

Cuance Drill Program

The Cuance drilling program will target 7 high-priority I.P. anomalies identified by a recent geophysical survey. The I.P. targets trend NW-SE and are contiguous with a zone on the adjacent Loma el Mate property of anomalous gold and copper values in soil and float samples (see Everton release of June 7, 2005). The Cuance drilling program will consist of 4 to 5 holes totaling 650 meters, testing the targets at depths of 50-60 metres below surface over a 1400-meter strike length. Results will be released at the end of the program.

The Cuance property is located 10 kilometers southeast of GlobeStar's permitted Cerro de Maimon copper/gold project, where GlobeStar owns 3.3 million tonnes of proven and probable copper/gold mineral reserves, consisting of 2.4 million tonnes of proven reserves with grades of 2.61% Copper, 1.39% Zinc, 41.6 gAg/t and 1.34 gAu/t as well as 0.9 million tonnes of probable reserves with grades of 3.56% Copper, 1.24% Zinc, 39.08 gAg/t and 1.14 gAu/t (see the Company's press release of May 17, 2005).

The Cuance drilling will take place under the direction of Marc L'Heureux, P.Geo., Everton's vice-president exploration. The geophysical survey was carried out by TMC Geophysics of Val d'Or, Quebec, using a time-domain system and a 25-metre dipole-dipole array, N equals 1 to 6. The interpretation was done by Gerard Lambert Geosciences of St-Andre-Avellin, Quebec.

Maimon Concession IP Survey

As part of the company's program to find further massive sulphides to feed the proposed Cerro de Maimon mill, GlobeStar is currently conducting an I.P. survey testing the Christina and 2J targets within GlobeStar's 100% owned massive sulphide belt, the Maimon Concession. These targets are less than 15 kilometers from Cerro de Maimon, and are only 2 of over 40 targets identified on the Maimon Concession by GlobeStar's exploration team.

Cerro de Maimon update

GlobeStar's Cerro de Maimon project is progressing well. Engineering design work is on-going, while the company's financial advisors, Auramet, are arranging the debt and other non-equity financial instruments. The project is permitted, and has a completed feasibility study reporting the 3.3 million tonnes copper reserves with an after tax Internal Rate of Return of 22% using US$1.00/lb copper. Copper prices are currently over $1.80/lb.

Nickel Exploration

GlobeStar's nickel exploration program is underway, with the orientation survey in progress on known economic nickel areas, before commencing on the first phase of the drill program. GlobeStar has exposure to 70 square kilometers (7,000 hectares) covering the nickel bearing Dominican Peridotite belt, adjacent to the Falcondo nickel mine (see release of September 21, 2005).

New Appointment

The company is pleased to announce the appointment of Mr. Tim Warman, P. Geo. as Exploration Manager, Canada and Compliance Officer. In connection with this appointment Mr. Warman has been granted 100,000 stock options under the Company's stock option plan, at an exercise price of $0.55 per share.

In addition, the Company's recently appointed director, Mr. Richard Faucher has been granted 200,000 options under the Company's stock option plan, also at an exercise price of $0.55 per share

This news release was prepared by GlobeStar under the supervision of Tim Warman, P. Geo., Exploration Manager, Canada and Compliance Officer of GlobeStar, who serves as the company's Qualified Person (National Instrument 43-101).

For more information visit the Company Website at The shares are listed on the TSX Venture Exchange and trade under the symbol "GMI".

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of GlobeStar Mining Corporation are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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