Globestar Mining Corporation

Globestar Mining Corporation

October 12, 2006 09:23 ET

GlobeStar Announces Preliminary Nickel Exploration Results

Exploration in Dominican Republic returns 8 metres grading of 2.2% nickel in pit located 43 Km from Company's existing nickel discoveries

TORONTO, ONTARIO--(CCNMatthews - Oct. 12, 2006) -

This News Release is not for dissemination in the United States or to any United States News Services.

GlobeStar Mining (TSX VENTURE:GMI) today reported the results of a series of exploration pits in its 100% owned Corozal and Cercedillo nickel concessions in the Dominican Republic ("DR"). The pits were sampled as part of the Company's ongoing reconnaissance mapping program of its extensive nickel land position (see

"Early results from our exploration program have demonstrated nickel laterite mineralization in three widely spaced locations over a 43 kilometre strike length", commented Bill Fisher, GlobeStar's CEO, "Our ongoing program of mapping, pitting and follow up drilling is determining the overall potential of our nickel concessions in the DR."

In the Cercadillo concession, which is located approximately 43 kilometres south of GlobeStar's Cumpie Hill nickel discovery, a pit was sampled on the ridge-top with a grade of 2.2% nickel and 0.11% cobalt over 8 metres. The top 4 metres from the surface was limonite(i) and returned 1.4% nickel and 0.19% Cobalt. The lower 4 metres was saprolite(i) which returned 3.0% nickel overall and included a 1 meter intercept of 4.0% nickel; the highest nickel interval the Company has discovered in the region to date. The pit bottomed in mineralization. Limonite samples were recovered from two road cuts at the base of the ridge returning 0.84% nickel and 0.09% Cobalt and 0.90% nickel and 0.09% cobalt respectively. These results confirm the presence of nickel/cobalt limonite in the area which is being followed by the Company's auger drilling program (see press release of 28th, Sept 2006).

In the Corozal concession, which is located approximately 4 kilometres south of Cumpie Hill, the Company dug three shallow pits. Pit 2 averaged 1.7% nickel over 2.3 meters in Saprolite and bottomed in mineralization while the next two encountered limonite and also bottoming in mineralization.

The Company's exploration program is progressing in two phases commencing with mapping and pitting - which allows the Company to identify areas with nickel potential - and the second phase consisting of selecting areas for diamond drilling to establish grades and thicknesses of the nickel and nickel/cobalt mineralization. The complete pitting results are listed in the table included in this release.

Please note: A table titled: "Table 1. Nickel and Cobalt Pitting results." is available on CCNMatthews' website at the following link:

(i) A nickel laterite is a weathered profile (regolith) developed over ultramafic rocks in which nickel has been concentrated to potentially economic grades. The profile can broadly be divided into a lower saprolite horizon in which the original rock fabric is preserved, mineralogically are dominantly silicates and are chemically characterised by low iron and high magnesium and an upper limonite horizon with no trace of the original rock fabric and are dominantly oxides with high iron and low magnesium. Cobalt is typically concentrated in the limonite horizon. Saprolite mineralization may be suitable for processing by smelters, like Xstrata's Falcondo smelter located 8 kilometres from GlobeStar's nickel concessions in the DR. Limonite may require alternative processing methods.

About GlobeStar

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

The common shares of GlobeStar Mining Corporation have not and will not be registered under the United States Securities Act of 1933, as amended, (the "US Securities Act") or any state's securities laws and may not be offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the US Securities Act and applicable state securities laws.

This press release was reviewed by Roger Billington, P. Geo. who acts as the "Qualified Person" for the purpose of the National Instrument 43-101 Standards of Disclosure.

Contact Information