Globestar Mining Corporation

Globestar Mining Corporation

November 17, 2005 11:51 ET

GlobeStar Consolidates Claims Over Moblan Lithium Pegmatite Cluster, Chibougamau, Quebec; Bulk Sample Submitted to SGS Lakefield for Metallurgical Testing

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2005) - GlobeStar Mining Corporation (TSX VENTURE:GMI) is pleased to announce the signing of an option for the Moblan West property from SOQUEM in an arms length transaction, thus unitizing a complete lithium bearing pegmatite cluster. GlobeStar holds the remainder of the area 100%, as the 190 hectare Moblan East claim group, and the joint property covers all known pegmatite occurrences over a distance of approximately 900 x 2600 meters (see location map).

The Moblan West property consists of 14 claims covering 221 hectares. The terms of the agreement allow for GlobeStar to earn a 60% interest in these claims by exploration expenditures of $160,000 over 33 months. After this time the partners can participate or be diluted to a 2% royalty, of which 1% can be purchased for $500,000.

The Moblan deposit is located 106 kilometres north of Chibougamau, 1,500 metres from the 12 month maintained Route de Nord which is permitted for 150 tonne haulage loads. The pegmatite cluster consists of at least 16 outcrop groups, within an area of around 2,600 metres by 900 metres. A six hole, 631 m drilling program at the Dona Fiona outcrop group in 2002 encountered pegmatite down to 140 metres in depth, with the best drill holes to date returning 69 m grading 0.78% Li, and 6m grading 272 g/t Ta and 0.9% Li (see attached collar plan and drill results table).

Preliminary metallurgical work carried out by SGS Lakefield Research has demonstrated that the Moblan pegmatites contain lithium and feldspar minerals suitable for the glass and ceramic industries, as well as a number of by product minerals containing tantalum, niobium, cesium and rubidium. The extremely low iron content of the feldspars makes them particularly attractive for sale to industrial users.

Trenching over one of the sixteen outcrop groups in 2004 exposed pegmatite covering 160 metres by 60 metres, with further outcrops extending 300 metres northwards beyond a swamp. The mineralization remains open to the south.

Also in 2004, independent engineers Equapolar Resources of Ottawa completed an internal report based on the Moblan East area. The key findings of this report will be released shortly, once data for Moblan West has been incorporated. The report includes the metallurgical report from SGS Lakefield, detailed mineral analyses from Carleton University, and the field evaluation carried out by IOS Geoscientifique.

IOS and Equapolar geologists have completed the 2005 fall exploration field program of mapping and systematic sampling over the unitized Moblan East and West claims. A 100 kilogram composite of drill core and channel samples was prepared for metallurgical testing by SGS Lakefield, who have been engaged to carry out ore beneficiation studies. Approximately 60 grab and channel samples were taken for assay and micro-probing of discrete minerals. The results of this work are pending.

"As GlobeStar develops the Cerro de Maimon copper/gold deposit in the Dominican Republic, further mining opportunities are continually being evaluated," commented Bill Fisher, GlobeStar's President. "The company considers that by combining the complete known mineralization, and based on our detailed exploration and research, that the Moblan project has potential to add near term value to the company."

GlobeStar Mining is focused on mine development and mineral exploration in the Dominican Republic. The company is currently developing the fully permitted Cerro de Maimon copper-gold project, and is actively exploring its extensive land position for copper, gold and nickel.

This release was prepared by GlobeStar's Manager of Exploration and Compliance, Tim Warman, P.Geo., who is the company's Qualified Person under NI 43-101. Field work on the Moblan project was carried out under the direction of Rejean Girard, P.Geo. of IOS Geoscientific Services Inc., Chicoutimi, Quebec, while the internal report was prepared by Gary Pearse, P.Eng., of Equapolar Resource Consultants Inc. in Ottawa.

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.

Moblan 2002 Diamond Drilling Results
DDH# From (m) To (m) Length Li (%) Ta (ppm) Rock Type
MO-02-01 104.0 173.0 69.0 0.78 Spodumene
Including 132.0 156.0 24.0 0.98 Pegmatite
175.3 191.85 16.55 121
MO-02-02 82.5 84.5 Fluorine
107.15 114.65 7.5 0.34 240 Pegmatite
Including 109.0 112.0 3.0 0.72
MO-02-03 10.6 15.0 4.4 0.42 101 Spodumene
Including 12.0 15.0 3.0 0.58 Pegmatite
16.7 40.3 23.6 0.69
Including 29.3 38.3 9.0 0.83
64.95 67.65 2.7 103
84.3 92.7 8.4 0.59 181
Including 85.3 92.0 6.7 0.74
MO-02-04 20.35 25.0 4.65 0.94 Fluorine
--------------------------------------------------- Pegmatite
21.0 26.95 5.95 272
MO-02-05 41.1 42.4 1.3 0.66 118 Fluorine
MO-02-06 16.0 24.0 8.0 0.67 113 Spodumene
--------------------------------------------------- Pegmatite
40.2 44.3 4.1 0.82
50.35 65.0 14.65 0.75
66.4 70.0 3.6 0.51

Drill cores were split in the field, with half sent to XRAL Laboratories in Rouyn-Noranda and Toronto. Rare metals were digested by adding sodium peroxide flux to sample and fused in nickel crucible, then dissolved in acid and read by ICP.

Note: To view the maps which accompany this release, please click the following links.

Moblan Collar Map:

Moblan Location Map:

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