Globestar Mining Corporation
TSX VENTURE : GMI

Globestar Mining Corporation

November 23, 2006 09:44 ET

GlobeStar and Everton Commence Major Airborne EM and Magnetic Survey in Dominican Republic

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

GlobeStar Mining Corporation: (TSX VENTURE:GMI) ("GlobeStar") and Everton Resources (TSX VENTURE:EVR) ("Everton") are pleased to announce that a major airborne geophysical survey will commence on properties owned by the companies in the central Dominican Republic.

GlobeStar's part of the survey will cover 320 square kilometres consisting of over 2,500 line kilometres of low level survey (See map on website, http://www.globestarmining.com/media/images/airbornesurvey.jpg), covering the Maimon Formation, host of GlobeStar's Cerro de Maimon copper/gold development project, and parts of the Los Ranchos Formation, host of the Barrick/GoldCorp giant Pueblo Viejo gold mine, all located in the Dominican Republic. Over 90% of the survey will be flown at 100 metre spacing with some peripheral areas flown at 200 metre spacing. The Maimon Formation is host to at least 8 outcropping massive sulphide bodies. This survey is designed to test extensions at depth of these bodies, plus seeking new non-outcropping mineralization which are undetectable by the shallow detection methods used in the past. The Los Ranchos Formation is host to large high sulphidation systems associated with mineralization of gold and copper.

Details of the survey

The survey will be carried out by FUGRO Airborne Surveys Corp. and will consist of helicopter mounted Electromagnetic ("EM") and Magnetic measurement equipment, and accurate surveying capable of achieving positional accuracy of 2 meters in static mode. FUGRO's advance team has arrived and the work is planned to commence in early December, with a survey time of approximately 6 weeks, depending on weather. The only previous EM survey was done in 1982, where the penetration below surface was approximately 80 metres in depth, the technical limit of equipment at that time. The new survey will penetrate to an estimated 300 metres thus surveying a total rock volume of around 100 cubic kilometres.

The survey will be flown as a single campaign so minimizing costs, with budget for extra lines if results warrant further work. GlobeStar is participating in the following four areas, while Everton are also surveying in other areas alone or with Linear Resources.

Area 1 Maimon Formation North - a 200 square kilometre area covering properties owned separately by GlobeStar and Everton, including GlobeStar's 100% owned Loma Pesada (Inferred Resource of 1.1 million tonnes grading 2.2% copper, 0.8% zinc).

Area 2 The Cuance/Los Hojanchos Joint Venture - Everton are earning into the properties from GlobeStar, and Everton will fund the 48 square kilometre survey as part of their earn-in.

Area 3 Cerro de Maimon - GlobeStar will fund the 29 square kilometre survey covering their 100% owned properties, including the ore body at the company's Cerro de Maimon development.

Area 4 GlobeStar will fund the 45 square kilometre survey covering their 100% owned properties, including the Dona Amanda (Inferred Resource of 127.8 million tonnes grading 0.31% copper, 0.2 g/t gold) and Dona Loretta (Inferred Resources of 8.2 million tonnes grading 0.5% copper).

All the resources quoted above were independently calculated by Datac Geo-Conseil and reported in a press release of 23rd February 2006 and a National Instrument 43-101 complaint technical report entitled Technical Report on Dona Amanda, Cerro Kiosko, Dona Loretta, Loma Pesada, Loma Barbuitto, Cerro Verde and Anomaly B properties Dominican Republic dated January 2006, as amended September, 2006, both of which can be found under GlobeStar's profile on www.sedar.com.

About GlobeStar

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

William Fisher, P.Geo, the qualified person for GlobeStar under National Instrument 43-101 prepared this press release.

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

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