Globestar Mining Corporation

Globestar Mining Corporation

October 16, 2006 12:18 ET

GlobeStar Expands Management Team with Seasoned Mining Veterans

TORONTO, ONTARIO--(CCNMatthews - Oct. 16, 2006) -


GlobeStar Mining Corporation (TSX VENTURE:GMI) is pleased to announce the engagement of David Massola as the new Vice President Finance and CFO for the Company.

Mr. Massola brings extensive experience in mine development and corporate responsibility. He has served as CFO of de Beers, Canada where his responsibilities included arranging the debt facilities and the implementation of all accounting systems and financial controls for the Victor and Snap Lake mines. In addition, he was CFO of Archangel Diamond Corp. (TSX VENTURE:AAD) and spent 20 years with BHP where he was responsible for financial oversight of the Ekati diamond mine in Nunavut, the Escondida copper mine in Chile and the Island Copper mine in British Columbia.

"Dave's operational and strategic insight will be a tremendous complement to the GlobeStar team," commented Bill Fisher, GlobeStar's CEO. "He brings a wealth of financial and practical experience. The addition of Dave to our management group places GlobeStar in an even stronger position to develop the fully permitted and financed Cerro de Maimon copper/gold project and continue its aggressive exploration program."

GlobeStar's management team was also recently expanded with the addition of Chief Operating Officer and President, Jean Pierre Chauvin, Eric Olsen as VP Projects and Dr Sergio Gelcich as Staff Geologist, all based in Toronto. Jose Antonio Ruiz, the Cerro de Maimon mine manager will join the company full time at the end of October. As incentive to the management team, GlobeStar's Board has awarded a total of 700,000 options to the management team and consultants.

John Iannozzi who served as CFO will remain as director and chair of the audit committee. With the appointment of Mr.Chauvin as President, Bill Fisher, as CEO, will focus on the Company's growth strategy.

GlobeStar has engaged Bay Street Connect to provide investor relations and financial communications services. Bay Street Connect provides communications services to Canadian public companies in the mining sector. GlobeStar will pay Bay Street Connect a monthly retainer fee of $5,000 and an award of 100,000 options, vesting over 4 quarters, for select services. The initial contract term is for 12 months, and may be terminated with 30 days notice. Bay Street Connect is an employee owned firm based in Toronto. Along with this appointment, GlobeStar has terminated its investor relations agreement with the Equicom Group Inc.

GlobeStar continues to retain Coal Harbour Communications for investor relations services in western Canada. Coal Harbor will receive a monthly retainer of $5,000 and an award of 100,000 options, vesting over 4 quarters, for selective services. The initial contract is for 12 months, and may terminate with 30 days notice.

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 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.

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