Globestar Mining Corporation

Globestar Mining Corporation

June 14, 2007 11:27 ET

GlobeStar Mining Discovers Conductive EM Anomaly Under Dona Amanda Copper/Gold Oxide Mineralization

TORONTO, ONTARIO--(Marketwire - June 14, 2007) - GlobeStar Mining Corporation (TSX:GMI) ("GlobeStar" or the "Company") is pleased to announce the discovery of an electromagnetic ("EM") geophysical anomalous response below the Company's 100% owned Dona Amanda copper/gold deposit in the Dominican Republic.

A geophysical illustration of the relative conductivity of Dona Amanda and newly recognized deep conductor is shown below.

Please visit the following link to view the map:

This discovery was made during a 68 square kilometre airborne survey of GlobeStar's 100% owned Bayaguana group of properties which contains 3 National Instrument 43-101 compliant mineral resources, Dona Amanda, Dona Loretta and Kiosko (see below). Results from the over 400 square kilometres of surveys from the Company's western group of properties will be released once interpretation has been completed.

The Dona Amanda deposit currently has a National Instrument 43-101 compliant an estimated inferred mineral resource of 127.8 million tonnes grading 0.31% copper and 0.19 grams per tonne ("g/t") gold and 1.43 g/t silver which contains an estimated 396,000 tonnes of copper, 780,000 ounces of gold and 5,800,00 ounces of silver (See February 23, 2006 Press Release). The mineralization at Dona Amanda contains copper and gold which may have been concentrated in a near surface blanket of secondary enrichment by tropical weathering processes. Dona Amanda has no known primary source for the copper and gold mineralization. The underlying anomaly will be drilled as soon as a rig is available.

"A clear EM anomaly below a 100+ million tonne secondary copper/gold resource is a first priority target for GlobeStar's copper/gold exploration program," commented Bill Fisher GlobeStar's CEO, "We look forward to receiving the complete data set from our US$500,000 airborne program and selecting other targets for drill testing".

Both Dona Amanda and Barrick/Goldcorp's Pueblo Viejo gold mine are located within the Los Ranchos formation, which is known to contain a series of large volcanic centres with large alteration halos (see map on Between 1975 and 1999, the Pueblo Viejo oxide cap was mined, producing approximately 5.5 million ounces of gold and 25 million ounces of silver (Sillitoe et al 2006, Economic Geology; November 2006; Vol. 101; no. 7; p. 1427-1435) and is the only other oxide ore body known in the Los Ranchos Formation. The third known oxide cap of copper/silver/gold mineralization in the Dominican Republic is at GlobeStar's wholly owned development project, Cerro de Maimon, where an estimated oxide proven and probable gold/silver reserve of 576,760 tonnes grading 2.56 g/t gold and 64.66 g/t silver overlies the primary massive suphide estimated reserve of 2.75 million tonnes grading 1.02 g/t gold, 35.93 g/t silver, and 3.43 % copper.

Dona Amanda is located on the southern flank of Managua hill within the Companies 100% owned Bayaguana group of properties, located some 60 kilometres east of GlobeStar's Cerro de Maimon copper mine currently under development. Dona Loretta, with an estimated inferred mineral resource of 8.2 million tonnes grading 0.5% copper is located 5 kilometres to the east of Dona Amanda and Kiosko with an indicated resource of 570 tonnes grading 1% copper and 1.9 g/t gold and inferred resource of 4.4 million tonnes grading 1% copper and 2 g/t gold (See release of February 23rd 2006). Both deposits are located within the second largest hydrothermally altered mineral system known in the country extending for more than 15 km (west to east), which is typical of alteration systems underlying volcanic centres. The Bayaguana district is interpreted to contain one or more volcanic centres similar to that found at the Pueblo Viejo mine, but at a lower erosional level than Pueblo Viejo and is characterized by copper dominated mineralization rather than the gold dominated mineralization.

The EM geophysical anomaly at Dona Amanda was detected by FUGRO's HeliGEOTEM™ system. Inversion work was done by the ENCOM™ software, EMFLOW™, and shows a highly conductive deep core system underlying the southern portion of the Dona Amanda enrichment blanket (see for cross section and plan view of the anomaly.

The EM anomaly is a deep and strong, southerly dipping conductor against a background of the strongly conductive Dona Amanda blanket to the north. Initial interpretation suggests the deep conductor may be at 180 metres in depth, and may be at least 400 metres by 150 metres in size (in a North and South section), and continues to below the detection depth of the airborne geophysical equipment, which is approximately 300m. In addition, the EM anomaly is delineated structurally by a major east-west fault zone, interpreted from the magnetic data.

Enrichment blankets commonly overlie porphyry deposits in the tropics. Initial interpretation suggests that this anomaly may turn out to represent a more massive body than disseminated porphyry but may also be associated with porphyritic mineralization.

William Fisher P.Geo, CEO of GlobeStar who is the Company's Qualified Person for purposes of National Instrument 43-101 prepared this press release.

About GlobeStar

GlobeStar Mining Corp. is a well-funded minerals exploration company, developing the permitted Cerro de Maimon copper/gold project in the Dominican Republic. Production from this high-grade open pit mine is currently expected in the summer of 2008.

GlobeStar is aggressively exploring an extensive base and precious metals exploration portfolio in the Dominican Republic with over C$4.0 million committed to exploration during 2007 and 2008. GlobeStar recently raised C$31.8 million in May 2007 and closed a C$49 million project financing for development of Cerro de Maimon. The Company currently has C$47 million in cash and sufficient resources to fund mine development and aggressive exploration and acquisition programs.

Reader Advisory

The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Assumptions that are subject to significant risks and uncertainties are the basis for these statements. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although GlobeStar believes that the expectations reflected in forward looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, except as required pursuant to applicable securities laws.

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