Globestar Mining Corporation
TSX : GMI

Globestar Mining Corporation

September 13, 2007 07:00 ET

GlobeStar Mining Provides Update on Dominican Republic Nickel Exploration Program

17 Holes Reported, Including One Hole With 27.4 Metres Grading 1.78% Nickel. at Cumpié Hill, Loma Mala In-Fill Drilling Almost Complete

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2007) - GlobeStar Mining Corp. (TSX:GMI) ("GlobeStar" or the "Company") is pleased to announce the results of a further 17 diamond drill holes as part of its 64-hole in-fill drill program previously announced for its Cumpie Hill deposit in the Dominican Republic (see Table 1 below). To date, results from 50 of the 64-hole program have now been released. Drilling of the remaining 14 holes have been completed and assays are pending. Some 21 holes, out of a planned 27, hole program have been completed at Loma Mala.

The Cumpie Hill results include one hole, CM-LATD-122, which returned 27.4 metres grading 1.78% nickel. Other notable intersections include 19.8 metres grading 1.72% nickel (Hole CM-LATD-124) and 16.0 metres grading 1.74% nickel (Hole CM-LATD-102) http://www.globestarmining.com/media/images/cumpieinfillsept2007.jpg will lead you to the location map.

"The high grade nickel drill hole results continue for GlobeStar's nickel laterite program," commented Bill Fisher, GlobeStar's CEO. "Extra holes have been allocated to Cumpie Hill and also Loma Mala before the Company starts on its next target, Los Mellizos.

The Company has completed the Phase 2 grid diamond drilling on 71 metre centres at Cumpie Hill and is seeking to upgrade this discovery to a mineral resource estimate. F. Roger Billington, P. Geo. and Consultant Geologist to the Company, in conjunction with Snowden & Associates of Vancouver, Canada, the Company's engineering consultants ("Snowden"), have been retained to independently prepare a formal National Instrument ("NI") 43-101 compliant mineral resource estimate for Cumpie Hill which is expected to be completed later this year. A further 8 holes have been selected by Mr. Billington to test extensions of the Cumpie Hill mineralization. All the holes reported today, except two, encountered nickel laterites grading over 1% nickel. SGS Lakefield of Ontario, Canada has been separately retained to conduct a metallurgical test program to define different options for processing of the nickel laterites. The preliminary results of this research are planned to be released concurrently with the Cumpie Hill NI 43-101 compliant mineral resources estimate.

Some twenty-one holes have been completed of the planned 22 hole program for the Loma Mala ridge(adjacent to Cumpie Hill) where earlier drilling included 13.0 metres grading 2.01% nickel (see release of February 9th 2007). Assays are pending for all 22 holes. Five more holes have been selected to test the boundaries of the deposit.

Characterization of the nickel mineralization at Loma Mala is currently expected to be published by the Company in a separate NI 43-101 compliant technical report.



Table 1 Summary Results - Cumpie Hill

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Table 1. Infill Drilling Program - Cumpie. Holes CM-LATD-102 to CM-LATD-129:
Intercepts greater than = 1% Ni cut-off
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From To Width Ni Co
Hole metre metre metre % %
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CM-LATD-102 1.00 17.00 16.00 1.74 0.03
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CM-LATD-103 0.00 6.00 6.00 1.30 0.02
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CM-LATD-104 0.00 5.00 5.00 1.13 0.02
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CM-LATD-105 No Significant Intersection
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CM-LATD-106 0.00 9.00 9.00 1.61 0.02
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and 17.00 21.00 4.00 1.24 0.02
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CM-LATD-107 7.00 13.00 6.00 1.48 0.10
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and 19.00 24.00 5.00 1.43 0.02
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and 29.00 32.00 3.00 1.60 0.01
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CM-LATD-108 Assays Pending
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CM-LATD-109 Assays Pending
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CM-LATD-110 Assays Pending
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CM-LATD-111 Assays Pending
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CM-LATD-112 Assays Pending
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CM-LATD-113 Assays Pending
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CM-LATD-114 1.25 4.00 2.75 1.85 0.04
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CM-LATD-115 2.00 17.00 15.00 1.70 0.02
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CM-LATD-116 2.00 15.00 13.00 1.28 0.02
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CM-LATD-117 Assays Pending
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CM-LATD-118 Assays Pending
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CM-LATD-119 1.20 10.00 8.80 1.60 0.02
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CM-LATD-120 Assays Pending
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CM-LATD-121 2.00 10.00 8.00 1.07 0.04
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CM-LATD-122 1.40 28.80 27.40 1.78 0.02
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CM-LATD-123 11.00 23.80 12.80 1.68 0.10
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CM-LATD-124 2.00 21.75 19.75 1.72 0.04
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CM-LATD-125 Assays Pending
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CM-LATD-126 No Significant Intersection
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CM-LATD-127 Assays Pending
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CM-LATD-128 Assays Pending
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CM-LATD-129 4.30 28.20 23.90 1.50 0.05
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GlobeStar's nickel exploration strategy continues to be to identify areas of nickel laterite potential and then drill each area at a density suitable for formal mineral resource estimates. The Company plans to publish separate resource estimates as each program is completed.

Nickel laterites grading over 1.7% nickel have been discovered at Cumpie Hill and Loma Mala, where the Company's exploration programs have been focused. Other promising areas include: Corozal, Loma Prieta Ridge and Loma Prieta Valley and have returned prospecting pit samples grading over 1.7% nickel in near surface nickel laterites. These areas are currently slated to be drilled later as part of the Company's ongoing exploration program. Nickel laterites have also been mapped at Los Mellizos. Earlier this year, GlobeStar completed a DIGHEM airborne Electro Magnetic (EM)/magnetic survey covering 95 square kilometres of nickel-bearing peridotite concessions. Data from this work is being used for the selection of new areas of nickel potential for GlobeStar's ongoing surface mapping program.

"While we look forward to publishing our first NI 43-101 compliant nickel resource estimate for Cumpie Hill and our other nickel-bearing deposits, we recognize that the full economic potential of the complete belt will only become clear as we systematically publish resource estimates from our discoveries," concluded Mr. Fisher.

Sample preparation was undertaken at the SGS Lakefield laboratory and the pulps have been analyzed there using tetraborate fusion XRF. Full QA/QC procedures were implemented, including the insertion of standards, duplicates and blanks. Check samples representing approximately 10% of all the samples will be sent to another international laboratory for analysis by XRF.

This news release was prepared by GlobeStar and the data validated by F. Roger Billington, P.Geo. and Consulting Geologist, who is the designated independent Qualified Person as defined in NI 43-101 for GlobeStar nickel laterite exploration.

About GlobeStar

GlobeStar Mining Corp. is a well-funded mining and exploration company, developing the permitted Cerro de Maimon copper/gold project in the Dominican Republic. Initial production from the Cerro de Maimon 6 million tonne, high-grade open pit mine is currently expected in the summer of 2008. As previously disclosed in the Company's press release of August 16, 2007, this project has a current projected net present value (based upon a 8% discount rate) of US$176 million and a current projected after tax internal rate of return of 56%, based upon projected gross revenues of US$624 million. The current estimated payback of the current estimated US$68.6 million capital cost for the project is 15 months based upon a US$2.45/lb copper price a, US$543/oz gold price a US$10/oz silver price, and an estimated cash cost, net of by-products, of US$0.42/lb of copper.

GlobeStar is 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 early 2008.

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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