Globestar Mining Corporation
TSX : GMI

Globestar Mining Corporation

December 11, 2007 14:18 ET

GlobeStar Mining Update on Dominican Republic Nickel Exploration: Results From 28 Holes at Loma Mala Include 19 Meters Grading 1.7% Nickel and 17 Meters Grading 1.7% Nickel

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - GlobeStar Mining Corp. (TSX:GMI) ("GlobeStar" or the "Company") is pleased to announce the results of 28 diamond drill holes of the scouting/infill drill program at Loma Mala in the Dominican Republic. The Company has also filed a Technical Report on the previously announced National Instrument 43-101 ("NI 43-101") compliant resource estimate for Cumpie Hill.

Loma Mala Drilling

The Loma Mala nickel laterite mineralization, located on the western part of the Cumpie Hill massif, was discovered by GlobeStar in December 2006 and results of a scouting program were press released on February 9 2007 which included intersections of 13 metres grading 2.01 % nickel and 11 metres grading 1.94% nickel.

The summer/fall 2007 drilling program consisted of 28 holes. The first 6 holes (CM-LATD-130 to CM-LATD-135) were drilled to test continuity of laterite development south of the previously mapped Loma Mala laterites. Twenty-two holes were drilled within and marginally outside of the confining outline of the known lateritic development nominally on 71 meter centers following the same grid pattern used in the Cumpie Hill resource evaluation. The results are detailed in Table 1 below (see location map on http://www.globestarmining.com/media/images/LomaMalaInfill.jpg).

The results of the infill drilling include one hole, CM-LATD-140, which returned 19 meters grading 1.71% nickel. Other notable intersections include 17.3 meters grading 1.66% nickel (Hole CM-LATD-137) and 14 meters grading 1.64 % nickel (Hole CM-LATD-141). GlobeStar is currently validating the Loma Mala database, and currently expects that Snowden Mining Industry Consultants will shortly prepare a mineral resource estimate for Loma Mala.

"These are exciting drill holes results, showing deeper lateritic developments than previously known at Loma Mala", commented Bill Fisher, GlobeStar's CEO. Fisher added, "GlobeStar's nickel exploration program continues on track, and at the same time new targets have been recognized after integrating slope analysis, EM/Mag geophysics and surface mapping. With three active drill programs in the Dominican Republic and Quebec, the Company has stepped up the level of exploration during the Cerro de Maimon construction phase. "



Table 1. Loma Mala Drilling Results

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Scouting Drilling Program - Loma Mala South Holes CM-LATD-130 to
CM-LATD-133: Intercepts greater than = 1% nickel cut-off
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Hole From To Width Ni Co
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CM-LATD-130 0 2.35 2.35 1.06 0.03
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CM-LATD-131 No Significant Intersection
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CM-LATD-132 No Significant Intersection
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CM-LATD-133 No Significant Intersection
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CM-LATD-134 No Significant Intersection
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CM-LATD-135 2 7.2 5.2 1.12 0.05
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Infill Drilling Program - Loma Mala Holes CM-LATD-134 to CM-LATD-157:
Intercepts greater than = 1% Ni cut-off
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CM-LATD-136 0 2.18 2.18 1.11 0.02
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CM-LATD-137 1.7 19 17.3 1.66 0.10
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CM-LATD-138 No Significant Intersection
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CM-LATD-139 12 15 3 1.29 0.03
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CM-LATD-140 0 19 19 1.71 0.03
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CM-LATD-141 1 15 14 1.64 0.06
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CM-LATD-142 1.1 9 7.9 1.34 0.09
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CM-LATD-143 1 4 3 1.03 0.05
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CM-LATD-144 6 11.8 5.8 1.65 0.04
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CM-LATD-145 No Significant Intersection
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CM-LATD-146 1 13 12 1.35 0.02
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CM-LATD-147 No Significant Intersection
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CM-LATD-148 0 3 3 1.56 0.05
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CM-LATD-149 0 6 6 1.19 0.05
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CM-LATD-150 No Significant Intersection
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CM-LATD-151 5 13 8 1.43 0.15
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CM-LATD-152 No Significant Intersection
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CM-LATD-153 1.3 3 1.7 1.16 0.03
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CM-LATD-154 No Significant Intersection
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CM-LATD-155 0 2 2 2.42 0.07
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CM-LATD-156 0 2 2 1.01 0.04
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CM-LATD-157 0 2 2 1.18 0.03
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The compositing of the nickel grades in the individual holes was done using a nickel cut-off of 1% nickel with a minimum intercept length of 1.5 meters and a maximum length of internal waste of 2 meters. The compositing was done across geological boundaries. As the nickel laterite deposits are essentially flat-lying, all widths given are true widths.

Samples were crushed at the ACME laboratory in Maimon, Dominican Republic and then pulverized at SGS Laboratories, in Lakefield, Ontario. Pulps have been analyzed at SGS 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.

Status of GlobeStar's nickel and copper exploration programs, Dominican Republic

Drilling continues according to schedule. Currently, drilling is being undertaken at the Corozal Ridge after finishing a scouting program in Los Mellizos area. Drilling at the Corozal Ridge target began in mid-November on 50 meter centers in an area where laterites have been previously mapped in surface and in shallow pits. To date, 14 out of the programmed total of 20 holes have been completed. The Corozal Ridge lateritic development is located approximately 3.5 km east of the Cumpie Hill deposit and 1.5 km west of the Company's Cerro de Maimon Copper/Gold project.

As previously reported, the Company also has a dedicated drill rig for Copper/gold exploration, seeking satellite deposits for the Cerro de Maimon project. This rig is currently drilling on the Cuance Joint Venture, and is programmed to follow up targets from the Company's airborne Electro Magnetic survey

Status of the Moblan lithium pegmatite program, Quebec

The company has commenced a short drilling program at its Moblan Lithium/Tantalum/Feldspar pegmatite project north of Chibougamau, Quebec. GlobeStar owns 100% of the Moblan East property, and is earning into the Moblan West property from SOQUEM. The program will consist of at least 10 holes, and is expected to complete the earn-in from SOQUEM, so securing a 60% interest for GlobeStar in the property, after which both companies are required to contribute to further exploration or face dilution.

National Instrument Technical Report filed for Cumpie Hill

The NI 43-101 Technical Report, was posted today on SEDAR and announced on November 29 2007, discloses a mineral resource estimate and metallurgical results for GlobeStar's Cumpie Hill deposit in the Dominican Republic. An indicated resource of 3.0 million tonnes grading 1.5 % nickel and an inferred resource of 2.5 million tonnes grading 1.5 % nickel were estimated at a cut-off grade of 1 % nickel by Snowden Mining Industry Consultants. The Report will be available for viewing tomorrow.

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

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 made are subject to significant risks and uncertainties. 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 its 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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