Globestar Mining Corporation
TSX : GMI

Globestar Mining Corporation

October 17, 2007 12:50 ET

GlobeStar Mining Update on Dominican Republic Nickel Exploration: Results on 14 Holes Including 14 Metres Grading 1.8% Nickel and 5.3 Metres Grading 1.8% Nickel at Cumpie Hill Deposit

Loma Mala Deposit Infill Drilling Completed

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2007) - GlobeStar Mining Corp. (TSX:GMI) ("GlobeStar" or the "Company") is pleased to announce the results of the last 14 diamond drill holes of their 64-hole in-fill drill program at Cumpie Hill in the Dominican Republic. The results are detailed in the table below (see location map on http://www.globestarmining.com/media/images/cumpieinfilloct2007.jpg).

These results have gone to Snowden of Vancouver, Canada, independent engineering consultants, who have been retained to prepare a National Instrument ("NI") 43-101 Technical Report due to be completed later this year. Further in-fill drilling may be done as directed by the project consultant and Snowden. SGS Lakefield, of Ontario, Canada has been retained to conduct a metallurgical test program to define options for the processing of the nickel laterites. The preliminary results of this program are planned to be released concurrently with Snowden's Cumpie Hill NI 43-101 report.



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Infill Drilling Program - Cumpie Holes Intercepts
greater than = 1% Ni cut-off
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From To Width Ni Co
Hole (m) (m) (m) % %
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CM-LATD-81 0 2.8 2.8 1.48 0.05
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CM-LATD-82 1 5 4 1.44 0.04
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and 22 24 2 1.16 0.02
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CM-LATD-108 14 28 14 1.83 0.02
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CM-LATD-109 6 22 16 1.47 0.07
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CM-LATD-110 7 15 8 1.26 0.06
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CM-LATD-111 1.7 7 5.3 1.46 0.02
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and 13 16 3 1.29 0.02
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CM-LATD-112 0 4.2 4.2 1.30 0.03
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CM-LATD-113 0 4 4 1.25 0.05
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CM-LATD-117 1.7 5.8 4.1 1.52 0.06
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and 23 25 2 1.34 0.02
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CM-LATD-118 0 5 5 1.49 0.04
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and 10 12 2 1.04 0.01
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CM-LATD-120 No Significant Intersection
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CM-LATD-125 0.6 6 5.4 1.79 0.04
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CM-LATD-127 4 13 9 1.43 0.06
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CM-LATD-128 0 22 22 1.46 0.03
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The Company has completed grid diamond drilling on 71 metre centres at Cumpie Hill and has also completed its drilling program at Loma Mala, adjacent to Cumpie Hill, where drilling included one-hole of 13 metres grading 2.01% nickel (see release of February 9th 2007). All 22 holes at Loma Mala have been completed and assays are pending, and will be published in a separate NI 43-101 report. Drilling has begun at the Los Mellizos target on 200 metre centres in an area where laterite has been mapped, but no results have been received to date. Four holes were drilled on small areas near Los Mellizos, during the re-locating of a drill rig to this new, undrilled area.

Nickel laterites in the Dominican Republic occur on near surface flat lying areas overlying nickel bearing peridotite rocks. Cumpie Hill, Loma Mala, Corozal, Loma Prieta Ridge and Loma Prieta Valley areas have returned prospecting pit or drilling samples grading over 1.7% nickel in near surface nickel laterites, and these areas are slated to be drilled in the Company's ongoing 207-hole drill program. In early 2007, GlobeStar completed a DIGHEM airborne Electro Magnetic ("EM") and magnetic survey covering 95 square kilometres of nickel bearing peridotite concessions, covering the full strike length of 43 kilometres to assist selection of targets.

The compositing of the nickel grades in the individual holes was done using a nickel cut-off of 1% 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.

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's nickel laterite exploration program. William Fisher P.Geo, CEO of GlobeStar who is the Company's Qualified Person for purposes of National Instrument 43-101 has reviewed 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 the estimated 6 million tonne, 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 raised C$31.8 million in May 2007 and closed on a US$45 million project debt financing facility development of Cerro de Maimon. The Company currently has C$36.6 million in cash and sufficient resources to fund the current estimated capital cost for Cerro de Maimon and its exploration and property 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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