Globestar Mining Corporation
TSX : GMI

Globestar Mining Corporation

May 28, 2009 17:00 ET

GlobeStar Provides Update on Exploration

TORONTO, ONTARIO--(Marketwire - May 28, 2009) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today announced key highlights of its exploration program in the Dominican Republic.

Exploration Highlights

- Sulphide mineralization has been intersected in two drill holes located directly northwest of GlobeStar's Cerro de Maimon copper-gold mine (the "Cerro de Maimon Mine").

- The first drill hole completed in the La Palma East area of the Bayaguana district has intersected disseminated and fracture controlled sulphides in the targeted volcanic rocks which have the potential to host gold mineralization.

Cerro de Maimon Exploration

Two drill holes, CM-197 and CM-198, located approximately 150 metres northwest of the Cerro de Maimon Mine have intersected sulphide mineralization.

CM-197 (located on line 225W, 75S, oriented N55 degrees E, inclined -55 degrees) intersected disseminated sulphides with semi-massive bands from 31.5 metres to 95.0 metres. The true thickness of the mineralized zone encountered in this hole is approximately 50 metres.

CM-198 (located on line 250W, 40S, vertical hole) intersected massive and semi-massive sulphides from 42.5 metres to 80.5 metres. The true thickness of the mineralized zone intersected in this hole is approximately 25 metres.

The location of these drill holes and their spatial relationship with the Cerro de Maimon Mine are shown on a map in the presentation made at GlobeStar's Annual General Meeting on May 28, 2009 and is posted on GlobeStar's website www.globestarmining.com.

Samples taken from these drill holes will be assayed during the next few weeks. Drilling will continue in this area until later in 2009 to fully delineate the grade, continuity and extent of this sulphide mineralization.

Bayaguana Exploration

GlobeStar's Bayaguana district consists of 72 square kilometres of mineral concessions located approximately 60 kilometres east of the Cerro de Maimon Mine and hosts three geologically important copper and gold deposits. The largest mineral deposit is Dona Amanda which has an inferred mineral resource estimated at 128 million tonnes grading 0.31% copper, 0.19 grams of gold per tonne and 1.43 grams of silver per tonne.

GlobeStar's 2009 exploration program has completed geological, geophysical and geochemical surveys in the eastern portion of the Bayaguana district and has defined the La Palma East area as a prospective target for a diamond drilling program.

The first drill hole (identified as HP-01) completed in the La Palma East area has intersected disseminated and fracture controlled sulphides in the targeted volcanic rocks which have the potential to host gold mineralization. The vertical drill hole intersected argillic altered volcanic rocks which are silicified and sulphide bearing from 150 metres to 300 metres and is located approximately 60 kilometres east of the Cerro de Maimon Mine.

The location of this drill hole is shown on a map in the presentation made at GlobeStar's Annual General Meeting on May 28, 2009 and is posted on GlobeStar's website www.globestarmining.com.

Samples taken from this drill hole will be assayed during the next few weeks and will be analyzed using GlobeStar's normal QA/QC procedures at third party laboratories. Drilling will continue in the Bayaguana district until later in 2009.

About GlobeStar

GlobeStar Mining Corporation is a Canadian based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

A.E. Olson, M AusIMM, GlobeStar's Senior Vice President and COO and a Qualified Person as defined under Canadian National Instrument 43-101, supervised the preparation of and verified the technical information contained in this release.

Cautionary Statements Concerning Forward-Looking Statements

There is no assurance or implication that the assays being conducted on the samples from GlobeStar's drilling programs will indicate the presence of commercial minerals or commercial minerals in potentially economic quantities.

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable to GlobeStar as of the date of such statements are inherently subject to significant risks and uncertainties and may not be appropriate for use other than as used herein. These estimates and assumptions include, but are not limited to: (a) the costs associated with the drilling program at the Cerro de Maimon Mine and in the Bayaguana district; (b) the accuracy of geologic interpretations and studies of the orebodies at the Cerro de Maimon Mine, or drill results from exploration in that area or in the Bayaguana district; (c) the content of the orebody in respect of the Cerro de Maimon Mine; (d) the ability of the sulphide plant to continue to operate at its design capacity; (e) the ability of GlobeStar to implement changes to the oxide plant in order to resolve issues relating to clay content and elevated copper levels; (f) certain assumptions relating to the market price for copper, gold and silver and the expected levels of supply and demand for copper, gold and silver; (g) there being no significant disruptions affecting operations at the Cerro de Maimon Mine, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (h) production at the Cerro de Maimon Mine being consistent with GlobeStar's current expectations; and (i) the continued operation of the Cerro de Maimon Mine. 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, implied or 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. All of the forward-looking statements made in this news release are qualified by these cautionary statements, and those made in the "Risk Factors" section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada. These factors are not intended to represent a complete list of the factors that could affect GlobeStar. 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, or to explain any material difference between actual events and such forward-looking statements, except as required pursuant to applicable securities laws.

Contact Information