Globestar Mining Corporation
TSX : GMI

Globestar Mining Corporation

May 03, 2007 10:59 ET

GlobeStar's Cerro de Maimon Development Update: Pre-production Drill Program Intersects 9.4 meters of 11.13% Copper

TORONTO, ONTARIO--(CCNMatthews - May 3, 2007) - GlobeStar Mining Corporation ("GlobeStar" or the "Company") (TSX:GMI) is pleased to announce results from its latest drilling program at the Cerro de Maimon development project in the Dominican Republic. In January 2007, the Company completed a 24 drill hole program (totaling 2580 meters) in and around the measured and indicated resources at their Cerro de Maimon open pit mine project. The goal of the program was to improve confidence in existing areas of the resource, test for extension of the massive sulphide at depth, and provide samples for metallurgical testing. Results for four holes were disclosed on February 19, 2007 (http://www.globestarmining.com/press/pdf/gmi114_2007feb19.pdf) and this release presents summary results of the remaining 20 holes (see table below), which completes the program.



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Cerro de Maimon Pre-Production Drilling Program
Intercepts greater than 1% Cu cut-off (1)
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True
From To Length Thickness Cu Zn Ag Au
Hole (m) (m) (m) (m) % % g/t g/t
CM-164 52.3 54.4 2.1 2.1 4.1 2.6 116.0 3.0
CM-165 98.1 111.2 13.1 9.2 3.7 4.3 84.2 2.8
CM-167 No significant Intersection
CM-170 57.0 65.5 8.5 7.8 8.4 3.5 37.3 2.1
CM-172 92.6 96.9 4.3 4.1 5.0 4.8 63.1 1.8
and 102.2 104.9 2.6 2.6 2.5 1.9 93.6 1.7
CM-173 120.9 123.5 2.6 2.5 1.2 2.3 36.2 0.7
CM-174 124.5 140.2 15.7 11.1 2.2 2.4 48.6 1.4
CM-175 108.8 113.8 5.0 3.9 3.2 2.6 30.3 1.7
and 117.4 119.4 2.0 1.6 1.2 1.0 45.5 0.7
CM-176 120.0 135.4 15.5 11.0 2.1 3.1 35.1 1.4
CM-177 Abandoned Hole
CM-178 46.8 51.8 5.0 4.8 2.1 3.1 49.0 1.2
CM-179 77.2 79.3 2.1 2.0 2.4 4.4 76.0 1.4
CM-180 48.9 62.2 13.3 9.4 11.1 1.5 31.4 1.6
CM-181 124.4 126.4 2.0 1.9 2.1 0.2 14.6 0.4
CM-182 111.3 128.0 16.8 14.7 2.2 3.1 51.6 1.4
CM-183 No significant Intersection
CM-184(2) 21.3 45.1 23.8 23.4 0.1 0.0 6.1 2.1
CM-185 85.4 89.9 4.6 4.4 8.1 1.4 29.0 1.9
CM-186(3) 38.6 52.2 13.7 9.7 6.9 0.3 24.1 1.1
CM-187 73.0 77.7 4.7 4.6 2.1 2.2 39.8 2.6
and 88.7 96.0 7.3 7.1 1.6 1.3 10.7 1.0
and 99.2 103.2 4.0 3.9 9.6 1.0 24.0 1.5

(1) Intercepts were calculated allowing 5 meters of internal dilution and
using a 1% Cu cut off grade.
(2) Hole CM-184 targeted the upper oxide cap, average grades are based on
down the hole compositing using a 1 grams /tonne Au cut-off grade and
5 meters of internal dilution.
(3) Hole CM-186 was temporary abandoned at 52.2 meters in massive sulphide
mineralization. The hole was continued and is waiting for assays.


"These results confirm the high grade nature of the Cerro de Maimon deposit," commented Bill Fisher, CEO of GlobeStar. The Company is committed to its Copper exploration program, both at the mine and with the follow-up of the recently completed EM/Mag airborne survey. This complements our Nickel exploration program, which has already completed 27 holes of the 67-hole infill program in the Cumpie Hill and Loma Mala areas.

Seventeen out of the twenty drill holes returned intercepts of massive and semi-massive sulphide mineralization (see the table above) including holes CM-170 and CM-180 that intersected 7.8 and 9.4 meters of massive sulphide lenses (true thickness) with average grades of 8.4% Cu and 11.1% Cu, respectively. These results confirm the high Cu grade continuity of the Cerro de Maimon mineralization and the thickness of the main ore body. The Cerro de Maimon open pit reserve model will integrate the new assay data with past drilling to update the ore resources this summer.

This in-fill drilling program also seeks additional information to characterize the overburden, the weathered zone, completion of a 3D geological model, and establishing the final criteria for the detailed life-of-mine mining plans. In addition, SGS Lakefield will use these samples to perform further metallurgical tests in order to optimize recoveries and improve concentrate grade in the later years of mine life. The metallurgical test program will also seek to determine if process enhancements can optimize saleable product in either copper or zinc concentrates.

William Fisher P.Geo, CEO of GlobeStar Mining Corp. who is the Company's Qualified Person for purposes of National Instrument 43-101 prepared this press release. All core samples were split and prepared for shipment at the Cerro de Maimon mine site under supervision of the Company's geologists. The samples were shipped to SGS Lakefield in Canada where sample preparation and assays were completed. SGS Lakefield carried out chemical analyses. Gold was analyzed by fire assay, copper by XRF for samples greater than 0.1% Cu and by AA for samples below 0.1% Cu, whereas silver and zinc were analyzed through ICP.

About GlobeStar

GlobeStar Mining Corp. is a well funded mine development company, developing the permitted Cerro de Maimon copper/gold project, currently anticipated to be due for completion in summer 2008. The Company is also aggressively exploring an extensive base and precious metals exploration portfolio in the Dominican Republic with a US$ 4M exploration budget for nickel and copper/gold exploration, including a 207-hole drilling program on the Company's nickel concessions.

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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