Globestar Mining Corporation

Globestar Mining Corporation

June 12, 2007 07:00 ET

GlobeStar's Nickel Exploration: 11 Holes Including 16.5 Metres Grading 1.66% Nickel and 19.0 Metres Grading 1.56% Nickel at Cumpie Hill and 95 Square Kilometre Airborne EM Program Completed

TORONTO, ONTARIO--(Marketwire - June 12, 2007) -


GlobeStar Mining Corp. (TSX:GMI) ("GlobeStar") is pleased to announce the results of the first 11 diamond drill holes as part of their 65-hole in-fill drill program previously announced for Cumpie Hill in the Dominican Republic. The results are detailed in the table 1 below (see location map on The results received to date from the 11 holes reported show significant intersections, including 16.5 metres grading 1.60% nickel. 18.3 metres grading 1.52% nickel, 16.5 metres grading 1.66% nickel and 19.0 metres grading 1.56% nickel.

As part of GlobeStar's nickel exploration program in the Dominican Republic, FUGRO Airborne Surveys Corp have completed a 490 line kilometre DIGHEM Electro Magnetic (EM)/ magnetic survey covering 95 square kilometres of GlobeStar's nickel bearing peridotite concessions, covering a strike length of 45 kilometres (see map on Preliminary review of the data shows an excellent correlation between lateritic development and low resistivity areas. The ongoing surface mapping program will follow up on all areas identified by this survey.

"GlobeStar is accelerating its nickel development, by fast tracking target selection by utilizing airborne EM geophysics" commented Bill Fisher, GlobeStar's CEO. "At the same time we are confirming both the grade and thickness of the lateritic horizon at the Cumpie Hill massif. The continuous drilling program, at a cost of under $5,000 per hole and at a rate of 17 holes per month, is an efficient way to add value for shareholders at times of high nickel prices."

The Company is currently grid drilling on 71 metre centres at Cumpie Hill, seeking to upgrade this discovery and publish a formal, National Instrument 43-101 compliant, mineral resource estimate later this year. Forty-eight holes of this program have now been completed and results will be released in batches as they are received, and further in-fill drilling may be done as directed by the project consultant. GlobeStar discovered high grade nickel laterites at Cumpie Hill in May 2006 and Loma Mala in February 2007. In addition, grades of over 1.7% nickel have been found in test pits at Corozal ridge and Cercadillo, 43 kilometres to the south of Cumpie Hill. GlobeStar has allocated one diamond drill rig full time to the nickel laterite program. Upon completion of the geophysical interpretation and follow up mapping, all anomalous areas identified from this work will be drilled.

Globe Star Mining
Nickel Laterite Exploration
Infill Drilling Program - Cumpie Hill
Table 1: Intercepts greater than equals 1% Ni cut-off
From To Length Ni grade Co grade
Hole (m) (m) (m) (%) (%)
CM-LATD-66 3.0 15.0 12.0 1.31 0.04
CM-LATD-67 4.0 8.0 4.0 1.02 0.02
CM-LATD-68 0.0 3.0 3.0 1.44 0.03
CM-LATD-69 0.0 16.5 16.5 1.60 0.04
CM-LATD-70 0.0 2.0 2.0 1.99 0.05
CM-LATD-71 0.0 5.0 5.0 1.33 0.03
CM-LATD-72 0.0 3.9 3.9 1.28 0.04
CM-LATD-73 10.0 28.3 18.3 1.52 0.16
CM-LATD-74 0.5 17.0 16.5 1.66 0.03
CM-LATD-75 0.0 5.5 5.5 1.39 0.02
CM-LATD-76 0.0 19.0 19.0 1.56 0.03
CM-LATD-76 35.0 36.5 1.5 1.24 0.02

The compositing of the nickel grades in the individual holes was done using a nickel cutoff 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 Xstrata's Falcondo laboratory and the pulps analysed at SGS Lakefield by tetraborate fusion XRF. Full QA/QC procedures were implemented including the insertion of standards every 40th sample and duplicates samples prepared and inserted every 40th sample (i.e. every 20th sample was either a standard or a duplicate). Blank samples were also inserted every 40th sample. Check samples representing approximately 10% of all the samples will be sent to another international laboratory for analysis by XRF.

GlobeStar believes that its nickel laterite land position is the only recent discovery in the western hemisphere by a junior mining company near a world-class nickel laterite smelter. Xstrata's Falcondo smelter, which is 8 kilometres from Cumpie Hill, processed 3.8 million tonnes grading 1.18% nickel in 2005 (see Falconbridge's 2005 annual report).

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

About GlobeStar

GlobeStar Mining Corp. is a well-funded minerals exploration company, developing the permitted Cerro de Maimen copper/gold project in the Dominican Republic. Production from this 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 recently raised C$31.8 million in May 2007 and closed a C$49 million project financing for development of Cerro de Maimen. The Company currently has C$47 million in cash and sufficient resources to fund mine development and aggressive exploration and 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.

The common shares of GlobeStar Mining Corporation have not and will not be registered under the United States Securities Act of 1933, as amended, (the "US Securities Act") or any state's securities laws and may not be offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the US Securities Act and applicable state securities laws.

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