GlobeStar's
Cerro de Maimon Development Update: Pre-production Drill Program Intersects 9.4
meters of 11.13% Copper
TORONTO,
Ontario (May 3rd, 2007) -- GlobeStar Mining Corporation ("GlobeStar"
or the "Company") (TSX: GMI) is pleased to announce results from its latest
drilling program at the Cerro de Maimn 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 Maimn 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.
Cerro de Maimn Pre-Production Drilling Program
Intercepts
> 1% Cu cut-off
(1) |
Hole
|
From
(m) |
To
(m) |
Length
(m) |
True
Thickness (m) |
Cu
% |
Zn
% |
Ag
g/t |
Au
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
and |
92.6 |
96.9 |
4.3 |
4.1 |
5.0 |
4.8 |
63.1 |
1.8 |
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
and |
108.8 |
113.8 |
5.0 |
3.9 |
3.2 |
2.6 |
30.3 |
1.7 |
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
and
and |
73.0 |
77.7 |
4.7 |
4.6 |
2.1 |
2.2 |
39.8 |
2.6 |
88.7 |
96.0 |
7.3 |
7.1 |
1.6 |
1.3 |
10.7 |
1.0 |
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 Maimn 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 Cumpi 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 Maimn mineralization and
the thickness of the main ore body. The Cerro de Maimn 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 Maimn
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 > 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 Maimn 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.
Contact:
GlobeStar
Mining Corporation
William
Fisher
or JP
Chauvin
CEO
President and COO
Email:
wfisher@globestarmining.com
Email: jp.chauvin@globestarmining.com
Tel.:
(416) 868-6678
Tel.: (416) 868-6678
Bay
Street Connect
Coal
Harbor Communications
Gus
Garisto
Dale Paruk
Email:
gus@baystreetconnect.com
Email: dale@coal-harbor.com
Tel.: (416) 607 6023
Tel.:
(604) 662-4505
Fax: (604) 662-4547
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.