GlobeStar Mining Corporation: Update
on Mineral Resource Estimate for Cumpi� Hill Nickel Laterite Project in the Dominican Republic
Toronto, Ontario – February 25, 2008 – GlobeStar Mining
Corp. (TSX-GMI) (“GlobeStar” or the “Company”) is
pleased to announce the completion of a technical report, compiled in
accordance with Form F1 of National Instrument 43-101 (“NI
43-101”), that discloses an update to the company’s Cumpi� Hill
nickel laterite project resources with the incorporation of a new resource
estimate for the Loma Mala Sector.
The Loma Mala sector forms the western mineralized part of the Cumpi�
Hill nickel laterite project. (see http://www.globestarmining.com/media/images/CumpieHillProject.jpg).
An Inferred Resource of 0.7 million tonnes (“Mt”) grading 1.5 %
nickel (“Ni”) was estimated in the Loma Mala sector at cut-off
grade of 1.0 % Ni by Snowden Mining Industry Consultants Inc. (“Snowden”)
(see Table 1, below).
The mineral resource estimate for the total Cumpi� Hill Nickel laterite
project including the estimate for the Cumpi� Hill sector (see press release of
November 29, 2007) and the new estimate for the Loma Mala sector (see above) is
an Indicated Resource of 3.0 Mt grading 1.49 % Ni and an Inferred Resource of
3.2 Mt grading 1.5 % Ni, both estimated at a cut-off grade of 1.0% Ni. At a
cut-off grade of 0.9 % Ni, the Indicated Resource is 3.4 Mt grading 1.43 % Ni
and the Inferred Resource is 3.7 Mt grading 1.4 % Ni (see Table 2).
GlobeStar continues its program to expand nickel resources in the Dominican Republic.
The Company will investigate all metallurgical and mining options to maximize
shareholder value with the nickel resource.
GlobeStar discovered nickel at Loma Mala in December 2006 (see press
release of February 9, 2007) and finished a regular-spaced drilling program in
September 2007. The mineral resource estimate for Loma Mala was generated by
Snowden, and is based on the results of 30 HQ-sized drill holes, nominally
spaced on 71 m centres and completed between December 2006 and September 2007
(http://www.globestarmining.com/media/images/LomaMalaInfill.jpg). The Cumpi�
Hill project is adjacent to the Falcondo nickel laterite mine and 8 kilometers
from Falcondo’s nickel smelter.
Summary of the
Mineral Resource Estimates:
Table
1
Loma
Mala Sector February 2008 Mineral Resource Estimate
Classification
|
Cut-off (%Ni)
|
Tonnage (Mt)
|
Ni
(%)
|
Co
(%)
|
Fe2O3 (%)
|
SiO2
(%)
|
MGO
(%)
|
Inferred
|
0.8
|
1.0
|
1.3
|
0.05
|
25.5
|
37.0
|
19.4
|
|
0.9
|
0.9
|
1.4
|
0.05
|
25.2
|
37.4
|
19.2
|
|
1.0
|
0.7
|
1.5
|
0.05
|
24.4
|
38.1
|
19.6
|
|
1.1
|
0.6
|
1.6
|
0.05
|
23.4
|
38.8
|
20.1
|
|
1.2
|
0.6
|
1.6
|
0.05
|
22.8
|
39.3
|
20.4
|
|
1.3
|
0.5
|
1.7
|
0.05
|
22.8
|
39.2
|
20.5
|
|
1.4
|
0.4
|
1.8
|
0.05
|
22.3
|
39.8
|
20.7
|
Table 2
Cumpi�
Hill Nickel Laterite Project February 2008 Mineral Resource Estimate
(Cumpi�
Hill and Loma Mala Sectors)
Classification
|
Cut-Off
(%
Ni)
|
Tonnage
(Mt)
|
Grade
(%
Ni)
|
Contained
Ni (kt)
|
|
|
|
|
|
Indicated
|
0.8
|
3.7
|
1.38
|
51
|
|
0.9
|
3.4
|
1.43
|
49
|
|
1.0
|
3.0
|
1.49
|
45
|
|
1.1
|
2.6
|
1.55
|
41
|
|
1.2
|
2.3
|
1.61
|
37
|
|
1.3
|
2.0
|
1.67
|
33
|
|
1.4
|
1.7
|
1.72
|
30
|
|
|
|
|
|
Inferred
|
0.8
|
4.1
|
1.3
|
53
|
|
0.9
|
3.7
|
1.4
|
52
|
|
1.0
|
3.2
|
1.5
|
48
|
|
1.1
|
2.7
|
1.5
|
41
|
|
1.2
|
2.3
|
1.6
|
37
|
|
1.3
|
2.1
|
1.6
|
34
|
|
1.4
|
1.7
|
1.7
|
29
|
Details of mineral resource estimation methods,
parameters, and assumptions used for Loma Mala will be described in the NI
43-101 technical report, which will be released and filed to SEDAR shortly. A summary
of these methods, parameters, and assumptions is provided below:
�
Mineral resources which are not mineral reserves do
not have demonstrated economic viability.
�
The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
�
It is uncertain if further exploration will result in
upgrading the Inferred mineral resource to an Indicated or Measured mineral
resource or the Indicated mineral resource to a Measured Resource category.
�
Reported mineral resources have been rounded and this
may have resulted in minor discrepancies.
�
The most likely cut-off grade for this deposit is not known
and will need to be confirmed by the appropriate economic studies.
�
The mineral resources were estimated by ordinary
kriging into three-dimensional block models that identify the limonite, soft
serpentine, hard serpentine, and serpentinized peridotite horizons within the
laterite profile.
�
Sample preparation was undertaken at the Falcondo Mine
Laboratory, Dominican Republic
and at ACME Laboratory in Maim�n,
Dominican Republic.
�
The majority of the samples were analysed by SGS
Lakefield, Canada.
A small proportion were analysed by the Falcondo Mine Laboratory, Dominican
Republic.
�
Full quality assurance and quality control procedures
were implemented for the samples analysed by SGS Lakefield, including the
insertion of standards, duplicates, and blanks.
�
Bulk density factors from measurements by GlobeStar on
core samples from individual lithological horizons of the Loma Mala sector were
applied to the estimates of resource tonnage.
�
A mineral resource confidence classification scheme
has been applied for reporting the estimates that reflects the requirements of
NI 43-101, and the CIM Definition Standards.
The data were validated by F.R. Billington, P.Geo.,
Consulting Geologist and A.M. Trueman, P.Geo., Divisional Manager of Snowden,
both Qualified Persons as defined under NI 43-101. The mineral resource
estimates were prepared by A.M. Trueman, an independent Qualified Person as
defined in NI 43-101.
The NI 43-101 technical report detailing the total
mineral resource estimates in the Cumpi� Hill nickel laterite project, to be
released, is co-authored by F.R. Billington and A.M. Trueman.
Cumpi� Project Future Steps
In late 2007, GlobeStar obtained from the Dominican Republic Secretaria de Estado de Medio
Ambiente y Recursos Naturales (SEMARENA) the terms of references to complete the
environmental studies required to obtain the licence to exploit the nickel
resources from Mining Block C1. Currently an external environmental consultant
is undertaking these studies. GlobeStar plans to embark on a comprehensive
evaluation of the best processing options for the Cumpie Hill project.
Current Status of
Nickel Laterite Exploration in the Dominican Republic
Drilling at the Corozal ridge continues. The Corozal
Ridge nickel lateritic zone is located approximately 3.5 kilometers east of
GlobeStar’s Cumpi� Hill nickel deposit and 1.5 kilometers west of the
Company’s Cerro de Maim�n copper/gold project. Drilling at the Corozal
Ridge target began in mid- November 2007 on 50 meter centers. GlobeStar disclosed
results of the first seven holes, including one hole with 21 meters grading
1.85 % Nickel (see press release of January 17, 2008). The original area of
Lateritic soil development has been extended after detailed mapping and
drilling, and 30 new holes have been added to the original 30-hole program. To
date 35 holes have been completed and 25 additional holes are currently
scheduled.
A number of targets for scouting drilling have been
selected south of Corozal covering the central zone of GlobeStar 43 kilometer
ultramafic belt.
This news release was prepared by GlobeStar and
reviewed by F. Roger Billington, P.Geo., Consulting Geologist, who is the
designated independent Qualified Person as defined under NI 43-101 for
GlobeStar’s nickel laterite exploration program.
GlobeStar will have
an exhibit at the PDAC Mining Conference (March 2-5, 2008) located in the Metro
Toronto Convention Centre – South
Building, Toronto, Ontario, Canada. Please come and visit
us at Booth #2142.
About
GlobeStar
GlobeStar Mining Corp. is a
well-funded minerals exploration company, developing the permitted Cerro de
Maim�n copper/gold project in the Dominican Republic. Production from
the 6 million tonne, high-grade open pit mine is currently expected to start in
the summer of 2008.
Contact:
GlobeStar Mining
Corporation
GlobeStar Mining Corporation
Larry
Ciccarelli
or JP
Chauvin
Chairman
President and
COO
Email:
lcicc@karrsecurities.com
Email: jp.chauvin@globestarmining.com
Tel.: (519)
337-0535 ext:
224
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 made are
subject to significant risks and uncertainties. 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 its 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.
Dale Paruk
Coal Harbor Communications, Inc.
Suite 701, 555 Jervis Street
Vancouver BC
V6E 4N1
Tel: 604-662-4505
Fax: 604-662-4547
dale@coal-harbor.com
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