GlobeStar Mining Update on Dominican Republic
Nickel Exploration:
Results on 14 holes including 14 metres
grading 1.8% nickel and 5.3 metres grading 1.8% nickel at Cumpi� Hill Deposit.
Loma Mala Deposit infill drilling completed
Toronto, Ontario – October 17th,
2007. GlobeStar Mining Corp. (TSX-GMI) (“GlobeStar” or the
“Company”) is pleased to announce the results of the last 14
diamond drill holes of their 64-hole in-fill drill program at Cumpi� Hill in
the Dominican Republic. The results are detailed in the table below (see
location map on http://www.globestarmining.com/media/images/cumpieinfilloct2007.jpg).
These results have gone to Snowden of Vancouver,
Canada, independent engineering consultants, who have been retained to prepare
a National Instrument (“NI”) 43-101 Technical Report due to be completed
later this year. Further in-fill drilling may be done as directed by the
project consultant and Snowden. SGS Lakefield, of Ontario, Canada
has been retained to conduct a metallurgical test program to define options for
the processing of the nickel laterites. The preliminary results of this program
are planned to be released concurrently with Snowden’s Cumpi� Hill NI
43-101 report.
Infill Drilling Program - Cumpi�
Holes Intercepts >= 1% Ni cut-off
|
Hole |
From (m)
|
To (m)
|
Width (m)
|
Ni %
|
Co %
|
CM-LATD-81
|
0
|
2.8
|
2.8
|
1.48
|
0.05
|
CM-LATD-82 and
|
1
|
5
|
4
|
1.44
|
0.04
|
22
|
24
|
2
|
1.16
|
0.02
|
CM-LATD-108
|
14
|
28
|
14
|
1.83 |
0.02 |
CM-LATD-109
|
6
|
22
|
16
|
1.47
|
0.07
|
CM-LATD-110
|
7
|
15
|
8
|
1.26
|
0.06
|
CM-LATD-111 and
|
1.7
|
7
|
5.3
|
1.46
|
0.02
|
13
|
16
|
3
|
1.29
|
0.02
|
CM-LATD-112
|
0
|
4.2
|
4.2
|
1.30
|
0.03
|
CM-LATD-113
|
0
|
4
|
4
|
1.25
|
0.05
|
CM-LATD-117 and
|
1.7
|
5.8
|
4.1
|
1.52
|
0.06
|
23
|
25
|
2
|
1.34
|
0.02
|
CM-LATD-118 and
|
0
|
5
|
5
|
1.49
|
0.04
|
10
|
12
|
2
|
1.04
|
0.01
|
CM-LATD-120
|
No Significant Intersection
|
CM-LATD-125
|
0.6
|
6
|
5.4
|
1.79 |
0.04 |
CM-LATD-127
|
4
|
13
|
9
|
1.43
|
0.06
|
CM-LATD-128
|
0
|
22
|
22
|
1.46 |
0.03 |
The Company has completed grid diamond drilling on 71 metre
centres at Cumpi� Hill and has also completed its drilling program at Loma
Mala, adjacent to Cumpi� Hill, where drilling included one-hole of 13 metres grading 2.01% nickel (see release
of February 9th 2007). All 22 holes at Loma Mala have been completed
and assays are pending, and will be published in a separate NI 43-101 report.
Drilling has begun at the Los Mellizos target on 200 metre centres in an area
where laterite has been mapped, but no results have been received to date. Four
holes were drilled on small areas near Los Mellizos, during the re-locating of
a drill rig to this new, un-drilled area.
Nickel laterites in the Dominican Republic occur on near
surface flat lying areas overlying nickel bearing peridotite rocks. Cumpi�
Hill, Loma Mala, Corozal, Loma Prieta Ridge and Loma Prieta
Valley areas have
returned prospecting pit or drilling samples grading over 1.7% nickel in near
surface nickel laterites, and these areas are slated to be drilled in the
Company’s ongoing 207-hole drill program. In early 2007, GlobeStar
completed a DIGHEM airborne Electro Magnetic (“EM”) and magnetic
survey covering 95 square kilometres of nickel bearing peridotite concessions,
covering the full strike length of 43 kilometres to assist selection of
targets.
The compositing of the nickel grades
in the individual holes was done using a nickel cut-off 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 the SGS Lakefield
laboratory and the pulps have
been analyzed there using tetraborate fusion XRF. Full QA/QC
procedures were implemented, including the insertion of standards, duplicates
and blanks. Check samples representing approximately 10% of all the samples
will be sent to another international
laboratory for analysis by XRF.
This news release was prepared by GlobeStar and the data
validated by F. Roger Billington, P.Geo. and Consulting Geologist, who is the designated
independent Qualified Person as defined in NI 43-101 for GlobeStar’s
nickel laterite exploration program. William Fisher P.Geo, CEO of
GlobeStar who is the Company’s Qualified Person for purposes of National
Instrument 43-101 has reviewed this press release.
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 estimated 6 million tonne, 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 raised C$31.8 million in May 2007 and closed on a US$45 million
project debt financing facility development of Cerro de Maim�n. The Company
currently has C$36.6 million in cash and sufficient resources to fund the
current estimated capital cost for Cerro de Maim�n and its exploration and
property acquisition programs.
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
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.