Globestar
Mining Corp (C:GMI)
Shares Issued 100,280,767
Last Close 9/12/2007
$1.63
Thursday September 13 2007 - News Release
Mr. William
Fisher reports
GLOBESTAR
MINING PROVIDES UPDATE ON DOMINICAN REPUBLIC NICKEL EXPLORATION
PROGRAM
GlobeStar
Mining Corp. has released the results of a further 17 diamond drill holes as
part of its 64-hole infill drill program previously announced for its Cumpie
Hill deposit in the Dominican Republic. To date, results from 50 of the 64-hole
program have now been released. Drilling of the remaining 14 holes has been
completed and assays are pending. Approximately 21 holes out of a planned
27-hole program have been completed at Loma Mala.
The Cumpie
Hill results include one hole, CM-LATD-122, which returned 27.4 metres grading
1.78 per cent nickel. Other notable intersections include 19.8 metres grading
1.72 per cent nickel (hole CM-LATD-124) and 16 metres grading 1.74 per cent
nickel (hole CM-LATD-102).
"The
high-grade nickel drill hole results continue for GlobeStar's nickel laterite
program," commented Bill Fisher, GlobeStar's chief executive officer. "Extra
holes have been allocated to Cumpie Hill and also Loma Mala before the company
starts on its next target, Los Mellizos."
The company
has completed the phase 2 grid diamond drilling on 71-metre centres at Cumpie
Hill and is seeking to upgrade this discovery to a mineral resource estimate. F.
Roger Billington, PGeo, and consultant geologist to the company, in conjunction
with Snowden & Associates of Vancouver, Canada, the company's engineering
consultants, have been retained to independently prepare a formal National
Instrument 43-101-compliant mineral resource estimate for Cumpie Hill, which is
expected to be completed later this year. A further eight holes have been
selected by Mr. Billington to test extensions of the Cumpie Hill mineralization.
All the holes reported today, except two, encountered nickel laterites grading
over 1 per cent nickel. SGS Lakefield of Ontario, Canada, has been separately
retained to conduct a metallurgical test program to define different options for
processing of the nickel laterites. The preliminary results of this research are
planned to be released concurrently with the Cumpie Hill National Instrument
43-101-compliant mineral resources estimate.
Approximately 21 holes have been completed of the
planned 22-hole program for the Loma Mala ridge (adjacent to Cumpie Hill), where
earlier drilling included 13 metres grading 2.01 per cent nickel (see news in
Stockwatch of Feb. 9, 2007). Assays are pending for all 22 holes. Five more
holes have been selected to test the boundaries of the
deposit.
Characterization of the nickel mineralization at Loma
Mala is currently expected to be published by the company in a separate National
Instrument 43-101-compliant technical report.
INFILL DRILLING PROGRAM SUMMARY RESULTS -- CUMPIE HILL
Hole From To Width Ni Co
(metres) (metres) (metres) (%) (%)
CM-LATD-102 1.00 17.00 16.00 1.74 0.03
CM-LATD-103 0.00 6.00 6.00 1.30 0.02
CM-LATD-104 0.00 5.00 5.00 1.13 0.02
CM-LATD-105 No significant intersection
CM-LATD-106 0.00 9.00 9.00 1.61 0.02
and 17.00 21.00 4.00 1.24 0.02
CM-LATD-107 7.00 13.00 6.00 1.48 0.10
and 19.00 24.00 5.00 1.43 0.02
and 29.00 32.00 3.00 1.60 0.01
CM-LATD-108 Assays pending
CM-LATD-109 Assays pending
CM-LATD-110 Assays pending
CM-LATD-111 Assays pending
CM-LATD-112 Assays pending
CM-LATD-113 Assays pending
CM-LATD-114 1.25 4.00 2.75 1.85 0.04
CM-LATD-115 2.00 17.00 15.00 1.70 0.02
CM-LATD-116 2.00 15.00 13.00 1.28 0.02
CM-LATD-117 Assays pending
CM-LATD-118 Assays pending
CM-LATD-119 1.20 10.00 8.80 1.60 0.02
CM-LATD-120 Assays pending
CM-LATD-121 2.00 10.00 8.00 1.07 0.04
CM-LATD-122 1.40 28.80 27.40 1.78 0.02
CM-LATD-123 11.00 23.80 12.80 1.68 0.10
CM-LATD-124 2.00 21.75 19.75 1.72 0.04
CM-LATD-125 Assays pending
CM-LATD-126 No significant intersection
CM-LATD-127 Assays pending
CM-LATD-128 Assays pending
CM-LATD-129 4.30 28.20 23.90 1.50 0.05
Holes CM-LATD-102 to CM-LATD-129: intercepts greater than or equal
1-per-cent-Ni cut-off
GlobeStar's
nickel exploration strategy continues to be to identify areas of nickel laterite
potential and then drill each area at a density suitable for formal mineral
resource estimates. The company plans to publish separate resource estimates as
each program is completed.
Nickel
laterites grading over 1.7 per cent nickel have been discovered at Cumpie Hill
and Loma Mala, where the company's exploration programs have been focused. Other
promising areas include Corozal, Loma Prieta Ridge and Loma Prieta Valley, and have returned prospecting pit
samples grading over 1.7 per cent nickel in near-surface nickel laterites. These
areas are currently slated to be drilled later as part of the company's
continuing exploration program. Nickel laterites have also been mapped at Los
Mellizos. Earlier this year, GlobeStar completed a Dighem airborne
electromagnetic (EM)/magnetic survey covering 95 square kilometres of
nickel-bearing peridotite concessions. Data from this work are being used for
the selection of new areas of nickel potential for GlobeStar's continuing
surface mapping program.
"While we
look forward to publishing our first National Instrument 43-101-compliant nickel
resource estimate for Cumpie Hill and our other nickel-bearing deposits, we
recognize that the full economic potential of the complete belt will only become
clear as we systematically publish resource estimates from our discoveries,"
concluded Mr. Fisher.
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 per cent 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,
PGeo, and consulting geologist, who is the designated independent qualified
person as defined in National Instrument 43-101 for GlobeStar nickel laterite
exploration.
© 2007
Canjex Publishing Ltd.
Dale Paruk
Coal Harbor Communications Inc.
Suite 701 - 555 Jervis
Street
Vancouver BC V6E 4N1
Tel: 604-662-4505
Fax: 604-662-4547