GlobeStar
Mining Corporation Cumpi� Sector – Cumpi� Hill Nickel Laterite Project in
the Dominican Republic:
New
Mineral Resource Estimate and Metallurgical Testwork Reporting Nearly 90%
Nickel Recovery
Toronto, Ontario – November
29, 2007 – GlobeStar Mining Corp. (TSX-GMI) (“GlobeStar” or
the “Company”) is pleased to announce the completion of a National
Instrument (“NI 43-101”) compliant Technical Report that discloses
a Mineral Resource estimate and the result of preliminary metallurgical test
work for the Cumpi� Sector of its Cumpi� Hill nickel laterite project in the
Dominican Republic. An Indicated Resource of 3.0 million tonnes grading 1.5 %
nickel (“Ni”) and an Inferred Resource of 2.5 million tonnes
grading 1.5 % Ni were estimated at a cut-off grade of 1 % Ni by Snowden Mining
Industry Consultants Inc. (“Snowden”), as summarized in Tables 1
and 2. Results of preliminary metallurgical leach test work by SGS Mineral
Services in Lakefield, Ontario (“SGS Lakefield”) on
material from this deposit show Ni extraction nearly 90% in the transition and
saprolite samples. This work is summarized in Tables 3 and 4 below in this
release.
“This Mineral
Resource estimate announced today represents an excellent initial result for
building a strong nickel Resource on our properties in the Dominican Republic”, stated
Bill Fisher, CEO of GlobeStar. Fisher added “the Loma Mala Sector
Resource estimate is expected to yield an increase in resources of the
complex”.
JP Chauvin,
President of GlobeStar commented: “The metallurgical results are very
encouraging for us and allow us to start looking to alternative ways of
processing the nickel mining project; the proximity of the Cumpi� Hill to the
Cerro de Maim�n project and Falcondo smelter controlled by Xstrata Nickel is
definitely an asset. These existing infrastructure will allow GlobeStar
to optimize the economics of the project will provide us with technical and
operational synergies as we move forward”.
GlobeStar
discovered Ni at Cumpi� Hill early in 2006 and finished a regular spaced drilling
program in July 2007. Since the discovery of Ni at Cumpi� Hill, GlobeStar has
focused its Ni exploration program in the northern part of the 43 km long
(198 sq km) segment of the Dominican Republic ultramafic laterite belt
that it controls, as shown in Figure 1. The rest of this belt is
controlled by Falcondo (Xstrata Nickel). Cumpi� Hill is immediately adjacent to
the Falcondo Ni laterite mine, 8 km from the Falcondo smelter and 5 km from the
Cerro de Maim�n Project.
The Mineral Resource estimates,
completed by Snowden are based on the results of 75 NTW and HQ3 core drillholes
(2015 m), nominally spaced on 71 m centres, completed between May 2006 and July
2007 on the Cumpi� Sector of the Cumpi� Hill Project, as shown in Figure 2.
The results of the leach test work
completed by SGS Lakefield are based on bottle roll testing of ten composite
samples prepared from crushed core analytical reject materials from selected
holes in the Cumpi� Sector. Two limonite zone, four transition zone (soft serpentine)
and four saprolite zone (hard serpentine and serpentinized peridotite) samples
were prepared and the composites subject to simple bottle roll type leach tests
in which the bottles were rolled for 1 minute of every hour for a total of 28
days. The leach tests were carried out at 30% solids by weight. Solution
samples were periodically withdrawn to complete free acid titrations and
re-adjust to the target acid level of 75 g/L H2SO4. The
transition and saprolite zone composites leached well with nearly 90% Ni
extractions. Cobalt extractions are estimates due to the low level of cobalt
within the samples. The limonite sample did not leach effectively under bottle
roll conditions. Based on these results, further test work is warranted aimed
at improving the ability to leach limonite; maximizing the nickel and cobalt
selectivity versus iron and aluminium; and reducing the overall acid
consumption.
Additional scheduled work on
GlobeStar’s Ni properties in the Dominican Republic currently includes
undertaking a Mineral Resource estimate for the Loma Mala Sector using the
completed 71 m x 71 m core drilling; reconnaissance drilling in the Corozal
area (about 3 km East of Cumpi� Hill); and completion of the reconnaissance for
additional target areas of laterite development within Mining Block C1 and the
other GlobeStar mineral concessions in the Dominican laterite belt as shown in
Figure 1.
The Company will file the NI 43-101
compliant Technical Report detailing the Mineral Resource estimates in the
Cumpi� Sector co-authored by F.R. Billington, P. Geo., Consulting Geologist,
and A.M. Trueman, P.Geo. (CP), Divisional Manager of Snowden, shortly.
Summary of the Mineral Resource Estimates:
Table 1
Cumpi� Sector November 2007 Mineral
Resource Estimate for a range of cut-offs
Category
|
Cut-off
(%Ni)
|
Tonnage
(Mt)
|
%Ni
|
%Co
|
%Fe2O3
|
%SiO2
|
%Al2O3
|
%MgO
|
Indicated
|
0.8
|
3.7
|
1.38
|
0.048
|
22.7
|
33.9
|
3.4
|
25.8
|
0.9
|
3.4
|
1.43
|
0.048
|
22.2
|
34.3
|
3.2
|
26.1
|
1.0
|
3.0
|
1.49
|
0.047
|
21.3
|
34.9
|
3.0
|
26.6
|
1.1
|
2.6
|
1.55
|
0.041
|
19.8
|
35.9
|
2.7
|
27.4
|
1.2
|
2.3
|
1.61
|
0.035
|
18.2
|
36.9
|
2.5
|
28.2
|
1.3
|
2.0
|
1.67
|
0.033
|
17.9
|
37.1
|
2.4
|
28.3
|
1.4
|
1.7
|
1.72
|
0.034
|
18.7
|
36.6
|
2.5
|
27.8
|
Inferred
|
0.8
|
3.1
|
1.33
|
0.037
|
21.7
|
35.4
|
3.7
|
25.3
|
0.9
|
2.8
|
1.39
|
0.035
|
20.8
|
36.0
|
3.5
|
25.7
|
1.0
|
2.5
|
1.45
|
0.033
|
20.1
|
36.5
|
3.3
|
26.1
|
1.1
|
2.1
|
1.51
|
0.031
|
19.5
|
36.9
|
3.2
|
26.4
|
1.2
|
1.8
|
1.57
|
0.030
|
19.1
|
37.2
|
3.1
|
26.6
|
1.3
|
1.6
|
1.62
|
0.030
|
19.4
|
36.9
|
3.1
|
26.3
|
1.4
|
1.3
|
1.68
|
0.029
|
18.7
|
37.4
|
3.0
|
26.7
|
Table 2
Cumpi� Sector Mineral Resources at a 1% Nickel
Cut-off by Mineral
Category
|
Unit
|
Tonnage
(Mt)
|
Grade
(%
Ni)
|
Contained
Ni
(kt)
|
Indicated
|
Limonite
|
0.3
|
1.1
|
3.4
|
|
Soft serpentine
|
1.3
|
1.7
|
22.6
|
|
Hard serpentine
|
1.0
|
1.4
|
14.7
|
|
Serpentinized peridotite
|
0.3
|
1.3
|
4.0
|
|
|
|
|
|
|
Sub-total saprolite
|
2.7
|
1.5
|
40.7
|
|
Total Indicated
|
3.0
|
1.5
|
44.8
|
|
|
|
|
|
Inferred
|
Limonite
|
0.2
|
1.2
|
2.7
|
|
Soft serpentine
|
0.9
|
1.7
|
15.3
|
|
Hard serpentine
|
0.9
|
1.4
|
13.1
|
|
Serpentinized peridotite
|
0.4
|
1.3
|
4.7
|
|
|
|
|
|
|
Sub-total saprolite
|
2.1
|
1.5
|
31.0
|
|
Total Inferred
|
2.5
|
1.5
|
35.7
|
These estimates must be read in
conjunction with the details of the Mineral Resource estimate methods and the
other parameters and assumptions used as described in the NI 43-101 Technical
Report for the Cumpi� Sector when released and summarized 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
Mineral Resource category.
�
Figures 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 (3D) 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 SGS Lakefield, Canada.
�
The majority of the samples (1604)
were analysed by SGS Lakefield, Canada.
A minority (63) were analysed by the Falcondo Mine laboratory, Dominican Republic.
�
Full Quality Assurance/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 horizons from the
Cumpi� Sector were applied to all the estimates.
�
A Mineral Resource classification
scheme has been applied for reporting the estimates that reflects the
requirements of NI 43-101, and the CIM Standard Definitions.
The data were validated by F.R.
Billington, P.Geo., Consulting Geologist and A.M. Trueman, P.Geo. of Snowden ,
both Qualified Persons as defined in N 43-101. The Mineral Resource
estimates were prepared by A.M. Trueman P.Geo. of Snowden, an independent
Qualified Person as defined in NI 43-101.
Summary of the
leach test work:
Table 3
Composite Head Analysis
Table 4
Leach Extractions and
Acid Addition
Geology and
mineralization of Cumpi� Hill
Two main areas of laterite
development have been identified in the Cumpi� Hill Project area to date (See
Figure 2). These are designated the Cumpi� Sector and the Loma Mala Sector. The
evaluation of the Cumpi� Sector is the most advanced and is the subject of this
press release. The description and the results of the Mineral Resource estimate
of the Loma Mala Sector will be the focus of a future report.
The Cumpi� Sector consists of three
dismembered areas of laterite. Together, they cover an area of 331900 m2
with a combined strike length of about 1250 m in a north-south direction and an
average width of 300 m in west-east direction. The thickness of the laterite
profile ranges from 2 m to 40 m with an average thickness of 20 m.
Limonite, transition, and saprolite
horizons are developed in the Cumpi� Sector; however the limonite is generally
less well developed/preserved than the transitional and saprolite zones. The
laterite/ultramafic bedrock contact is generally transitional and barren rock
remnants/boulders are common in the laterite profile. The geology is
similar to the adjacent Falcondo mine.
Figure 1. GlobeStar
mineral concessions in the Dominican laterite belt
Figure 2: Location
of Cumpi� Hill Project in Mining Block C1
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 in NI 43-101 for
GlobeStar’s nickel laterite exploration program.
About GlobeStar
GlobeStar 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 in the summer of 2008.
GlobeStar is 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 early 2008.
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