GlobeStar Reports Strong 2009 Operating Results &
Record Quarterly Gold Production
Toronto, Ontario, February 23, 2010 – GlobeStar Mining Corporation (“GlobeStar”) (TSX:GMI) today announced highlights of its operating results for the three months and twelve months ended December 31, 2009.
During the fourth quarter of 2009, the Cerro de Maimón Mine in the Dominican Republic continued to operate at planned production levels. Copper production was 5.6 million pounds and 25.3 million pounds in concentrate for the fourth quarter and fiscal 2009, respectively. Record gold quarterly production of 3,700 ounces for the fourth quarter resulted from higher recoveries in the sulphide mill. Gold production for 2009 totaled 12,060 ounces. Silver production was 137,000 ounces and 610,000 ounces for the fourth quarter and fiscal 2009, respectively.
The following table outlines the Cerro de Maimón sulphide plant's operating statistics for the three months and twelve months ended December 31, 2009.
Sulphide Plant - Operating Statistics
|
Three Months Ended December 31, 2009 |
Twelve Months Ended December 31, 2009 |
Sulphide ore processed (tonnes) |
108,000 |
415,000 |
Copper Grade |
2.9% |
3.3% |
Gold Grade g/t |
1.2 |
1.1 |
Silver Grade g/t |
51 |
68 |
Copper Recovery |
81% |
84% |
Gold Recovery |
53% |
41% |
Silver Recovery |
57% |
56% |
Copper concentrate produced (tonnes) |
11,500 |
46,200 |
Copper concentrate grade |
22% |
25% |
Copper in Concentrate (million pounds) |
5.6 |
25.3 |
Gold in concentrate (ounces) |
2,100 |
6,100 |
Silver in concentrate (ounces) |
102,000 |
515,000 |
During the fourth quarter, the Cerro de Maimón oxide plant achieved targeted gold production and produced the highest quarterly silver production since start up. The silver recovery was significantly higher during the fourth quarter which resulted in silver production of 35,000 ounces, an increase of over 14,000 ounces from the third quarter 2009.
The following table outlines the oxide plant's operating statistics for the three months and twelve months ended December 31, 2009:
Oxide Plant - Operating Statistics
|
Three Months Ended December 31, 2009 |
Twelve Months Ended December 31, 2009 |
Oxide ore processed (tonnes) |
61,000 |
206,000 |
Gold Grade g/t |
1.1 |
1.1 |
Silver Grade g/t |
25.6 |
30.1 |
Gold Recovery |
77% |
79% |
Silver Recovery |
70% |
52% |
Gold ounces |
1,600 |
5,960 |
Silver ounces |
35,000 |
94,900 |
Appointment of Vice President, Exploration
GlobeStar is pleased to announce the appointment of Julio Espaillat to the position of Vice President, Exploration. Mr. Espaillat, who began his career with GlobeStar in August of 2000, will also continue as the General Manager of GlobeStar's subsidiary, Corporación Minera Dominicana. Prior to his employment with GlobeStar, Mr. Espaillat spent 13 years with Falconbridge in various exploration roles both in the Dominican Republic and Canada. He has extensive knowledge of the geology in the Dominican Republic and other areas of Latin America having obtained the position of Superintendent of Exploration, Central America and Northern South America with Falconbridge.
About GlobeStar
GlobeStar Mining Corporation is a Canadian-based mining and exploration company producing copper, gold and silver at its Cerro de Maimón Mine in the Dominican Republic. GlobeStar is exploring for copper and gold on its extensive mineral concessions in the Dominican Republic, and also holds significant interests in the Moblan Lithium Project in Quebec, Canada, and the Cumpi� Hill lateritic nickel deposit adjacent to Xstrata's Falcondo plant in the Dominican Republic.
Contact:
GlobeStar Mining Corporation
|
Globestar Mining Corporation
|
|
PRODUCTEUR |
CODE : GMI.TO |
|
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Globestar Mining est une société de production minière de nickel et d'or basée au Canada. Globestar Mining est productrice de nickel, d'or, d'argent, de cobalt et de cuivre en Republique Dominicaine, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc en Republique Dominicaine, et détient divers projets d'exploration au Canada, au Groenland et en Republique Dominicaine. Ses principaux projets en production sont CUMPIE HILL, BAYAGUANA CONCESSIONS, DOÑA LORETTA, DOÑA AMANDA et CERRO KIOSKO en Republique Dominicaine, son principal projet en développement est CERRO DE MAIMON en Republique Dominicaine et ses principaux projets en exploration sont MOBLAN, WEMINDJI, POSTE LEMOYNE, GUERCHEVILLE, INMONT et LAC SHEEN au Canada, CERCADILLO, LA LEONORA RIVER AREA, CUANCE / LOS HOJANCHOS, MAIMÓN CONCESSION et COROZAL en Republique Dominicaine et CITRONEN FJORD au Groenland. Globestar Mining est cotée au Canada. Sa capitalisation boursière aujourd'hui est 173,7 millions CA$ (175,0 millions US$, 131,8 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 2,54 CA$, et son plus bas niveau récent le 24 décembre 2008 à 0,29 CA$. Globestar Mining possède 105 924 000 actions en circulation. |