Globestar's Dominican Republic Nickel Exploration 23 Holes
Reported,
Including 39 Metres Grading 1.73% Nickel And 24 Metres Grading
2.05% Nickel At Cumpi?
Hill
Loma Mala In-Fill Drilling
Underway
Toronto, Ontario - August
22nd, 2007 -- GlobeStar Mining Corp. (TSX-GMI) ("GlobeStar" or the
"Company") is pleased to announce the results of a further 23 Diamond drill
holes as part of its 64-hole in-fill drill program previously announced for its
Cumpi? Hill deposit in the Dominican Republic. Results from the first 11 holes
of this program were released on June 12, 2007. The remaining 30 holes have been
completed and assays are pending. The results of the 23 holes are detailed in
Table 1 below.
The results include one hole,
CM-LATD-96 which returned 39 metres (128
ft) grading 1.73% nickel. Other notable intersections are 24 metres grading 2.02% nickel (Hole
CM-LATD-93) and 27.3 metres grading
1.92% nickel (Hole CM-LATD-95).
See location map on http://www.globestarmining.com/media/images/cumpieinfillaug2007.jpg
"These are the best drill holes
yet reported from GlobeStar's nickel laterite program," commented Bill Fisher,
GlobeStar's CEO. "In-fill drilling is now complete at Cumpi?; 8 holes have
already been drilled at Loma Mala; and additional targets have been selected
along GlobeStar's 43 kilometre long land position in the Dominican Republic."
The Company has now completed
grid Diamond drilling on 71 metre centres at Cumpi? Hill and is seeking to
upgrade this discovery to a resource. F. Roger Billington P. Geo. Consultant
Geologist, in conjunction with Snowden & Associates of Vancouver, Canada,
the Company's engineering consultants ("Snowden"), have been retained to independently prepare a formal, National Instrument ("NI") 43-101 compliant,
mineral resource estimate for Cumpi? Hill which is expected to be completed
later this year. Further in-fill drilling may be done as directed by Mr. Billington and Snowden if the results show potential for extensions of the
Cumpi? Hill mineralization. The holes reported today with "no significant
mineralization" were drilled in areas of steep topography and serve to delineate
the edge of the mineralization. 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 Cumpi? Hill NI 43-101
technical report when completed.
The next area for investigation
is Loma Mala (adjacent to Cumpi? Hill) where earlier drilling included 13 metres grading 2.01% nickel (see
release of February 9th 2007).
Eight holes have been completed of the planned 22 hole program and assays
are pending for all eight holes. Characterization of the nickel mineralization
at Loma Mala will be published by the Company in a separate NI 43-101 compliant
technical report.
GlobeStar's strategy is to identify
areas of nickel laterite potential and then drill each area at a density suitable for formal resource calculations. The Company plans to publish separate
resources as each program is completed.
Nickel laterites grading over 1.7%
nickel have been discovered at Cumpi? 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% nickel in near surface nickel laterites. These areas are slated to be drilled as
part of the Company's ongoing exploration program. Nickel laterites have also
been mapped at Los Mellizos. Earlier this year, GlobeStar completed a DIGHEM
airborne Electro Magnetic (EM)/magnetic survey covering 95 square kilometres of
nickel-bearing peridotite concessions. Data from this work is being used for the
selection of new areas of nickel potential for GlobeStar's ongoing surface
mapping program.
|
Globe Star
Mining
Nickel Laterite
Exploration
Infill Drilling Program -
Cumpie Hill
Table 1: Intercepts >= 1%
Ni cut-off |
|
Hole |
From
(m) |
To
(m) |
Width (m)
|
Ni grade
(%) |
Co grade
(%) |
|
CN-LATD-77 |
1.15 |
3.00 |
1.85 |
1.18 |
0.05 |
|
CN-LATD-78 |
No significant
Intersection |
|
CN-LATD-79 |
No significant
Intersection |
|
CN-LATD-80 |
0.00 |
6.70 |
6.70 |
1.88 |
0.05 |
|
CN-LATD-81 |
Assays
Pending |
|
CN-LATD-82 |
Assays
Pending |
|
CN-LATD-83 |
No significant
Intersection |
|
CN-LATD-84 |
No significant
Intersection |
|
CN-LATD-85 |
0.00 |
6.00 |
6.00 |
1.48 |
0.03 |
|
CN-LATD-86 |
0.00 |
2.00 |
2.00 |
1.03 |
0.07 |
|
CN-LATD-87 |
2.00 |
5.30 |
3.30 |
1.11 |
0.04 |
|
CN-LATD-88 |
No significant
Intersection |
|
CN-LATD-89 |
No significant
Intersection |
|
CN-LATD-90 |
No significant
Intersection |
|
CN-LATD-91 |
0.00 |
5.00 |
5.00 |
1.57 |
0.03 |
|
CN-LATD-92 |
No significant
Intersection |
|
CN-LATD-93 |
1.00 |
25.00 |
24.00 |
2.02 |
0.02 |
|
CN-LATD-94
and |
1.00 |
3.40 |
2.40 |
1.15 |
0.02 |
|
12.00 |
16.00 |
4.00 |
1.23 |
0.02 |
|
Globe Star
Mining
Nickel Laterite
Exploration
Infill Drilling Program -
Cumpie Hill
Table 1: Intercepts >= 1%
Ni cut-off |
|
Hole |
From
(m) |
To
(m) |
Width (m)
|
Ni grade
(%) |
Co grade
(%) |
|
CN-LATD-95 |
2.70 |
30.00 |
27.30 |
1.92 |
0.02 |
|
CN-LATD-96* |
5.00 |
44.00 |
39.00 |
1.73 |
0.03 |
|
CN-LATD-97
and |
5.00 |
20.00 |
15.00 |
1.73 |
0.08 |
|
23.50 |
27.55 |
4.05 |
1.36 |
0.02 |
|
CN-LATD-98 |
0.00 |
6.00 |
6.00 |
1.28 |
0.04 |
|
CN-LATD-99 |
0.00 |
7.00 |
7.00 |
1.44 |
0.03 |
|
CN-LATD-100 |
0.35 |
19.00 |
18.65 |
1.59 |
0.04 |
|
CN-LATD-101
and |
7.00 |
24.90 |
17.90 |
1.64 |
0.05 |
|
30.35 |
35.80 |
5.45 |
1.19 |
0.02 |
* 3 m of internal dilution between
29 and 32 m
"While we look forward to
publishing our first NI 43-101 compliant nickel resource for Cumpi? 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 resources
from our discoveries," concluded Mr. Fisher.
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.
However, hole CM-LATD-96 was reported with 3 metres internal dilution.
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 Xstrata's Falcondo laboratory (holes CM-LATD-77 to CM-LATD-83) and at SGS
Lakefield laboratory (holes CM-LATD-84 to CM-LATD-101) and the pulps analysed at
SGS Lakefield 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 the designated independent Qualified Person
for GlobeStar's nickel laterite exploration, as defined in
NI 43-101, F. Roger Billington,
P.Geo. Consulting Geologist.
About GlobeStar
GlobeStar Mining Corp.
is a well-funded mining and exploration company, developing the permitted Cerro
de Maim?n copper/gold project in the Dominican Republic. Initial production from
the Cerro de Maim?n 6 million tonne, high-grade open pit mine is currently
expected in the summer of 2008. As previously disclosed in the Company's press
release of August 16, 2007, the project has a current projected net present
value (based upon 8% discount rate) of US$176 million and a projected after tax
internal rate of return of 56%, based upon gross revenues of US$624
million. The current estimated payback of the estimated US$68.6 million capital
cost is 15 months using US$2.45/lb copper, US$543/oz gold with estimated US$10/oz silver, and cash costs, net of by-products, of US$0.42/lb of copper.
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
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.