GlobeStar's Nickel Exploration: 11 holes including 16.5
metres grading 1.66% nickel and 19.0 metres grading 1.56% nickel at Cumpi Hill
and 95 square kilometre airborne EM program
completed
Toronto, Ontario - June 12, 2007. GlobeStar
Mining Corp. (TSX-GMI) ("GlobeStar") is pleased to announce the results of the
first 11 diamond drill holes as part of their 65-hole in-fill drill program
previously announced for Cumpi Hill in the Dominican Republic. The results are detailed in the table 1
below (see location map on http://www.globestarmining.com/media/images/cumpieinfill.jpg). The results received to date from the 11 holes reported show
significant intersections, including 16.5 metres grading 1.60% nickel. 18.3
metres grading 1.52% nickel, 16.5 metres grading 1.66% nickel and 19.0 metres
grading 1.56% nickel.
As part of GlobeStar's nickel exploration program in the Dominican
Republic, FUGRO Airborne Surveys Corp have completed a 490 line kilometre DIGHEM
Electro Magnetic (EM)/ magnetic survey covering 95 square kilometres of
GlobeStar's nickel bearing peridotite concessions, covering a strike length of
45 kilometres (see map on http://www.globestarmining.com/media/images/dighem.jpg) Preliminary review of the data shows an excellent correlation between
lateritic development and low resistivity areas. The ongoing surface mapping program will
follow up on all areas identified by this survey.
"GlobeStar is accelerating its nickel development, by fast tracking
target selection by utilizing airborne EM geophysics" commented Bill Fisher,
GlobeStar's CEO. "At the same time we are confirming both the grade and
thickness of the lateritic horizon at the Cumpi Hill massif. The continuous drilling program, at a
cost of under $5,000 per hole and at a rate of 17 holes per month, is an efficient way to add value for shareholders at times of high nickel prices."
The Company is currently grid drilling on 71 metre centres at Cumpi
Hill, seeking to upgrade this discovery and publish a formal, National
Instrument 43-101 compliant, mineral resource estimate later this year.
Forty-eight holes of this program have now been completed and results will be
released in batches as they are received, and further in-fill drilling may be
done as directed by the project consultant. GlobeStar discovered high grade
nickel laterites at Cumpi Hill in May 2006 and Loma Mala in February 2007. In
addition, grades of over 1.7% nickel have been found in test pits at Corozal
ridge and Cercadillo, 43 kilometres to the south of Cumpi Hill. GlobeStar has
allocated one diamond drill rig full time to the nickel laterite program. Upon
completion of the geophysical interpretation and follow up mapping, all
anomalous areas identified from this work will be drilled.
|
Globe Star Mining
Nickel Laterite
Exploration
Infill Drilling Program - Cumpie
Hill
Table 1: Intercepts >= 1% Ni
cut-off |
|
Hole |
From
(m) |
To
(m) |
Length (m)
|
Ni grade
(%) |
Co grade
(%) |
|
CM-LATD-66 |
3.0 |
15.0 |
12.0 |
1.31 |
0.04 |
|
CM-LATD-67 |
4.0 |
8.0 |
4.0 |
1.02 |
0.02 |
|
CM-LATD-68 |
0.0 |
3.0 |
3.0 |
1.44 |
0.03 |
|
CM-LATD-69 |
0.0 |
16.5 |
16.5 |
1.60 |
0.04 |
|
CM-LATD-70 |
0.0 |
2.0 |
2.0 |
1.99 |
0.05 |
|
CM-LATD-71 |
0.0 |
5.0 |
5.0 |
1.33 |
0.03 |
|
CM-LATD-72 |
0.0 |
3.9 |
3.9 |
1.28 |
0.04 |
|
CM-LATD-73 |
10.0 |
28.3 |
18.3 |
1.52 |
0.16 |
|
CM-LATD-74 |
0.5 |
17.0 |
16.5 |
1.66 |
0.03 |
|
CM-LATD-75 |
0.0 |
5.5 |
5.5 |
1.39 |
0.02 |
|
CM-LATD-76 |
0.0 |
19.0 |
19.0 |
1.56 |
0.03 |
|
CM-LATD-76 |
35.0 |
36.5 |
1.5 |
1.24 |
0.02 |
|
|
|
|
|
|
|
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 Xstrata's Falcondo laboratory and
the pulps analysed at SGS Lakefield by tetraborate fusion XRF. Full QA/QC
procedures were implemented including the insertion of standards every 40th
sample and duplicates samples prepared and inserted every 40th sample (i.e.
every 20th sample was either a standard or a duplicate). Blank samples were also
inserted every 40th sample. Check samples representing approximately 10% of all
the samples will be sent to another international laboratory for analysis by
XRF.
GlobeStar believes that its nickel laterite land position is the only
recent discovery in the western hemisphere by a junior mining company near a
world-class nickel laterite smelter. Xstrata's Falcondo smelter, which is 8
kilometres from Cumpi Hill, processed 3.8 million tonnes grading 1.18% nickel
in 2005 (see Falconbridge's 2005 annual report).
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 National Instrument 43-101, F. Roger Billington,
P.Geo. Consulting Geologist.
About
GlobeStar
GlobeStar Mining Corp. is a well-funded minerals
exploration company, developing the permitted Cerro de Maimn copper/gold
project in the Dominican Republic.
Production from this 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 recently raised C$31.8 million in May 2007 and closed a C$49 million
project financing for development of Cerro de Maimn. The Company currently has
C$47 million in cash and sufficient resources to fund mine development and
aggressive exploration and 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
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information and statements about management's view of future events,
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