GlobeStar:
200+ Hole Diamond Drill Program Underway on the Company's Nickel belt, Dominican
Republic
TORONTO, Ontario
(March 23rd, 2007) -- GlobeStar Mining Corporation ("GlobeStar" or the
"Company") (TSX: GMI) is
pleased to announce a 207 diamond drill campaign for their nickel concessions in
the Dominican Republic has begun. The program began with a 67 hole resource
evaluation program consisting of infill drilling at 100 metre centres covering
the recently discovered Cumpi Hill and Loma Mala areas
(see
http://www.globestarmining.com/media/images/cumpielomamalainfill.jpg),
both located on a massif located between the Leonora and Maimn rivers, some 8.5
kilometers from Xstrata's Falcondo smelter. The program has been designed by
GlobeStar's nickel consultant, Roger Billington, and is designed to provide
information suitable for an independently prepared National Instrument 43-101
compliant resource calculation.
The
resource evaluation program will concentrate on saprolite bearing ridge tops,
similar to the adjacent Loma Peguera area, where Falcondo have been mining since
1971. GlobeStar announced the Cumpi Hill discovery on May 19th 2006
and have already drilled 50 diamond drill holes on the plateau (Best
intersections: 17 metres grading 2.0% Ni
and 20 metres grading 1.7% Ni). The Loma Mala discovery was announced on Feb
9th 2007, and 6 holes have been drilled to date. (Best intersections:
13 metres grading 2.0%Ni and 11 metres
grading 1.9% Ni). The shallow depth drilling program is progressing rapidly,
and as of today, 3 holes have been competed in 5 days. The man-portable diamond
drill rig is permanently allocated to the nickel program and all holes will
produce drill core, not rock chips.
Cumpi
Hill and Loma Mala are located in the most northerly 1.5 kilometres of
GlobeStar's 43 kilometre long peridotite belt, which is approximately 40% by
length of the Dominican Republic's nickel-bearing peridotite belt. Preliminary
mapping and pitting elsewhere along the belt has revealed mineralization at
Corozal (1.8% nickel), 4 kilometres south of Cumpi Hill and Loma Prieta, (2.2%
nickel on the ridge top, 1.8% nickel at the base) 43 kilometres south of Cumpi
Hill. Much of the belt remains to be mapped, and is subject to an ongoing
exploration program by GlobeStar geologists.
In
addition to the resource evaluation program, a 140 hole scout program will be
done in 2007 exploring along GlobeStar's nickel peridotite belt south of Cumpie
Hill. A second diamond drill rig is planned to be deployed in Q2 2007 to accelerate the nickel development program and will be allocated to the scout
drilling program.
At
the Company's Cerro de Maimn copper/gold mine site, a 23 hole pre-production
drill program was recently completed. Results from the first 4 holes were
announced on Feb 19th 2007 and further assay results will be released
shortly. Drilling is continuing.
This
press release was prepared by Bill Fisher P.Geo GlobeStar's CEO and the
Qualified Person under the National Instrument 43-101. It has been reviewed for
content by consultant Roger Billington, P.Geo, GlobeStar's Qualified Person for
nickel exploration, who designed the nickel drilling
program.
About
GlobeStar
GlobeStar
Mining Corp. is a minerals exploration company, developing the permitted Cerro
de Maimn copper/gold project, currently anticipated to be due for completion in
summer 2008. The Company is aggressively exploring an extensive base and precious metals exploration portfolio in the Dominican Republic. The Company
recently raised US$42.25 (C$48 million) million debt and C$30 million in equity,
sufficient to fund mine development and aggressive exploration
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
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.