Globestar Announces That Mining And
Construction Activites Have Been Fully Restored At The Cerro De Maim�n Project,
Dominican Republic, Following Tropical Storm Noel
TORONTO, Ontario – November 14, 2007 -- GlobeStar
Mining Corporation ("GlobeStar"
or the "Company") (TSX:
GMI) announces that construction and mining activities have been completely
restored to normal levels at the Cerro de Maim�n development project in the
Dominican Republic following halting of activities as the result of Tropical
Storm Noel.
Mining activities were restored to normal levels on November
4th, 2007, only seven days after Tropical Storm Noel restricted
access to the project site and the nearby town of Maim�n. In fact, the mining contractor
set a daily production record on November 5th at over 6,000 cubic meters.
Construction activities returned to normal over the weekend
of November 10th when the structural concrete contractor completed
the largest pour onsite to date.
The Company is pleased to report that there was no damage to
the site’s infrastructure and equipment. Minor clean-up of debris
and repairing of the roads took only a few days. In all, there was about
one week delay in mining and about ten days in construction. The Company
considers these delays to be minor and will not have an impact on the overall
construction schedule and cost.
In related project developments, the Company is pleased to
report that most of the major plant and processing equipment, including the
ball mills is currently being loaded on a chartered vessel in the port of Sorel
in Canada.
The ship is scheduled to arrive in the Dominican Republic nine days
later. This represents a significant milestone for the project.
Installation of the first ball mill is expected to commence in early
December. The mining contractor has completed stripping of the
topsoil over the water retention pond and will begin construction of the pond
in a few weeks. Commissioning and start-up is still anticipated for
the summer of 2008.
The Company is working closely with the local and national governments
to assist the population during the national emergency. The Company
is transporting several humanitarian relief containers at GlobeStar’s
expense on the Company’s chartered vessel which is scheduled to arrive in
the Dominican Republic
late next week, as part of their contribution to offer effective assistance to
the Dominican Government’s relief efforts.
Tropical Storm Noel passed over the Dominican Republic
on October 25th, dumping in excess of 685 mm of rain on the project and most of
the country. The storm and ensuing floods have caused
significant damage to infrastructure and loss of life to the country. Main
access to the town of Maim�n
and to the project was lost during the storm and one-way traffic was
re-established a few days later.
About GlobeStar
GlobeStar Mining Corp. 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. The project has a Net Present Value (8%
discount) of US$176 million and an Internal Rate of Return of 56%, from gross
revenues of S$624 million. The US$68.6 million capital payback is 15 months
using US$2.45/lb copper, US$543/oz gold and US$10/oz silver, and cash costs;
net of by-products is 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.
GlobeStar recently raised C$31.8
million in May 2007 and closed a C$45 million project financing for development
of Cerro de Maim�n. The Company currently has C$39 million in cash and cash
equivalents, no Commercial Paper, 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
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.