GLOBESTAR ANNOUNCES THAT MINING AND CONSTRUCTION ACTIVITES
HAVE BEEN TEMPORARILY SUSPENDED AT ITS CERRO DE MAIM�N PROJECT IN THE,
DOMINICAN REPUBLIC, AS A RESULT OF TROPICAL STORM NOEL
TORONTO, Ontario –
November 1, 2007 -- GlobeStar Mining Corporation ("GlobeStar" or the "Company") (TSX: GMI) announces that
construction and mining activities have been temporarily suspended at its Cerro
de Maim�n copper/gold project in the Dominican Republic as the result of
Tropical Storm Noel. Construction and mining activities are
expected to resume to near normal levels as early as next week.
Tropical Storm Noel
passed over the Dominican
Republic last weekend, dumping in excess of
20 inches of rain in some areas of the country. Main access to the town
of Maim�n and to the project was cut early this
week when the Maim�n
River flooded. Access for
light vehicles has already been partially restored, and crews are currently
working to re-establish the main road access.
The Company has been in
contact with the Canadian Embassy in the Dominican Republic and local
officials in order to offer assistance during the clean-up process.
At the request of local officials, the Company’s equipment was used
yesterday to help clean up some of material and debris blocking the main access
road to Maim�n and the project.
GlobeStar has been in
constant contact with operations personnel at the project and continue to
closely monitor the situation. There has been no significant damage to
the project.
The Company is currently
assessing the impact that the tropical storm will have on the project
schedule. Once the assessment is completed, the Company will provide an
update on the project status.
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. GlobeStar is currently exploring an extensive
base and precious metals exploration portfolio in the Dominican Republic with
over C$4million currently 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.