GlobeStar Discovers New Nickel Zone in Dominican Republic Including 13 Metres Grading 2% Nickel
Friday February 9, 7:42 am ET
ca.us.biz.yahoo.com
TORONTO, ONTARIO--(CCNMatthews - Feb. 9, 2007) - GlobeStar Mining Corporation (TSX:GMI - News) is pleased to announce the new discovery of nickel bearing laterites at Loma Mala in the Dominican Republic. The results of the nickel drill program are attached in Table 1 below (a diagram can be viewed at (http://www.globestarmining.com/media/images/lomamaladiscovery.jpg), with the best intersections of 13 metres grading 2.01 % nickel and 11 metres grading 1.94% nickel, with the best 1 metre interval grading 4.78% nickel from 4 to 5 metres in hole LATD-64. This interval is the highest individual nickel assay GlobeStar has reported to date.
Loma Mala has previously never been drilled and is located 1.5 kilometres southwest of GlobeStar's Cumpie Hill nickel laterite discovery and less than 8.5 kilometres from Xstrata's Falcondo nickel smelter.
"With this new discovery of high grade nickel at Loma Mala, coupled with the previously announced discoveries at Cumpie Hill, Corozal and Cercedillo, the scout drilling program on the company's extensive nickel laterite land position has been highly successful and continues to show promise", said Bill Fisher, CEO of GlobeStar. "Both Cumpie Hill and Loma Mala are located within a kilometer of Xstrata's Loma La Peguera nickel concession."
These latest results are from the 15-hole program (324m). Holes LATD 51 through 58 were located on moderately prospective areas and did not intersect significant nickel mineralization (see release of February 1, 2007). Of the remaining 7 holes released today, 5 holes were located on the Loma Mala ridge and returned the highest results for this phase of the program. They were drilled on an area with maximum dimensions of 600 metres by 300 metres, with the highest grades recovered from the northern part of this target area.
The nickel drilling program will resume once the pit geotechnical drilling at the company's 100% owned Cerro de Maimon copper mine is completed and will focus on discovery of new nickel discoveries along the complete nickel laterite belt held by GlobeStar.
This press release was prepared by Bill Fisher P.Geo GlobeStar's CEO and the Qualified Person under the N.I 43-101. It has been reviewed for content by consultant Roger Billington, P.Geo, GlobeStar's Qualified Person for nickel exploration.
Table 1 Phase III Drilling Program Results
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Globe Star Mining Corporation
Nickel Laterite Exploration
Phase III Drilling Program - Loma Mala
Table 1: Intercepts greater than equals 1% Ni cut-off
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Ni Co
From To Length Grade Grade
Hole (m) (m) (m) (%) (%)
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LATD-59 1 9 8 1.34 0.04
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LATD-60 2 12 10 1.07 0.10
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LATD-61 2 6 4 1.64 0.03
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LATD-62 No Significant Intersection
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LATD-63 0 11 11 1.94 0.05
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LATD-64 1 14 13 2.01 0.04
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LATD-65 No Significant Intersection
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About GlobeStar
GlobeStar Mining Corp. is a minerals exploration company, developing the permitted Cerro de Maimon copper/gold project. 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 in debt and C$30 million in equity, sufficient to fund mine development and aggressive exploration programs.
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.
Contact:
William Fisher
GlobeStar Mining Corporation
CEO
(416) 868-6678
Email: wfisher@globestarmining.com
JP Chauvin
GlobeStar Mining Corporation
President and COO
(416) 868-6678
Email: jp.chauvin@globestarmining.com
Website: www.GlobeStarmining.com
Gus Garisto
Bay Street Connect
(416) 607-6023
Email: gus@baystreetconnect.com
Dale Paruk
Coal Harbor Communications
(604) 662-4505
(604) 662-4547 (FAX)
Email: dale@coal-harbor.com
Source: GlobeStar Mining Corporation |
