GlobeStar Mining Corp.: Update on Dominican Republic Copper/Gold and Nickel Operations
GlobeStar Mining Corp. is pleased to announce an update on their Dominican Republic operations. The Company is focusing on three core activities, namely the construction of the Cerro de Maimon copper/gold mine, copper/gold exploration of the surrounding massive sulphide belt and nickel exploration of the Falcondo nickel belt, adjacent to Xstrata’s Falcondo nickel smelter.
Cerro de Maimon copper/gold mine development
A 23 hole, 2,580 metre pre-production drill program has been completed in and around the open pit, to characterize the overburden and to establish the final detailed criteria for the stripping and mining of the deposit. The drill results will be released in batches as they are received, and the data will be used to refine the block model.
The project’s EPCM contractor MetChem Canada Inc. RSW International Inc. (RSW), mobilizing their Construction Manager at the Cerro de Maimon site on Monday 5th Feb, and his first task will be planning for the site preparation. Detailed engineering design work is ongoing in Montreal and major equipment items are currently being sourced and will shortly be ordered. The office building is planned to be completed on time and on budget by the end of February 2007. Golder Associates, the project’s environmental consultants are supervising geo-technical drilling for the final pit design and other programs.
Copper/gold Exploration
The FUGRO airborne geophysical survey is underway, which is flying the full strike length of the Maimon massive sulphide belt, which surrounds the Cerro de Maimon deposit. GlobeStar holds properties along a 55 kilometre strike length. The survey is anticipated to be completed in approximately March of 2007. The Mag/EM configuration of the helicopter borne instruments is designed to identify massive sulphide ore bodies and can collect data from surface to over 300 metres in depth. The only previous detailed Mag/EM geophysical survey was done in 1982, when the geophysical penetration was only 80 metres. This new survey will investigate four times greater volume of rock than previously examined.
The Company has allocated 7,500 metres of drilling to follow up anomalies that may be generated by this program, and drilling will be commenced in the middle of 2007 upon receipt of detailed interpretation of the results. The belt is considered prospective as it contains a number of massive sulphide bodies of varying sizes with GlobeStar’s 100% owned Cerro de Maimon and Loma Pesada as the largest known of mineralization’s.
Nickel Exploration
A total of 15 diamond drill holes (324 m) have been completed and the assay results are pending. The early holes were located close to roads, to establish a systematic methodology for the new drill rig before advancing to the more prospective high ridges where there is limited infrastructure. These holes were located at the extreme north end of the belt in an area of moderate potential closest to the Falcondo mining area and the first 8 holes did not intersect economic intersections.
The percussion hole program has been halted, as the rocky nature of the target nickel bearing laterite rock did not allow for this technique to penetrate to the bottom of the mineralized sections, so only achieving incomplete intersections. Resources have now been allocated to diamond drilling which will test the complete nickel laterite sequence that is up to 35 metres deep in places. The program is planned to investigate the complete 44 kilometres of strike length of GlobeStar’s land position and the systematic program will simultaneously cover areas of high and moderate potential.
Further drilling will re-commence at the Cumpie Hill discovery, the high potential areas of Corozal ridge and other target areas once the drill rig has completed the essential geo-technical drilling at Cerro de Maimon.
This press release was prepared by William Fisher P.Geo, CEO of GlobeStar Mining Corp. who is the Company’s Qualified Person for purposes of National Instrument 43-101.
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 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
