Globestar drills near surface nickel laterites

Vancouver – Near-surface nickel laterites in the Dominican Republic are returning good grades for GlobeStar Mining (GMI-V).

Recent drilling at Cumpie Hill is returning the strongest grades Globestar has seen to date from its large nickel laterite property. Hole 96 returned 1.73% nickel over 39 metres starting 5 metres downhole. Nearby hole 95 intersected 27.3 metres of grading 1.92% nickel, and hole 93 returned 2.02% nickel over 24 metres. Since nickel laterite deposits are essentially flat lying, all widths are considered true widths.

The company holds 192 sq. km of nickel laterite concessions covering 44 km of the central peridotite belt extending southeast from the Falcondo nickel laterite mine and smelter complex, which Xstratas (XSRAF-O, XTA-L) acquired in its takeover of Falconbridge. GlobeStars goal in exploring its nickel laterite concessions is to identify ore that could be processed by Falcondos existing smelter facilities. GlobeStar has not entered into discussions with Xstrata on the idea.

In 2006 GlobeStar completed a 65-hole drill program at C1, the concession directly adjacent to the Falcondo property that includes Cumpie Hill, and outlined a zone of high-grade nickel mineralization. Three holes returned over 18 metres of 1.7% nickel; a fourth hole assayed 1.94% nickel over 11 metres.

Nickel-laterite deposits in the Domincan are generally situated on the summits of a series of hills and ridges along a belt of peridotites. In the tropical climate of the Domincan, peridotite can weather to produce and enhanced grade nickel laterite profile, with an upper zone of high iron limonite and lower grade nickel followed by a saprolite horizon with typical grades between 1.5 and 2%.

GlobeStars current primary focus is development of the permitted Cerro de Maimon copper-gold project, also in the Dominican Republic. Initial production from the 6-million tonne, open pit mine is expected in summer-2008.