GlobeStar Receives Final Environmental Permit for the Cerro de Maimon Copper and Gold Mine in the Dominican Republic.TORONTO -- GlobeStar Mining Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GMI GMI Governance Metrics International (New York, New York) GMI Giant Magneto-Impedance GMI Global MSF Interoperability GMI General Motors Institute GMI General Mills, Inc. ) is pleased to announce today the approval of the key Environmental Permit for the Cerro de Maimon mine from the Secretariat of State of Environment and Natural Resources for the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. . The mine now has its final Mining and Environmental Licenses, and is fully permitted for mine development, subject to minor municipal regulations. "With these permits in hand, the company will be able to commence site preparation shortly," said Bill Fisher William Fisher (born 23 October 1928 in New York City) is an American journalist and retired manager of development programmes. He is a regular contributor to the news agency Inter Press Service, for which he mainly covers issues of human rights, foreign policy, international , GlobeStar's President. "In today's tough regulatory environment for mining projects worldwide, the timely achievement of this permit is a tribute to the professionalism and perseverance of our Dominican development team." The issuing of this permit is the culmination of a three year development process at Cerro de Maimon that will allow GlobeStar to reach its stated goal of becoming a producing mining company. The independent engineers, Pincock, Allen and Holt are completing a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. which includes an Environmental Impact Statement (EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ). The EIS was presented to the Dominican Republic's environmental authorities in February, 2004, and the permit was issued upon satisfactory review of this document. In April, the company engaged Standard Bank's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of mining finance team to advise on fine tuning the project's economics, including refining the engineering design, concentrate off-take agreements, and so forth, for presentation to financial institutions. The results of these studies and the accompanying financing format, including the in-pit Reserves, will be announced in the near future. The Cerro de Maimon mine is an open pit, massive sulphide project containing 4.1 million tonnes grading 2.9% copper, 1.8% zinc, 1 g/t gold and 35 g/t silver, and an oxide cap of 0.66 million tonnes grading 2.5 g/t gold and 64 g/t silver. It is located in central Dominican Republic between Placer Dome's Pueblo Viejo gold mine and Falconbridge's Falcondo Nickel mine, two of the largest mines in the Americas. GlobeStar's mine development manager, Jose Antonio Ruiz, was previously the general manager for Pueblo Viejo. GlobeStar also holds a 50 kilometre strike length of the Maimon massive sulphide belt, surrounding the Cerro de Maimon mine. It is anticipated that further mineable reserves will be sourced from underground at Cerro de Maimon and from satellite deposits along the massive sulphide belt. In addition to the Cerro de Maimon development, GlobeStar is one of Canada's most active junior exploration companies. It is currently carrying out a 2,850 metre drill program for copper and gold in the Dominican Republic which is part of its previously announced 14,000 metre 2004 exploration program in the Dominican Republic and Quebec. FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release -- including, without limitation, statements regarding production estimates and future plans and objectives of GlobeStar and its joint-venture partners -- are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. neither approves nor disapproves of the information contained in this news release. |
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