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GlobeStar and Everton Announce a New Copper Porphyry Discovery at Dona Loretta; First Drilling Reports 93 m. Grading 0.6% Copper Including 15 m. Grading 1.1% Copper.

TORONTO -- GlobeStar Mining Corporation (TSX VENTURE:GMI) and Everton Resources (TSX VENTURE:EVR) are pleased to announce the discovery of a copper bearing porphyry system at Dona Loretta, within the Bayaguana joint venture in the Dominican Republic. Interpretation of the first holes in the 11 hole program have confirmed breccia zones within a previously unrecognized large scale porphyry system. The mineralization at Dona Loretta is open at depth, and in all directions. GlobeStar is the operator, while Everton are earning into the joint venture by funding exploration programs.

The results from the first hole, CC 08, returned 93 metres grading 0.6% copper between 44 and 137 m in depth. Of this mineralized section, the upper 48.8 metres graded 0.7% copper and the lowest 27 metres graded 0.8% copper including 15.2 metres grading 1.1% copper. CC 08 is the most southerly hole at Dona Loretta, 300 metres from a previous drill hole, CC 07, which returned 2% copper over 24 metres (see accompanying map: )

"High grade copper over significant widths confirm the potential of a large scale porphyry system." commented Bill Fisher, GlobeStar's president. "The target extends under marine sediments in the direction of our 45 million tonne Dona Amanda copper deposit to the west, is open in all directions and at depth."

Project description

The mineralization is concentrated in brecciated zones within a massive quartz feldspar porphyry. Outcrop mapping recorded intense brecciation surrounded by extensive argilitic and prophilitic alteration in a broad corridor running NNW-SSE, coincident with the geochemical and geophysical anomalies. All of the drill holes to date have intersected brecciated zones, and have been drilled to a maximum depth of less than 150 metres.

The Porphry system was discovered within the Los Ranchos Formation, also host to Placer Dome's Pueblo Viejo gold/zinc mine (28 million ounces of gold, 3 million tonnes of zinc - Nelson 1999), which is located along strike, 55 kilometres north west. The Formation consists of a series of large scale volcanic centres at various levels of erosion. The systems display anomalous precious and base metal values, and extensive, alteration systems covering several square kilometres each.

The Bayaguana joint venture covers a series of these volcanic centres, including Dona Amanda (45 million tonnes grading 0.45% copper and 0.22 g/t gold), 4.5 kilometres to the west of Dona Loretta. The area between Dona Amanda and Dona Loretta is covered by limestones and evaporates laid down in a recent marine transgression. Geochemical signatures from the underlying volcanic sequence is masked by the impermeable cover. Interference of evaporites in the overlying sequence effectively blocks Induced Polarization and chargeability measurements. This highly prospective target area between two significant copper systems is untested, but leaves space for the potential of an extremely large system.

Dona Loretta has a distinctive geochemical and geophysical signature, confirmed by the joint venture's 2004 geochemical and geophysical programs. The copper anomaly is 3,500 metres by 800 metres covering approximately 3 square kilometres, and is masked to the west by the marine cover. Anomalous gold is found, centred in the southern part of Dona Loretta over a 1,400 metres by 800 metres area. There are two areas of high chargeability, one (1,000 m by 300 m) beneath the copper/gold zone in the south and the other (900 m by 300 m) beneath the northern part of the copper anomaly. The southern lobe has 10 Induced Polarisation (IP) anomalies, with two major lineaments extending beyond the edge of the marine cover to the west. The northern lobe has 8 IP anomalies, two of which show through the sedimentary cover, co-incident with high chargeability. These geophysical signatures from beneath the sediments may represent either extremely strong anomalies or thin sedimentary cover.

Drilling is ongoing and results will be released as the program develops. Everton have to invest US$ 1.5 million to earn a 50% at Bayaguana, and a further US$500,000 before GlobeStar are required to contribute. The companies also are to drill the Los Hojanchos target, which is located 13 kilometres south east of the Pueblo Viejo gold mine.

The Dona Loretta program is part of GlobeStar's 14,000 metre drilling program for 2004, in both the Dominican Republic and Quebec. The company is also in the final stages of the bankable feasibility study for the fully permitted Cerro de Maimon copper gold mine, with production planned to commence in 2005.

Marc L'Heureux, Vice-President Exploration of Everton, acts as the Qualified Person for the Bayaguana project.

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 neither approves nor disapproves of the information contained in this news release.
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Publication:Business Wire
Date:Jul 20, 2004
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