Copper
GlobeStar’s principal property is the Cerro de Maimón mine and processing facilities where copper, gold and silver are recovered from sulphide and oxide ores.
Proven and probable mineral reserves to feed the sulphide mill at Cerro de Maimón, as of December 31 2007, were 4.8 million tonnes at a grade of 2.54% copper, 2.54 grams per tonne gold and 34.9 grams per tonne silver.
The Cerro de Maimón sulphide zones are overlain by a gold-silver enriched oxide cap which is processed in a separate milling facility.
Proven and probable mineral reserves for the oxide gold mill were 1.2 million tonnes at a grade of 1.86 grams per tonne gold and 37.1 grams per tonne silver, as of December 31 2007.
The Cerro de Maimón operation was brought onstream in the last quarter of 2008 and will produce approximately 25 million pounds of copper, 12,000 ounces of gold and 553,000 ounces of silver during 2009.
In 2009, we will continue to explore and develop the surrounding Maimón Concession in order to generate additional mineral resources that will increase the life of the existing milling facilities. The Loma Pesada deposit, just 14 kilometers northwest of Cerro de Maimón, has the potential to be the first satellite deposit to provide additional feed for the sulphide mill. Inferred mineral resources of 1.09 million tonnes at a grade of 2.22% copper, 0.77% zinc, 0.16 grams per tonne gold and 4.36 grams per tonne silver were announced early in 2006.
Additional high priority exploration targets have been identified in the vicinity of the existing operation.
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