Cerro de Maimón
Overview
All operations in the Dominican Republic are run by Corporacion Minera Dominicana ("CMD") a 100% owned subsidiary of GlobeStar.
Cerro de Maimón, a greenfield copper/gold deposit currently under development in the Dominican Republic’s Maimón Mining District, is GlobeStar’s flagship project. Cerro de Maimón hosts 6 million tonnes of open-pit copper-gold reserves (see table below), as reported in a independent National Instrument 43-101 compliant technical finalized in August 2007 by MICON (see release of August 16 2007). A Mine Plan Optimisation Study was previously released (see release of Nov. 29, 2005), the project is fully permitted. A copy of the complete May 2005 Behre Dolbear 43-101 compliant 'Interim Technical Report - Revised Feasibility Study' can be viewed here.
| Mineral Type | Tonnes | Cu (%) | Ag (%) | Au (g/t) | |
|---|---|---|---|---|---|
| Total Oxide | |||||
| Proven | 927,274 | 37.1 | 1.95 | ||
| Probable | 230,093 | 23.9 | 1.48 | ||
| Proven + Probable Total | 1,157,367 | 34.5 | 1.86 | ||
| Total Sulfide | |||||
| Proven | 4,285,800 | 2.66 | 35.7 | 0.98 | |
| Probable | 538,760 | 1.52 | 28.7 | 0.78 | |
| Proven + Probable Total | 4824560 | 2.54 | 34.9 | 0.96 | |
Cerro de Maimón was acquired from Falconbridge Dominicana (Falcondo) in April 2002 for an initial payment of US$350,000 and future payments of US$500,000. Falcondo hold a 2% royalty, of which 1% can be purchased by GlobeStar for US $1,000,000. The company holds 100% of the project.
There is potential for expanding the reserve base for the milling operation by expanding the reserves of the Cerro de Maimón ore body and from satellite deposits in GlobeStar's 100% owned Maimón Concessions surrounding the Cerro de Maimón deposit. The Maimón Concession covers approximately 85% of the Maimón massive sulphide belt. From these other potential deposits, GlobeStar hopes to expand the mine life of the proposed Cerro de Maimón facility.
