Cerro de Maimón

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 3.3 million tonnes of open-pit copper-gold reserves. A Mine Plan Optimisation Study has been released (see release of Nov. 29, 2005), the project is fully permitted and US$42.25 million in debt financing is in place for the project.

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.

Copper

Our lead project is the construction of the fully-permitted Cerro de Maimón copper/gold mine and mill. Proven and probable reserves for Cerro de Maimón are 3.3 million tonnes @ 2.9% Cu and 1.28 g/tonne Au. Debt financing is in place and the company is moving quickly towards construction of the mine.

Once in production, we will invest in the development of our surrounding 200 km2 Maimón Concessions in order to provide our milling facility with metallic ores for many years to come. The Loma Pesada deposit, just 14 kilometres NW of Cerro de Maimón, has the potential to be the first satellite deposit for the Cerro de Maimón mill. A 43-101 compliant inferred resource of 1.09 million tonnes at 2.22% copper, 0.77% zinc, 0.16 g/t gold and 4.36 g/t silver was announced in early 2006.