Cerro de Maimón

Gold and Silver are significant economic byproducts of the Cerro the Maimón deposit. The Company is currently constructing a 700 tpd oxide cyanide mill using Merill Crowe.

The oxide cap in the upper zone of the Cerro de Maimón is essentially an Au-Ag deposit sitting over the Cu (Zn-Au-Ag) volcanic massive sulphide mineralization. The precious metals reserves in the oxide zone are 576,760 tonnes at 64.66 g/t Ag and 2.56 g/t Au.

The Cerro de Maimón production schedule anticipates that the oxide zone will be mined during pre-production and will be processed at rate of 252,000 tonnes per year beginning in summer 2008, with recoveries of 90.8% for gold and 87.1% silver.

After mining the oxide cap, production of gold and silver will continue for 6 years as a byproduct in the copper concentrate processed from the sulphide ore.

The Au and Ag rich nature and the development of significant oxide cups, as is the case in Cerro de Maimón, are common characteristics of a number of other VMS occurrences in the Maimón formation adding precious metal prospective value to Globestar Concessions in the belt.

Other Precious Metal Resources

The overall precious metal inventory of GlobeStar includes 252,000 oz of Au and 6,100,000 oz of Ag as measured and indicated resources; and 1,067,000 oz of Au and 6,750,000 oz. of Au as inferred resources.

Most of these resources are concentrated in the The Bayaguana district, 100% owned by GlobeStar. Bayaguana is the largest and most relevant hydrothermal system discovered in the Los Ranchos Formation, outside the giant Pueblo Viejo which contains 35 million ounces of gold at a cutoff grade of about 1 g/t. Analogously to Pueblo Viejo the district is centered on dacite domes and also shows distal epithermal precious metal rich veins.