Globestar Mining Corp (GMI)

[bluestar1]

Hi!

At these levels, this ist a takeover target. If a larger company gets Globestar for about C$1.50, they could be lucky.
I think, nobody knows this nice company. No competitor and no retail investor.

[The Mexican]

Thanks for your estimates.

Why this company is not bought by a lot of investors at these price levels?
You think it is still the risk aversion regarding the sector?

[bluestar1]

My estimates for Q2 (production numbers - I don`t know, how much they have really sold):
Q2: 5,85mlb.Cu @$3.21 + 5,550Oz.Au @$1195 + 165,000Oz.Ag @$18.31 = $28.42m

Could be cashflow from operations: $9.2m (CFPS 0.0876)
Net Earnings $7.3m (EPS 0.0695)

Best regards

[The Mexican]

STRONG BUY

From the 5 analysts folowing this company 3 have a strong buy and 2 a buy, despite that the share price doesn't react a lot.

So maybe tomorrow we will see some action.

They run a profitable business, but it seems that no one is interested.

[bluestar1]

financial statements after the close, Wednesday August 11, 2010.

Press Release Source: GlobeStar Mining Corporation On Tuesday August 10, 2010, 2:44 pm EDT

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2010) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI - News), will hold a conference call at 9:00 a.m. (EDT) on Thursday August 12, 2010 to discuss key highlights of GlobeStar's financial and operating results for the Second Quarter 2010. A short presentation will be made during the conference call.

GlobeStar's Second Quarter 2010 financial statements, management's discussion and analysis and Presentation slides for the conference call will be posted on the investor relations tab of GlobeStar's website at www.globestarmining.com after the close of markets on Wednesday August 11, 2010.

Investors' Conference Call Details

Topic: GlobeStar Mining's Second Quarter 2010 Results

Date: Thursday August 12, 2010

Time: 9:00 a.m. (EDT)

The conference call may be accessed by dialing 1-888-789-9572
Call: in North America or 1-416-695-7806 internationally. Please
dial in participant pass code 4608775.

The archived conference call can be accessed by following the
Replay: instructions on the investor relations tab on GlobeStar's
website.

[bluestar1]

Possible breakout

[bluestar1]

IMO the most undervalued copper - gold stock.
In Q2, my estimation is: sales $26-28m; op. cashflow $8-9m (cf/share USD 0.075)

Net debt free at year end.
Fully diluted marketcap. CAD 104m
Estimated yearly cashflow $30m to 2019-20 (total 270-300m)

On the way to start Moblan lithium operations at 2013.
No need for new capital until start to construct the Moblan mine. (No new shares for the next 18-21 months.) Financing with debt, own cash and cashflow and a little piece of new shares.

I like this company.

regards
b.

[nlightn]

GlobeStar Reports Increased Cash Balances at December 31, 2009 and Provides 2010 Guidance
March 10, 2010


(All dollar amounts are expressed in United States currency unless otherwise stated.)

TORONTO, ONTARIO - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI - News) today announced an increase in cash balances and a reduction in debt as at December 31, 2009 and provided production, operating and exploration guidance for 2010.

Cash and Debt Balances

The unaudited cash and restricted cash totalled approximately $16.3 million at December 31, 2009, an increase of $3.6 million during the fourth quarter of 2009. The amount outstanding on GlobeStar's senior debt facility with Nedbank totalled an unaudited $37.5 million at the end of the fourth quarter, after making the scheduled quarterly repayment of $2.7 million, including accrued interest, on December 31, 2009.

Guidance for 2010

Production guidance for 2010 reflects the continuation of the operating levels achieved in the second half of 2009. Total production from the Cerro de Maimon Mine in 2010 is forecast at approximately 24 million pounds of copper, 15,000 ounces of gold and 480,000 ounces of silver.

The sulphide plant is forecast to produce approximately 24 million pounds of copper, 6,000 ounces of gold and 380,000 ounces of silver in concentrate during 2010. The oxide plant is expected to produce approximately 9,000 ounces of gold and 100,000 ounces of silver in precipitate which will be smelted and refined into dore bars.

Production costs, including treatment, refining and shipment charges to market are forecast to be approximately $0.95 per pound of payable copper after byproduct credits. Treatment and refining charges are expected to be in line with the 2010 industry wide marketing charges. The operating costs include a provision for the treating of discharged water which is expected to commence in the second quarter of 2010.

Capital costs during 2010 are forecast to include approximately $4.2 million in tailings pond construction, approximately $1.4 million for the purchase of additional critical spares and $1.0 million of expenditures on plant and equipment.

Scheduled principal repayments during 2010 under the Nedbank senior debt facility total approximately $9.4 million. Additional principal prepayments, mandatory and voluntary, may be made during 2010.

Copper and Gold Exploration Programs in the Dominican Republic

During 2010, GlobeStar intends to continue intensive exploration of its 328 square kilometre land package in the Dominican Republic with particular emphasis on copper and gold exploration targets within 5 kilometres of the Cerro de Maimon Mine which may result in discoveries that would extend the nine year life of the mine.

Additionally, GlobeStar expects to continue exploration in the Bayaguana District located approximately 60 kilometres east of the Cerro de Maimon Mine. The primary target area is Cerro Kiosko where a Canadian National Instrument ("NI") 43-101 compliant estimated inferred resource has been defined of 4.9 million tonnes grading 0.98% copper, 2.0 grams gold per tonne and 5.1 grams of silver per tonne at a cut-off grade of 0.35 grams of gold per tonne. Cerro Kiosko hosts approximately 300,000 ounces of gold in this resource.

Total exploration expenditures in the Dominican Republic are budgeted at approximately $3.5 million for 2010.

Moblan Lithium Exploration

GlobeStar (60% ownership) and its joint venture partner SOQUEM Inc. (40% ownership) have commenced a drill program at the Moblan Lithium Project using two drill rigs which are expected to drill approximately 15,000 metres in an estimated 100 holes. The objective of the program is to significantly expand the NI 43-101 compliant estimated inferred resource of 5.3 million tonnes grading 1.5% Li2O at a cut-off grade of 0.43% Li2O. The total approved budget for 2010 at Moblan is $3.2 million.

GlobeStar will likely examine its strategic alternatives with respect to Moblan during 2010 as the value of this significant lithium asset is probably not being appropriately reflected in GlobeStar's market capitalization.

Cumpie Hill Nickel Laterite Deposit

GlobeStar continues to evaluate the options available to reinitiate the development of the Cumpie Hill nickel laterite deposit located four kilometres from the Cerro de Maimon Mine and within 10 kilometres of Xstrata's nickel smelter. Cumpie Hill has a NI 43-101-compliant estimated indicated and inferred mineral resource of 6.2 million tonnes grading 1.5% nickel at a cut-off grade of 1% nickel containing an estimated 200 million pounds of nickel.

About GlobeStar

GlobeStar Mining Corporation is a Canadian-based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is exploring for copper and gold on its extensive mineral concessions in the Dominican Republic, and also holds significant interests in the Moblan Lithium Project in Quebec, Canada, and the Cumpie Hill lateritic nickel deposit in the Dominican Republic. GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

A.E. Olson, M AusIMM, GlobeStar's Senior Vice President and COO and a Qualified Person as defined under NI 43-101, supervised the preparation of and verified the technical information contained in this release, other than that related to the Moblan Lithium Project, which was verified by Gary H. K. Pearse, P.Eng., of Equapolar Resource Consultants, who is also a Qualified Person under NI 43-101.

Cautionary Statements Concerning Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable to GlobeStar as of the date of such statements, are inherently subject to significant risks and uncertainties and may not be appropriate for use other than as used herein. These estimates and assumptions include, but are not limited to: (a) the ability of the sulphide and oxide plants at the Cerro de Maimon Mine to operate at their design capacities and meeting operating and other estimated costs and expenses; (b) certain assumptions relating to the market price for copper, gold and silver and the expected levels of supply and demand for copper, gold and silver and quantities hedged; (c) there being no significant disruptions affecting operations at the Cerro de Maimon Mine, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment, naturally occurring events or otherwise; (d) production at the Cerro de Maimon Mine for 2010 being consistent with GlobeStar's plans; (e) the continued operation of the Cerro de Maimon Mine (f) the ability to control exploration and capital expenditures at budgeted levels and (f) counterparties to all hedges and call options meet their contractual obligations. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated, implied or indicated by these forward-looking statements. Although GlobeStar believes that the expectations reflected in its forward-looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in the "Risk Factors" section of GlobeStar's most recently filed Annual Information Form and GlobeStar's other filings with the securities regulators of Canada. These factors are not intended to represent a complete list of the factors that could affect GlobeStar. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, or to explain any material difference between actual events and such forward-looking statements, except as required pursuant to applicable securities laws.
Contact:

David Brace
GlobeStar Mining Corporation
Chief Executive Officer
[phone] (direct)
[e-mail]

Dave Massola
GlobeStar Mining Corporation
Chief Financial Officer
[phone], extension 4034
[e-mail]

http://finance.yahoo.com/news/GlobeStar-Reports-Increased-ccn-1266173908.html?x=0&.v=1

[nlightn]

Operations are Normal at GlobeStar's Mine
Date : 01/13/2010 @ 9:35AM
Source : MarketWire Canada

TORONTO, ONTARIO--(Marketwire - Jan. 13, 2010) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today reported that there are no injuries to personnel and operations are normal at the Cerro de Maimon Mine located in the Dominican Republic.

The Cerro de Maimon Mine is located approximately 200 kilometres east of Port-au-Prince Haiti where an earthquake last night caused considerable damage.

About GlobeStar

GlobeStar Mining Corporation is a Canadian-based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is exploring for copper and gold on its extensive mineral concessions in the Dominican Republic, and also holds significant interests in the Moblan Lithium Project in Quebec, Canada, and the Cumpie Hill lateritic nickel deposit in the Dominican Republic. GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

[nlightn]

GlobeStar's Hedge Exposure Lower in 2010
Date : 01/11/2010 @ 4:28PM
Source : MarketWire Canada

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2010) -

(All dollar amounts are expressed in United States currency unless otherwise stated.)

In response to questions it has received from the investment community and other interested parties, GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today confirmed that GlobeStar's copper, gold and silver hedge exposure for 2010 is much lower than in 2009.

GlobeStar's hedging program, which commenced in 2009 and covers a period of three years, was mandatory as part of the requirements of the project debt facility used to finance GlobeStar's Cerro de Maimon Mine in the Dominican Republic.

Copper Hedges

The quantity of copper production hedged for 2010 is approximately 2.1 million pounds at an average price of $2.32 per pound, as compared to approximately 6.3 million pounds at an average price of $2.67 per pound hedged in 2009.

GlobeStar also holds call options, during 2010, on approximately 2.1 million pounds of copper at a strike price of $4.10 per pound.

Gold Hedges

The quantity of gold production hedged for 2010 is 20,400 ounces at a price of $650 per ounce, offset by call options held by GlobeStar during 2010 on an equivalent 20,400 ounces at a price of $800 per ounce. Consequently, GlobeStar fully participates in all gold price movements when the gold price exceeds $800 per ounce, less the $150 per ounce loss on the spread between the hedges and the call options.

The hedging contracts do not contain any physical delivery obligations and the hedges are cash settled at the end of each month.

Silver Hedges

The quantity of silver production hedged for 2010 is 480,000 ounces at a price of $11.50 per ounce, offset by call options held by GlobeStar during 2010 on an equivalent 480,000 ounces at a price of $17.25 per ounce. Consequently, GlobeStar fully participates in all silver price movements when the silver price exceeds $17.25 per ounce, less the $5.75 per ounce loss on the spread between the hedges and the call options.

As with the gold hedges, the silver hedging contracts do not contain any physical delivery obligations and the hedges are cash settled at the end of each month.

2011 Hedges

During 2011, GlobeStar's hedge position is further reduced as compared to 2010.

Copper production hedged will be reduced to approximately 1.1 million pounds at an average price of $2.04 per pound while copper call options are held on the equivalent number of pounds at a price of $4.10 per pound.

Gold production hedged is a much reduced 5,100 ounces at a price of $650 per ounce and call options are held on 5,100 ounces at $800 per ounce.

Silver production hedged remains at 480,000 ounces at a price of $11.50 per ounce and call options are held on 480,000 ounces at $17.25 per ounce.

About GlobeStar

GlobeStar Mining Corporation is a Canadian-based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is exploring for copper and gold on its extensive mineral concessions in the Dominican Republic, and also holds significant interests in the Moblan Lithium Project in Quebec, Canada, and the Cumpie Hill lateritic nickel deposit in the Dominican Republic. GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

Cautionary Statements Concerning Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable to GlobeStar as of the date of such statements, are inherently subject to significant risks and uncertainties and may not be appropriate for use other than as used herein. These estimates and assumptions include, but are not limited to: (a) the ability of the sulphide and oxide plants at the Cerro de Maimon Mine to operate at their design capacities; (b) certain assumptions relating to the market price for copper, gold and silver and the expected levels of supply and demand for copper, gold and silver and quantities hedged; (c) there being no significant disruptions affecting operations at the Cerro de Maimon Mine, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment, naturally occurring events or otherwise; (d) production at the Cerro de Maimon Mine for 2010 being consistent with GlobeStar's plans; (e) the continued operation of the Cerro de Maimon Mine and (f) counterparties to all hedges and call options meet their contractual obligations. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated, implied or indicated by these forward-looking statements. Although GlobeStar believes that the expectations reflected in its forward-looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in the "Risk Factors" section of GlobeStar's most recently filed Annual Information Form and GlobeStar's other filings with the securities regulators of Canada. These factors are not intended to represent a complete list of the factors that could affect GlobeStar. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, or to explain any material difference between actual events and such forward-looking statements, except as required pursuant to applicable securities laws.

[nlightn]

Venga: GMI Resumes Liberian Gold Mining Operations
Date : 11/19/2009 @ 7:45AM
Source : MarketWire Canada

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2009) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINK SHEETS:VNGAF) ("VAV"; the "Company") announced that the Company's mining affiliate, Global Mineral Investments, LLC's ("GMI") has now resumed its Liberian gold mining operations with dredging now having started at GMI's Dugbe River site. "We began dredging on November 16 because the water level was still high by the time we got to the Dugbe River early last week," stated George Duokenel, GMI's Chief Geologist. "GMI has decided to initially concentrate solely on the dredging operation since this gives us the greatest opportunity to recover gold as quickly as possible," stated Venga President, Hirsh Kwinter. "The rainy season is over and with our equipment and production crews now in place, we are hopefully positioned to achieve the success that we have long planned for," continued Kwinter.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 239,171,893

[nlightn]

GlobeStar Reports Strong Third Quarter 2009 Results With Record Quarterly Revenues and Operating Cash Flow
Date : 11/12/2009 @ 5:32PM
Source : MarketWire Canada

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2009) -

(All dollar amounts are expressed in United States currency unless otherwise stated.)

GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today announced key highlights of its financial and operational results for the three months and nine months ended September 30, 2009. Copies of GlobeStar's third quarter 2009 financial statements and management's discussion and analysis are available on GlobeStar's website at www.globestarmining.com and at www.sedar.com.

GlobeStar will hold a conference call at 9:00 a.m. (EST) on Friday, November 13, 2009 to discuss the third quarter 2009 results. Call-in details are included at the end of this release. A short presentation will be made during the conference call, for which presentation slides will be available on the investor relations tab of GlobeStar's website in advance of the call.

Highlights

- Gross revenues for the third quarter of 2009 were approximately $20.7 million, operating earnings were $8.9 million and cash flows from operating activities were $8.0 million.

- Gross revenues for the nine months ended September 30, 2009 were approximately $52.1 million, operating earnings were $18.5 million and cash flows from operating activities were $16.8 million.

- Cash, restricted cash and accounts receivable totalled approximately $18.3 million as at September 30, 2009, as compared to $13.4 million as at June 30, 2009.

- GlobeStar made its quarterly scheduled repayment of long-term debt on September 30, 2009 in the amount of approximately $2.7 million, and was in compliance with all covenants under the debt facility as of that date.

- Cash costs during the third quarter of 2009 were approximately $1.78 per payable pound of copper sold before byproduct credits and approximately $0.73 per payable pound of copper sold after byproduct credits.

- Third quarter production totalled approximately 6.2 million pounds of copper, 3,100 ounces of gold and 148,500 ounces of silver.

- The 2009 exploration program is progressing according to plan, with the continuation of the drilling program in the Bayaguana District and the commencement of drilling at the Maimon Cluster scheduled in the fourth quarter.

- Exploration at the Moblan lithium deposit in Quebec continued with trench sampling, excavation and mapping by GlobeStar's partner in the property.

- GlobeStar was selected to receive an Outstanding Business Achievement Award for Corporate Governance by the Ontario Chamber of Commerce.

Third Quarter 2009 Financial Statements

GlobeStar commenced commercial production at its wholly-owned Cerro de Maimon copper-gold-silver mine and related facilities (the "Cerro de Maimon Mine") on January 1, 2009. Consequently, there are no comparable operating results for 2008.

Results of Operations: During the third quarter of 2009, GlobeStar sold approximately 10,800 tonnes of copper concentrate, plus dore and related products containing gold and silver. Gross revenues from the sale of concentrate during the third quarter of 2009 totalled approximately $17.9 million, while the sale of gold-silver dore and related products resulted in gross revenues of approximately $2.8 million.

Refining, treatment, freight and other marketing-related charges totalled approximately $2.6 million and operating expenses were approximately $6.8 million during the third quarter of 2009.

Cash costs per payable pound of copper sold were approximately $1.78 before byproduct credits and $0.73 after byproduct credits. These cash costs include mine site operating costs as well as smelting, refining, freight and royalty charges related to marketing the copper concentrate.

Operating earnings were approximately $8.9 million, after deducting amortization and depletion of $2.5 million. GlobeStar recorded an unrealized loss of $3.2 million during the third quarter of 2009 on the change in fair value of the outstanding copper, gold and silver hedges entered into under the terms of its debt facility. The fair value of the hedges declined primarily due to the increase in the price of copper during the quarter. During 2010, the amount of copper and gold covered by hedging contracts will decrease from 2009 levels by approximately 67% and 37%, respectively.

Net income for the third quarter of 2009 totalled $1.4 million.

The following condensed Statements of Income outline the financial results of operations during the three and nine months ended September 30, 2009:



----------------------------------------------------------------------------
Three Months Nine Months
Statements of Income (Loss) (in U.S. Ended Ended
$millions) September 30, September 30
(unaudited) 2009 2009,
----------------------------------------------------------------------------
Gross revenues 20.7 52.1
----------------------------------------------------------------------------
Refining, treatment and other charges (2.6) (7.7)
----------------------------------------------------------------------------
Net revenues 18.1 44.4
----------------------------------------------------------------------------
Operating expenses (6.8) (19.1)
----------------------------------------------------------------------------
Amortization & depletion of mineral properties (2.4) (6.8)
----------------------------------------------------------------------------
Operating earnings 8.9 18.5
----------------------------------------------------------------------------
General & administrative expenses (1.7) (4.4)
----------------------------------------------------------------------------
Amortization and exploration property write
downs (0.0) (0.3)
----------------------------------------------------------------------------
Interest (0.4) (1.6)
----------------------------------------------------------------------------
Foreign exchange losses & realized derivative
losses (1.7) (2.0)
----------------------------------------------------------------------------
Unrealized derivative losses (3.2) (16.5)
----------------------------------------------------------------------------
Income tax (expense) recovery (0.5) 0.3
----------------------------------------------------------------------------
Net income (loss) 1.4 (6.0)
----------------------------------------------------------------------------



The realized prices for copper, gold and silver sales during the third quarter of 2009 were $2.89 per pound, $942 per ounce and $17.52 per ounce, respectively. The realized prices incorporate the expected forward prices for the month of settlement. These realized prices compare with the average London Metal Exchange cash settlement price of $2.65 per pound for copper, the average of the London morning and afternoon daily spot prices of $960 per ounce for gold and the London brokers official daily spot price of $14.69 per ounce for silver.

Statements of Cash Flows: Cash flows from operating activities were approximately $8.0 million during the third quarter of 2009, with a total increase in cash for the period of approximately $3.6 million.

GlobeStar made its scheduled long-term debt repayment of approximately $2.7 million, including accrued interest, on September 30, 2009. Pursuant to the requirements of GlobeStar's senior debt facility with Nedbank, the debt reserve account remained fully funded during the third quarter of 2009 in the amount of $5.3 million and GlobeStar was in compliance with all covenants under such facility at the end of the third quarter of 2009.

Exploration expenditures were approximately $1.0 million during the third quarter of 2009, with activities focused on diamond drilling in the Bayaguana gold-copper district and geophysical mapping and analysis in the vicinity of the Cerro de Maimon Mine.

In addition, exploration at the Cerro de Maimon Mine continued during the third quarter, with a four-hole drilling program completed in September and the interpretation of earlier drilling results, at a cost of approximately $0.3 million.

Expenditures on sustaining capital projects and construction related to completing the water ponds at the Cerro de Maimon Mine totalled approximately $1.0 million during the third quarter of 2009.

The following condensed Statements of Cash Flows outline GlobeStar's cash flows during the three and nine months ended September 30, 2009:



----------------------------------------------------------------------------
Three Months Nine Months
Statements of Cash Flows (in U.S. Ended Ended
$millions) September 30, September 30,
(unaudited) 2009 2009
----------------------------------------------------------------------------
Cash flows from operating activities 8.0 16.8
----------------------------------------------------------------------------
Repayment of long-term debt (principal) (2.2) (4.4)
----------------------------------------------------------------------------
Funding of debt reserve account 0.2 (5.3)
----------------------------------------------------------------------------
Exploration expenditures (1.0) (2.0)
----------------------------------------------------------------------------
Drilling at Cerro de Maimón Mine (0.3) (0.5)
----------------------------------------------------------------------------
Sustaining capital expenditures (1.0) (3.3)
----------------------------------------------------------------------------
Other cash flow items, including net proceeds
from pre-commercial production sales (0.1) 3.0
----------------------------------------------------------------------------
Increase in cash 3.6 4.3
----------------------------------------------------------------------------



Balance Sheet Data: Cash, restricted cash and accounts receivable were approximately $18.3 million at September 30, 2009, an increase of $4.9 million during the third quarter of 2009. Saleable metal inventories were approximately $2.1 million at September 30, 2009 versus $1.5 million at the June 30, 2009. The amount outstanding on GlobeStar's senior debt facility with Nedbank totalled $39.9 million at the end of the third quarter of 2009, after making the scheduled quarterly repayment of $2.7 million, including accrued interest, on September 30, 2009.

The following condensed Balance Sheets outline GlobeStar's financial position at September 30, 2009 and June 30, 2009:



----------------------------------------------------------------------------
As at As at
Balance Sheets (in U.S. $millions) September 30, June 30,
(unaudited) 2009 2009
----------------------------------------------------------------------------
Assets
----------------------------------------------------------------------------
Cash, including restricted cash 12.8 9.4
----------------------------------------------------------------------------
Accounts receivable 5.5 4.1
----------------------------------------------------------------------------
Product inventory (at cost) 2.1 1.5
----------------------------------------------------------------------------
All other assets 103.4 104.2
----------------------------------------------------------------------------
Total Assets 123.8 119.2
----------------------------------------------------------------------------
Liabilities & Equity
----------------------------------------------------------------------------
Accounts payable and accrued liabilities 8.9 8.2
----------------------------------------------------------------------------
Long-term debt 39.9 42.2
----------------------------------------------------------------------------
All other liabilities 11.4 6.8
----------------------------------------------------------------------------
Equity 63.6 62.0
----------------------------------------------------------------------------
Total Liabilities & Equity 123.8 119.2
----------------------------------------------------------------------------



Operating Results

A summary of the operating results for the first three quarters of 2009 is outlined in the following tables.

During the third quarter of 2009, the mine and sulphide plant continued to operate efficiently, with no significant issues affecting production. Mining activity was ahead of schedule during the third quarter of 2009 and, as a result, mine production will be scaled back during the fourth quarter in order to return to the annual mine plan. Concentrate production in the third quarter of 2009 increased by approximately 11% compared to the second quarter, due primarily to higher throughput in the sulphide plant, which averaged approximately 1,150 tonnes per day during the third quarter. The plant is on schedule to process an estimated 400,000 tonnes of sulphide ore and produce an estimated 25 million pounds of copper for 2009.

The following table outlines the sulphide plant's operating statistics during the first three quarters of 2009:



----------------------------------------------------------------------------
Three Months Three Months Three Months
Ended Ended Ended
Sulphide Plant - Operating September 30, June 30, March 31,
Statistics 2009 2009 2009
----------------------------------------------------------------------------
Sulphide ore processed
(tonnes) 106,000 98,000 103,000
----------------------------------------------------------------------------
Copper grade 3.1% 3.2% 3.9%
----------------------------------------------------------------------------
Gold grade g/t, Silver
grade g/t 1.3, 74 1.0, 59 1.0, 87
----------------------------------------------------------------------------
Copper, gold & silver 84%, 33%, 84%, 31%, 86%, 45%,
recoveries 51% 50% 67%
----------------------------------------------------------------------------
Copper concentrate produced
(tonnes) 11,700 10,500 12,500
----------------------------------------------------------------------------
Copper in concentrate (pounds) 6.2 million 5.9 million 7.6 million
----------------------------------------------------------------------------
Gold & silver in concentrate
(ounces) 1,400, 128,000 1,000, 93,000 1,600, 192,000
----------------------------------------------------------------------------



The oxide plant achieved its highest quarterly production to date in the third quarter, as a result of adjustments to the reagent quantities in the circuit and the introduction of a new flocculant system. During the fourth quarter of 2009 and beyond, GlobeStar intends to ship oxide production in the form of precipitates rather than as dore, in order to minimize any recovery losses in the final processing stage and maximize revenues.

The following table outlines the oxide plant's operating statistics during the first three quarters of 2009:



----------------------------------------------------------------------------
Three Months Three Months Three Months
Ended Ended Ended
Oxide Plant - Operating September 30, June 30, March 31,
Statistics 2009 2009 2009
----------------------------------------------------------------------------
Oxide ore processed (tonnes) 61,000 50,000 34,000
----------------------------------------------------------------------------
Gold grade g/t, Silver
grade g/t 1.1, 26 1.1, 17 1.3, 65
----------------------------------------------------------------------------
Gold & silver recoveries 79%, 41% 80%, 54% 84%, 35%
----------------------------------------------------------------------------
Gold produced (ounces) 1,700 1,460 1,200
----------------------------------------------------------------------------
Silver produced (ounces) 20,500 14,400 25,000
----------------------------------------------------------------------------



Cerro de Maimon Exploration

During the third quarter, assays results received for the drill program performed earlier in 2009 indicated a 200-metre extension of the Cerro de Maimon sulphide ore zone to the northwest. Additional drilling and engineering is required to determine if this mineralization can be added to the estimated mineral reserves at the Cerro de Maimon Mine.

Third quarter exploration activities in the Maimon Cluster, an area defined by a five-kilometre radius around the Cerro de Maimon Mine, included geological mapping, soil sampling and the completion of the interpretation of an IP survey carried out earlier in the year. A number of prospective zones in which IP and geochemical anomalies coincide will be tested by drilling in the fourth quarter of 2009.

Bayaguana District Exploration

GlobeStar's Bayaguana district consists of 72 square kilometres of mineral concessions, located approximately 60 kilometres east of the Cerro de Maimon Mine, and hosts three geologically important copper and gold deposits. The largest mineral deposit is Dona Amanda which has a Canadian National Instrument ("NI") 43-101 compliant inferred mineral resource estimated at 128 million tonnes grading 0.31% copper, 0.19 grams of gold per tonne and 1.43 grams of silver per tonne at a cut-off grade of 0.15% copper.

GlobeStar's 2009 exploration program has completed geological, geophysical and geochemical surveys in the eastern portion of the Bayaguana district and has drilled approximately 2,170 metres in nine holes in La Palma East area. Assay results received in the third quarter of 2009 show that sulphide mineralization has been encountered in narrow (less than 2 metres wide) horizons, which have assayed up to 4% copper and minor amounts of gold and silver.

A nine-hole drill program was completed during the third quarter at the Cerro Mariposa target, with assays received to the end of the quarter indicating the existence of a structurally-controlled massive sulphide mineralization previously unknown. Any decision to reinitiate drilling at Cerro Mariposa will be made after all assays have been received and a complete evaluation has been completed.

These geologically encouraging results have resulted in a continuation of the drill program in the Mariposa area located northwest of La Palma East near the Dona Loretta mineral deposit which has a NI-43-101 compliant estimated inferred mineral resource of 8.2 million tonnes grading 0.5% copper at a cut-off grade of 0.25% copper. The main objective of the current drilling program at Dona Loretta, which will be completed during the fourth quarter, is to extend the known resources in the property.

The Cerro Kiosko deposit has a NI-43-101 compliant estimated indicated and inferred mineral resource of 4.9 million tonnes grading 0.98% copper, 2.0 grams of gold per tonne and 5.1 grams of silver per tonne at a cut-off grade of 0.35 grams of gold per tonne. The Kiosko mineral system remains open to the south and drilling in early 2010 will be directed towards increasing this resource.

Cumpie Hill Nickel Laterite Deposit

Coincident with the recent resurgence in the price of nickel, GlobeStar is evaluating the options available to reinitiate the development of the Cumpie Hill nickel laterite deposit located four kilometres from the Cerro de Maimon Mine. Cumpie Hill has a NI 43-101-compliant estimated indicated and inferred mineral resource of 6.2 million tonnes grading 1.5% nickel at a cut-off grade of 1% nickel containing an estimated 200 million pounds of nickel.

Moblan Lithium Project

The Moblan West lithium deposit, located in northern Quebec, is 60% owned by GlobeStar and hosts a NI 43-101-compliant estimated inferred mineral resource of 5.3 million tonnes grading 1.5% Li2O at a cut-off grade of 0.43% Li2O.

During the third quarter of 2009, exploration activities carried out by GlobeStar's partner, SOQUEM Inc., included excavation, mapping and sampling of 11 trenches.

The deposit is suitable to open pit mining at an estimated stripping ratio of less than 1 to 1. Preliminary metallurgical testing indicates that a high-quality lithium concentrate, containing approximately 91% spodumene and 7.2% Li2O, may be produced from the Moblan West lithium deposit and sold to end users in the glass and ceramic sectors or further upgraded to battery-quality lithium carbonate.

GlobeStar is currently determining the most advantageous strategy for continuing the development of this important lithium resource, which, based on current estimated grades, could be one of the highest-grade undeveloped lithium deposits in the world.

Conference Call Details

GlobeStar will host a conference call on Friday, November 13, 2009 at 9:00 a.m. (EST) to discuss the third quarter 2009 results. The conference call may be accessed by dialing 1-888-789-9572 in North America or 1-416-695-7806 internationally. Please dial in the participant pass code 3573015. The archived conference call can be accessed by following the instructions in the investor relations tab on GlobeStar's website.

A short presentation will be made during the conference call and the presentation slides will be available in the investor relations tab of GlobeStar's website at www.globestarmining.com.

About GlobeStar

GlobeStar Mining Corporation is a Canadian-based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is exploring for copper and gold on its extensive mineral concessions in the Dominican Republic, and also holds significant interests in the Moblan Lithium Project in Quebec, Canada, and the Cumpie Hill lateritic nickel deposit in the Dominican Republic. GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

A.E. Olson, M AusIMM, GlobeStar's Senior Vice President and COO and a Qualified Person as defined under NI 43-101, supervised the preparation of and verified the technical information contained in this release, other than that related to the Moblan Lithium Project, which was verified by Gary H. K. Pearse, P.Eng., of Equapolar Resource Consultants, who is also a Qualified Person under NI 43-101.

Cautionary Statements Concerning Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable to GlobeStar as of the date of such statements, are inherently subject to significant risks and uncertainties and may not be appropriate for use other than as used herein. These estimates and assumptions include, but are not limited to: (a) the accuracy of geologic interpretations and studies of the orebodies at the Cerro de Maimon Mine; (b) the content of the orebody in respect of the Cerro de Maimon Mine; (c) the ability of the sulphide and oxide plants to operate at their design capacities; (d) certain assumptions relating to the market price for copper, gold and silver and the expected levels of supply and demand for copper, gold and silver; (e) there being no significant disruptions affecting operations at the Cerro de Maimon Mine, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment, naturally occurring events or otherwise; (f) production at the Cerro de Maimon Mine being consistent with GlobeStar's current expectations; (g) the continued operation of the Cerro de Maimon Mine; (h) the ability of GlobeStar to successfully continue its exploration activities in respect of the Maimon Cluster, Bayaguana District properties, Moblan deposit and other prospects; and (i) the accuracy of geologic interpretations and drill results in respect of the Maimon Cluster, Bayaguana District properties, Moblan deposit and other prospects. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated, implied or indicated by these forward-looking statements. Although GlobeStar believes that the expectations reflected in its forward-looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in the "Risk Factors" section of GlobeStar's most recently filed Annual Information Form and GlobeStar's other filings with the securities regulators of Canada. These factors are not intended to represent a complete list of the factors that could affect GlobeStar. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, or to explain any material difference between actual events and such forward-looking statements, except as required pursuant to applicable securities laws.

[nlightn]

GlobeStar Mining’s Conference Call for Investors on November 13, 2009

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI), will hold a conference call at 9:00 a.m. (EST) on Friday November 13, 2009 to discuss key highlights of GlobeStar's financial and operating results for the Third Quarter 2009. A short presentation will be made during the conference call.

GlobeStar's Third Quarter 2009 financial statements, management's discussion and analysis as well as presentation slides for the conference call will be posted on the investor relations tab of GlobeStar's website at www.globestarmining.com after the close of markets on Thursday November 12, 2009.

Investors' Conference Call Details

Topic: GlobeStar Mining's Third Quarter 2009 Results

Date: Friday November 13, 2009

Time: 9:00 a.m. (EST)

Call: The conference call may be accessed by dialing 1-888-789-9572 in North America or 1-416-695-7806 internationally. Please dial in participant pass code 3573015.

Replay: The archived conference call can be accessed by following the instructions on the investor relations tab on GlobeStar's website.

About GlobeStar

GlobeStar Mining Corporation is a Canadian based mining and exploration company producing copper, gold and silver at its Cerro de Maimon mine in the Dominican Republic.

GlobeStar has developed NI-43-101compliant inferred mineral resource estimates for the Moblan Lithium Project in Quebec, Canada and the Cumpie Hill lateritic nickel deposit in the Dominican Republic.

GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).

[nlightn]

MOBLAN - Lithium Project

OVERVIEW

GlobeStar’s Moblan project covers a group of pegmatite sills and dykes in Archean-age greenstone north of Chibougamau, Quebec, Canada that are characterized by high lithium (Li) values in the mineral, spodumene, a lithium aluminum silicate. The project is divided into two areas, West and East. The Moblan West property hosts the Main Sill pegmatite body.

The Moblan West property comprises 14 contiguous staked claims covering 235 hectares in which GlobeStar earned an interest of 60% from SOQUEM in November 2008, having exceeding the required initial earn-in of US$150,000. A Technical Report prepared for GlobeStar on the Moblan West property was completed in December 2008. It provided Indicated mineral resources for the Main Sill in the Moblan West property of 5.34 million tonnes at an average grade of 1.51% Li2O and a cut-off grade of 0.43% Li2O.. In the higher grade eastern half of the Moblan West property, Indicated mineral resources were estimated at 2.09 million tonnes at an average grade of 1.85% Li2O, and at the same cut-off grade. The Moblan East property is less advanced than Moblan West and is made up of 11 contiguous staked claims covering 163 hectares owned 100% by GlobeStar.


LOCATION AND ACCESS

The Moblan property is located 112 kilometers north of Chibougamau and is accessible from Chibougamau via Route du Nord, an all-weather gravel road, to Kilometre 112.5 where a 2-kilometer winter trail runs south to the centre of the Moblan West property. At Kilometre 105 on the Route du Nord, a logging road and winter diamond drill trail provides access to the Moblan East property.



Location of the Moblan lithium pegmatite property


GEOLOGICAL SETTING

The Moblan property is located in the eastern segment of the Frotet-Evans greenstone belt of Archean age in the Opatica Sub-Province of the Canadian Superior Province. The greenstone belt is enclosed by a granitic-gneissic complex and has itself been intruded by post-tectonic granodiorite to tonalite plutons. The volcanic and sedimentary package is composed of tholeiitic basalts, ferrotholeiites, transitional basaltic flows, calc-alkaline pyroclastic units and sedimentary rocks. Numerous sills and feeder dykes of ultramafic to granophyric composition intruded the sequence and these are very abundant in parts of the belt. Calc-alkaline porphyritic dykes are thought to be the feeders for, or contemporaneous intrusions with, the felsic pyroclastic deposits.

The Frotet anticline divides the greenstone belt into two structural domains. The northern part is characterized by prominent northeast to north-northeast regional schistosity truncated by southeast-trending reverse faults and east-northeast to east-west strike-slip dextral faults. In the southern branch of the anticline, features are oriented east-southeast to southeast where regional-scale reverse faulting interferes with large synclines. Regional metamorphism is greenschist facies in the core of the greenstone belt, increasing to lower amphibolite facies at the margins and around felsic intrusions. The Moblan pegmatite swarm is localized in the nose of the Frotet anticline where confining pressures and readily deformed, impermeable basic volcanic and mafic rocks provided the conditions for containment and crystallization of the elements, such as lithium, tantalum and niobium that characterize a so-called rare metal pegmatite suite.


MINERALIZATION AND RESOURCES

A 12-hole diamond drilling program totalling 1,245 meters was completed in December 2007 on the Moblan West part of the property. The principal objective of the drilling program was to test the continuity, geometry and structural control of the pegmatite bodies. Preliminary metallurgical testing by SGS Lakefield produced a spodumene concentrate containing 7.4% Li2O and which exceeds the industry standard specification of 7.25% Li2O for ceramics and glass applications. A lower grade, 5% Li2O, concentrate suitable for the glass industry was also recovered.

The independent Technical Report completed in December 2008 incorporates the results of the 2007 drilling program and metallurgical work, and provides an estimate of mineral resources and a preliminary assessment (scoping study). View Technical Report

The main conclusions of the Technical Report, which focused on the Main Sill pegmatite body, are summarized below:


* Drilling confirmed the presence and structure of the Main Sill underlying the central part of the West Moblan property. Defined by holes MS-07-04 to MS-07-09 totalling 747.4 meters and the surface geology, this body is approximately 600 meters long, strikes east-west, dips approximately 30o north and averages nearly 40 meters thick.

* The Main Sill is classified as an albite-spodumene pegmatite and has three principal zones. From the contacts inward these are: an albite-rich contact wall zone with quartz, dark green mica and generally minor potassium-feldspar; a potassium-feldspar zone with quartz bands, green mica and lesser albite; and a central quartz-spodumene core which is generally banded with concordant albite-potassium-feldspar-quartz-mica subzones and chains of coarse potassium-feldspar crystals.

* Inferred mineral resources for the Main Sill, potentially amenable to open pit mining along a strike length of 600 meters and to a depth of 50 meters, were estimated to be 5.34 million tonnes at 1.51% Li2O with a cut-off grade of 0.43% Li2O. Considering only the higher grade eastern half for the economic assessment, the Inferred mineral resource is 2.09 million tonnes at 1.85% Li2O with the same cut-off grade. The mineral resource estimates were based on a polygonal wireframe method.

Drill core sample showing spodumene rich zone in the main pegmatite sill, Moblan West



SCOPING STUDY

The preliminary assessment for the Moblan West project, envisioned mining at a rate of 135,000 tonnes per year and the capital cost for mining and processing was estimated at C$22 million. Results of the study determined a net present value of almost C$21 million at a discount rate of 8% per year, for a 10-year operation and an internal rate of return of 26.28%.

As part of the preliminary assessment, an initial analysis was undertaken of potential markets for spodumene, and sodium and potassium feldspar concentrates. Tantalum, rubidium and cesium concentrates, garnet, mica and silica may also be recoverable from the Moblan property, although these were not considered in the preliminary assessment.


FURTHER STEPS

The Moblan West pegmatite project is well-placed due to the proximity of a rail line which provides access to potential markets, principally in North America and Europe. The results of the preliminary economic analysis support undertaking a more detailed pre-feasibility study for this deposit, which would include, among other steps:

* An infill drilling program first defining a regular 50-meter spacing grid along strike with paired drill holes to penetrate deeper extensions down dip, to be followed by drilling on 25-meter spacing.

* Preparation of an updated mineral resource estimate in light of the additional drilling in order to bring the present Inferred resources to a higher confidence category.

* Preparation of composites from split-core assay rejects and mini-bulk samples for metallurgical process development and preparation, of product samples for chemical and mineralogical evaluation, and glass and ceramic melt and firing trials.

*

A detailed world market study for spodumene and feldspars, with emphasis on North America and the European Union, and selected significant customers and/or distributors in Asia.


Further work will be also carried out in the Moblan East area.

Detailed mapping of the whole property is also planned for reconnaissance of additional pegmatite bodies.

http://www.globestarmining.com/SiteResources/ViewContent.asp?DocID=235&v1ID=&RevID=437&lang=1

[nlightn]

Mission and Values


MISSION

GlobeStar’s mission is “To be the premier emerging mining company creating stakeholder value through responsible and sustainable growth.

VALUES

GlobeStar has developed corporate values which guide all of its activities:

# Act responsibly with integrity, trust and respect

# Provide leadership in safety, health, social responsibility and the environment

# Insist on teamwork and transparent communication through all levels

# Develop our people and reward them for creativity, excellence and commitment

# Promote positive change by encouraging “best practices”

[nlightn]

Who We Are

GlobeStar is a Canadian mining, exploration and development company whose principal activity is the production of high quality copper concentrate and gold-silver doré from the Cerro de Maimón mine located in the Dominican Republic.

GlobeStar began construction of the Cerro de Maimón mine and processing facilities, in December 2006 and all construction was completed by December 2008. The sulphide flotation plant was brought into production in September 2008 and the oxide gold plant was commissioned in December 2008.

The 2009 forecast production of the sulphide flotation plant is 25 million pounds of copper, 5,000 ounces of gold, and 440,000 ounces of silver.

The 2009 forecast production of the oxide gold plant is 7,000 ounces of gold and 113,000 ounces of silver. The current mine plan extends to 2017 and the existing resources and prospective exploration targets near to the Cerro de Maimón property have the potential to extend the life of the operation.