DOMINICAN REPUBLIC – GLOBESTAR MINING of Toronto has released figures showing its total resource inventory has grown to 1.4 billion lb of copper (and 1.1 million oz of gold) at its wholly owned properties in the Dominican Republic. No grades or total tonnages were given, but about 80% of the contained copper and gold are in the inferred category.
GlobeStar’s flagship project is the Cerro de Maimn property. It has measured and indicated resources of 4.8 million tonnes grading 2.5% Cu, 1.4% Zn, 37.89 g/t Ag and 1.17 g/t Au. Included in those figures are proven and probable sulphide reserves of 2.7 million tonnes at 3.43% Cu, 1.63% Zn, 35.93 g/t Ag and 1.02 g/t Au as well as proven and probable oxide reserves of 0.57 million tonnes at 64.66 g/t Ag and 2.56 g/t Au.
Details of the resource estimate may be read at www.GlobeStarMining.com.
Last month GlobeStar secured US$33 million in debt financing with Nedbank Capital of South Africa to fund construction of the Cerro de Maimn. GlobeStar expects to spend US$20.7 million over a two-year period to build the sulphide treatment plant to produce copper concentrate. The oxide circuit would be commissioned soon afterward to produce gold/silver dor bars.