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La Yagua

Overview

The La Yagua concession is 9,900 hectares (24,500 acres) in area and is located 19 kilometers SW of La Paciencia in rocks belonging to the Duarte formation. This concession is considered to be along strike with Globestar's producing Cerro de Maimon mine (6 million tonnes of 2.5% copper, 1.2 g/t gold and 38 g/t silver). Preliminary prospecting on this concession has located a zone of silicified and massive sulfide. The silicified and massive sections yielded 2.3 g/t and 8.6 g/t gold, respectively. Access to the property is from the main Duarte highway and secondary roads, approximately 1 hour from the capital city, Santo Domingo.

Current Activity

August 2009

Discovery of a one kilometre long gold, silver and copper mineralized structure outlined by gossans on the La Yagua property in the Dominican Republic. Grab samples of oxidized material grade up to 13 grams gold per ton, 41 grams silver per ton and 21.33% copper. The mineralised zone displays classic VMS (volcanic massive sulphide) characteristics.

There is potential for 14 kilometers of this favorable interface on the Novus property.

October 2010

Globestar announces proposed CDN. $1.65 per share cash offer by Perilya - Globestar Mining Corp. has entered into a binding agreement with Perilya Ltd., pursuant to which Perilya has agreed, subject to the satisfaction of certain terms and conditions of the letter agreement, to enter into a further definitive support agreement and make an offer to acquire all of the outstanding common shares of Globestar by way of a takeover bid for $1.65 per common share in cash. The offer represents a 29.9-per-cent premium to the closing market price on the Toronto Stock Exchange of Globestar common shares on Oct. 6, 2010, and a premium of 36.5 per cent to the 20-day volume-weighted average price of Globestar common shares on the TSX.