GlobeStar Mining Corp. Toronto TSX:GMI, an emerging copper and gold producer in the Dominican Republic.

GlobeStar is currently constructing the Cerro De Maimón mine which is slated for completion in the summer of 2008. Cerro de Maimón will be the first new copper-gold mine in the Dominican Republic. At full production, Cerro de Maimón will be a low cost producer and produce approximately 33.5 million pounds of copper; 18,000 ounces of gold; and 500,000 ounces of silver annually.

GlobeStar also own several limestone deposits in the Dominican Republic and a lithium project in Quebec in its industrial minerals portfolio.

Fourth Quarter Highlights

• Production of approximately 5.1 million pounds of copper; 1,500 ounces of gold and 120,000 ounces of silver in 7,700 tonnes of concentrate.
• Shipment of 7,290 tonnes of copper concentrate to smelters in China.
• Proceeds received in December 2008 from fourth quarter concentrate shipments totalled $4.8 million, with a further $3.7 million in expected proceeds from fourth quarter shipments to be received in early 2009.
• One-half of the 2% net smelter return royalty on the Cerro de Maimón mine was purchased for $1 million.
• Copper concentrate inventories in excess of 1,900 tonnes at year end.
• Construction of the production facilities was complete at year end except for work associated with the expanded surface water retention pond.

2009 Outlook

Copper production during 2009 from the Cerro de Maimón mine is expected to total approximately 29 million pounds from the processing of 475,000 tonnes of sulphide ore grading on average 3.3% copper.

Gold and silver contained in the copper concentrate is forecast to total approximately 7,300 ounces and 368,000 ounces, respectively. During 2009, GlobeStar expects to sell a majority of its copper concentrates under sales contracts to overseas smelters. Discussions are underway to finalize the marketing contracts relating to the anticipated production in 2009.

The oxide plant is scheduled to process 245,000 tonnes of oxide ore producing approximately 14,000 ounces of gold and 280,000 ounces of silver in doré. Gross revenue from the sale of approximately 27 million payable pounds of copper, 21,000 ounces of payable gold and 614,000 ounces of payable silver is projected to be $60 million.

Operating earnings before depreciation, after $24 million of mine operation costs and $11 million of treatment, refining and freight charges, are forecast at approximately $25 million. Depreciation is projected to be approximately $10 million.

Cash flow from operating activities is projected to be approximately $26 million.

Exploration and sustaining capital expenditures are scheduled to be approximately $4 million and $3 million, respectively.

Cash out-flows for financing activities are forecast to be $14 million.

Exploration expenditures during 2009 will be focused on expanding the ore reserves of the Cerro de Maimón copper-gold-silver mine, drilling in the Bayaguana gold-copper district located approximately 40 kilometres east of the mine.

Pursuing new exploration and acquisition opportunities in Mexico and Central America, and to a limited extent advancing GlobeStar’s nickel properties in the Dominican Republic

Cash balances at the end of 2009 are projected to be $10 million.

GlobeStar’s net income and operating cash flow are materially impacted by changes in the price of copper.