Globestar Mining Corporation TSX: GMI

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2008) - GlobeStar Mining Corporation (TSX:GMI) ("GlobeStar" or the "Company") announced today that William Fisher, currently CEO and a director of GlobeStar, has resigned from his positions with GlobeStar effective immediately to pursue other interests. Mr. Fisher has agreed to provide certain consulting services as might be required by GlobeStar. The Board of GlobeStar has appointed Larry Ciccarelli, one of the founders of GlobeStar and currently chairman of the Board of Directors, as interim CEO. The Company has begun a comprehensive search process for a new CEO to lead GlobeStar. This process will include both internal and external candidates.

Larry Ciccarelli, Chairman and interim CEO, stated that: "I am very excited by this opportunity. GlobeStar is very fortunate to have assembled the team it has in place to advance our Cerro de Maimon copper/gold project in the Dominican Republic into commercial production on the currently projected schedule and within the currently projected capital budget. I look forward to continuing to work with this team and building on the successes of the exploration program we have been pursuing. I am confident that our search process will find the right CEO candidate for GlobeStar."

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The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Assumptions that are subject to significant risks and uncertainties are the basis for these statements. 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 and indicated by these forward looking statements. Although GlobeStar believes that the expectations reflected in forward looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. 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, except as required pursuant to applicable securities laws.