GlobeStar Reports Increased Cash Balances at Dec 31, 2009

GlobeStar Mining Corporation (TSX:GMI) reported an increase in cash balances and a reduction in debt as at December 31, 2009 and provided production, operating and exploration guidance for 2010.

The press release is quoted as saying:

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.

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