EST

Estrella Gold Corporation (TSX VENTURE:EST) ("Estrella" or the "Company") - 



--  Estrella Nominates New Property of Merit - Yanac Copper Discovery 
--  Estrella Discovers and Acquires 6 new epithermal gold prospects from
    Venture. 



Estrella Gold Corporation is pleased to announce the results of regional
exploration managed under its Alliance Agreement with Cliffs Natural Resources
Exploration Inc., a wholly owned subsidiary of Cliffs Natural Resources Inc.
(NYSE:CLF)(PARIS:CLF) ("Cliffs"). The program is fully funded by Cliffs and
commenced in February of 2011. As manager, Estrella carried out an integrated
exploration program for iron-oxide-copper-gold mineralization (IOCG) in
south-central Peru within and adjacent to the Marcona iron district. The program
included systematic development of a detailed exploration database and targeting
strategy, followed by target identification and property acquisition and
evaluation. Estrella identified and evaluated 35 target properties containing
51,100 hectares (511 square kilometers) over the last 20 months.


Estrella has discovered several exciting mineral occurrences which are being
explored, including the Yanac porphyry copper occurrence. The Yanac Property
contains 5,200 hectares of mineral lands which host a large zone of outcropping
copper mineralization, extending 800 meters (N-S) by 400 meters (E-W). Estrella
has nominated the Yanac property as a "Property of Merit" within the Alliance
Agreement. Cliffs has 90 days to accept or decline the property as a new "Joint
Venture Project", until December 1, 2012. If accepted, Yanac will become a new
Joint Venture Project, with a minimum US$500,000 first year exploration budget
funded by Cliffs. As described below, Cliffs can earn up to a 70% interest by
funding US$4.0 million in exploration, and can then earn to 80%, subject to
staged terms and conditions. Yanac will be described in detail in a separate
forthcoming news release. In addition to Yanac, Cliffs also continues to fund
exploration of the Pampa Poroma Joint Venture Project (news release September
11, 2012), and 9 additional target properties which have potential for IOCG
mineralization. They also continue to fund exploration for new properties.


Eighteen (18) other properties (16,000 hectares) have been designated as
Rejected Targets under the Alliance Agreement, and exploration of these
properties will no longer be funded by Cliffs under the Alliance Agreement.
These include 6 properties with 7,100 hectares that contain volcanic-hosted
alteration systems, which have potential for discovery of precious metal
mineralization. The properties contain variable amounts of favorable alteration
including vuggy silica, hydrothermal clay, iron oxide with elevated trace
element geochemistry including gold, silver, antimony, arsenic, or mercury.
These six new properties will be explored independently and offered for Joint
Venture to qualified parties from Estrella as part of the Company's Prospect
Generator Business Model.


Mr. Keith Laskowski, QP, President and CEO of Estrella, commented, "We are
pleased with the success of our exploration alliance with Cliffs. The program
has generated some exciting new discoveries which Cliffs may continue to pursue,
and as a secondary benefit, we have received six new epithermal gold properties
which do not fit the current objectives of our partner. The Alliance Agreement
with Cliffs provides several paths to value for Estrella shareholders. We look
forward to additional encouraging news in the coming months."


AGREEMENT: Estrella's Alliance Agreement with Cliffs establishes Estrella as the
operator, and Cliffs provides US$400,000 per year for two years for regional
exploration. The Cliffs-Estrella Alliance focuses on the discovery of IOCG
deposits, a type of deposit present in Peru and Chile. Prospective properties
meeting certain criteria, including a minimum of US$50,000 in expenditures, will
be nominated to Cliffs as "Properties of Merit". Any "Property of Merit"
accepted by Cliffs then becomes a Joint Venture Project ("Project") with Cliffs
and Estrella each owning an initial 50% interest. Any Property of Merit which is
declined by Cliffs shall be released to Estrella.


Cliffs can acquire an additional 20% interest in selected Projects, to a total
70%, by spending a minimum of US$4,000,000 and completing 3,000 meters of
drilling within four years of selection. Cliffs will be required to expend a
firm commitment of US$500,000. If Cliffs fails to acquire the additional 20%,
the property reverts 100% to Estrella Upon earning 70%, Cliffs can acquire an
additional 10% interest to a total 80% in selected Projects by completing a NI
43-101 Compliant Pre-Feasibility Study or by defining a compliant Mineral
Resource containing a minimum of 1,000,000, ounces of gold or gold equivalent,
within four years of earning its 70% interest. If Cliffs elects not to earn an
additional 10% interest, Cliffs will pay Estrella US$2,000,000 within 60 days
and the parties will fund their proportional interest, subject to conventional
dilution. If either party's interest in the Project is reduced to 10%, that
interest will be convert to a 2% NSR royalty. The Agreement also provides Cliffs
with the option to acquire up to an 80% interest in the Company's Pampa Poroma
property, subject to the same terms described above, except Cliffs must spend a
minimum of US$2,000,000 by August 31, 2013 to earn its initial 50% interest.




----------------------------------------------------------------------------
Strategic Exploration Alliance                                              
Results                                                                     
----------------------------------------------------------------------------
Properties Evaluated by Estrella                                            
- 35                                                                        
----------------------------------------------------------------------------
Properties Acquired for           28                                        
Evaluation                                                                  
----------------------------------------------------------------------------
Properties nominated as                1        Alliance Property, Cliffs to
"Property of Merit"                             decide                      
----------------------------------------------------------------------------
Properties for Additional IOCG         9        Alliance Property, Cliffs is
Exploration:                                    Funding Exploration         
----------------------------------------------------------------------------
Properties Released to Estrella       18        Estrella begins funding    
(100%)                                                   
----------------------------------------------------------------------------
New Epithermal Gold Properties             6    New Gold Exploration Targets
----------------------------------------------------------------------------
Properties to be released or              12    Removed from Active Property
ventured                                        Inventory                   
----------------------------------------------------------------------------
Total Alliance Active Properties          10                                
----------------------------------------------------------------------------



About Estrella Gold Corporation (TSX VENTURE:EST):

Exploration is risky and Estrella is seeking to increase the chances of success
as a "Prospect Generator" focused on gold exploration in Latin America. Estrella
identifies and acquires new mineral properties, and then conducts initial,
low-cost exploration to define a potential new deposit. Once defined, Estrella
forms joint ventures with other companies that will provide funding and reduce
Estrella's risk and expenditures. The Prospect Generator business model allows
Estrella to aggressively seek the next major discovery. Estrella has
twenty-three (23) active exploration properties in Peru, with fourteen (14) held
in venture agreements, most in a strategic exploration alliance with Cliffs
Natural Resources Exploration Inc. Of the nine properties held 100% by Estrella,
the Company has six new epithermal gold targets, two early stage epithermal gold
targets, and the Colpayoc gold-porphyry target which has a NI 43-101 compliant
inferred gold resource containing 313,000 ounces of oxide gold (19.3 Mt @ 0.5
g/t gold, Global Geotechnologies Inc.; News Release dated 12/21/2011). The
Company has 31.7 million shares issued and outstanding on the TSX Venture
Exchange (TSX VENTURE:EST). Mr. Keith A. Laskowski, MSc., is a Qualified Person
for the purposes of National Instrument 43-101 Standards of Disclosure for
Mineral Projects of the Canadian Securities Administrators, and has prepared,
reviewed and verified the technical information contained in this news release.
Further information is available at Estrella Gold's website:
www.estrellagold.com.


STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION,
INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR
EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS
AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING
STATEMENTS.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Estrella Gold Corporation
Keith Laskowski, M.Sc., QP
President
(720) 272-6224, (303) 235-8099 or (604) 687-3520
(604) 688-3392 (FAX)
klaskowski@estrellagold.com
www.estrellagold.com

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