Eagle Star Minerals Corp.

TSX VENTURE : EGE
PINKSHEETS : ELGSF
FRANKFURT : E6R


Eagle Star Minerals Corp.

December 10, 2012 10:21 ET

Eagle Star Minerals Receives More Excellent Pit Results and Expands Lateral Continuity of the High-Grade Zone at the Bomfim Hill, Which Remains Open in All Directions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company") is pleased to announce excellent results from Pits 3 and 4 returning 15.42% P2O5 over 5 meters and 23% P2O5 over 1.5m average grade respectively. Both pits terminated in high-grade phosphorite and remain open at depth. The XRF results for the four pits excavated to date confirm that the high grade zone at the southern portion of Bomfim Hill (Block D1) extends over a width of 600m between pit 2 and pit 4; the mineralized horizon remains open along strike and to depth. Field work has returned readings of composite intervals varying from 15% P2O5 to 23% P2O5 over at least 5 meters in thickness in the first three pits and at least 1.5 meters below the 3.5 meters of soil coverage in the fourth pit. All of the pits excavated to date remain open to depth.

Previous grab samples of the brecciated phosphorite found at Bomfim Hill were submitted to SGS Geosol Laboratorios Ltda at their Vespasiano facility in Brazil. The results of the submitted samples confirmed the initial XRF results returning values of 22%-28% P2O5 therefore giving credibility to the initial XRF readings. Field evidence suggests the mineralized horizon may extend over an area of 1.1km2.

To view table of pit results please visit the following link: http://media3.marketwire.com/docs/EGETable1210.pdf

The XRF readings were done systematically following recommended procedures of the manufacturer. The pits have been channel sampled on a meter basis and for each meter, three readings were taken to obtain an average grade. Before running the analysis, the samples collected were homogenized, dried (using microwave oven) and manually crushed to fine grain. The composite grade for the 5 meters is attained by simply averaging the values obtained for each meter. The handheld XRF analyzer is an Olympus Delta model and was calibrated according to Innov-X Systems in-house calibration procedure. The Company conducts field XRF analysis using industry recognized sample preparation and analysis protocols, and has conducted sufficient quality control using the XRF method to believe that although the method cannot be relied upon to have the equivalent precision and accuracy of a certified analytical laboratory, the results are of sufficient quality to direct exploration pending analytical laboratory confirmation.

The information from pit opening in association with detailed mapping (1:10,000 scale) performed in the area has led the technical team of Eagle Star to divide the Bomfim Target (D1) into three mineralized zones to be prioritized and explored accordingly

  • SILEXITE ZONE (SZ): The mineralization occurs below a silexite cap at the top of the hill that is at lease 5 meters deep. The silexite rock type is associated with intensely silicified phosphorite as it exhibits a brecciated and laminated texture. This area will have to be drilled in the future due the density of the silexite.
  • PHOSPHORITE ZONE (PZ): This zone is located on the hillsides and is composed of high-grade phosphorite, typically brecciated and exhibits a series of textures and facies. XRF results at the southern portion (pits 1 to 4) range from 15% to 23% P2O5. Two phosphorite zones have been outlined: PZ-W (west) and PZ -E (east). The work now being performed is focused on PZ-E. This area extends over 1,500m in the NNE direction and 600m in width based on detailed mapping. The XRF results of the four pits confirm the presence of high-grade phosphate mineralization at the southern portion of the mineralized outline with results ranging between 15% to 23% P2O5. At the northern portion, the geomorphology and geology are the same as observed at the southern portion. The mineralization appears to occur along a topographic level on the eastern border of the hill, and a structural control (NS and NW-SE faults) appears to influence the width of the high-grade zone. The structural control also supports the presence of paleo channels. (see figure page 3)
  • PHOSPHATE SILTSTONE ZONE (PSZ): According to the genetic model developed by Dr. Campos (COO and Director of Eagle Star) for the Itafos Arraias project (now operated by MbAC) located only 10 km to the south of Bomfim, phosphated siltstone should be found next to the phosphorite paleo channels. In this case, to the east of block D1 (block D2) adding even more volume to the phosphorite potential on the Bomfim Hill.

The 150m to 200m spacing between pits at the southern portion of PZ-E permits a good correlation in terms of the rock types present (facies of brecciated phosphorite) and associated grades.

Further investigation at the PZ-E will focus on obtaining spatial distribution of results within a 400m by 400m area at the southern portion of the higher grade phosphate horizon as well as opening additional test pits to the north in order to confirm its on strike continuity.

The mineralized envelope outlined on the west side of the Bomfim hill is also planned for investigation to uncover additional high-grade mineralization.

To view Bomfim map and pit locations please click on the following link: http://media3.marketwire.com/docs/EGEMap1210.pdf

CONCLUSIONS

"The confirmation of 600m high-grade lateral continuity here at the Bomfim Hill is very significant. By proving such an extension we are confident of having a target with considerable volume and grade. We now look forward to expand our work in the area, certain that future results will significantly increase the scope of this already sizable discovery." Commented by Dr. Campos, an expert in the phosphate mineralization of the region and a Technical Director of the Company.

Rick Kemp, P.Geo, of Coast Mountain Geological Ltd., a qualified person under NI 43-101, reviewed and approved the technical disclosures of this press release on behalf of the company.

ABOUT THE COMPANY

Eagle Star Minerals Corp is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past two years, Eagle Star Minerals has strategically grown its presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.

The Company's shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.

On behalf of the Board of Directors

EAGLE STAR MINERALS CORP.

Eran Friedlander, President

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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