Eagle Star Petroleum Corp.

Eagle Star Petroleum Corp.

June 10, 2010 09:30 ET

Eagle Star Petroleum Corp. Receives Approval for Acquisition of Iron Ore Mining Exploration Permits Located in the State of Piaui Brazil and Commences Stage 1 of Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - Eagle Star Petroleum Corp., (TSX VENTURE:EGE)(FRANKFURT:E6R) ("Eagle star" or "the Company") Further to its news releases dated February 25, 2010 and April 15, 2010 Eagle Star is pleased to announce it has received final approval from the TSX Venture Exchange of its earn-in agreement ("the Agreement") to acquire an undivided 55% interest (with an option to increase its stake to 100%) in Iron Ore mining exploration permits ("the Permits") located in the state of Piaui – Northeastern Brazil.

Eagle Star has closed the transaction on June 7, 2010 by paying the seller $170,000USD being the balance of the amount due on closing.

Eagle Star will now commence Stage 1 of the exploration program. Stage 1 comprises of geological mapping, line cutting, ground magnetometer surveys, trenching and diamond drilling. The estimated cost of this Stage 1 program is $500,000USD and will take some five months to complete.

Eagle Star is to pay an aggregate finder's fee of $257,500USD cash or in value of shares, at the discretion of the Company. Payment of 25,000USD is due immediately and the balance is contingent, due only when payments are made to the seller and at the completion of each exploration stage.

Eran Friedlander, President and Chief Executive Officer of Eagle Star commented, "We are very happy about this positive development. We now look forward to the conclusion of stage 1 of the exploration program on the property which will allow us to better understand its geology and more accurately quantify its potential."

About the Company

Eagle Star Petroleum Corp. is a Natural Resource company headquartered in Vancouver, British Columbia. The Company's shares are publicly traded on the TSXv under the symbol EGE and on Frankfurt Stock Exchange under the symbol E6R.F.

On behalf of the Board of Directors


Eran Friedlander, President

Forward-Looking Statements

This document includes forward-looking statements that are not historical facts. Forward-looking statements include, but are not limited to; statements that we can complete stage 1 of the exploration program and that its conclusion will allow us to understand the geology and quantify potential. Although Eagle Star believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Factors that could cause actual results to differ materially include inability by either party to fulfill conditions to close, the uncertainty of the requirements demanded by regulatory agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain permits, potential delays or obstacles in operations and interpreting data, and the likelihood that no commercial quantities of iron ore are discovered. Readers should also review the corporation's periodic filings with Canadian securities regulators for additional risk factors.

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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