Estrella Gold Corporation
TSX VENTURE : EST

Estrella Gold Corporation

November 23, 2011 09:00 ET

Estrella Establishes Joint Venture at Pucarana Gold Project, Orcopampa District, Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Estrella Gold Corporation (TSX VENTURE:EST) ("Estrella" or the "Company") is pleased to announce that Esperanza Resources Corporation (TSX VENTURE:EPZ) ("Esperanza") has notified the Company that it has met its Stage 1 obligations, earning a 51% interest in the Pucarana Gold Project in Peru. Esperanza indicated it will continue to manage and operate the Joint Venture, subject to the the Joint Venture Agreement dated May 7, 2007. Estrella now has the option to maintain its 49% interest or receive a diluted interest based on continued expenditures by Esperanza.

The Pucarana Gold project contains 1,889 hectares of land located in the Orcopampa Silver-Gold District of Peru. The property is located between Buenaventura Mines' Poracota Mine, and Chipmo Mine. The properties are located eight kilometers southwest along trend from the Chipmo mine, which produced more than 290,000 ounces of gold in 2010 from high grade gold veins making it one of the largest and most profitable gold producers in South America. The principal mineralized structures at the Chipmo Mine trend southwest towards the alteration zones present at the Pucarana project. Together, Poracota and Chipmo produced 360,000 ounces of gold and 131,000 ounces of silver in 2010, indicating that the district contains very significant potential for additional mineralization. Esperanza recently announced that it has completed its first phase of drilling at Pucarana. No significant results were encountered, however the drilling did encounter low-grade mineralization in vein structures.

About Estrella Gold Corporation (TSX VENTURE:EST)

Estrella Gold is a "Prospect Generator" company focused on gold exploration and resource definition in Latin America. Estrella Gold has six precious metal exploration projects in Perú. The Company has a minimum of 144,000 ounces of gold at its Colpayoc Project in Peru (NI 43-101 Inferred Resource) and is expanding its gold resource inventory and also making new gold discoveries. 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. The Company has 24.1 million shares issued and outstanding on the TSX Venture Exchange (TSX VENTURE:EST). 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.

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

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