Estrella Gold Corporation
TSX VENTURE : EST

Estrella Gold Corporation

January 31, 2011 16:01 ET

Estrella Gold Grants Stock Options

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2011) - Estrella Gold Corporation (TSX VENTURE:EST) (the "Company") announces the granting of 665,000 incentive stock options on January 20, 2011. Of the 665,000 stock options awarded, 475,000 were granted as performance incentives to two current directors and one officer of the Company. The remaining 190,000 stock options were awarded to the Company's staff and consultants. 

The stock options have an exercise price of $1.10 per share and vest quarterly over an 18-month period expiring January 20, 2014. All options granted and any common shares issued upon the exercise of the options will be subject to a statutory four-month hold period expiring May 20, 2011. The granting of the options is subject to regulatory approval.

About Estrella Gold Corporation (TSX VENTURE:EST) Estrella Gold is a "Prospect Generator" focused on gold in Latin America. The Company's dual strategy focuses on generating new prospects/discoveries and increasing the Company's inventory of gold resource ounces. Estrella has a NI 43-101 compliant inferred gold resource of 144,600 ounces at its Colpayoc project in Peru, and additional historic non-compliant gold resources. Estrella Gold has seven precious metal exploration projects in Perú and one in Chile. The Company has 17,256,845 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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