Estrella Gold Corporation
TSX VENTURE : EST

Estrella Gold Corporation

September 29, 2011 09:00 ET

Estrella Identifies New Exploration Targets in Peru With Cliffs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2011) - Estrella Gold Corporation (TSX VENTURE:EST) ("Estrella" or the "Company") is pleased to announce expansion of the Company's property holdings in Peru with applications for 45 claims covering 22 new exploration targets with a total of 36,000 hectares of mineral rights. The Company's applications have been accepted by the Government of Peru and are being processed. New claims cover 22 early stage exploration targets which have been selected based on a combination of ASTER remote sensing data, favorable geology, alteration, and availability of open land for mineral claim application as part of the Company's Generative Exploration programs. Target generation utilized the Company's strategic database, combined with publicly available data, and the staff's exploration experience throughout Peru. The properties contain iron oxide-copper-gold targets and are subject to Estrella's IOCG Exploration Alliance Agreement with Cliffs Natural Resources Exploration Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"). Cliffs is funding the initial exploration stage in accordance with the budgeted amount of $400,000 per year for two years, subject to the terms and conditions described in previous News Releases issued on February 15, 2011 and March 7, 2011 and the Agreement. These properties bring the total property held subject to the Agreement to 52,500 hectares. Field teams are systematically evaluating individual target areas to select properties for possible advancement and nomination as a property of merit.

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 23.7 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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