Eagle Star Continues to Intersect High-Grade Phosphate as It Further Extends Mineralized Zone at the South Portion of Bomfim Hill (D1 Target)

VANCOUVER, Dec. 18, 2012 - Eagle Star Minerals Corp. (TSX VENTURE:EGE) (PINKSHEETS:ELGSF) (FRANKFURT:E6R) ("Eagle Star" or "the Company") is pleased to announce that it continues to receive excellent handheld XRF results from pit opening at the southern portion of Bomfim Hill (Target D2). Pits 5 & 6 have both ended in high-grade P2O5 that exceeds the maximum limit range of 19% P2O5 on the XRF instrument. To date, seven pits have been completed to a maximum depth of 5 meters. These pits test a mineralized area of approximately 400m by 600m in size and based on information collected so far this area is likely to extend to at least 1.2 km in strike and may reach up to 10 meters in thickness.

XRF Results are as follows:

From To Width % P2O5 Comments
Pit 1 surface 5.0m 5.0m (open at depth) 22.8% Results released previously.
Pit 2 surface 5.0m 5.0m (open at depth) 19.0% Results released previously.
Pit 3 surface 5.0m 5.0m (open at depth) 15.4% Results released previously.
Pit 4 surface 5.0m 5.0m 2.5% Results released previously.
5.0m 6.5m 1.5m (open at depth) 22.3% Results released previously.
Pit 5 surface 2.3m 2.3m 6.8% New test pit result.
2.3m 3.3m 1.0m (open at depth) >19% New test pit result. (High P2O5 grades exceed range of instrument; lab assay results pending).
Pit 6 surface 2.6m 2.6m 4.4% New test pit result.
2.6m 3.6m 1.0m 10.6% New test pit result.
3.6m 4.6 1.0m (open at depth) >19% New test pit result. (High P2O5 grades exceed range of instrument; lab assay results pending).
Pit 7 surface 4.0m 4.0m 3.1% New test pit result.
4.0m 5.0m 1.0m (open at depth) 6.0% New test pit result.

The pits are distributed in the 400 by 600m area with an irregular pattern and no more than 150m spacing between nearest pits (with the exception of pit 4). Mapping of the pit walls revealed a sub horizontal interdigited contact between dolomite and the high-grade mineralization of the phosphorite unit. At surface, this contact characteristic is evidenced by dolomite pinnacles - a common feature on MbAC's Itafós Deposit.

As shown in the results of Pits 4, 5 and 6, the high-grade mineralization is below lower grade soil coverage. Depth of soil coverage tends to increase to the east of Bomfim Hill, while closer to the hill higher grade mineralization is present at surface (Pits 1, 2 and 3). In Pit 7, the soil covers more then 5 meters yet the grade is still above the cut-off grade of 2.8% P2O5 used by MbAC Fertilizers (June 2010 NI 43-101 Technical Report). The interval from 4 to 5 meters seems to represent the transition to phosphorite material which once encountered, is expected to return much higher grades. With the exception of pit 5 and 6, where digging beyond 3.3 meters and 4.6 meters respectively proved to be tough due to hard rock conditions, test pits completed thus far have been terminated at a depth of around 5 meters to comply with the company's own safety procedures. Pit opening has proved to be an important method of exploration for Eagle Star. Aside from the low cost of operating this exploration method, it also permits a 3-Dimensional view of the mineralization, enabling the technical team to define groups of ore types (with facies and sub-facies), and better understand and characterize the interdigited contacts and the relationships amongst them. As a result, it is possible to predict that the high-grade mineralization may reach up to 10 meters in thickness.

The Phosphorite Zone East (PZE) is composed of various facies of phosphorite which could be differentiated by way of texture, color, density, fragment-matrix ratio and P2O5 content. This last is expected to vary from 10 to 30% P2O5.

Eagle Star has recently encountered outcropping phosphorite to the north portion of the PZE, where it plans to perform the next phase of pit opening, as part of an effort to confirm the continuity of the high-grade mineralization along 1 kilometer in strike.

To view Bomfim pit locations and cross section please click on the following link:
http://media3.marketwire.com/docs/1218EGE.pdf

The XRF readings were done systematically following recommended procedures of the manufacturer. The pits are being channel sampled at a meter basis and for each meter three readings are conducted to obtain an average grade. Pre analysis, the sample collected is homogenized, dried (using microwave oven) and manually crushed to fine grain. The composite grade for the 5 meters is reached by simple averaging of 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.


CONCLUSIONS

"We now have a good understanding of how the mineralization occurs, its potential to extend laterally and to contain thick high grade intervals. Even at areas where there is thick soil coverage, the soil is mineralized at grades that remain well above the cut-off grade used by MbAC and proven to be economic. Since the results of the work performed thus far continue to confirm significance in thickness (5 to 10m), grades and lateral continuity, we believe that we are sitting on a very sizable volume of high grade phosphate material in the midst of a rapidly expanding agricultural area of Brazil," reports Dr. Campos, expert in the phosphate mineralization of the region and Technical Director of the Company.

John Harrop, of Coast Mountain Geological, 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.



Contact

Eagle Star Minerals Corp.
Patrick Brandreth, Senior Manager, Corporate Development
1-604-282-7157
patrick@eaglestarminerals.com
www.eaglestarminerals.com