Eagle Star Intersects Additional High Grade Phosphate in Pit 2 Averaging 19% Over 4.5 m (Still Open at Depth) and Confirms Lateral Continuity at Bomfim

VANCOUVER, Nov. 29, 2012 - Eagle Star Minerals Corp. (TSX VENTURE:EGE) (PINKSHEETS:ELGSF) (FRANKFURT:E6R) ("Eagle Star" or "the Company") is very pleased to announce additional excellent results from test pits at Bomfim (Block D1) that confirm the lateral continuity of the high grade zone. Pit 2, located 140 meters from Pit 1 has returned an average P2O5 grade of 19% and remains open at depth further supporting the observation (based on detailed mapping performed at 1:10,000 scale) that the mineralized package has a minimum thickness of 5 meters with a high, average P2O5 grade (19-22%). The high grade zone identified is located at surface and the mineralized materials (phosphorite) from both pits remain constant therefore permitting a geological and chemical correlation. The outline of the mineralized zone covers an area of 1,200m by 500m according to the detailed mapping the company has performed in the area.

The pit opening process currently conducted intends to prove the continuity of the mineralized zone at subsurface. So far, the two pits concluded, exhibit the same rock types (laminated phosphorite, brecciated phosphorite and stratified phosphorite) and a similar composite average grade (22% and 19%). Pits 1 and 2 are 140 meters apart and the surface evidence points to a lateral continuity of 1,200 meters along N-S strike. The width is estimated to extend over 500 meters in the E-W direction. Based on the genetic model developed by Itafos and adopted by MbAC for the phosphate mine located 10km away from Eagle Star's Bomfim claims, the phosphate mineralized siltstone should be found to the east of the phosphorite zone (target D-2).

Eagle Star's technical team is convinced that pit opening is the most efficient method to explore the potential of Block D1 for reasons other then the relative low cost of operation. Here on the Bomfim Hill, since mineralization occurs at or close to surface, test pits expose the material in a 3-dimensional view and therefore help to characterize features of the mineralization such as textures and weathering horizons, codifying the rock types, observing contact relations, performing various studies on the pit walls and allowing to infer the overburden coverage (if any).

The XRF readings are subject to strict protocol and systematically follow recommended procedures of the manufacturer. The pits of interest are channel sampled on a meter scale basis and for each meter three readings have been performed by the XRF analyzer to obtain an average grade. Prior to analyzing, the samples collected were homogenized, dried using a microwave oven and manually crushed to a fine powder. The composite grade for the 5 meters is reached by simply averaging the values obtained for each meter. The handheld XRF analyzer in use is an Olympus Delta model and was calibrated according to Innov-X Systems' in-house calibration procedure.

From 2010 to 2011 MbAC generated approximately $8.8M in revenues from the small scale production and sale of just over 80,000Mt of this phosphorite ore (SEDAR:MbAC MD&A year ended July 31st 2010/2011). Following in the footsteps of MbAC, and in light of this recent discovery, Eagle Star is planning to test the processing and use of the Bomfim Hill phosphorite as direct application material during the coming year with the view of commencing an operation similar to MbAC's as soon as possible.

To view Pit Cross Section and Map please click on the following link: http://file.marketwire.com/release/EGE1129.pdf


CONCLUSIONS

"The additional high grade results of Pit 2 is yet another significant milestone reached by the Company thus far. The prospect of lateral continuity across an area of this size is extremely exciting especially when one considers the abnormality of encountering phosphate of this grade in sizable volume here in the heart of the Brazilian Cerrado agriculture area," reports Eran Friedlander President and CEO of Eagle Star Minerals. "We have seen this product yield very attractive returns through the most simple preparation process and at a low capital expenditure for companies in the area. It is therefore clear why we are attaching highest priority to further qualifying and quantifying exactly what we have discovered here at Bomfim."

John Harrop, P.Geo, FGS, of Coast Mountain Geological Ltd., 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