Eagle Star Minerals Completes Oversubscribed Private Placement and Contracts Drilling Company

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2012) - Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company"), is pleased to announce it has oversubscribed and completed its non-brokered private placement of 7,500,000 units at a price of ten cents per unit previously announced August 3^rd, 2012.

Due to increased demand, the company has oversubscribed by 1,750,000 units for total gross proceeds of $925,000. Closing of this offering is subject to TSX Venture approval. The securities in connection with the offering are subject to a 4-month hold period that expires January 1^st, 2013. A total of $51,800 and 568,000 warrants exercisable at twenty cents for a period of twelve months was paid as a finders fee in connection with this financing.

The Company would also like to report it has signed the necessary documents to contract Geomina Sondagens, a private Brazilian drilling company located in Tocantins State Brazil. The Company intends to initiate a 500 meter scout drilling program consisting of 16 holes at an average depth of 30 meters on its Bomfim Agro-mineral project commencing September 2012.

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