EST

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Estrella Gold Corporation (TSX VENTURE:EST) ("Estrella" or the "Company") is
pleased to announce that the non-brokered private placement offering announced
on September 18, 2012 and increased on October 3, 2012 has been closed.


Certain strategic investors have participated in the financing. One of these
investors is part of the Sprott group of companies who will now be a reporting
insider of Estrella. The management team and several shareholders have also
increased their positions. The support of the current shareholder group is a
significant benefit to Estrella in working to achieve its goals.


Estrella issued 7.555 million units (a "Unit") at $0.15 per Unit for gross
proceeds of $1,133,250 million. Each Unit is comprised of one common share and
one non-transferable common share purchase warrant. Each warrant entitles the
holder to purchase one additional common share for a 36 month period, expiring
on October 9, 2015 at a price of $0.25 per common share starting from the date
of closing.


The securities issued pursuant to the Offering will all be subject to a 4 month
regulatory hold period expiring February 9, 2013.


About Estrella Gold Corporation (TSX VENTURE:EST):

Exploration is risky and Estrella is seeking to increase the chances of success
as a "Prospect Generator" focused on gold exploration in Latin America. Estrella
identifies and acquires new mineral properties, and then conducts initial,
low-cost exploration to define a potential new deposit. Once defined, Estrella
forms joint ventures with other companies that will provide funding and reduce
Estrella's risk and expenditures. The Prospect Generator business model allows
Estrella to aggressively seek the next major discovery. Estrella has thirty-five
exploration properties in Peru, with thirty-two held in venture agreements, most
in a strategic exploration alliance with Cliffs Natural Resources Exploration
Inc. Of the four properties held 100% by Estrella, the Company also established
a NI 43-101 compliant inferred resource containing a minimum of 313,000 ounces
of oxide gold at its Colpayoc Project in Peru (from 19.3 Mt @ 0.5 g/t gold, NI
43-101 Inferred Resource, 2011 Global Geotechnologies Inc.; News Release dated
12/21/2011). The Company has 24.1 million shares issued and outstanding on the
TSX Venture Exchange (TSX VENTURE:EST). 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. 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.

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