Eagle Star Minerals Intersects 5 Meters of High Grade Phosphate From Surface Averaging 22% P2O5 Which Remains Open in Depth at Bomfim
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 27, 2012) - Eagle Star Minerals Corp. (TSX VENTURE:EGE)(ELGSF)(E6R.F) ("Eagle Star" or "the Company") is pleased to announce excellent results of a 5 meter interval averaging 22% P2O5 within a pit opened at the Bomfim Hill (Target D1). Detailed mapping completed at a 1:10,000 scale has revealed that this mineralized package consists of a high grade phosphorite layer which appears to extend over an area of 1,200 x 500 meters and within the test pit to a minimum thickness of 5 meters. The intersection remains open in depth.
This pit of interest was the first opened at the Bomfim Hill and the current reported analytical results were obtained from portable XRF measurements averaging 22% P2O5 from surface to 5m depth. The 22% grade was obtained by averaging XRF readings across the interval, which varied from 18 to 30% P2O5. Previous laboratory analysis of phosporite samples (grab and chip) at Bomfim Hill returned up to 28% P2O5 which is consistent with the reported XRF results. 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.
Previous analytical work was conducted by SGS Geosol Laborato?ürios Ltda. at their Vespasiano facility in Brazil. SGS Geosol is an ISO certified laboratory and as part of the SGS group of laboratories is widely recognized as an expert in geochemical analysis and assaying.
The phosphorite outcrops locally (1.5m measured) and blocks are commonly found all around the hill. The mineralization is stratified by nature and therefore it typically exhibits lateral continuity. The phosphorite rock types (laminated phosphorite, brecciated phosphorite and stratified phosphorite) present at Bomfim Hill occur along a phosphate belt and within MbAC Fertilizers ("MbAC") Itafós Mine located 10kms away. From 2010 to 2011 MbAC generated approximately $8.8M in revenue 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.
To view Pit Cross Section and Map please click on the following link: http://media3.marketwire.com/docs/EGE1127.pdf
CONCLUSIONS
"The discovery of this sizable high grade package at Bomfim is extremely significant for the Company," reports Eran Friedlander President and CEO of Eagle Star Minerals. "Typically this type of quality ore and grade is not commonly found in large volume within Brazil, yet based on what we can see it appears that we have indeed uncovered something of considerable mass especially since the thickness of the package remains open at depth. The team is now working diligently to further understand and outline the potential here at Bomfim. This recent discovery accelerates the prospect in which the Company could move into production in the near future."
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
