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Vancouver, Canada – March 14, 2012 – Goldstar Minerals Inc. (the “Company” or “Goldstar”) (TSX-V: GDM) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement (the “Offering”) of up to 5,909,091 subscription receipts at $0.22 per subscription receipt, for aggregate proceeds of up to $1,300,000.

The Offering is being conducted in connection with the acquisition of Auger Resources Ltd. (the “Acquisition”), previously announced in Goldstar’s news release of November 22, 2011. Proceeds from the Offering will be held in escrow pending completion of the Acquisition, and will be returned to subscribers in the event the Acquisition is not completed by May 31, 2012. Upon completion of the Acquisition, each subscription receipt will automatically convert into one common share of Goldstar. The proceeds of the Offering will be used for general working capital purposes.

The Offering remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period.

For more information, contact Robert Coltura at (604) 683-8610.

On behalf of the Board of Directors of

Robert Coltura
President, and CEO

Completion of the Acquisition is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Goldstar should be considered highly speculative. Trading will remain halted pending further regulatory filings with the Exchange.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.