UNION STAR METALS LTD — Board/Management Information 2012

Jul 9, 2012

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South America’s Emerging

Gold Explorer

ASX Announcement

10 JULY 2012

ABN 36 124 541 466

ASX Code: PRA

Address:

Level 28, 140 St Georges Tce, Perth WA 6000

Postal Address: PO Box 994,

Subiaco, WA 6904

Tel: +61 8 9278 2766 Fax:+61 8 9278 2525

Web: www.promesa.com.au

Investor Enquires Contact:

Ananda Kathiravelu Executive Director Email:

ananda@promesa.com.au

Michael Sebbag Appointed Executive Technical Director

The Board of Promesa Limited is pleased to announce the appointment of Mr Michael Sebbag as Executive Technical Director of the Company, with immediate effect.

Michael Sebbag is a mining engineer and industry professional with highly sought after global mining experience. He has been the senior technical consultant with the Company since September 2011, prior to which he was with Barrick Gold Corporation (NYSE: ABX, TSX: ABX) for 11 years in senior operational and management positions.

Having worked in Africa, Australia, PNG, Canada, Chile, Pakistan and Peru, his exploration, project development, operational and management skills make Mr Sebbag an outstanding addition to the Board of the Company.

Promesa Chairman Mr Sol Majteles, in commenting on the appointment said “Promesa is delighted that Michael has accepted an offer to join the Board after having worked with us for a number of months as our senior technical consultant. Shareholders should be encouraged that Michael has the continuing confidence in the Company, its management team and the company’s projects to join Promesa’s Board at this time”.

A summary of the Key Terms of the appointment are attached in Appendix A.

For further information, please contact the Company on +61 8 9278 2766.

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Sol Majteles

Chairman

.

Promesa Ltd

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About Promesa Ltd (ASX:PRA)

Promesa Ltd is a Western Australian company with a portfolio of exploration properties situated primarily in northern Peru and focused on precious metal commodities.

ANNEXURE A:

Executive Services Agreement

Term: 24 months, commencing 10 July 2012

Remuneration : Salary of AUD$160,000.00 per annum.

Incentive options: In addition to the Salary, subject to the receipt of approval from the Company’s Shareholders in general meeting, the Company will issue to the Director (or his nominee) Unlisted Options as outlined below as an incentive to provide ongoing service and commitment to the Company:

Options Class	Number of options	Exercise Price	Vesting Conditions	Vesting Date	Expiry Date
Class A	1,000,000	$0.15	N/A	Issue date	2 years after issue date.
Class B	1,000,000	$0.20	N/A	Issue date	2 years after issue date.
Class C	1,000,000	$0.25	N/A	Issue date	2 years after issue date.

Termination : Promesa may terminate the appointment by giving one (1) month notice in writing. Mr Sebbag may terminate the appointment by giving three (3) months notice in writing.

Entitlements upon Termination: If the Director ceases to be engaged by the Company (either pursuant to this Agreement or otherwise) all of the unexercised Class A, B and C options will lapse.

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