UNION STAR METALS LTD — Capital/Financing Update 2012

Nov 19, 2012

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South America’s Emerging Gold Explorer

PROMESA ACQUIRES KEY LANDHOLDING IN NORTHERN PERU - AYACOS CONCESSION

HIGHLIGHTS

• Promesa adds another key landholding in Northern Peru by acquiring the Ayacos concession.

ASX Release

20 November 2012

• Concession was won in a bidding contest with Newmont.

• Concession is in the same district as the giant Yanacocha Mine and has a similar geological signature.

Level 28, 140 St Georges Terrace, PERTH WA 6000

PO Box 994, SUBIACO WA 6904

The Company’s wholly-owned subsidiary, Peru Minerals S.A.C, (“Peru Minerals”) has acquired the Ayacos concession in northern Peru. The concession is 1000 Ha. It is at an inviting altitude of 2100m ASL and is only 73km east of the major regional centre of Chiclayo.

P: +61 8 9278 2766 F: +61 8 9278 2525 W: www.promesa.com.au

ABN 36 124 541 466 ASX Code: PRA

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Contact

Ananda Kathiravelu Executive Director ananda@promesa.com.au Michael Sebbag Executive Technical Director michael@promesa.com.au

The concession has a large alteration zone that was confirmed on the ground by geologists in 2011. There are promising historical gold results on the concession, which have been verified by the Company’s geologists prior to acquiring the concession.

The Company will follow up acquisition of the concession with detailed geological mapping and close spaced geochemical sampling in the first half of 2013.

The Ayacos concession represents yet another opportunity for the Company to develop a low cost, medium to large sized deposit.

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Figure 1 – Ayacos concession plan with surrounding neighbours

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Figure 2 – Ayacos Concession

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Ayac
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Figure 3 – Deposits within 35km of the Ayacos Deposit

Promesa Ltd – South America’s Emerging Gold Explorer

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The Ayacos concession was acquired by Peru Minerals in a sealed bid mining auction with Newmont Mining Corporation (Newmont), held by Ingemmet (the Peruvian Government Ministry of Energy and Minerals) for a sum of US$30,000.

The concession is in the same region as the giant Newmont, Yanacocha mine and has similar geological characteristics. It is a potential replacement style gold deposit in sedimentary and volcano-sedimentary rocks. The silicic and argillic alteration model demonstrates dense replacement silica and bands chalcedonic to cherty silica are present with patches of Fe and Mn oxides.

Gold values range up to 1.71 g/t Au with anomalous As, SB and Hg. Alterations extend over an area of at least 5km x 4km.

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Ayacos Concession
Area (1000mx1000m)
high sulphidation epithermal
system hosted in tertiary
volcanic rocks in the Llama and
Huambo Formation
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On behalf of the Board,

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Ananda Kathiravelu Executive Director Promesa Ltd

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About Promesa Ltd (ASX:PRA)
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Promesa Ltd – South America’s Emerging Gold Explorer

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Promesa Ltd (“Promesa”, “the Company”) is a Perth based ASX listed Company, with a portfolio of exploration properties in Peru focused on precious and base metal commodities.

The Company’s projects are situated in the gold and copper rich Western Cordillera region in Peru. The concessions are considered prospective for Au, Ag, Cu and associated minerals. The concessions total 7 prospect locations with a total area of 39,436.5 ha.

Promesa provides investors access to an exciting and growing portfolio of exploration projects at discovery stage, including seven projects in Peru, each offering a unique path way to discovery.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Ian Dreyer, a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy. Mr. Dreyer is Principal Geologist for Andes Mining Services and serves as a consultant to Promesa Limited. Mr. Dreyer has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Dreyer consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Promesa Ltd – South America’s Emerging Gold Explorer

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