UNION STAR METALS LTD — Capital/Financing Update 2012

Oct 10, 2012

==> picture [526 x 50] intentionally omitted <==

==> picture [164 x 706] intentionally omitted <==

----- Start of picture text -----

South America’s
Emerging Gold
Explorer
ASX Release
11 October 2012
Level 28, 140 St Georges Terrace,
PERTH WA 6000
PO Box 994,
SUBIACO WA 6904
P: +61 8 9278 2766
F: +61 8 9278 2525
W: www.promesa.com.au
ABN 36 124 541 466
ASX Code: PRA
Contact
Ananda Kathiravelu
Executive Director
ananda@promesa.com.au
Michael Sebbag
Executive Technical Director
michael@promesa.com.au
----- End of picture text -----

SAMPLING CONFIRMS GOLD, COPPER AND MOLYBDENUM POTENTIAL AT ALUMBRE CONCESSION

HIGHLIGHTS

• Updated field mapping and sampling increases understanding of the historical geological interpretation of Alumbre Concession.

• Geochemistry has confirmed gold, copper and molybdenum potential at Alumbre.

• Work confirms confirm high sulphidation epithermal system with disseminated oxide and stockwork containing Au, Cu and Mo.

ALUMBRE CONCESSION

The regional geology of the Alumbre District (Alumbre, Chupon and Chorobal Concessions) lies within the Coastal Batholith and consists mainly of Upper Cretaceous, granodiorite and tonalite rocks in the central area of the concession (Alumbre Hill) with pervasive alteration textures and a local chloritic alteration overprint.

Field work supports evidence of a high sulphidation epithermal system in which are present veins and veinlet’s of quartz, which are millimetres to centimetres thick, forming bodies with sub vertical dips in a system which is moderately fractured. The alteration is mineralised over an area 2.0 x 1.0 km.

Geological mapping (i.e. lithology, hydrothermal alteration and structural) has also been completed as illustrated in Figure 1.

Figure 1 – Alumbre Alternation Map

==> picture [525 x 52] intentionally omitted <==

The updated alteration map in Figure 1 represents the recognised propylitic, phyllic, chloritic, silicic and argillic outcrop alterations in the field, with typical pervasive alterations with vuggy silica, quartz-alunitedickite and stockwork assemblage.

Locally, hydrothermal breccias and hematite-jarosite are present. Predominant oxidation is in the tuffs, characterising the high sulphidation epithermal environment. There are disseminated oxides and stockwork containing Au-Cu and Mo mineralisation. Acid leaching and supergene weathering has led to the development of a “leach cap" lithology where primary textures have been destroyed and are dominated by clay, quartz and jarosite and goethite after the pyritic event.

Promesa has recently completed a systematic field program of 50m by 50m sampling with over 260 samples collected. The results illustrated in Figures 2 -Figure 8, over an area of 800 by 500m, have shown significant gold, copper and molybdenum assay results.

Petrologic samples were taken for assessment in order to determine the mineralogical and paragenetic associations. Resampling was also undertaken at old surface sample locations (i.e. Pasminco and Savage Resources) in order to compare historical results.

==> picture [496 x 175] intentionally omitted <==

Figure 2 –Gold Assay Results on the South face of Alumbre.

==> picture [368 x 196] intentionally omitted <==

Figure 3 – Alumbre Geochemistry Sample for Au (ppm)

Promesa Ltd – South America’s Emerging Gold Explorer

Page 2

==> picture [525 x 52] intentionally omitted <==

==> picture [372 x 197] intentionally omitted <==

Figure 4 – Alumbre Geochemistry Sample for Au (ppm) Isovalues

==> picture [373 x 198] intentionally omitted <==

Figure 5 – Alumbre Geochemistry Sample for Cu (ppm)

==> picture [366 x 195] intentionally omitted <==

Figure 6 – Alumbre Geochemistry Sample for Cu (ppm) Isovalues

Promesa Ltd – South America’s Emerging Gold Explorer

Page 3

==> picture [525 x 52] intentionally omitted <==

==> picture [363 x 192] intentionally omitted <==

Figure 7 – Alumbre Geochemistry Sample for Mo (ppm)

==> picture [363 x 193] intentionally omitted <==

Figure 8 – Alumbre Geochemistry Sample for Mo (ppm) Isovalues

The recently completed geophysics program (which is currently being interpreted and assessed) at the Alumbre and Quinual prospects coupled with the updated geochemistry and mapping, will assist in determining the next stage of exploration. Promesa believes that Alumbre has the potential to host a large epithermal system linked to a porphyry system, with Au-Cu and Mo mineralisation, as supported by the earlier Savage Resources work.

The Company is pleased with the progress to date on the Alumbre concession and is evaluating the next stage of exploration to be carried out in the Alumbre District.

On behalf of the Board,

==> picture [120 x 52] intentionally omitted <==

Ananda Kathiravelu Executive Director Promesa Ltd

Promesa Ltd – South America’s Emerging Gold Explorer

Page 4

==> picture [525 x 52] intentionally omitted <==

About Promesa Ltd (ASX:PRA)

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 6 prospect locations with a total area of 11,106.5 ha.

Promesa provides investors access to an exciting and growing portfolio of exploration projects at discovery stage, including six 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. Yvan Hurtado, a Member of The Australasian Institute of Mining and Metallurgy. Mr. Hurtado is a full-time employee of Peru Mineral S.A.C. Mr. Hurtado 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. Hurtado 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

Page 5