Pinestar Announces Up to $1,500,000 Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Pinestar Gold Inc. (the "Company") (TSX VENTURE:PNS) wishes to announce that it
will conduct a private placement financing to raise gross proceeds of up to
C$1,500,000 through the issuance of up to 6,521,739 units (each a "Unit") at a
price of C$0.23 per Unit (the "Financing"). Each Unit will be comprised of one
common share of the Company and one half of one warrant (each whole warrant a
"Warrant"). Each whole Warrant will allow the holder thereof to acquire one
additional common share of the Company at an exercise price of C$0.33 per share
for a period of 18 months. 


Proceeds of the Offering will be used to fund the exploration and development of
the Company's Becker property, located in Chile, and for general corporate
purposes.


Completion of the Financing is subject to the receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange. All
securities issued in the Financing will be subject to a hold period under
applicable securities laws expiring four months and one day following issuance. 


The securities offered in the Financing have not been and will not be registered
under the U.S. Securities Act, as amended, or any state securities laws, and may
not be offered or sold in the United States absent registration or an applicable
exemption from such registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy the
securities in the United States or in any jurisdiction in which such offer, sale
or solicitation would be unlawful.


ON BEHALF OF THE BOARD

PINESTAR GOLD INC.

Jeremy Ford, Chief Executive Officer and director

FORWARD LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Forward-looking statements include,
but are not limited to, statements that address activities, events or
developments that the Company expects or anticipates will or may occur in the
future, including such things as the whole or partial closing of the Financing,
the future expenditures of the proceeds raised in the Financing, future mineral
exploration activities, future business strategy, competitive strengths, goals,
expansion, growth of the Company's businesses, operations, plans and with
respect to exploration results, the timing and success of exploration activities
generally, permitting time lines, government regulation of exploration and
mining operations, environmental risks, title disputes or claims, limitations on
insurance coverage, timing and possible outcome of any pending litigation and
timing and results of future resource estimates or future economic studies.


Often, but not always, forward-looking statements can be identified by the use
of words such as "plans", "planning", "planned", "expects" or "looking forward",
"does not expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved. 


Forward-looking statements are based on a number of material factors and
assumptions, including the receipt of necessary regulatory approvals, investor
interest in the Financing, that counterparties to material agreements will duly
perform their obligations thereunder, the results of drilling and exploration
activities, that contracted parties provide goods and/or services on the agreed
timeframes, that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, that no labour shortages or delays
are incurred, that plant and equipment function as specified, that no unusual
geological or technical problems occur, and that laboratory and other related
services are available and perform as contracted. Forward-looking statements
involve known and unknown risks, future events, conditions, uncertainties and
other factors which may cause the actual results, performance or achievements to
be materially different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of minerals;
possible variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted parties to
perform; labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
exploration, as well as those factors disclosed in the company's publicly filed
documents. Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
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