Pinestar Closes Private Placement for Proceeds of $1,980,000

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

Pinestar Gold Inc. (TSX VENTURE:PNS) (the "Company") is pleased to announce that
it has closed its non-brokered private placement financing (the "Private
Placement") of units (the "Units"), pursuant to which the Company has issued an
aggregate of 8,608,695 Units at a price of $0.23 cents per Unit, to raise total
gross proceeds to the Company of $1,980,000. The Private Placement was
originally announced in the Company's news releases dated March 10, 2011, March
14, 2011 and March 23, 2011.


Each Unit is comprised of one common share of the Company (a "Share") and
one-half of one common share purchase warrant (each whole warrant a "Warrant").
Each whole Warrant is exercisable by the holder thereof to purchase an
additional Share at an exercise price of $0.33 per Share until October 5, 2012.


Finders' fees are payable in respect of the Private Placement to parties at
arm's length to the Company, consisting of an aggregate cash finders' fees of
$135,379.98 and finders' warrants exercisable by the holders thereof to purchase
an aggregate of 588,607 Shares at an exercise price of $0.23 cents per Share
until October 5, 2012.


The net proceeds from the Private Placement will be used to fund the exploration
and development of the Company's Becker property, located in Chile, and for
general corporate purposes. 


All securities issued in connection with the Private Placement are subject to a
four month hold period in accordance with applicable Canadian securities laws
which will expire on August 6, 2011. 


The securities issued in the Private Placement 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, President, Chief Executive Officer and Director

(TSXV:PNS)
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