VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2014) - Estrella Gold Corporation (TSX VENTURE:EST) ("Estrella" or the "Company"), is pleased to announce that the private placement for $500,000 by way of an offering of 10 million units (the "Units") at $0.05 per Unit has been fully subscribed and will be closed shortly. Estrella requested conditional approval of the offering from the TSX Venture Exchange and received that conditional approval on May 2, 2014. The completion of the private placement remains subject to the final approval of the TSX Venture Exchange.

Mr. Jason Weber, Estrella's recently appointed President and CEO commented, "I am very pleased with how smoothly this financing has gone. My focus now shifts to Peru and on completing a comprehensive review of the project portfolio. John Wilson, my predecessor at Estrella, and I will conduct this review next week with the goal of defining our joint venture strategy for each of our current properties and generating new prospects."

Financing Terms

Each $0.05 Unit consists of one common share and one common share purchase warrant which allows the holder to buy one common share per warrant held for a period of 3 years at $0.10 per share. Insiders and certain strategic investors have acquired a significant portion of this offering.

About Estrella Gold Corporation (TSX VENTURE:EST)

Mineral exploration is inherently risky and Estrella increases the chances of success as a "Prospect Generator" focused on gold exploration in Latin America. Estrella identifies and acquires new mineral properties, conducts initial, low-cost exploration to define new targets and then seeks joint ventures with other companies to fund more advanced exploration. Estrella has two properties optioned out or held in joint venture agreements. The Company is listed on the TSX Venture Exchange (TSX VENTURE:EST). Mr. John Wilson, BSc, MS, is a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has reviewed and verified the technical information contained in this news release.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.