Mr. Jeremy Ford reports

PINESTAR DECLINES TO PROCEED WITH OPTION TO ACQUIRE PORTFOLIO OF AUSTRALIAN GRAPHITE PROJECTS

Following a full legal and geological due diligence review, Pinestar Gold Inc. has determined that it will not proceed with the exercise of its option to acquire a package of Australian graphite properties. The option was originally announced in Pinestar's news release dated March 1, 2012. Pinestar will terminate the letter agreement with Zimtu Capital Corp. and Strategic Resource Management Pty. Ltd. and will not enter into a definitive agreement in respect of the option.