Mr. Robert Card reports

ARROWSTAR PROVIDES UPDATE ON CORPORATE DEVELOPMENTS

Arrowstar Resources Ltd. is providing a report on the company's progress over the past year and an outline of its exploration plans for the next six months, ahead of the company's annual general meeting scheduled for June 13, 2012.

In early 2011, Arrowstar redirected its focus. It has successfully executed on several transactions in the past year and is continuing to look for new opportunities. It divested its interest in the coal projects in Mongolia and acquired some grassroots gold projects in Canada, as well as three iron ore projects, two of which are in Eastern Canada and one that is further developed and located in southeastern Alaska. Part of the reason the company has brought its focus back to North America is the ease to finance the projects. On March 7, 2012, Gulfside Minerals Ltd. changed its name to Arrowstar Resources. With a solid portfolio of mineral properties and a growing team of mineral transaction and development experts, Arrowstar is well positioned to create shareholder value and wealth in 2012 and beyond.

The company's objective is the eventual development and production of proven commercial mineral deposits, and the strategic divestiture of other assets at a profit for cash, or cash and participation in the growth potential of those assets by retaining an equity stake in the buyer or a net smelter royalty. On April 30, 2012, the company released its audited financial statements for the year ended Dec. 31, 2011. As of that date, Arrowstar had assets of $2,417,065 and net earnings of $810,419. Net earnings per common share were two cents.

Arrowstar is bullish on iron ore

The interest is being fuelled by strong global demand for steel, and the desire of China and other growing Asian nations to diversify from traditional supply sources. North American iron ore is regarded favourably on world markets, and the Canadian government is supporting international business relationships. Arrowstar expects those trends to continue. In August, 2011, it announced it had acquired options to three iron ore projects. All three are in regions with active current or legacy mining or exploration activity.

Port Snettisham, Alaska

This is the company's most highly developed project, consisting of 49 mineral claims located 30 miles southeast of Juneau, Ala. This project is a titaniferous (ilmenite) magnetite deposit on the Snettisham Peninsula. The first major effort to explore the iron potential of the deposit was conducted in the 1950s by the U.S. Department of the Interior, Bureau of Mines, which drilled 11 holes, conducted a geophysical survey over the body and had beneficiation tests done on the ore samples. A section of 1,900 feet of the deposit was explored to a depth of 1,000 feet, totalling 6,546 linear feet of drill holes. In 1969 Marcona Corp. optioned the iron ore deposit and carried out extensive exploration, including diamond drilling and metallurgical tests. Although there has been no verification by an independent qualified person and no NI 43-101-compliant report prepared, it was reported in the Tokyo press (Nihon Keizai, April 14, 1969) that Marcona and the Marubeni Company of Japan had developed plans to pelletize two to four million tons of iron ore annually. In 1970, Marcona completed a feasibility study on the deposit and announced plans to put the deposit into production at a rate of five million tons of concentrate per year over a 50-year mine life (State of Alaska, mines bulletin, February, 1970.) However, when the iron ore prices declined, the plan did not materialize.

Arrowstar is currently preparing an exploration plan for its Snettisham iron ore property, including soil and rock sampling, an outcrop and trench sample study, and a ground-based IP magnetic and gravity study. The company plans to be on the ground by late May or early June, weather permitting. A diamond drilling program directed by these two studies is planned for the end of the summer and will put Arrowstar well on its way to verifying the tonnage and grade by the end of 2012.

Roberts Lake, Quebec

The company's purchase of 128 claims at Roberts Lake in Northern Quebec along the extensive Ungava Bay iron formation is part of this strategic plan. Roberts Lake is an important acquisition from an industry leverage perspective. The claim sits in close proximity to neighbouring Oceanic Iron Ore Corp.'s large Roberts Lake iron ore claims. On Jan. 23, 2012, Oceanic announced better-than-expected assay results from the Kayak Bay deposit in the Roberts Lake project area as part of its 2011 drilling program, consisting of approximately 11,500 metres of drilling in the Hopes Advance project area and 1,089 metres of drilling in the Roberts Lake project area. Oceanic has indicated that the Roberts Lake project area is expected to be the next area of focus for its resource verification program. Arrowstar believes the property's value is enhanced by its strategic location to the Ungava Bay properties.

Arrowstar will be completing an initial sampling and geophysical work program in 2012, and plans to have a work crew on the ground this July, weather permitting.

Rannie Lake, Labrador and Newfoundland

This is an important 43-square-kilometre iron ore property consisting of 172 claims in the Sokomon iron formation in a major magnetite-rich zone. Rannie Lake has a strategic importance similar to the Roberts Lake project. It is surrounded by large properties owned by Altius Minerals Corp. in partnership with Rio Tinto. Arrowstar plans to begin a program of geophysics and on-the-ground sampling to identify drill targets for next year's drill program, and plans to have a work crew on the ground this July, weather permitting.

Atlin, B.C., gold and silver properties

In the spring of 2011 Arrowstar acquired four gold and silver exploration properties near Atlin, B.C.: Northern Treasure, Bryer, Golden Fleece and Argonaut. The company's Golden Fleece and Argonaut properties were sold in the fall of 2011 to Ocean Park Ventures Corp.

The company began advancing the Northern Treasure and Bryer properties this past summer, which included geological exploration as well as evaluating strategic alternatives. Because of poor weather conditions, not as much work was done as had been planned for and there were no meaningful results. However, on Jan. 5, 2012, neighbouring Brixton Metals Corp. announced its drilling program assay results at its Thorn gold-silver-copper property, which found a substantial near-surface high-grade mineralization zone. In 2011, Brixton completed a drilling program of 21 holes (5,682 metres) at its Thorn property. The Thorn property is immediately adjacent to Arrowstar's Bryer property on two sides. This reinforces the company's outlook that it is in a good area. Arrowstar expects to continue the exploration work on the Bryer and Northern Treasure properties this summer.

Cranbrook, B.C., gold and copper property

Arrowstar recently signed an option agreement for the Harris gold-copper property near Cranbrook, B.C. The property is surrounded by Teck Resources Ltd. and Eagle Plains Resources Ltd., which are doing active exploration. Arrowstar expects to perform exploration work on the Harris property this summer.

Reinforced management team

Arrowstar has recently added key strategic expertise to its board and management teams. In November, 2011, Peter Arendt, PEng, a mining industry professional, was appointed to the board of directors. As the former president and chief executive officer of Northern Iron Corp. and chief operating officer of G4G Resources Ltd., he brings to Arrowstar extensive senior-level management and site-based mining operations experience in the development of iron ore projects. Mr. Arendt holds a bachelor of engineering (mining) degree and a graduate diploma in business. He is a professional engineer registered with the Association of Professional Engineers and Geoscientists of British Columbia, and with the Association of Professional Engineers, Geoscientists and Geophysicists of Alberta.

In January, 2012, Phillip Thomas, BSc, MBus, MAIG, was appointed vice-president of exploration. Mr. Thomas brings solid expertise and a keen understanding of geophysics and iron ore. He has the knowledge and experience to quickly commercialize early stage projects and solve exploration or operational problems at any level. Mr. Thomas is a senior officer of Vallenar Iron Company, Chile. He has been involved with Vallenar's magnetite iron ore project since its inception in 2005. A pilot plant was constructed in 2006, with production commencing in 2007. Mr. Thomas holds a BSc in geology and an MBus in business marketing. He holds a certificate in financial analysis and is a member of the Australian Institute of Geoscientists.

Wind-up of Mongolia coal projects

In October, 2010, Arrowstar divested its 5-per-cent interest in ECM LLC, a Mongolian corporation that holds the exploration licence to the Erdenetsogt property. Arrowstar received $500,000 (U.S.) as a down payment against a total purchase price of $2-million (U.S.). The $1.5-million (U.S.) balance was received by Arrowstar in October, 2011.

In early 2009 Arrowstar acquired an interest in the Onjuul lignite project in central Mongolia. The company conducted exploration in 2009 and then spent 2010 attempting to finance further development of the property. Arrowstar decided to abandon its interests and announced the sale of its exploration data to Lucky Strike Resources Ltd. in October, 2011.

Arrowstar Resources: positioned for long-term growth

In summary, with a solid diversified portfolio of carefully selected mineral properties, a growing team of mineral transaction and development experts in place, and a strong pipeline of new projects, Arrowstar is confident that it is well positioned to create shareholder value now and through 2012.

The company invites all interested parties to visit its website and to sign up to its e-mail list so as to keep informed of its progress going forward. The company plans on issuing further news reports in the next several weeks with more detailed plans for the exploration programs for its mineral properties. Mr. Thomas, BSc, MBus, MAIG, a qualified person under NI 43-101, has reviewed the content of this release.

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