Gold Star Signs LOI on West African Oil Concession and Arranges Financing

  Gold Star Resources Corp. (the "Company")
(TSX-V: GXX) is pleased to announce the signing of a Letter of Intent
("LOI") with Bengal Bight Ghana Limited ("Bengal") to acquire a 100%
interest in the hydrocarbon rights of Bengal's Tiampoum Mining Concession
(the "Concession").  The Tiampoum Mining Concession, issued by the Ministry
of Mines and Energy in Cote d'Ivoire, covers an area of approximately 1,000
sq. kms located in the District of d'Aboisso, southeastern Cote d'Ivoire,
near the border with Ghana.  Bengal holds the concession as part of an
underlying option agreement from Enchi-Proci CI, a legal corporation doing
business under the laws of Cote d'Ivoire.

The southern half of the Concession area covers much of the onshore extent of the Tano-Bassam Basin, close to its extension into southwestern Ghana. Oil seeps and tar mats are widely known through this area, and have been visited by the Gold Star technical team. Offshore in both Ivorian and Ghanian waters, the Tano-Bassam basin has seen a number of material oil and gas developments in recent years. Recently, Tullow Oil Plc announced that it was proceeding with the offshore development of the Jubilee Field in the Ghanaian sector (see Tullow Oil news release dated January 12, 2009), from which it expects production wells to flow 20,000 bopd, with an ultimate upside potential of 1.8 billion barrels for the field. Following its acquisition of the Devon Energy assets in Ivorian waters adjoining those of Tullow in Ghana, Afren Oil now operates several material oil and gas fields, including the Kudu, Eland and Ibex, which lie immediately offshore and directly down-dip from Tiampoum (see Afren website).

Consideration for the acquisition of Tiampoum from Bengal is as follows:

1) Gold Star will pay $30,000.00 USD (non-refundable) upon the signing of this LOI to Bengal;

2) Gold Star will pay up to $150,000 USD to Enchi-Proci to acquire the License outright and simultaneously pay $70,000.00 USD upon the License buyout to Bengal;

3) Gold Star will issue 2,000,000 common shares, and 2,000,000 warrants exercisable at a price of $0.20 for a period of two years from the date of issue to Bengal;

4) Bengal will receive further compensation based on these key production milestones:

i) $100,000.00 USD at 10 million barrels

ii) $100,000.00 USD at 15 million barrels

iii) $100,000.00 USD at 20 million barrels.

Issuance of the shares and warrants are subject to the approval of the TSX Venture Exchange (the "Exchange"). All securities issued will be subject to a four month and one day hold period from the date of issue pursuant to the policies of the British Columbia Securities Commission. Finders fees may be payable in cash and or securities up to the maximum allowable by the TSX-V Exchange policy.

In addition, the Company is pleased to announce it has arranged, subject to the approval of the TSX Venture Exchange, a non-brokered private placement of up to 10,000,000 units at a price of $0.15 per unit for total gross proceeds of up to $1,500,000. Each unit will consist of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 per share for two years from the date of closing.

Proceeds of the private placement will be used for general working capital. Finders fees may be payable in cash and or securities up to the maximum allowable by the TSX-V Exchange policy.

On Behalf of the Board,

"Patrick Morris"

Patrick Morris, President and CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information, contact: Patrick Morris President and CEO of the Company [e-mail] Telephone: [phone] Facsimile: [phone]