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Lachlan Star Ltd. : Lachlan Star Announces Material Mineral Resource Upgrade

04/03/2012 | 01:56am US/Eastern
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LACHLAN STAR LIMITED 3 April 2012 INDICATED MINERAL RESOURCE INCREASED TO 1.79 MILLION OUNCES OF GOLD, INFERRED MINERAL RESOURCE INCREASED TO 1.34 MILLION OUNCES OF GOLD

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY,

IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Perth, Western Australia: Gold miner, Lachlan Star Limited ("Lachlan" or the "Company") (ASX and TSX: LSA) is pleased to announce an updated and increased mineral resource for the Tres Perlas at its 100% owned CMD Gold Mine in Chile.

This latest estimate represents an increase of 153,000 ounces of gold after the collection of an additional one months data post the February estimate and will be the basis for the NI 43101 Technical Report to be filed shortly. The CMD Gold Mine Indicated mineral resource now contains 1,788,000 ounces of gold and the Inferred mineral resources contain a further

1,342,000 ounces of gold as shown in Table 1.

Table 1 - Comparison of April 2012 and Feb 2012 CMD Gold Mine Global Mineral Resource Estimates

Classification

Feb 2012 Mineral

Resource (koz)

April 2012 Mineral

Resource (koz)

K Oz's

Change

% Change

Indicated

1,722

1,788

66

4%

Inferred

1,255

1,342

87

7%

Global mineral resources are now in excess of 3 million ounces of gold. Figure 1 illustrates the rapid growth in the CMD Gold Mine global resource base since the Company took ownership in December 2010, as well as the increasing confidence levels of the mineral resource estimates.

Figure 1 - CMD Gold Mine Global Mineral Resource Growth

3.5

3.0

2.5

2.0

1.5

1.0

0.5

-

Indicated and Inferred Ounces of Gold in Mineral Resources

Inferred Ounces

Indicated Ounces

Updated Tres Perlas Mineral Resource

The new Tres Perlas deposit mineral resource contains 1,332,000 ounces of gold in the Indicated category and a further

1,126,000 ounces of gold are contained in the Inferred category as shown in Table 2 which contains a summary of the updated and increased mineral resources for the CMD Gold Mine.

Mineral Resource Discussion

The latest mineral resource estimate incorporates drilling results received during March post the previous mineral resource estimate in late February 2012. The increase of 153,000 ounces of contained gold over the course of one month is very encouraging.

Figure 2 illustrates the Tres Perlas area, including Natalia and El Sauce. There remains significant potential both adjacent to the Tres Perlas pit and further north around the El Sauce area where recent drilling has discovered significant near surface mineralisation beneath the El Sauce waste dump. Drilling is ongoing with three drills with the mineralisation around El Sauce

open in all directions.

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Figure 2 - Plan view of Tres Perlas

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For and on behalf of the Board

Mick McMullen

Chairman

For further information please visit www.lachlanstar.com.au or contact:

Mick McMullen Declan Franzmann Chairman Managing Director Lachlan Star Lachlan Star

Tel: +61(0)8 9481 0051 Tel: +61(0)8 9481 0051

Email: mick.mcmullen@lachlanstar.com.au Email: declan.franzmann@lachlanstar.com.au

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Table 2 - CMD Gold Mine Indicated and Inferred Mineral Resource1

CMD Gold Mine

Mineral Resources (April 2012)

Deposit

Indicated Inferred

Deposit

Tonnes Grade Ounces Tonnes Grade Ounces

(Mt) (Au) (kozs) (Mt) (Au) (kozs)

Las Loas (April 2011) 2.9 0.8 73 1.5 0.8 38

Toro (Feb 2012) 17.5 0.6 348 11.6 0.4 135

Tres Perlas (April 2012) 112.6 0.4 1,332 104.3 0.3 1,126

Chisperos (April 2011) 1.0 1.1 36 1.4 1.0 43

Total 133.9 0.4 1,788 118.8 0.4 1,342

1. Reported above 0.15 g/t Au for all except Las Loas and Chisperos deposits which are reported above 0.30 g/t Au

2. Table contains rounding and may not sum precisely

About Lachlan Star Limited

Lachlan Star Limited is an emerging minerals exploration and development company headquartered in Perth, Western Australia. The Company is focused on acquiring and developing assets within the gold and copper sectors within Australia and Chile. The company has a board of directors and management team with an impressive track record
of advancing resource projects through to production.
Lachlan Star's current projects include a 100% interest in the CMD Gold Mine in Chile, a 100% interest in the Bushranger Copper Project in New South Wales (subject to
Newmont earning 51%) and a 100% interest in the Princhester magnesite deposit in Queensland.

Competent Persons Statement

The information in the news release that relates to the Mineral Resources of Tres Perlas, Chisperos, Las Loas, and Toro is based on information compiled by David Slater, who is a Chartered Professional Member of The Australasian Institute of Mining and Metallurgy. Mr. Slater is employed full time by Coffey Mining Pty Ltd. The information in the news release that relates to exploration results is based on information approved by Declan Franzmann, who is a Chartered Professional Member of The Australasian Institute of Mining and Metallurgy. Mr. Franzmann is employed by Citraen Pty Ltd and is an officer of the Company. Each of Mr. Slater and Mr. Franzmann has sufficient experience, which is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the
2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" and to qualify as a "Qualified Person" under NI 43-101. Each of Mr. Slater and Mr. Franzmann consents to the inclusion in the news release of the matters based on his information in the form and context in which it appears.

Caution Regarding Forward Looking Information:

This report contains forward-looking information, which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information includes but is not limited to information with respect to future exploration and drilling, procurement of financing and procurement of necessary regulatory approvals.
Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the
Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Lachlan Star does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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distributed by

This press release was issued by Lachlan Star Limited and was initially posted at http://www.lachlanstar.com.au/images/3_April_2012_CMD_Resource_Update.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-03 07:45:04 AM. The issuer is solely responsible for the accuracy of the information contained therein.

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