Press Release   

URASTAR GOLD CORP.
URS-TSX-VENTURE
Tel: 604-682-2928         WWW.URASTARGOLD .COM        FAX: 604-685-6905

URASTAR SIGNS DEFINITIVE AGREEMENTS ON TWO GOLD PROPERTIES IN MULATOS GOLD BELT

November 29th, 2011

VANCOUVER, Canada - Urastar Gold Corp. ("Urastar" or the "Company") (TSX-V:URS) (OTCQX: URNRF) announces that the previously announced Letter of Intent (see news release of November 22, 2010), whereby the Company agreed to acquire a 100% interest in the El Jabali gold property located in the Mulatos Gold Belt in Sonora State Mexico, has been finalized by the signing of a definitive agreement. The Company also wishes to announce that it has entered into a definitive agreement to acquire 100% of the La Juliana gold property, located approximately 2km north of the El Jabali claims, in the Mulatos Gold Belt in Sonora State Mexico.

El Jabali

El Jabali is a gold exploration property, consisting of 70 hectares located in east Sonora in the Mulatos Gold Belt. The property is located only 6 km west from the Mulatos Gold and Silver producing heap leach mines (see location map at www.Urastargold.com) currently owned and operated by Alamos Gold (TSX:AGI).

The El Jabali claim covers the La Dura historic mine and several smaller mine openings. These are of interest for gold exploration because they expose mineralization that is generally similar in character to that at the Mulatos mine. Mineralization occurs within silicified rhyodacite and is associated with vuggy silica alteration, and breccia with iron oxide (hematite and specularite). Native gold occurs along late stage fracture coatings in the breccias and is locally associated with barite.

Previous exploration at the El Jabali property includes campaigns of mapping, soil and rock geochemistry, geophysics, and drilling by Francisco Gold Corp (1994). This work shows the presence of large areas of silica altered and brecciated rhyodacite, with associated coincident gold, antimony and lead geochemical anomalies. The property has been previously drilled with the last campaign consisting of 1218 meters in 12 holes. The area of historic workings, anomalies and gold showings is 1 kilometer in strike length.

A 285m reverse circulation drill program is planned for the beginning of 2012.

Under the terms of the definitive agreement, Urastar can earn a 100% interest in the El Jabali Gold Project by making the following option payments over a 5 year period:

In addition, underlying owners will retain a 3% NSR royalty on the Property subject to the right of Urastar to purchase each 1% of the NSR (namely a 1% NSR) for $1,000,000.00 for five (5) years after signing. The definitive agreement is subject to TSX Venture Exchange approval.

La Juliana

La Juliana is a gold exploration property, consisting of 700 hectares located in east Sonora in the Mulatos Gold Belt. The property is located only 7 km west of the Mulatos Gold and Silver producing heap leach mines (see location map at www.Urastargold.com) currently owned and operated by Alamos Gold (TSX:AGI).

The La Juliana property covers historic mine workings of interest for gold exploration. Mineralized structures are exposed that consist of silicified vein breccias, with abundant iron oxide (hematite), with native gold filling late stage veinlets in the breccias.

Modern exploration at the La Juliana prospect includes previous campaigns of mapping, soil and rock geochemistry, geophysics, and drilling first by Chesapeake Gold Corp, then by Dasher Exploration Ltd. (2004-2005), and later by Pediment Exploration (2007). This work shows the presence of large areas of silica altered and brecciated rhyodacite, with associated coincident gold, antimony and lead geochemical anomalies. Total drilling to date amounts to 3668 meters in 32 holes, of which 5 holes (515 meters) were cored. The area of anomalies and gold showings is 2 kilometers in strike length.

The gold geochemical anomalies occur in brecciated, silicified rhyodacite thought to be intruded as sills and domes. Silica alteration may be vuggy, granular or patchy in texture, and is associated with illite, dickite and alunite. Gold-rich zones are closely associated with hematitic silica breccias developed along faults oriented primarily N20W but also N70E.

Gold mineralization was intersected in the previous historical drilling, including the following intercepts:

Historical results are noncompliant with NI 43-101 and should not be relied upon.

The Company has reviewed the results of the past work and completed confirmation field work and construction of a geological model. A 450m reverse circulation drill program is planned for the beginning of 2012.

Under the terms of the definitive agreement, Urastar can earn a 100% interest in the La Juliana Gold Project by making the following option payments over a 5 year period:

In addition, underlying owners will retain a 2% NSR royalty on the Property subject to the right of Urastar to purchase 1% of the NSR (namely a 1% NSR) for $1,000,000.00 for five (5) years after signing. The definitive agreement is subject to TSX Venture Exchange approval.

Dr. Matt Ball, Ph.D, P.Geo., is a designated Qualified Person pursuant to National Instrument 43-101 and prepared the technical information contained in this news release.

About Urastar Gold Corp.

Urastar is currently drilling the BlackPoint gold-silver property in Nevada and will continue to focus its efforts on gold exploration in Mexico's Sierra Madre gold belt targeting areas that contained former producing properties. The Sierra Madre Gold Belt is one of the richest gold belts in the world hosting several world class mines and many major recent discoveries.

For further information, please visit contact:

Urastar Gold Corp.
Tom Kennedy, CEO
Tel: 604.682.2928

For further information, please visit www.firstcanadiancapital.com or contact:

Jason Monaco
First Canadian Capital Corp.
Tel: 1-866-580-8891
jmonaco@firstcanadiancapital.com

Bobby Mullins
First Canadian Capital Corp.
Tel: 1-866-580-8891
rmullins@firstcanadiancapital.com

THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE does not accept responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that express management’s expectation or estimates of future performance and may be deemed “forward-looking statements”. These forward-looking statements include plans, estimates, forecasts and statements as to management’s expectations regarding the BlackPoint Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by Urastar may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.