TSX-V: AWSVANCOUVER, May 4, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to provide a report on the Company's progress over the past year and an outline of our 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. We have successfully executed on several transactions in the past year and are continuing to look for new opportunities. We divested our interest in the coal projects in Mongolia, and acquired some grass-roots 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 south-eastern Alaska, USA. 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 Ltd. 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. Our 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 those assets' growth potential by retaining an equity stake in the buyer or a net smelter royalty. On April 30, 2012, the Company released their audited Financial Statements for the year ending December 31, 2011. As of that date, Arrowstar had Assets of Cdn$2,417,065 and Net Earnings of Cdn$810,419. Net Earnings per Common Share were Cdn$0.02. Arrowstar is bullish on iron ore - The interest is being fueled 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 favorably on world markets and the Canadian government is supporting international business relationships. Arrowstar expects those trends to continue. In August, 2011, we announced we 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, Alaska. 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 1950's by the US Department of the Interior, Bureau of Mines, who drilled 11 holes, conducted a geophysical survey over the body, and had beneficiation tests done on the ore samples. A section of 1900 feet of the deposit was explored to a depth of 1000 feet, totaling 6,546 linear feet of drill holes. In 1969, Marcona Corporation optioned the iron ore deposit and carried out extensive exploration including diamond drilling and metallurgical tests. Although there has been no independent qualified independent person verification and no NI 43-101 compliant report prepared, it was reported in the Tokyo Press (Nihon Keizai, April 14, 1969) that Marcona Corporation 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 5 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.