Arizona Star to Continue Value Maximizing Process

TORONTO, May 11 /CNW/ - Arizona Star Resource Corp. (TSX-V: AZS)
announced today that its Board of Directors has decided to continue the value
maximizing process that was commenced in response to a proposed unsolicited
take-over bid announced by Bema Gold Corporation in December 2004,
notwithstanding Bema's recent announcement that it would not launch its bid
for Arizona Star shares. The value maximizing process will continue under the
direction of the Special Committee of Arizona Star directors previously
appointed by the Board, assisted by National Bank Financial.
Special Committee Chairman Rudi Fronk said that the withdrawal of Bema's
proposed bid "gives us more time to enhance the value of the Company while we
wait for Placer Dome's decision whether to finance the Cerro Casale project.
Placer Dome is expected to make that decision within the next several months.
Our shareholders have encouraged us to continue the value maximizing process
pending that decision."
Mr. Fronk noted that several major mining companies have entered into
confidentiality agreements, and that a data room has been opened to assist
them in considering a possible transaction with Arizona Star. Those companies
will be in a better position to assess the value of Cerro Casale, and Arizona
Star, after Placer Dome announces its decision and the terms of the financing
for the project. "While we obviously can't be certain about Placer Dome's
decision or its timing, we are confident that Placer Dome will soon decide to
proceed with the Cerro Casale project, which would clarify and enhance the
value of Arizona Star," said Mr. Fronk.

The Board has also decided to proceed with the following initiatives:

-  The Board will adopt a shareholder rights plan ("SRP") designed to
   ensure that there will be adequate time to solicit alternative bids if
   an unsolicited bid is made for control of Arizona Star. The SRP would
   be effective immediately but would be submitted to shareholders for
   approval in due course.

-  The Company will enhance the level of publicly available information
   by filing its first annual information form in Canada and a
   registration statement on Form 40-F with the United States Securities
   and Exchange Commission. As part of this process, the Company has
   commissioned an independent 43-101 technical report on the Cerro
   Casale project. "This work will help us to list our shares on senior
   stock exchanges in both Canada and the United States and to obtain
   analyst coverage from investment dealers," said Paul Parisotto,
   President and CEO of Arizona Star.

-  The Company intends to list its shares on the American Stock Exchange
   and the Toronto Stock Exchange (Arizona Star shares are currently
   listed on the TSX Venture Exchange). "The listings on the senior
   exchanges will improve the liquidity of our shares and enhance our
   ability to fund future obligations," said Mr. Parisotto.

-  The Company will seek research coverage from investment dealer
   analysts. Currently, Arizona Star is not followed by any recognized
   investment dealer analysts.

-  The Company intends to strengthen its Board of Directors by adding a
   person with extensive experience in managing large-scale mining
   operations.

Arizona Star holds a 25% interest in the Cerro Casale gold-copper project
located in Chile. Placer Dome holds a 51% interest in the project and is the
operator. Bema Gold holds the remaining 24%.

The TSX Venture Exchange neither approves nor disapproves the information
contained in this News Release. Arizona Star Resource Corp. trades on the
TSX Venture Exchange under the symbol AZS.

Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements.

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