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April 14, 2011

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DisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimer

Competent Persons StatementsThe information in this announcement that relates to exploration results, data quality, geological interpretations and potential for eventual economic extraction, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. Mr. Ekers 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 Exploration Results, Mineral Resources and Ore Reserves". Mr. Ekers consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Exploration Potential and comments on the resources estimates are based on information compiled by Mr Jason Boladeras, who is Exploration Manager for Northern Star Resources, a Member of the Australian Institute of Geoscientists and is employed by Geoarc Pty Ltd. Mr Boladeras 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Boladeras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Refer to ASX Announcement 08 March 2011 for Company resource statement

1 Exploration PotentialThe information in this announcement that relates to exploration and production targets refers to targets that are conceptual in nature, where there has been insufficientexploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The information on exploration targetsin this presentation are based on a conceptual range of targets as follows:Tonnage range: 350,000 to 600,000 tonnesGrade range: 9 g/t Au to 13 g/t AuOunces: 100,000 to 250,000

Forward Looking StatementsNorthern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

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The Northern Star VisionThe Northern Star VisionThe Northern Star VisionThe Northern Star VisionThe Northern Star VisionThe Northern Star VisionThe Northern Star VisionThe Northern Star Vision

To build a substantial mining house through exploration and acquisition

To maintain strict financial discipline with an emphasis on shareholder return

To build a world-class team of in-house mining experts who will give the company a competitive advantage in assessing, acquiring and developing opportunities

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Corporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset OverviewCorporate and Asset Overview

Market cap: $114m based on 301m shares at 38c, plus 75m options

Cash/Bullion on hand: $10m as at March 31, 2011

Top 20 hold 50% (inc InvestMet with 20%)

Key production asset: Paulsens Gold Mine near Paraburdoo in WA, acquired in July 10

Current JORC resource at Paulsens of 226,000oz; Annual production ~75,000oz

Acquired the neighbouring Ashburton Gold Project (resource of 668,000oz) in April 2011

Company Resource base now stands at 927,500oz

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Paulsens Paulsens Paulsens Paulsens –––– The Past The Past The Past The Past Paulsens Paulsens Paulsens Paulsens –––– The Past The Past The Past The Past

Paulsens started production in 2005 under Intrepid ownership

Produced 373,000oz in five years to Mid-2010 at an average gold production of 70-80,000ozpa

CY2009 EBITDA $39M at gold price of $1200/oz

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Paulsens Paulsens Paulsens Paulsens –––– The Present The Present The Present The Present Paulsens Paulsens Paulsens Paulsens –––– The Present The Present The Present The Present

Acquired by Northern Star in July 2010 for $40m and repaid from cashflow within 7 months

Maiden Company profit of $5M in six months to Dec 31, 2010 after $25M acquisition costs and $5M invested in drilling and capital dev

Record December 2010H performance Processed 49koz, Mined 47koz and Sold 49koz for $65.4M Revenue

Cash cost A$510/oz and Total site expenditure A$664/oz

Solid March Quarter, 2011 which exceeded upper end of guidanceProcessed 19.4koz, Mined 19.6koz and Sold 19.2koz for $26.5M Revenue

Average monthly total site cost of $5M - or 3,500oz to breakeven

Implemented commercial strategies based on 3 year mine lifeAbility to reduce operating costs $50-100/oz

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Paulsens Paulsens Paulsens Paulsens –––– The Present The Present The Present The Present (continued…)(continued…)(continued…)(continued…)Paulsens Paulsens Paulsens Paulsens –––– The Present The Present The Present The Present (continued…)(continued…)(continued…)(continued…)

2011 mine plan forecasts surplus cashflow of $40m through the production of 75,000oz

Resources increased to 226,000oz and underpinned by key Voyager 1 lode that is being mined at 1000oz per vertical metre

Voyager 2 lode has an exploration target1 of 100,000-250,000oz

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Paulsens Paulsens Paulsens Paulsens –––– The FutureThe FutureThe FutureThe FuturePaulsens Paulsens Paulsens Paulsens –––– The FutureThe FutureThe FutureThe Future

Paulsens now set for a long and profitable future

Voyager 1 producing strong results from drilling down plunge, highlighting excellent potential for further resource increases

Drilling has resumed at Voyager 2 in lead-up to maiden resource estimate

30,300oz (inc in total resource figure) in Upper Paulsens lodes in previously mined shallower levels

64,500oz (inc in total resource figure) in an optimised open pit to be evaluated with a view to mine

Potential to increase production to +100,000ozpa through open pits and plant upgrade to 650,000 tonne per annum

$10M exploration/drilling budget for Paulsens resource drilling, in-mine exploration and further evaluation of numerous targets within 1300km2 tenement package

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Paulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration UpsidePaulsens Regional and other Exploration Upside

No other sizeable deposit within 50km radius of the Paulsens mine

1,300km² of Tenements, numerous targets 100% owned and JV’s

Only operational gold processing plant in the Ashburton/Pilbara

Cheroona copper/gold project, 80km from Sandfire discovery

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Ashburton Gold ProjectAshburton Gold ProjectAshburton Gold ProjectAshburton Gold ProjectAshburton Gold ProjectAshburton Gold ProjectAshburton Gold ProjectAshburton Gold Project

Past oxide open pit production, 1998 to 2004 of 340,000oz @ 3.3g/t

Project contains 668,000oz resource mainly in sulphide mineralisation

Numerous walk up drill targets and opportunity to review past feasibility studies that were based on a A$525/oz gold price

Drilling at Peake to commence in June 2011 quarter

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Board of DirectorsBoard of DirectorsBoard of DirectorsBoard of DirectorsBoard of DirectorsBoard of DirectorsBoard of DirectorsBoard of Directors

Successful record in discovering and developing mines

BILL BEAMENT – Managing Director (Mining Engineer)

Former General Manager – Operations for 12 mines across WA, including 3.5 years involvement at Paulsens overseeing the incumbent mining contractor. Established over 15 new mining operations across Australia.

CHRIS ROWE – Non Executive Chairman (Barrister and Solicitor)

Barrister and solicitor - previous chairman or director of a number of public listed mining and oil and gas related companies in both Australia and North America

MICHAEL FOTIOS – Non Executive Director (Geologist)

Chairman of InvestMet Limited. Former Managing Director of Galaxy Resources. Held senior positions with Homestake and Sons of Gwalia. Involved in the discovery of 4 million ounces of gold.

PETER FARRIS – Non Executive Director (Business/Corporate Advisory)

Highly Credentialed Businessman with extensive experience in the Perth real estate industry and corporate advisory services.

DISCIPLINES TO OPERATE A MINING BUSINESS ARE COVERED

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Senior ManagementSenior ManagementSenior ManagementSenior ManagementSenior ManagementSenior ManagementSenior ManagementSenior Management

BERNIE SOSTAK – Manager of Geology

Geologist with over 20 years in the Gold Industry with extensive experience in mine geology, resource estimations, planning and general operations management in underground and open pit. Held senior management roles with WMC, Broken Hill Metals and Coolgardie Gold. Most recently as Barrick’s Director of Resource/Reserve Strategy based in Toronto managing reserve replacement programs on 4 continents.

RAY PARRY – Financial and Commercial Manager

Experienced Finance Executive with over 25 years experience in the mining and banking industry. Previously held the position of Commercial Manager with St Barbara Ltd overseeing the recommencement of mining and processing at the company’s Gwalia, Tarmoola and Southern Cross operations.

CRAIG JONES – General Manager (Paulsens)

Mining Engineer with previous roles at Barrick Lawlers Gold Mine and Western Metals Lennard Shelf Operations. Extensive experience in numerous mining methods and contract mining.

BROOK EKERS – Geology Manager (Paulsens)

Geologist with extensive experience in underground gold mining and has held the Geology Manager position at Paulsens for 7 years. Held senior management position at Normandy Bronzewing Operation

MIKE BURNS – Process Manager (Paulsens)

Metallurgist with vast experience in operating, commissioning, development and research of milling operations to increase extraction and recovery, improved throughput capacity and reduced operating costs.

5 KEY SITE MANAGERS HAVE +3 YEARS EXPERIENCE AT PAULSENS

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Ten Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star Resources

1. ~75,000ozpa production at $620/oz cash cost

2. Up to $40m surplus cashflow in 2011

3. Debt-free and unhedged

4. 226,000oz resource at Paulsens, outstanding drilling results point to further substantial increase in resources and mine life

5. Drilling to commence shortly at the Company’s second project, Ashburton, which already has a 668,000oz resource in trucking distance of Paulsens processing plant

6. Significant potential to grow the Company resource base of 927,500oz

7. Strong scope to increase Paulsens production to +100,000oz

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Ten Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star ResourcesTen Reasons to Follow Northern Star Resources

8. Significant exploration potential at Cheroona copper/gold project – just 80km from Sandfire and in similar geological setting

9. Highly experienced team of technical and financial experts who can be shifted from project to project, maximizing acquisition and development prospects

10. Key three-year targets: $500m market cap (currently $114m), 150,000-200,000ozpa production, <$600/oz cash costs

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April 14, 2011