All Star Minerals plc

August 27, 2009 06:43 ET

Interim Results for the Six Months Ended 31 May 2009


                                           All Star Minerals plc
                           Interim Results for the Six Months Ended 31 May 2009


I  am  pleased to present my first statement to shareholders since taking over as CEO of All Star  Minerals
plc  in June this year. The two main priorities for me since taking the position of CEO have been to ensure
the  Company  recommences  its  uranium exploration programme in Sweden, and  to  stabilise  the  financial
position in light of the costs incurred from the aborted move to AIM.


In  July we announced that a radon survey had been completed at the Gilpas uranium project in Sweden, which
is the focus of our exploration efforts at present. A total of 192 sensor cups were placed at a depth of 50
centimetres  in the glacial till soil along 7 parallel gridlines at c.25 metre intervals along  each  line,
with  a 100 metre distance between them. The lines were set at a North-West/South-East direction, so as  to
be in line with the glacial ice flow carrying the boulders that returned up to 29% uranium in 1981.

Upon  having  been left in the soil for a month the sensor cups were collected and sealed at the  start  of
August  and  sent to the laboratory in Vancouver for analysis. Of the 192 sensor cups placed in  the  soil,
only  12  were  unable to be sent to Vancouver following natural disturbance from water  inflow  and  local

The  results  of  the radon survey at Gilpas will serve to identify anomalous zones with a  view  to  drill
testing  in the fourth quarter of 2009. We are cautiously optimistic as to the potential of Gilpas to  host
uranium mineralization.


The  financial results for the six months to 31 May 2009 show a loss of £54,996. The basic loss  per  share
was 0.08p. The loss is attributable to the company's administrative expenses.


There  is  reason  for  cautious optimism with regards the potential of Gilpas  to  host  economic  uranium
mineralization. The project is in close proximity to the Pleutajokk and Skuppesavon uranium  deposits,  and
the  geochemistry completed at Gilpas to date has returned early results that warrant optimism with  regard
to  its  potential. The results from the radon survey will go a long way to determining  the  potential  of

We  retain  both the Samon and Kuusivaara projects within our project portfolio, although the priority  for
development given the Company's financial position remains Gilpas for the foreseeable future, which is  the
project most capable of delivering the results that will enhance value for shareholders.

I  would like to thank our shareholders for their continued support of the Company and those who became new
shareholders in the second quarter. I look forward to reporting continued progress over the coming months.

Conrad Windham

Chief Executive Officer

24 August 2009


FROM 1 DECEMBER 2008 TO 31 MAY 2009


                                                       6 MONTHS TO                     6 MONTHS TO
                                                       31/05/2009                      31/05/2008
                                                           £                               £
CONTINUING OPERATIONS                                                                                    
Revenue                                                      -                               -
Administrative expenses                                (55,019)                        (87,372)
                                                       _________                       _________
OPERATING LOSS                                         (55,019)                        (87,372)
Finance costs                                                -                              (5)
Finance income                                              23                           3,005
                                                       _________                       _________
LOSS BEFORE TAX                                        (54,996)                        (84,372)
Taxation                                                     -                               -
                                                       _________                       _________
LOSS FOR THE PERIOD                                    (54,996)                        (84,372)
                                                       _________                       _________
Basic loss per share                                   (0.0802p)                       (0.1350p)
Diluted loss per share                                 (0.0564p)                       (0.0922p)

1.        The  financial  information for the period ended 31 May 2009 has not been  audited  and  does  not
    constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.  It has however
    been subject to a review by the company's auditors.

2.        Basic loss per share has been calculated using the weighted average number of shares of 68,582,033
    (2008 - 62,500,000).   Diluted loss per share has been calculated using the weighted average number  of
    shares of 97,532,033 (2008 -91,550,000).
The Directors of the Issuer accept responsibility for this announcement.


All Star Minerals Plc
Conrad Windham, CEO
Telephone: 020 7803 0607

Corporate Advisers

St Helen's Capital Plc
Duncan Vasey/Mark Anwyl
Telephone: 020 7628 5582

Contact Information

  • All Star Minerals plc