Novastar Resources Ltd.
OTC Bulletin Board : NVAS

Novastar Resources Ltd.

October 11, 2005 09:10 ET

Novastar Resources Announces 20 Million Share Purchase Warrants Cancelled

NEW YORK, NEW YORK--(CCNMatthews - Oct. 11, 2005) - Novastar Resources Ltd. (OTCBB:NVAS) announces that it has reached an agreement with OTC Investments Ltd. to cancel 20,000,000 warrants carrying a strike price of $0.05 per share. These shares were issued to OTC Investments in January of 2005 in a debt settlement agreement, before the current operations of Novastar Resources Ltd. OTC Investments Ltd., which holds a large share position in Novastar, has agreed to this cancellation as it is in the best interests of shareholders moving forward as Novastar's future prospects continue to improve.

Forward looking statement disclaimer

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.

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