Alberta Star Development Corp.
TSX VENTURE : ASX
OTC Bulletin Board : ASXSF
FRANKFURT : QLD

Alberta Star Development Corp.

December 12, 2008 14:54 ET

Alberta Star Completes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2008) - Alberta Star Development Corp. (the "Company") (TSX VENTURE:ASX)(OTCBB:ASXSF)(FRANKFURT:QLD) is pleased to announce that it has completed its previously announced non-brokered private placement of 2,333,333 flow-through units ("Units") of the Company at a subscription price of $0.15 per unit, for a total gross proceeds of (Cdn) $350,000 (the "Offering"). Each Unit consisted of one (1) common share ("Common Share") issued on a "flow-through share" basis, in the share capital of the Company and one non flow-through common share purchase warrant ("Warrant"). Every Warrant is exercisable into one additional Common Share at an exercise price of $0.18 per share on or before December 12, 2010.

The Company intends to use the flow-through proceeds raised in this Offering as part of its reduced 2010 exploration program, including exploration at the Company's Eldorado & Contact Lake IOCG and uranium properties and will be renounced for the 2008 income tax year, qualifying exploration expenditures (as defined in the Income Tax Act) (Canada) to the unit subscribers.

ALLAN FELDMAN-INVESTOR RELATIONS

Investors are welcomed to contact Mr. Allan Feldman, Alberta Star's Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.

This News Release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve that involve various degrees of risk. The following are important factors that could cause Alberta Star's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Alberta Star Development Corp.
    Tim Coupland
    President and CEO
    (604) 681-3131
    (604) 408-3884 (FAX)
    Website: www.alberta-star.com