All Star Minerals plc
LSE : ASMO

August 31, 2010 10:56 ET

Interim Results For The Six Months Ended 31 May 2010

                                                                                   GB00B12T7004/GBP/PLUS-exn
                                                                                                  31/08/2010
                                                                                                            
                                                                                                
                                           ALL STAR MINERALS PLC
                                  ("All Star Minerals" or "the Company")
                                                     
                           Interim Results For The Six Months Ended 31 May 2010

CHIEF EXECUTIVE OFFICER'S STATEMENT

I  am  pleased  to  announce the interim results for the six months ended 31 May 2010 and  to  provide  the
following update on the Company and its project portfolio.

The Gilpas Uranium Project

The  Gilpas  uranium  project  comprises two contiguous licences that cover  a  total  area  of  51  square
kilometres.  Gilpas  is  located in the Arjeplogg Uranium District of Northern  Sweden,  and  is  in  close
proximity to the Pleutajokk and Skuppesavon uranium deposits.

The  two  radon  surveys that have been completed to date have revealed a general anomalous radon  zone  of
157,500  square metres (450 metres by 350 metres), within which two far stronger anomalous zones have  been
identified. Zone 1 is c.6,000 square metres, being 150 metres in length by 40 metres in width, whilst  zone
2 has revealed an initial length of 300 metres.

The  next  stage of radon surveying at Gilpas commenced during the first week of August, with the intention
of  understanding  the true extent of the zone 2 anomaly. A total of 98 sensor cups  have  been  placed  at
depths of 50 centimetres in the glacial till soil, along 4 parallel gridlines at intervals of between 10-25
metres along each line, covering a total area of 8,000 square metres. The cups will be collected during the
second  week  of  September  and  sent  for analysis at the Alpha Track  laboratory  in  Vancouver.  It  is
anticipated that results from the laboratory will be returned by the start of the fourth quarter.

Our Swedish geological team are liaising with the authorities in Sweden with a view to ensuring the Company
can  commence  exploratory  drilling  at  Gilpas at the earliest opportunity.  We  will  continue  to  keep
shareholders informed on such developments.

Licence Renewal

It  is  our  intention  to  renew  all five licences that cover the Company's  three  projects  of  Gilpas,
Kuusivaara, and Samon in Sweden. The application to renew the Samon project for a further three  years  was
made in July, and the applications to renew the Gilpas and Kuusivaara projects will be made forthwith.

Other

In  addition  to developing the three existing projects within the Company's portfolio, we are  looking  at
opportunities  to  acquire  other natural resource projects in jurisdictions outside  of  Scandinavia.  The
Company  is  on a surer financial footing compared with 12 months ago, and is better placed to  selectively
grow its project portfolio.

Financials

The  financial results for the six months to 31 May 2010 show a loss of £37,997 (2009: £54,996). The  basic
loss  per share was 0.0281p. The loss is attributable to the company's ongoing administrative expenses  and
project costs.

Outlook

The  outlook  for  the  Company continues to look brighter with each passing  month.  We  look  forward  to
completing the current radon survey at the Gilpas uranium project and reporting the results to shareholders
in  the  coming weeks. Upon receipt of these results we will be able to analyse and plan the next phase  of
development at Gilpas, which we envisage being further radon surveying coupled with an exploratory drilling
programme.

It is also our intention in the coming months to undertake work on the Samon and Kuusivaara projects.

Samon is a uranium/thorium/rare earth project, and was the site of a boulder found in 1970 that returned  a
grade  of  3.5%  thorium  and 0.05% uranium. Since acquiring the project we have undertaken  a  radiometric
survey,  which  returned high readings in boulders and in outcrop over white pegmatites,  which  subsequent
analysis showed to contain phosphates of rare earths including cerium, thorium, and yttrium.

There  is  an increasing attraction from a commercial standpoint for the rare earth metals, and,  with  the
exception of terbium, the prices achieved for rare earths today are the highest they have been since  2001,
with the largest percentage price increases in the year-to-date having been for cerium and lanthanum. It is
possible  that  Samon  could host a carbonatite intrusion, which could be the  source  of  the  rare  earth
elements discovered on the project to date.

Kuusivaara,  meanwhile, is a uranium project known for its radioactive bogs, and, thus far,  six  anomalous
areas  have been identified, totalling some 4,000 square metres. One peat sample returned a grade  of  5.8%
uranium, whilst other samples assayed 3.76%, 2.10%, 0.74%, 0.70%, 0.61%, and 0.17% uranium.

Finally,  as  I  informed  shareholders at our recent AGM, we continue to be  extremely  prudent  with  the
Company's  finances. The balance sheet has to an extent constrained the pace of development of the  project
portfolio,  but,  following  a series of modest fundraisings this year, the  company  is  now  on  a  surer
financial footing.

We look forward to reporting progress on our existing project portfolio in the coming months, in particular
at  the Gilpas uranium project, along with any such new projects that could enhance the portfolio. We  view
the future for the Company with renewed optimism.

Conrad Windham

Chief Executive Officer

31 August 2010
ALL STAR MINERALS PLC

UNAUDITED RESULTS FOR THE PERIOD
FROM 1 DECEMBER 2009 TO 31 MAY 2010


INCOME STATEMENT

                                                       6 MONTHS TO                    6 MONTHS TO
                                                       31/05/2010                     31/05/2009
                                                            £                              £
CONTINUING OPERATIONS                                                                                    
Revenue                                                      -                               -
Administrative expenses                                (38,049)                        (55,019)
                                                       _________                       _________
                                                                                       
OPERATING LOSS                                         (38,049)                        (55,019)
                                                                                       
Finance costs                                                -                               -
Finance income                                              52                              23
                                                       _________                       _________
                                                                                       
LOSS BEFORE TAX                                        (37,997)                        (54,996)
                                                                                       
Taxation                                                     -                               -
                                                       _________                       _________
                                                                                       
LOSS FOR THE PERIOD                                    (37,997)                        (54,996)
                                                       _________                       _________
                                                                                                         
Basic loss per share                                   (0.0281p)                       (0.0802p)
Diluted loss per share                                 (0.0208p)                       (0.0564p)
                                                                                                         
                                                                        


STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2010

                                                     AT 31/05/2010                 AT 31/05/2009
                                                           £                              £
ASSETS                                                                                                   
NON-CURRENT ASSETS                                                                     
Intangible assets                                       66,111                          35,090
Property, plant and equipment                              154                             466
Investments                                              7,000                          27,150
                                                       _________                       _________
                                                                                       
                                                        73,265                          62,706
                                                       _________                       _________
                                                                                                
CURRENT ASSETS                                                                                  
Trade and other receivables                             18,283                           9,530
Cash and cash equivalents                                  108                          34,928
                                                       _________                       _________
                                                                                       
                                                        18,391                          44,458
                                                       _________                       _________
                                                                                                
TOTAL ASSETS                                            91,656                         107,164
                                                       _________                       _________
                                                                                                
EQUITY                                                                                                   
SHAREHOLDERS' EQUITY                                                                   
Called up share capital                                141,593                         671,518
Share premium                                          479,837                         432,247
Capital redemption reserve                             572,786                               -
Share scheme reserve                                    19,767                           6,817
Revaluation reserve                                          -                           4,650
Retained earnings                                   (1,248,252)                     (1,079,423)
                                                       _________                       _________
                                                                                       
TOTAL EQUITY                                           (34,269)                         35,809
                                                       _________                       _________
                                                                                                         
LIABILITIES
CURRENT LIABILITIES                                                                    
Trade and other payables                               125,925                          71,355
                                                       _________                       _________
                                                                                       
TOTAL LIABILITES                                       125,925                          71,355
                                                       _________                       _________
                                                                                                
TOTAL EQUITY AND LIABILITIES                            91,656                         107,164
                                                       _________                       _________

Notes

1.  The  financial  information for the period ended 31 May 2010 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 135,032,417
    (2009 - 68,582,003).   Diluted loss per share has been calculated using the weighted average number  
    of shares of 182,482,417 (2009 -97,532,033).


ENQUIRIES:

Company

All Star Minerals plc
Conrad Windham, CEO
Telephone: 020 3130 0674
E-mail: c.windham@allstarminerals.com
Website: www.allstarminerals.com

Corporate Adviser

St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Telephone: 020 7368 6959

Contact Information

  • All Star Minerals plc