Novastar Resources Ltd.
OTC Bulletin Board : NVAS

Novastar Resources Ltd.

April 06, 2006 08:30 ET

Novastar Resources Appoints Cornelius J. Milmoe to Position of Chief Operating Officer

WASHINGTON, DISTRICT OF COLUMBIA--(CCNMatthews - April 06, 2006) - Novastar Resources Ltd. (OTCBB:NVAS) has today announced that Cornelius J. Milmoe ("Mr. Milmoe") will join the Company's management as Chief Operating Officer, effective immediately. In addition to this capacity, Mr. Milmoe will serve as a member of the Board of Directors. Mr. Milmoe is phasing down consulting commitments made on behalf of his own Company over the next several weeks and will be a full-time Company executive in June, 2006.

Seth Grae, President & CEO of Novastar Resources, stated, "C.J. Milmoe was a key figure in General Electric's nuclear fuel business. He has great experience in negotiating nuclear fuel cycle development, sourcing and sales contracts. His knowledge base and contacts will be extraordinarily valuable as Thorium Power with its technology development and deployment."

Commenting on his appointment as Chief Operating Officer, Mr. Milmoe said, "I am excited to become a part of Novastar's business of transforming the nuclear world to an alternative fuel that offers a safe, economical solution to the issues of weapons-grade plutonium disposition, spent nuclear fuel recycling, and proliferation-resistant fuel for nuclear power plants."

Cornelius J. Milmoe (Bio):

From 1994 to 2000, Mr. Milmoe served as General Counsel for General Electric's nuclear fuel business that provided nuclear fuel fabrication, software, and design services to 50 nuclear reactors in the U.S., Europe, Japan, Mexico, and Taiwan. At GE Nuclear Fuel, Mr. Milmoe led legal negotiations for all reactor reload contracts (valued at $30-$300 million each), created a Joint Venture with Hitachi and Toshiba to build a $70 million modern fuel processing plant that reduced costs by 30% and environmental effluents by 90%, and created a marketing Joint Venture with ENUSA that led to GE Nuclear's first fuel sales at plants in Germany and Finland. After leaving GE in 2000, Mr. Milmoe has run his own consulting firm, focusing on international energy transactions. Mr. Milmoe formed a project team to recover low enriched Uranium for fuel fabrication from Uranium concentrates at the Ulba Metallurgical plant in Kazakhstan. The United States Department of Energy ("DOE") - supported project team included GE, Brookhaven National Lab, Massachusetts Institute of Technology, Kazatomprom, and RWE Nukem. Mr. Milmoe's other projects include construction of a copper-beryllium alloy processing plant in Kazakhstan, sourcing zirconium components in Russia for Western nuclear power plants, and R & D agreements for advanced nuclear technologies.

Mr. Milmoe's firm has also received contracts to improve U.S. DOE reporting and management of all projects relating to the implementation of President Bush's National Energy Policy and DOE's international energy agreements, particularly science and technology agreements and nuclear non-proliferation agreements. Mr. Milmoe earned his BA from Colgate University (Hamilton, N.Y.) in 1969 and later earned his JD from Columbia University Law School (New York, N.Y.) and was admitted to the bar in 1974. From 1974-1980, Mr. Milmoe served as Staff Attorney and Special Assistant to the New York Public Service Commission. From 1980-1994, Mr. Milmoe served as counsel for the following divisions of General Electric: GE Naval & Small Steam Turbines, GE Aircraft Engines, GE Government Services, GE Automated Systems, GE Aircraft Instruments, GE Armament Systems, and GE Silicones.

About Novastar Resources

Novastar Resources is a publicly traded company within the commercial mining sector and is a commercial mining firm engaged in the exploration of thorium, a naturally occurring metal that can be used to provide nuclear energy, with non-proliferation, waste and economic advantages, in comparison to standard uranium fuels. Novastar Resources' stock is traded and quoted on the OTC Bulletin Board under the symbol "NVAS.OB". Further information is available on Novastar Resources' website at www.novastarresources.com.

About Thorium Power

Thorium Power was founded in 1992 to develop technology invented by Dr. Alvin Radkowsky, the first chief scientist of the U.S. Naval Reactors program under Admiral H.G. Rickover from 1950-1972 and head of the design team of the first commercial nuclear power plant in Shippingport, Pennsylvania. Thorium Power was formed to develop and deploy nuclear fuel designs developed by Dr. Radkowsky to stop the production of weapons suitable plutonium and eliminate existing plutonium stockpiles. Thorium Power has been collaborating with nuclear scientists and engineers at Russia's prestigious Kurchatov Institute since 1994. For more information, please visit www.thoriumpower.com.

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 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, statements regarding benefits of the proposed merger 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. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks, as well as other risks associated with the merger, will be more fully discussed in any joint proxy statement or prospectus or other relevant document filed with the Securities and Exchange Commission in connection with the proposed merger. 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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