All Star Minerals plc
LSE : ASMO

September 25, 2013 02:00 ET

Sale of Subsidiary Companies

25 September 2013

                                                 
                                       ALL STAR MINERALS PLC
                                   ("All Star" or the "Company")

                                   SALE OF SUBSIDIARY COMPANIES


All  Star  Minerals  plc,  the  ISDX Growth Market investment vehicle  with  a  focus  on  natural
resources,  announces  that it has sold Jodo Gold Pty Ltd ("Jodo") and Circle  Resources  Pty  Ltd
("Circle")  for  a total consideration of Aus$500,000 (five hundred thousand Australian  dollars).
Circle and Jodo own the Wishbone and Brilliant Brumby projects in Queensland, Australia.

The  prime  rationale for the sale of Jodo and Circle was to raise capital to clear the  creditors
that had arisen from the Company's operations in Queensland.

Following this disposal, the Company's Australian creditors will be cleared, and the Company  will
be adequately capitalised to meet its ongoing obligations in the UK and Australia.

In  December 2011, the Company announced the acquisition of 100% of Circle, Jodo and Blue Doe Gold
Pty  Ltd ("Blue Doe Gold") for Aus$535,000. The Company retains a 53.26% shareholding in Blue  Doe
Gold,  which  owns the Blue Doe, Eagle Hawk, Edward, and Edward Extension tenements in Queensland,
which are prospective for gold, silver, copper, molybdenum, tungsten, and other base metals.

In  addition  the  Company owns 100% of Drummond Minerals Pty Ltd ("Drummond Minerals").  Drummond
Minerals  is  a wholly-owned subsidiary of the Company that owns the Plain Creek phosphate-uranium
project  in Queensland. Transfer requests for the ESA and Overflow tenements to Drummond  Minerals
from  Circle  have been made, whilst the Bully Creek and Plain Creek tenements have been  proposed
for grant by the Queensland Department of Natural Resources and Mines.

The  board therefore considers that the consideration achieved for Circle and Jodo to be very good
value for shareholders and looks forward to updating shareholders on the progress of Blue Doe Gold
and Drummond Minerals in due course.


CONRAD WINDHAM, CHIEF EXECUTIVE OFFICER, ALL STAR MINERALS, COMMENTED:

"Securing funding for small cap resource companies continues to be tough, and, as a result of  the
challenging  equity  environment,  it was felt that selling  the  Wishbone  and  Brilliant  Brumby
projects represented the most sensible way to progress All Star. Whilst it is disappointing not to
be  in a position to advance the Wishbone and Brilliant Brumby projects, the Company continues  to
have  strong  opportunities through the Plain Creek phosphate-uranium  project,  and  through  its
holding in Blue Doe Gold.

We are actively pursuing avenues that can ensure All Star can capitalise on its ongoing interests,
and will report to the market on such opportunities in due course."

The Directors of the Company accept responsibility for the contents of this announcement.

ENQUIRIES:

All Star Minerals Plc
Conrad Windham, CEO
Telephone: 01366 500722

Corporate Adviser
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9796

Contact Information

  • All Star Minerals plc