All Star Minerals plc

April 30, 2012 05:40 ET


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

All  Star Minerals plc (PLUS: ASMO) the PLUS-quoted natural resource exploration and investment company  is
pleased to announce its unaudited results for the period 1 December 2010 to 30 November 2011.


During  2011 we made solid progress in laying the building blocks for developing All Star Minerals  into  a
solid natural resource company. The obvious highlight in the period was the acquisition of Circle Resources
Pty  Ltd,  which  owns seven projects in Queensland, Australia, covering a total of 518 square  kilometres.
Five  of  the projects are prospective for gold and silver deposits, and two are prospective for  phosphate
and uranium mineralization. The consideration for the acquisition was AUSD535,000.

At  the  time  of  the acquisition we stated that we would seek to realise value through restructuring  the
assets into distinct synergetic groups. The first phase of this process has been to bring together the Blue
Doe,  Eagle Hawk, and Edward projects, and to ultimately seek a public listing for the vehicle owning these
three projects.

To  achieve this we have since formed Blue Doe Gold plc, a UK company that is currently wholly-owned by All
Star  Minerals.  Along with the acquisition of Circle Resources, we also acquired Blue Doe  Gold  Pty  Ltd,
which  is  now a wholly-owned subsidiary of Blue Doe Gold plc. We have set the wheels in motion to transfer
the  Blue Doe, Eagle Hawk, and Edward projects to Blue Doe Gold Pty Ltd, and a competent persons report  is
already well advanced.

We  are  fortunate  to have appointed Patrick Griffiths as CEO of Blue Doe Gold plc.  Patrick  has  a  long
history  in  the  natural resource industry, which began in 1973 when he completed feasibility  studies  on
extensions to the Bass Strait Oil Fields and the exploration of Bonaparte Gulf for Esso. Since then he  has
completed  extensive  feasibility studies on the Pilbara Iron Ore Venture,  McCamey's  Monster  in  Western
Australia and a Coal Pelletising Plant in Queensland for Hancock Prospecting Pty Ltd. He was a director and
then  Managing  Director  of  a  mining group listed on the Johannesburg Stock  Exchange,  Awande  Holdings
Limited,  with  two  operating mines and one exploration project in Namibia. More recently  Patrick  was  a
Director and General Manager of the Australian based subsidiaries of AIM-listed Sirius Minerals plc, before
he took up his role as CEO of AIM-listed Strategic Minerals plc.

It  is our intention to complete a pre-IPO fundraising for Blue Doe Gold plc over the coming weeks, and  to
then  move  the company forward for a listing on the AIM market. It is our belief that All Star's  retained
shareholding in Blue Doe Gold plc will create significant value for the company and its shareholders.

Although  Blue  Doe  Gold  plc has been the main focus for readying for a pre-IPO  fundraising  and  public
listing, we have still been working to push forward the other projects. We will shortly be forming a second
UK  plc,  which, like Blue Doe Gold plc, will initially be a wholly-owned subsidiary of All Star  Minerals.
This  will  become the ultimate owner of the Brilliant Brumby and Wishbone projects, which are  prospective
for  gold and silver deposits. We will also seek to undertake a pre-IPO fundraise for this new company over
the coming months.

We  are  excited  at  the potential of the projects we have acquired in Queensland,  and  look  forward  to
reporting progress over the coming months as we seek to realise value from them.

In  mid-August 2011 we undertook a bedrock interface drilling programme at the Gilpas uranium project.  The
objective  of the drilling programme was to test selected points along a series of four sampled lines  that
perpendicularly crosscut the highly anomalous radon gas zone in the glacial till.

Low  uranium  content  was returned from the bedrock samples assayed, whilst enhanced uranium  content  was
obtained in a number of the glacial till samples collected above the bedrock in the areas of high radon gas

The  results  of  the bedrock interface drilling programme showed that the previously reported  high  radon
results  in the glacial till soils in the area are more likely related to the dispersal of uranium  bearing
material  in the till from an unknown source, and has no relation to the uranium in the directly underlying

The  results  indicate  that the bedrock source of the historically noted high grade  boulders  at  surface
hosting up to 29% (290,000 parts per million) uranium is located in the up-ice glacial flow direction close
to and north-west of the most north-westerly line of sampling.

It had been our intention to commence drilling programmes at Gilpas, and the Samon iron ore target in April
and  May.  However, in order to progress the work programmes it will be necessary to raise new equity.  The
current share price for All Star is 0.45p, which values the company at GBP1.3 million. I do not believe  it
is  in  the best interests of the longer-term success of the company, nor shareholders, if we were to raise
the necessary finance to drill the targets at Gilpas and Samon at the current share price. Historically  we
have had no choice but to accept funding at a discount to the prevailing share price, and if we were to  do
that today the dilution to existing shareholders would be substantial.

The  near-term  strategy, therefore, has been to focus on creating value through developing the  Australian
assets.  Hopefully, as we announce details of the development of the Australian projects, and unlock  value
from this opportunity, the share price will respond favourably.


The  financial  results for the twelve months to 30 November 2011 show a loss after taxation of  GBP174,671
(2010:  GBP117,728). The basic loss per share was 0.08p (2010: 0.08p). The loss is attributable to  ongoing
administrative costs associated with the running of the Company, and exploration expenses.


The directors do not recommend the payment of a dividend in respect of the year ended 30 November 2011.


I believe the outlook for All Star Minerals continues to be positive. After we announced the acquisition of
Circle  Resources Pty Ltd in December I took the opportunity to increase my shareholding in the company  by
3,900,000  shares to take my total shareholding to 11,200,000 through making a number of purchases  on  the
market  at  prices between 0.42p and 0.85p. My reasoning for buying is because I feel it is  important  for
directors to have their interests aligned with shareholders, and I believed, and continue to believe,  that
the stock is cheap.

To  reiterate, the near-term focus is on unlocking value from the Australian projects acquired through  the
acquisition of Circle Resources Pty Ltd. To this end we have formed Blue Doe Gold plc, and look forward  to
concluding the pre-IPO fundraise for the company over the coming weeks. We will then proceed with preparing
the company for a listing on the AIM market.

It remains our intention to undertake a maiden scout drilling programme on the Samon iron ore target in the
coming  months.  In  spite  of not intersecting the bedrock source of the high-grade  uranium  boulders  at
Gilpas, we have a greater understanding of the likely source, and the next phase of drilling will focus up-
ice of the radon anomalies identified to date.

I  look  forward  to reporting progress on realising value from the Australian assets, and  developing  our
Swedish projects over the coming months.

Conrad Windham
Chief Executive Officer

27 April 2012


                                                                  Unaudited      Unaudited               
                                                                 Year Ended     Six Months   Audited Year
                                                                     30 Nov          Ended          Ended
                                                                       2011          31May        30 Nov.
                                                                                      2011           2010
                                                                      GBP            GBP                 GBP
Revenue                                                        -               -               -
Administrative expenses                                        (163,613)       (75,757)        (117,837)
                                                                  ----------     ----------     ----------
OPERATING LOSS                                                 (163,613)       (75,757)        (117,837)
Finance costs                                                  (3,950)         61              -
Other non-operating income                                     (109)           (157)           109
Other non-operating expenses                                   (6,999)         -               -
                                                                  ----------     ----------     ----------
LOSS BEFORE TAX                                                (174,671)       (75,853)        (117,728)
Income tax expense                                             -               -               -
                                                                  ----------     ----------     ----------
LOSS FOR THE PERIOD                                            (174,671)       (75,853)        (117,728)
                                                                  ----------     ----------     ----------
EARNINGS PER SHARE                                                                             
(expressed in pence per share)
Basic loss per share for the period                            (0.08)          (0.04)          (0.08)
Diluted loss per share for the period                          (0.07)          (0.03)          (0.06)


                                                                  Unaudited      Unaudited               
                                                                       Year     Six Months   Audited Year
                                                               Ended 30 Nov          Ended          Ended
                                                                       2011          31May        30 Nov.
                                                                                      2011           2010
                                                                      GBP            GBP                 GBP
LOSS FOR THE PERIOD                                            (174,671)       (75,853)        (117,728)
OTHER COMPREHENSIVE INCOME                                                                     
Issue of share options                                         107,500         107,500         -
                                                                  ----------     ----------     ----------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                      (67,171)        31,647          (117,728)
                                                                  ----------     ----------     ----------

AS AT  30 NOVEMBER  2011

                                                                  Unaudited      Unaudited           Audited
                                                                    30 Nov.          31May        30 Nov.
                                                                       2011           2011           2010
                                                                      GBP            GBP                 GBP
  NON CURRENT ASSETS                                                                           
     Property, plant and equipment                             582             679             775
     Intangible assets                                         160,261         125,653         88,312
     Investments at cost                                       52,999          -               -
     Available-for-sale financial assets                       1               7,000           -
     Trade and other receivables                               1,855           1,948           1,827
                                                                  ----------     ----------       ----------
                                                               215,698         135,280         90,914
  CURRENT ASSETS                                                                               
     Trade and other receivables                               51,464          50,830          31,482
     Prepayments                                               3,949           7,085           2,452
     Cash and cash equivalents                                 10,909          65,358          2,346
                                                                  ----------      ---------        ---------
                                                               66,322          123,273         36,280
                                                                  ----------     ----------       ----------
  TOTAL ASSETS                                                 282,020         258,553         127,194
                                                                  ----------     ----------       ----------
  ISSUED CAPITAL AND RESERVES                                                                  
     Issued share capital                                      224,485         206,838         181,088
     Share premium                                             814,930         702,143         539,080
     Reserves                                                  693,236         693,807         592,553
     Retained profits                                          (1,495,837)     (1,397,590)     (1,327,983)
                                                               -------------  -------------    -------------
     TOTAL EQUITY                                              236,814         205,198         (15,262)
     CURRENT LIABILITIES                                                                       
  Tax payables                                                 4,259           1,931           236
  Trade and other payables                                     40,947          51,424          142,220
                                                                  ----------     ----------       ----------
                                                               45,206          53,355          142,456
                                                                  ----------     ----------       ----------
  TOTAL EQUITY AND LIABILITIES                                 282,020         258,553         127,194
                                                                  ----------     ----------       ----------

    1.      The financial information for the year ended 30 November 2011 and the six months ended 31 May 2011
            has not been audited and does not constitute statutory accounts within the meaning of Section 434 of the
            Companies Act 2006.
    2.      Basic loss per share has been calculated using the weighted average number of shares of 208,674,014
            (31.05.2011: 195,588,132; 30.11.2010: 150,015,008).

            Diluted  loss  per  share has been calculated using the weighted average number  of  shares  of
            256,113,466 (31.05.2011: 248,505,836; 30.11.2010: 197,465,008).
    3.      If  it  becomes known to the Directors of the Company that the audit report  is  to  be
            qualified or modified in relation to going concern or otherwise, the terms of such qualification or
            modification will be announced immediately.
The Directors of All Star are responsible for the contents of this announcement.


Conrad Windham, CEO                                       Telephone: 020 3130 0674

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

SVS Securities plc
Ian Callaway or Alex Mattey                               Telephone: 020 7638 5600

Threadneedle Communications
Beth Harris/Laurence Read                                 Telephone: 020 7653 9850

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  • All Star Minerals plc