All Star Minerals plc
LSE : ASMO

April 28, 2011 09:02 ET

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2010

                                                                                    GB00B12T7004/GBP/PLUS-exn
                                                                                                   28/04/2011
                                                                                                             
                                                                                                   
                                             ALL STAR MINERALS PLC
                                         ("All Star" or "the Company"
           
                      UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2010
           
HIGHLIGHTS

*       Radon  results  from  the Gilpas uranium project have extended the highly anomalous  zone  to  c.8,000
        square metres and the general anomalous zone to 230,000 square metres
    
*       Likely bedrock source of boulders hosting up to 29% uranium at Gilpas now enclosed

*       Further  research at the Samon licence has identified a strong magnetic anomaly at the  north  of  the
        licence over 750,000 square metres, host to a possible magnetite ore body

*       Planned  maiden drilling programs at Gilpas uranium target and Samon uranium and rare earth target  to
        commence  in  second  quarter of 2011, with the objective of understanding  the  bedrock  geology  and
        possible mineralization
    
*       £140,737 raised in the year to 30 November 2010, and £197,850 raised post year-end

CHIEF EXECUTIVE OFFICER'S STATEMENT

The  past 12 months have seen an acceptable level of progress for All Star, but as an ambitious company  I  am
determined  that the ensuing 12 months sees substantially greater progress. The platform for such progress  is
now  in place, and I believe that as All Star moves towards commencing its maiden drilling programs on two  of
its exploration targets that the intrinsic potential of the projects will start to become apparent.

THE GILPAS URANIUM PROJECT

The  Gilpas uranium project has been further advanced over the past year through the completion of  the  third
radon  survey,  the  results of which give us the confidence to believe we have enclosed  the  likely  bedrock
source of the high grade uranium boulders found historically.

As  a  reminder, the Gilpas uranium project comprises two contiguous licences that cover a total of 51  square
kilometres. Gilpas is located in the Arjeplogg Uranium District of northern Sweden, and is situated  in  close
proximity  to  the Pleutajokk (20km north-west) and Skuppesavon (25km north) uranium deposits, both  of  which
have been interpreted to be epigenetic vein-type deposits.

In  1980-1981 two high-grade uranium mineralized boulders were discovered within close proximity of each other
at  Gilpas,  both of which returned exceptionally high-grades of 29% (290,000 parts per million) uranium.  All
Star  has  focused its exploration work on identifying the bedrock source of these high-grade uranium boulders
through undertaking three radon surveys using Alpha Track radon detector cups, which have now resulted in  the
likely bedrock source being encompassed.

From the results of the three radon surveys, two cut-off readings have been used to delineate the
bedrock  source of the uranium mineralization. Using a high cut-off of 150 tracks per square millimetre  (>150
t/mm2),  nine  anomalous zones have been defined, closely located and extending in a north-west by  south-east
direction for c.500 metres, and totalling 8,000 square metres.

Significantly, the site of one of the boulders that returned a grade of 29% uranium is located directly at the
southern  tip of the southern-most zone running >150 t/mm2, whilst the second 29% uranium boulder  is  located
directly c.125 metres down-ice.

Using  a  lower  cut-off reading from the radon gas surveys of >100 t/mm2 a general anomalous  zone  has  been
delineated covering c.230,000 square metres.

The  next stage for development at Gilpas is bedrock interface drilling, which will see an initial 50 selected
points drilled to a depth of approximately 10 metres to provide a sample of the bedrock material. This bedrock
material will then be tested on site with a scintillometer to determine its radioactivity, which will serve as
the precursor as to whether that said point is drilled to depth.

In  terms of the timing of commencing this maiden drilling at Gilpas, the Mines Inspector has confirmed to  us
that  they  have  received  the proposed work program plans, and we should hear  from  them  within  the  next
fortnight  confirming the permission to proceed with the work program. As such, we now expect drilling  to  be
able  to commence at the start of June 2011. We will keep shareholders closely informed on the status  of  the
proposed drilling activity at Gilpas over the coming weeks.

SAMON - MAGNETIC ANOMALY

In  January  2011, we announced that following a review of the airborne geophysical data on the Samon  project
that  a  new target had been identified at the north of the licence. The airborne geophysics showed  a  strong
magnetic  anomaly at the north of the Samon licence across a continuous area of 750,000 square  metres,  which
could potentially be host to a magnetite (iron ore) deposit.

In  the  1960's  the  Swedish Geological Survey undertook airborne surveys as part of a  national  program  to
systematically  cover the entire country. Although such surveys were performed in the 1960's  they  are  still
considered  of a high international standard today, with dense flight lines used, with a line spacing  of  200
metres, and a very low flying clearance above ground of around 30 metres, providing maximum information on the
underlying bedrock and geological structures.

Since  identifying  the  magnetic  anomaly, we have been liaising with expert  geophysicists  at  the  Swedish
Geological Survey in order to gain opinions on the quality of the magnetic anomaly at Samon. Feedback from the
expert  geophysicists has been most encouraging, and we are now planning to commence a ground magnetic  survey
using a magnetometer to further understand the target in May.

Although  the magnetite target is at an early stage, we are excited about its potential, and look  forward  to
reporting progress on its development in the coming weeks.

SAMON - URANIUM AND RARE EARTH TARGET

The  potential carbonatite target at Samon lies at the southern end of the 28 square kilometre licence  in  an
area of high radioactivity. The target zone has hosted a boulder that has returned grades of 0.05% uranium and
3.5% thorium, as well as phosphates of rare earths, including cerium and yttrium.

Carbonatites  are very rare and unique rock types, which host most of the largest rare earth element  deposits
in  the world, such as the Bayan-Obo mine in China, the largest rare earth mine in the world, and the Mountain
Pass mine in California, America.

The  next stage of development at this target is bedrock interface drilling, which will provide a far  clearer
understanding  of  the bedrock geology and possible mineralization. It is intended that the bedrock  interface
drilling will commence after drilling is completed at Gilpas.

KUUSIVAARA - URANIUM TARGET

There  has  been no exploration work undertaken in the past year at the Kuusivaara uranium project,  which  is
located in the Överkalix Region of Norrbotten County in Sweden. However, although the project has been put  on
the  backburner  in  favour of developing the targets at Gilpas and Samon, it is our intention  to  recommence
exploration activities here later in 2011.

FINANCIALS

The  financial results for the twelve months to 30 November 2010 show a loss after taxation of £117,728 (2009:
£194,087). The loss is attributable to ongoing administrative costs associated with the running of the Company
and exploration expenses.

DIVIDENDS

No dividends will be distributed for the year ended 30 November 2010.
         
OUTLOOK

All  Star is very well positioned to be able to make meaningful progress over the coming months on its project
portfolio.  The priority for the Company is for drilling to commence on the uranium target at Gilpas,  and  to
progress both the magnetite and uranium/rare earth targets at Samon. We are operating in a favourable  country
for mining and exploration, and at a time when metal prices are riding high.

Importantly for investors, the Company offers a diversified portfolio of exploration projects, such that it is
not  dependent upon the sentiment and demand toward any one particular metal. The spot-price for  uranium  has
been  hit  following the incidents at the Fukushima reactors in north-east Japan, such that it now  trades  at
$57.25/lb. Whilst we are shocked and saddened by these events in Japan, we do not believe that it will have an
adverse  effect on the outlook for nuclear power. However, we understand that sentiment and confidence  toward
nuclear  power has been adversely affected. The continued plan to commence drilling at Gilpas is testament  to
our continued belief and confidence in nuclear power.

I  would like to take this opportunity to thank our shareholders for their continued support and belief in All
Star.  I  am  optimistic that the planned development of the project portfolio and the plans  of  a  corporate
nature  for  the  Company over the coming year will please our shareholders. I look forward  to  reporting  on
progress over the coming weeks and months, and view the future with genuine confidence.

Conrad Windham
CEO, All Star Minerals plc


ALL STAR MINERALS PLC
INCOME STATEMENT
FOR THE YEAR ENDED  30 NOVEMBER 2010

                                                                                      2010               2009
                                                                                         £                  £
Other operating income                                                                   -                 75
Administrative expenses                                                           (117,837)          (194,244)
                                                                                  ----------        ----------
OPERATING LOSS                                                                    (117,837)          (194,169)
                                                                                                 
Other non-operating income                                                             109                 84
                                                                                 ----------         ----------
LOSS BEFORE TAX                                                                   (117,728)          (194,085)
                                                                                                 
Income tax expense                                                                       -                  -
                                                                                 ----------         ----------
LOSS FOR THE YEAR                                                                 (117,728)          (194,085)
                                                                                 ----------         ----------
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                                             
                                                                                       2010              2009
EARNINGS PER SHARE                                                                               
(expressed in pence per share)                                                                   
Basic for loss for the year                                                          (0.08)             (0.21)
Diluted for loss for the year                                                        (0.06)             (0.15)
                                                                                                 


ALL STAR MINERALS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED  30 NOVEMBER 2010

                                                                                       2010              2009
                                                                                          £                 £
LOSS FOR THE YEAR                                                                  (117,728)         (194,085)
                                                                                                 
OTHER COMPREHENSIVE INCOME                                                                       
Other movements                                                                           -            12,950
                                                                                                 
                                                                                  ----------        ----------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                            (117,728)         (181,135)
                                                                                  ----------        ----------






ALL STAR MINERALS PLC
STATEMENT OF FINANCIAL POSITION
AS AT  30 NOVEMBER 2010

                                                                                        2010              2009
                                                                                           £                 £
ASSETS                                                                                           
NON CURRENT ASSETS                                                                               
Property, plant and equipment                                                            775               310
Intangible assets                                                                     84,928            65,056
Trade and other receivables                                                            1,827                 -
                                                                                   ---------         ---------
                                                                                      87,530            65,366
CURRENT ASSETS                                                                                   
Trade and other receivables                                                           34,866            15,974
Prepayments                                                                            2,452             3,728
Cash and cash equivalents                                                              2,346             2,404
                                                                                   ---------         ---------
                                                                                      39,664            22,106
                                                                                   ---------         ---------
TOTAL ASSETS                                                                         127,194            87,472
                                                                                   ---------         ---------
                                                                                                 
EQUITY                                                                                           
ISSUED CAPITAL AND RESERVES                                                                      
Issued share capital                                                                 181,088           126,093
Share premium                                                                        539,080           453,337
Reserves                                                                             592,553           592,553
Retained profits                                                                  (1,327,983)       (1,210,255)
                                                                                  -----------       ----------
TOTAL EQUITY                                                                         (15,262)          (38,272)
CURRENT LIABILITIES                                                                              
Tax payables                                                                             236             3,427
Trade and other payables                                                             142,220           122,317
                                                                                   ----------       ----------
                                                                                     142,456           125,744
                                                                                   ----------       ----------
TOTAL EQUITY AND LIABILITIES                                                         127,194            87,472
                                                                                    ----------      ----------


The final results to 30 November 2010 have not been audited or extracted from audited financial statements.

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 Minerals plc are responsible for the contents of this announcement.

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