All Star Minerals plc
LSE : ASMO

March 18, 2009 03:30 ET

Update on Activities

                                                                         GB00B12T7004/GBP/PLUS-exn
                                                                                     18 March 2009


                           All Star Minerals Plc - Update on Activities


The  Board  of  All  Star  Minerals Plc ("All Star" or "the Company") is pleased  to  provide  the
following update on its activities.

MOVE TO THE ALTERNATIVE INVESTMENT MARKET

It  had  been  the  Board's intention to take All Star Minerals to a listing on the  London  Stock
Exchange's  Alternative  Investment  Market ("AIM") in  the  latter  half  of  2008.  Regrettably,
increasingly challenging conditions for raising equity, coupled with losing the support of a major
shareholder at the time, went against the Board's efforts to ensure a successful listing  on  AIM.
As  a result of market and economic conditions, it is the Board's belief that PLUS represents  the
most sensible exchange for the foreseeable future for the Company.

AUSTRALIA - BULLBADGER AND ERRABIDDY PROJECTS

In  light  of the decision to remain on PLUS, and the challenging environment for commodities  and
raising  capital,  the  Board has taken the decision to relinquish the  BullBadger  and  Errabiddy
properties in Western Australia.

One  of  the  requirements  in  Western Australia is that companies  meet  a  minimum  expenditure
threshold on blocks comprising projects. It was felt that with the funds available to the  Company
that value would be created quicker for shareholders by relinquishing the BullBadger and Errabiddy
projects  and  focussing  on  advancing the uranium projects in Sweden,  along  with  seeking  out
acquisition opportunities.

SWEDEN - GILPAS, KUUSIVAARA, AND SAMON PROJECTS

Accordingly,  the  projects within All Star's exploration portfolio are now  all  situated  within
Sweden,  being  prospective for uranium and thorium. The Board believes that  the  Gilpas  project
(where  two  high-grade boulders were discovered at surface in 1980-1981, of which one returned  a
grade of 29% uranium (290,000 parts per million) is the most prospective within the portfolio, and
the project that can be advanced to a drill-ready stage in the shortest period of time.

POTENTIAL ACQUISITIONS

The  Board of All Star is in advanced discussions with two separate unlisted exploration companies
that  each  have  attractive  portfolios  of exploration projects  located  within  proven  mining
jurisdictions. Both companies have within their portfolios gold projects, with one  bringing  with
it the opportunity for the production of gold from alluvial mining.

It  is  the Board's belief that both exploration companies bring projects to the table that  could
quickly  add  value  to All Star Minerals. The Board anticipates being in a position  to  announce
progress on this front in due course.

DR ROBERT YOUNG, CHAIRMAN, SAID:

"After  a  challenging past few months for All Star Minerals the future of the Company  now  looks
increasingly brighter. The disappointment of being unable to take the Company to AIM has now  been
overcome  by  the  attractive acquisition opportunities that have presented  themselves.  We  look
forward to bringing shareholders news on this front within the next six weeks."

The Directors of the Issuer accept responsibility for this announcement.

ENQUIRIES:

ALL STAR MINERALS PLC
ROBERT YOUNG, CHAIRMAN
TELEPHONE: +44 (0) 1353 649 701
EMAIL: B.YOUNG@ALLSTARMINERALS.COM

CORPORATE ADVISERS

ST HELEN'S CAPITAL PLC
BARRY HOCKEN, DIRECTOR
TELEPHONE: 020 7628 5582
EMAIL: BARRY.HOCKEN@STHELENSCAPITAL.COM

Contact Information

  • All Star Minerals plc