Progress Report On Prospective Swedish
Uranium and Thorium Licences

INTERIM RESULTS FOR THE 6 MONTHS ENDED 31ST MAY 2007

HIGHLIGHTS

• Transfer of BullBadger completed in Western Australia
• Encouraging results from December 2006 sampling program at BullBadger and Errabiddy
• Move into Sweden for thorium and uranium exploration at Samon, a 26 square kilometre property, and Gilpas Number 1, a 13 square kilometre property
• Exploration portfolio nicely poised to deliver value for shareholders

CHAIRMAN'S STATEMENT

Since we announced our final results for the year ended 30th November 2006, All Star has continued to move forward apace, and is developing into an attractive thorium-focussed exploration company. Concurrently, both thorium and the nuclear industry continue to make positive progress on an international level. In April we received confirmation that our first Western Australian asset, BullBadger, had been successfully transferred from Geotech International Pty Ltd to All Star. Errabiddy was granted a five year exploration licence on 11th January 2007, and we will commence the transfer of this asset to All Star in early January 2008, once the licence has been granted for a twelve month period.

On 13th June we announced the results from our December 2006 exploration programme at BullBadger and Errabiddy. The exploration programme comprised drainage sediment sampling, rock sampling and pan concentrate sampling. The results of the program are reported in the Company's press release of 13th June. The next phase of exploration at BullBadger and Errabiddy is set to begin within the next couple of weeks, and will entail assessing the volume and grades of the best thorium target in the alluvial monazite at Errabiddy, and a soil grid survey at BullBadger, with a view to pinning down the target rare earth/carbonatite zone. During April and May we undertook a detailed review of the potential for uranium and thorium exploration in Sweden, which involved searching through selected databases and files at the Swedish Geological Survey. As a direct result of this research we announced on 23rd May the registration of the 26 square kilometre Samon licence, located 20 kilometres North-West of the Jokkmokk municipality.

Samon was granted on 6th August, and exploration that we have recently undertaken shows that we are looking at a pegmatite rock, that is the likely host to the thorium and uranium mineralization. The boulder located on the surface of Samon, which returned a grade of 3.5% thorium (35,000 parts per million) and 0.05% uranium (500 parts per million), was located in pegmatite outcrop. The next stage of development at Samon will be for a radon survey to be undertaken over the area on the property that has been shown to be most radioactive as a result of the recent radiometric survey.

The radon survey should enable us to understand the true extent of the pegmatite zone, which has thus far been challenging due to outcrop in the area being limited due to intense forestry. Meanwhile, on 8th August, we announced the latest property for the All Star portfolio, Gilpas Number 1, which covers 13 square kilometres, and is located 40 kilometres North-East of the Arjeplog municipality in the Norbotten County. Gilpas Number 1 was registered as a result of our research in April and May. Two boulders discovered at the surface of Gilpas Number 1 in 1980-1981 returned grades of 29% uranium (290,000 parts per million). Due to the strong alteration the host rock has not yet been defined, although we know that the area is underlain by rocks of granitic composition, whilst altered gneissic rocks of a volcanic/sedimentary origin have been noted in the region to the North-West. Our exploration programme for Gilpas, which will commence imminently, will involve the high-grade uraniferous boulders being relocated and resampled, whilst the surrounding boulder sites will be surveyed by a handheld scintillometer in a gridline survey.

Geochemical sampling in the surrounding forested hills will also be carried out. Both Gilpas and Samon have excellent infrastructure, and are easily accessible by car by using several newly constructed forest roads that pass through the areas. We are pleased that All Star is now actively involved as a junior explorer in Sweden, a country which boasts Europe's largest mining industry. Sweden has a favourable legislation for mining, with no royalties payable on production, along with large areas of unexplored ground, typical of where All Star is now exploring at Samon and Gilpas Number 1. Sweden boasts an intelligent workforce, and has a good infrastructure. FINANCIALS The financial results for the six months to 31st May 2007 show a loss of GBP72,549 (2006: GBP109,116). The basic loss per share was 0.12p. The loss is attributable to the company's administrative expenses and exploration development.

OUTLOOK

Since admission to PLUS in April 2006 as an investment company, we have fulfilled our promises to investors of developing All Star Minerals into a fully fledged thorium-focussed exploration company. We have three granted properties, BullBadger, Errabiddy, and Samon, with one awaiting grant having been registered, Gilpas Number 1. We continue to look for prospective properties to enhance our exploration portfolio further, but believe that those properties that we have already will deliver shareholder value as we develop them. We are exploring options on the corporate front to expedite the development of these assets, and hope to be able to bring shareholders news to this effect in the coming weeks. The biggest development on the utilisation of thorium in nuclear reactors this year has been from Norway, led by Statkraft, Thor Energi and Bergen Energi. Statkraft has already announced an alliance with Europe's third-largest power company, the Swedish government enterprise, Vattenfall, along with Fortum in Finland, and the Norwegian investment company, Scatec AS, with a view to constructing a thorium-fuelled plant.

We are anticipating Norway's Thorium Report Committee, commissioned by the Country's Ministry of Petroleum and Energy in association with the Norwegian Research Council, to announce its findings on the opportunity for the Country to exploit its indigenous thorium reserves for power generation by the end of 2007. We look forward to this report with optimism. With Vattenfall working alongside Statkraft, we could realistically anticipate hearing positive noises in the coming months from Sweden for the utilisation of thorium in nuclear reactors. We view the future for thorium as a fuel for nuclear power with increasing confidence. Finally, on 24th July a "Speculative Buy" commissioned research report was issued by Growth Equities & Company Research on All Star Minerals at 2.625p.

With the Company's exploration portfolio nicely poised for development, we felt that it was the right time to be more proactive in promoting the Company. Since the report was published we have registered the Gilpas Number 1 licence, which is prospective for, amongst other minerals, uranium, for which there is a commercial demand. A hard copy of the research report will be posted to those shareholders on our register, whilst the report is available for download from the Company's website, www.allstarminerals.com. I would like to take this opportunity to thank our loyal shareholders for their support, and my fellow directors for their hard work.

Dr Robert Young, Chairman 9th August, 2007

Notes

The financial information for the period ended 31 May 2007 has not been audited or reviewed by the Company's auditors and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

Basic loss per share has been calculated using the weighted average number of shares of 62,500,000 (2006 - 53,159,341). Diluted loss per share has been calculated using the weighted average number of shares of 91,200,000 (2006 - 91,200,000).

The Directors of the Issuer accept responsibility for this announcement.

All Star Minerals is a PLUS-quoted Company established to invest in and develop prospective mineable thorium deposits. Thorium (Th), in addition to uranium (U) can be used as a fuel for nuclear power energy. On its own thorium is unable to support a nuclear chain reaction due to it not being fissile, but inside of a reactor the element will absorb slow neutrons to produce uranium-233 (U-233), which is fissile, though virtually useless as a fuel for weapons. Uranium-233 is preferable as a nuclear fuel over uranium-235 (U-235) and plutonium-239 (Pu- 239), due to its higher neutron yield per neutron absorbed. India, for example, is committed to utilizing its large reserves of thorium for its nuclear power energy ambitions. Monazite, the mineral which is a source for thorium, hosts additional rare earth metals, including lanthanum, cerium, yttrium, and samarium, which, upon separation, can be used for commercial application.