Final Results for Year Ending 30 November 2007

FULL YEAR HIGHLIGHTS

• Acquisition of three properties in Sweden prospective for uranium and thorium mineralization covering 111 square kilometres
• Exploration programme at Gilpas licence underway
• Competent Person’s Reports underway

CHAIRMAN’S STATEMENT

All Star Minerals plc joined PLUS-quoted in April 2006, having raised GBP450,000 in an oversubscribed placing at 2p. The Company listed as an investment vehicle, intent on acquiring a portfolio of thorium properties; thorium being a fertile, non-proliferate alternative to the current nuclear feedstock of choice, uranium. In May 2006, a month after listing, the Company raised GBP200,000 at 2p with funds managed by RAB Capital.

Since listing, we have selectively acquired a portfolio of prospective uranium, thorium, and rare earth element properties in Sweden and Western Australia. In order to fast-track the development of our exploration portfolio, the board has concluded that it is in the best interests of the Company and its shareholders to proceed with moving to the Alternative Investment Market (“AIM”). To this end we have appointed Grant Thornton as the Company’s Nominated Advisor (“NOMAD”) and Simple Investments as broker.

We look forward to working with Grant Thornton and Simple Investments to progress our move to AIM. CSA Group is currently in the process of completing the required Competent Person’s Reports on our portfolio of properties for the AIM listing.

The board believes that the move to AIM from PLUS should serve to enhance the liquidity of the Company’s shares, as AIM is a market that we believe will be more responsive to the growth of the Company’s business. The move to AIM will also provide the necessary capital to develop the current portfolio of properties, as well as also acquiring new licences.

It now gives me pleasure to update shareholders on the 2007 exploration programme at BullBadger and Errabiddy, our thorium and rare earth properties in Western Australia.

BULLBADGER & ERRABIDDY

The principle work during 2007 was focussed upon Errabiddy, where exploration focussed upon collecting alluvium from drainages, rock sampling, and auger sampling and analysis.

In 2006, the programme at Errabiddy saw large samples of creek alluvium were collected by hand shovel at two sites, and were subsequently hand panned so as to produce a heavy mineral concentrate, which was sent for analysis and microscopic mineral examination at Genalysis Laboratory services. The two samples returned 3% and 2% monazite, the primary ore of thorium, as well as 1.4% zircon, and 40% and 44% ilmenite, and 9.9% titanium. Other grades of rare earth elements were cerium to 0.46%, lanthanum to 0.25%, and thorium to 0.12%. In 2007 more numerous and widely spaced samples of creek alluvium were taken from 26 sites. The samples are currently being processed by Nagrom Laboratiories, and we anticipate getting the results in the near future.

In 2007, in addition to the alluvium sampling, auger regolith sampling was undertaken, with 77 samples being collected to a maximum depth of 1.8 metres. Auger drilling enables material to be collected at a shallow depth for analysis. The samples were pulverized to 90% and acidically digested for a final analytical determination by ICP-MS. The aggressive acid digestion is suitable for dissolving silicate minerals, and the process gives a near total digestion, apart from chromite, spinels, barite, monazite, zircon, gahnite and cassiterite. Furthermore, rare earth elements might not be totally dissolved with the digestion.

The results from the auger sampling were positive, with sample EBA052 from creek sandy alluvium recording the highest monazite related suite analyses with 320 parts per million (“ppm”) thorium, 660 ppm lanthanum, 37 ppm yttrium, 360 ppm neodymium, 112 ppm praseodymium, 43 ppm samarium.

Of the 77 auger regolith samples taken, 55 returned a grade of over 50 ppm cerium, 30 returned a grade of over 50 ppm lanthanum, and 17 returned a grade of over 200 ppm zircon.

The results returned to date have confirmed that the likely best target for thorium will be the alluvial channels at Errabiddy, which has a confirmed presence of monazite and other rare earths. The radiometric imagery of Errabiddy reveals that the Western half of the tenement contains the largest areas of thorium anomalous alluvium, and, because these areas have yet to be sampled, are a priority for assessment in the forthcoming work programme.

Whilst the actual thorium grades at Errabiddy have been slightly disappointing, we are encouraged by the grades returned from the suite of rare earth elements on the property. Of the rare earths, neodymium is arguably the most important, given its use in neodymium-iron-boron permanent magnets used in small electric motors, and its use in electronic equipment. The auger sampling at Errabiddy returned 33 samples grading over 30 ppm neodymium, with highs of 360 ppm, 103 ppm, 102 ppm, 95.9 ppm, 87.6 ppm, and 82.6 ppm. Rare earth experts argue that it is neodymium that is driving the market for rare earths.

Currently, China produces in the region of 110,000 tonnes of rare earths, being essentially 100% of world production, of which it consumes 60% of this production, whilst America consumes 10% of the production, and Japan and South-East Asia around 24% of production. World demand for rare earths is growing at around 10% per annum, and China’s own requirements are set to increase, meaning that new sources of production will be required. Western Australia has a strong history for rare earth mineral deposits, and we are optimistic that Errabiddy and Bullbadger will yield further positive results upon further exploration being undertaken this year.

SWEDEN

We have acquired three projects in Sweden, prospective for uranium and thorium mineralization. We reported a thorough summation of these three properties in January, which I reproduce herewith:

SAMON LICENCE

On 3rd August 2007, All Star was granted the 28 square kilometre Samon licence, located 20 kilometres North-West of the Jokkmokk municipality. Samon was acquired by the Company as a result of research into the potential for thorium and uranium exploration in Sweden. As a result of the research, the Company identified, registered, and was granted the Samon licence, where a boulder discovered at surface in 1970 returned a grade of 3.5% thorium (35,000 parts per million) and 0.05% uranium (500 parts per million). Other outcrop in boulders in the surrounding area have also displayed high radioactivity, with high readings having been noted in the spring waters.

In July 2007 the Company undertook a radiometric survey over Samon, which returned high readings in boulders and in outcrop over white pegmatites, specimens of which were examined at the Natural History Museum. The samples were found to have clusters of monazite crystals throughout, which contain phosphates of cerium, thorium and yttrium.

GILPAS LICENCES

On 8th August 2007, the Company announced that it had registered the Gilpas Number 1 licence area in Northern Sweden, located 40 kilometres North-East of the Arjeplog municipality, in the Norbotten County. Gilpas Number 1 covers 12 square kilometres and was granted on 14th December, 2007. Shortly after having registered Gilpas Number 1, the Company expanded the size of the property, registering Gilpas Number 2, which was granted on 17th December 2007, and covers 39 square kilometres. The two Gilpas licences cover a total area of 51 square kilometres.

The Gilpas licences were acquired as a result of the Company’s research into the potential for thorium and uranium in Sweden. Two high-grade boulders were discovered at the surface of Gilpas Number 1 in 1980-1981, of which one returned a grade of 29% uranium (290,000 parts per million). The two high-grade uraniferous boulders were located around 300 metres apart on forested ground along the known direction of major ice flow.
Gilpas is situated in the Arjeplog Uranium District, which forms the North-Western part of the more extensive Arvidsjaur-Arjeplog-Sorsele Uranium Region. The region includes a series of small uranium deposits that are generally epigenetic and fracture-controlled. The principal uranium occurrence in the Arjeplog Uranium District is that of Pleutajokk, which is situated some 25 kilometres North-West of Arjeplog on the North-Eastern margin of the Hornovan Lake.

KUUSIVAARA LICENCES

On 14th December 2007 the Company was granted the Kuusivaara Number 1 licence, which covers 8 square kilometres. Kuusivaara Number 2, which covers 24 square kilometres, was granted on 7th February 2008.
Kuusivaara is located in the Eastern part of Norbotten Province, between 5 - 20 kilometres from the Finnish border. The prospect area is associated with a small creek flowing in a shallow, northwest- southeast directed valley, which contains thick black organic soils, dense vegetation and is heavily forested. Kuusivaara is known for its radioactive bogs, and, to date, six anomalous areas have been identified, totalling some 4,000 square metres. One peat sample returned a grade of 5.8% uranium (58,000 parts per million), whilst other samples assayed 0.17%, 0.61%, 0.70%, 0.74%, 2.10%, and 3.76% uranium.

A recent site visit to Kuusivaara saw a reading of over 2,000 counts per second recorded on the scintillometer in one of the bogs, whilst background readings of 25-30 counts per second were recorded in the more boggy areas, which increased to 100 counts per second when there boulders near the surface.

THORIUM

We are encouraged by the progress that thorium continues to make as being recognised as a non- proliferate alternative nuclear feedstock to uranium. In the Company’s interim results statement released last August, I commented on the active progress that Norway was making towards utilising thorium in nuclear reactors. Statkraft, Thor Energi, and Bergen Energi had all expressed their intentions to construct thorium-fuelled reactors. Furthermore, the Norwegian Ministry of Petroleum and Energy, in association with the Norwegian Research Council, had commissioned a report into the opportunity for the Country to utilise its indigenous thorium reserves as a fuel for nuclear reactors.

This report was released last month, and concluded that exploiting thorium for nuclear power purposes is an interesting but far-away alternative with unknown economic potential. The report raised the issues of the unknown economics of using thorium and cited the fact that there is currently no commercial reactor that uses thorium as its primary feedstock. As a Company that is focussed upon the development of thorium mineral assets, the reports’ conclusions are an obvious disappointment, and is not as innovative as it perhaps might have been.

However, we note the announcement from Thorium Power in December with its selection to assist in the development of a roadmap for an unnamed foreign nation’s new nuclear energy program. Prior to this selection, Thorium Power’s fuel designs were the subject of a detailed technical review by independent nuclear experts, the results of which clearly substantiate the technology. We look forward to further information being released on this agreement in the future.

FINANCIALS

The financial results for the twelve months to 30 November 2007 show a loss after taxation of GBP152,830 (2006: loss GBP203,452). At the year end the Company had cash at bank and in hand of GBP218,877 (2006: GBP430,166) and total assets less current liabilities of GBP281,272 (2006: GBP434,102).

OUTLOOK

Having fulfilled our stated intention upon listing on PLUS of acquiring a portfolio of mineral properties prospective for uranium, thorium, and rare earths, my board and I believe that the time is now right to take the Company to AIM and to aggressively develop our portfolio. Gilpas will shortly be at the stage for drilling to commence, and it is our intention to have drill targets identified for a further two properties in our portfolio by the end of 2008.

From a commercial standpoint it is important that, at this point in time, All Star Minerals is not solely dependant upon thorium’s success in being adopted as a feedstock for nuclear power, but rather offers a portfolio of properties that are prospective for uranium and thorium, two elements that represent the nuclear feedstock of today and tomorrow, and exposure to rare earths.

We are disappointed by the performance of our share price, but believe that, as we move closer towards drilling our first target, Gilpas, and the market is better aware of its potential, that the share price will improve, and the patience of our investors rewarded.

A report on thorium, entitled “An Insight Into the Geology, Exploration and Development of Thorium”, written by Conrad Windham, which was published in the 2007 Touch Briefings nuclear publication, will be featured in our annual report, which will be dispatched to shareholders shortly.

Finally, I would like to take this opportunity to thank my co-directors, Conrad Windham and Shahrukh Khan, our professional advisors, and our loyal shareholders.

Dr Robert Young, Chairman

INCOME STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2007

STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 30 NOVEMBER 2007

BALANCE SHEET 30 NOVEMBER 2007

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.