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."