Final Results for the Year Ended 30/11/2008

CHAIRMAN'S STATEMENT 

2008 was a very tough and disappointing period for All Star Minerals. The global economic downturn, which impacted all areas of industry, thwarted our efforts of securing the required funding to move the Company to the Alternative Investment Market. Regrettably this served to put a substantial  strain  on  the  Company's  finances, and has resulted  in  the  director's  foregoing remuneration  for  over nine months, coupled with a negligible amount of work being  undertaken  on the  uranium  properties in Sweden. My board and I were very concerned with the  position  of  the company  at  the start of 2009, but we remained optimistic as to the likelihood of making  progress and turning the Company around. 

I am reminded of the wisdom of the Chinese philosopher, Confucius, who remarked that "Our greatest glory is not in never falling, but in rising every time we fall". Whilst All Star still bears the scars from the fall resultant from the failed move to AIM, it has, since mid-March, being  rising, albeit slowly. 

Perhaps the most important commodity for all for junior mining companies is cash, since without this, no project development can occur. All Star Minerals has been severely hampered in the development of its uranium projects in Sweden by its lack of availability to capital.  In recent weeks we  have  been  fortunate  enough to secure funding, which  has  dramatically  improved  the company's  fortunes, and ensured that we can begin to consider returning to the company's strategy, being the development of mineral properties. 

We have, as is to be expected, incurred significant creditors as a result of the failed move to AIM.  We have been in discussions with those creditors, and are slowly reaching satisfactory conclusions with these parties. Concluding such negotiations is obviously crucial to enable the Company to return to focus on its strategy. 

In March, we stated that we were considering two potential acquisitions, both unlisted, with a focus on gold.  Unfortunately, one of these opportunities has since found an alternative  vehicle through  which  to  find  its way to a public listing, whilst All Star  has  not  yet  secured  the required level of funding to proceed with the other potential acquisition. 

We will continue to monitor the situation and opportunity with both acquisitions, and will be keeping the market abreast of our developments over the coming months. Our priorities are to get All Star properly financed, conclude satisfactory negotiations with our creditors incurred from the failed AIM move, and recommence the development of our existing project portfolio. 

Financials 

The financial  results  for the twelve months to 30 November 2008 show a loss  after  taxation  of GBP359,242  (2007: loss GBP152,830). At the year end the Company had cash at bank and in hand of GBP6,968 (2007:218,877) and total net liabilities of GBP58,096 (2007: Net assets GBP281,272). 

Outlook 

There remain risks associated with All Star Minerals at this point in time, but such risks have been reduced over the past couple of months. Of key importance to ensuring we can deliver value for shareholders is securing further funding, which will enable us to plan the future development of our uranium projects in Sweden. 

In February this year, the Swedish government announced plans to introduce a bill to overturn a 30-year ban that would enable the construction of nuclear reactors on existing sites, as well as introducing  a new carbon tax as part of a programme to cut carbon emissions by 40% on 1990  levels by  2020.  Such  plans  are most certainly good news for the nuclear sector  in  Sweden,  of  which uranium  plays  a  strong  role,  and gives us confidence that we are  operating  in  a  favourable environment for uranium and nuclear power. 

We hope to be able to bring shareholders positive news on the Company's development in the coming months, and to be in a position to be more proactive in the development of our project portfolio than we have been in the past year. We are not out of the woods yet, but I can see a faint light in the distance. I would like to take this opportunity to thank our patient and loyal shareholders for their support of All Star Minerals, and would like to assure them that your board will be doing its utmost to deliver value over the coming year. 

The Directors do not recommend the payment of a dividend. 

 

FOR THE YEAR ENDED 30 NOVEMBER 2008	2008	2007
	£	£
CONTINUING OPERATIONS
Revenue	-	-
Other operating income	100	-
Administrative expenses	(362,820)	(170,698)
OPERATING LOSS	(362,720)	(170,698)
Finance income	3,478	17,868
LOSS BEFORE TAX	(359,242)	(152,830)
Tax	-	-
LOSS FOR THE YEAR (359,242) (152,830)
Earnings per share expressed in pence per share:
Basic	-0.57	-0.24
Diluted	-0.39	-0.17
BALANCE SHEET 30 NOVEMBER 2008	2008	2007
	£	£
ASSETS
NON-CURRENT ASSETS
Intangible assets	39,080	87,466
Property, plant and equipment	622 934
	39,702	88,400
CURRENT ASSETS
Trade and other receivables	3,463	8,203
Cash and cash equivalents	6,968	218,877
	10,431	227,080
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	108,229	14,208
Financial liabilities - borrowings
Interest bearing loans and borrowings	-	20,000
	108,229	34,208
NET CURRENT (LIABILITIES)/ASSETS	(97,798)	192,872
NET (LIABILITIES)/ASSETS	(58,096)	281,272
SHAREHOLDERS’ EQUITY
Called up share capital	636,429	625,000
Share premium	323,086	314,515
Share scheme reserve	6,817	6,943
Retained earnings	(1,024,428)	(665,186)
TOTAL EQUITY	(58,096)	281,272

Emphasis of matter - Going concern 

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made to the financial statements concerning the company's ability to continue as a going concern.  The ability of the company to continue to trade is dependent on the company being able to raise sufficient funds.  Based on the current economic climate there exists a material uncertainty which may cast significant doubt as to whether the company will be able to generate sufficient funds and therefore the company's ability to continue as a going concern.  The financial statements do not include the adjustments that would be necessary if the company was unable to continue as a going concern. 

The above information has been extracted from the audited financial statements of the Company. 

The Directors of the Company accept responsibility for the contents of this announcement.