BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2004

Apr 15, 2004

Announcement to the Australian Stock Exchange Friday 16 April 2004:

LARGE GOLD SYSTEM CONFIRMED AT BRIGHTSTAR PROJECT

Excellent early results from completed 20,000 metres RAB/Aircore program

• $\div$ Large gold mineralized system in line with geological modeling confirmed
• ❖ New economically significant zones discovered
• ❖ Follow-up deeper RC drilling to commence immediately

Listed explorer A1 Minerals Limited (A1) (ASX:AAM) is pleased to announce that the 20,000 metre rotary air blast (RAB)/Aircore drill program previously announced has been completed. Directors are particularly pleased that early results confirm the strength of A1's interpreted geological model for the Brightstar and that a larger gold system exists.

RAB/Aircore Drilling Program:

The drilling program comprised approximately 13,000 metres of RAB drilling and 7,000 metres of more accurate Aircore drilling used to close-in on mineralization. The program was designed to discover near surface mineralisation in the soft oxidized rock above the base of weathering which averages 70 metres depth.

Assay Results Confirm Model and Outline New Zones:

The assayed samples were taken as 4-metre composites to minimize costs. Significant intervals will be resampled on an individual metre basis over the coming month to enable fuller interpretation of the data.

Even at this early stage of interpretation, assay results reviewed to date have confirmed and strengthened the geological model set out in the prospectus and are showing new economically significant zones.

So far, assays have returned grades up to 9.3 g/t Au (Aircore drill hole BSA25, 4 metres @ 9.329 ppm from 4 metres depth) and mineralised zones with intersection up to 20 metres.

Economically significant mineralisation now extends for a strike length of one kilometre in a series of subparallel layers seen in the attached schematic long-section (Figure.1). These layers further confirm the "shallow dipping multiple stacked lodes" model described in A1's Prospectus which also shows its previous reverse circulation (RC) drilled gold intercepts in the Brightstar Discovery Zone (BDZ) of: 12m @ 47.66 g/t (uncut), 10m @ 5.65 g/t, 7m @ 7.09 g/t, 8m @ 4.42 g/t, 5m @ 4.27 g/t, 5m @ 9.97 g/t, 7m @ 7.65 g/t and 6m @ 17.58 g/t.

In addition to the BDZ there are indications of several other new gold targets both east and south, these targets will be followed up in the longer term.

In view of the encouraging results, deeper and more targeted RC drilling is planned to commence immediately, following up on economically significant zones.

John Williams B.Sc, MAusIMM Managing Director

The geological information in this report as it relates to mineral resources and ore reserves is based on information compiled by A1 Minerals Managing Director Mr John Williams, who is a member of the Australasian Institute of Mining and Metallurgy, with over 20 years experience in the mining industry.

Figure 1: Schematic Long Section of Extended Brightstar Discovery Zone showing Mineralised Layers and Gold Intercepts

Section A - B previously reported in Prospectus

Section C - D shows new larger gold mineralised system

NB: More results pending

Deeper, more targeted RC drilling planned to commence immediately