BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2004

Jan 26, 2004

A1 Minerals Limited

27^th January 2004

The Manager, Company Announcements Australian Stock Exchange Svdnev, NSW

A1 COMMITS TO 20,000 METRE DRILL PROGRAM FOLLOWING ROBUST RESULTS AT ITS BRIGHTSTAR GOLD PROJECT

Listed explorer A1 Minerals Limited (ASX:AMM) has brought forward to early February its planned 20,000 metre RAB/Aircore drill program on the basis of initial results from its extensive vacuum geochem drilling of its 100% owned BrightStar Gold Project.

The ongoing vacuum geochem drilling over the 10 kilometre by 2 kilometre BrightStar anomalous trend is on schedule and the first results are showing robust, greater than 60ppb gold, soil anomalism beyond, and contiguous with, the BrightStar Discovery Zone. These results are comparable to the surface anomalism above the following previously published gold intercepts at the initial BrightStar Discovery Zone:

12m @ 47.66g/t(uncut), 10m @ 5.65g/t, 7m @ 7.09g/t, 8m @ 4.42g/t, 5m @ 4.27g/t, 5m @ 9.97g/t, and 7m @ 7.65g/t.

The anomalism indicates potential for near-surface gold resources extending northwards from the BrightStar Discovery Zone and also parallel to it.

This is an important step in the Company's program to confirm the presence of a large gold system within this large geochemical 'footprint', and gives further encouragement that AI has discovered a large shallow-dipping multiple stacked gold resource, similar in style to nearby 7 million ounce discoveries at Sunrise/Cleo and Wallaby/Just in Case.

Although only 40% of the planned vacuum drilling program has been completed, the extremely encouraging results to date have enabled the Company to bring forward to early February its 20,000 metre RAB/Aircore drill program designed to test the anomalies. Drilling is expected to commence in the first week of February.

Directors expect to report more results to shareholders, from the vacuum program at the end of February.

Yours faithfully.

John Williams Managing Director

Information in this ASX announcement relating to geological data has been compiled by Mr John Williams, a Member of the AusIMM, who has more than 5 years experience in the field of activity being reported.

A1 Minerals Limited ABN 44 100 727 491

Unit 4, 14 Bannick Court . Canning Vale . Western Australia 6155 . Telephone (618) 9455 3600 · Facsimile (618) 9455 5811 · Email johnw@a1minerals.com.au . website www.a1minerals.com.au